$BATL
BATTALION OIL CORP

2024 Q2 Form 10-Q Financial Statement

#000155837024008302 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $49.10M $49.87M
YoY Change -9.52% -23.44%
Cost Of Revenue $24.08M $29.76M
YoY Change 72.03% 128.47%
Gross Profit $25.02M $20.11M
YoY Change -37.87% -61.41%
Gross Profit Margin 50.96% 40.32%
Selling, General & Admin $6.689M $7.062M
YoY Change -20.59% -15.19%
% of Gross Profit 26.73% 35.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.21M $13.03M
YoY Change -10.2% -19.34%
% of Gross Profit 52.81% 64.77%
Operating Expenses $19.90M $20.09M
YoY Change -50.2% -51.0%
Operating Profit $5.120M $23.00K
YoY Change 1556.96% -99.79%
Interest Expense -$5.225M -$31.23M
YoY Change 3.32% -367.19%
% of Operating Profit -102.05% -135765.22%
Other Income/Expense, Net -$5.225M -$31.23M
YoY Change 3.32% -367.19%
Pretax Income -$105.0K -$31.20M
YoY Change -97.79% -236.79%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$105.0K -$31.20M
YoY Change -97.79% -236.79%
Net Earnings / Revenue -0.21% -62.57%
Basic Earnings Per Share -$0.53 -$2.24
Diluted Earnings Per Share -$0.53 -$2.24
COMMON SHARES
Basic Shares Outstanding 16.46M 16.46M
Diluted Shares Outstanding 16.46M 16.46M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.43M $48.94M
YoY Change 193.99% 110.54%
Cash & Equivalents $54.43M $48.94M
Short-Term Investments
Other Short-Term Assets $78.00K $41.00K
YoY Change -60.41% 215.38%
Inventory
Prepaid Expenses $396.0K $532.0K
Receivables $24.89M $25.99M
Other Receivables $3.651M $3.689M
Total Short-Term Assets $86.11M $83.57M
YoY Change 63.13% 16.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.516M $2.669M
YoY Change -21.08% -20.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.707M $4.905M
YoY Change 7.7% -9.74%
Other Assets $20.92M $20.78M
YoY Change 652.92% 587.4%
Total Long-Term Assets $401.2M $405.0M
YoY Change 5.45% 3.31%
TOTAL ASSETS
Total Short-Term Assets $86.11M $83.57M
Total Long-Term Assets $401.2M $405.0M
Total Assets $487.3M $488.6M
YoY Change 12.48% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.87M $43.18M
YoY Change 58.98% -7.76%
Accrued Expenses $15.89M $20.21M
YoY Change 47.53% 67.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $52.61M $55.11M
YoY Change 23.47% 37.4%
Total Short-Term Liabilities $155.3M $147.6M
YoY Change 44.75% 25.9%
LONG-TERM LIABILITIES
Long-Term Debt $101.2M $126.8M
YoY Change -38.32% -27.34%
Other Long-Term Liabilities $10.72M $11.16M
YoY Change 212.33% 262.91%
Total Long-Term Liabilities $111.9M $138.0M
YoY Change -33.19% -22.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $155.3M $147.6M
Total Long-Term Liabilities $111.9M $138.0M
Total Liabilities $267.2M $285.6M
YoY Change -2.76% -3.14%
SHAREHOLDERS EQUITY
Retained Earnings -$284.3M -$284.2M
YoY Change 22.61% 25.12%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.67M $31.31M
YoY Change
Total Liabilities & Shareholders Equity $487.3M $488.6M
YoY Change 12.48% 5.31%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$105.0K -$31.20M
YoY Change -97.79% -236.79%
Depreciation, Depletion And Amortization $13.21M $13.03M
YoY Change -10.2% -19.34%
Cash From Operating Activities $29.83M $3.916M
YoY Change 219.39% -668.36%
INVESTING ACTIVITIES
Capital Expenditures $20.26M $24.61M
YoY Change 401.83% -14.8%
Acquisitions
YoY Change
Other Investing Activities $6.401M $6.000K
YoY Change -106783.33% 20.0%
Cash From Investing Activities -$13.86M -$31.85M
YoY Change 242.77% 14.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.03M
YoY Change 99.84%
Cash From Financing Activities -10.48M 19.35M
YoY Change 4.51% 2.33%
NET CHANGE
Cash From Operating Activities 29.83M 3.916M
Cash From Investing Activities -13.86M -31.85M
Cash From Financing Activities -10.48M 19.35M
Net Change In Cash 5.489M -8.587M
YoY Change -216.02% -9.43%
FREE CASH FLOW
Cash From Operating Activities $29.83M $3.916M
Capital Expenditures $20.26M $24.61M
Free Cash Flow $9.566M -$20.69M
YoY Change 80.46% -30.02%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations (“AROs”), and fair value estimates. The Company bases its estimates and judgments on historical experience and on various other assumptions and information believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements.</p>
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 batl Proceeds From Merger Deposit
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Interest Paid Net
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CY2024Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations (“AROs”), and fair value estimates. The Company bases its estimates and judgments on historical experience and on various other assumptions and information believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements.</p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48941000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
57529000
CY2024Q1 us-gaap Restricted Cash
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91000
CY2023Q4 us-gaap Restricted Cash
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90000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49032000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57619000
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentrations of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s primary concentrations of credit risk are the risks of uncollectible accounts receivable and of nonperformance by counterparties under the Company’s derivative contracts. Each reporting period, the Company assesses the recoverability of material receivables using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions to determine expected collectability of its material receivables.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s exposure to credit risk under its derivative contracts is varied among major financial institutions with investment grade credit ratings, where it has master netting agreements which provide for offsetting of amounts payable or receivable between the Company and the counterparty. To manage counterparty risk associated with derivative contracts, the Company selects and monitors counterparties based on an assessment of their financial strength and/or credit ratings. At March 31, 2024, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Amended Term Loan Agreement (as defined in Note 4, “<i style="font-style:italic;">Debt</i>”).</p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48941000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
57529000
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
91000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49032000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57619000
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentrations of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s primary concentrations of credit risk are the risks of uncollectible accounts receivable and of nonperformance by counterparties under the Company’s derivative contracts. Each reporting period, the Company assesses the recoverability of material receivables using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions to determine expected collectability of its material receivables.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s exposure to credit risk under its derivative contracts is varied among major financial institutions with investment grade credit ratings, where it has master netting agreements which provide for offsetting of amounts payable or receivable between the Company and the counterparty. To manage counterparty risk associated with derivative contracts, the Company selects and monitors counterparties based on an assessment of their financial strength and/or credit ratings. At March 31, 2024, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Amended Term Loan Agreement (as defined in Note 4, “<i style="font-style:italic;">Debt</i>”).</p>
CY2024Q1 batl Crude Oil Average Price
CrudeOilAveragePrice
77.64
CY2023Q1 batl Crude Oil Average Price
CrudeOilAveragePrice
91.38
CY2024Q1 batl Natural Gas Price
NaturalGasPrice
2.45
CY2023Q1 batl Natural Gas Price
NaturalGasPrice
5.96
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Deferred Finance Costs Net
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2024Q1 us-gaap Unamortized Debt Issuance Expense
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5700000
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
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CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2023Q1 batl Crude Oil Average Price
CrudeOilAveragePrice
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CY2024Q1 batl Natural Gas Price
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CY2023Q1 batl Natural Gas Price
NaturalGasPrice
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CY2024Q1 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2024Q1 us-gaap Unamortized Debt Issuance Expense
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5700000
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CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1800000
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FairValueMeasurementAssetTransfersBetweenLevels
0
CY2023 batl Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
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CY2024Q1 batl Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
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CY2023 batl Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
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CY2023Q4 batl Derivative Fair Value Of Derivative Asset Not Offset Against Derivative Assets
DerivativeFairValueOfDerivativeAssetNotOffsetAgainstDerivativeAssets
13218000
CY2024Q1 batl Derivative Fair Value Of Derivative Liability Not Offset Against Derivative Liabilities
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11531000
CY2023Q4 batl Derivative Fair Value Of Derivative Liability Not Offset Against Derivative Liabilities
DerivativeFairValueOfDerivativeLiabilityNotOffsetAgainstDerivativeLiabilities
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20031000
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CY2024Q1 us-gaap Asset Retirement Obligation
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DerivativeFairValueOfDerivativeAssetNotOffsetAgainstDerivativeAssets
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CY2024Q1 us-gaap Asset Retirement Obligation
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q4 batl Contract Asset
ContractAsset
15062000
CY2024Q1 us-gaap Escrow Deposit
EscrowDeposit
558000
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
552000
CY2024Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
761000
CY2023Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
759000
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
20780000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
17656000
CY2024Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
21689000
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
24915000
CY2024Q1 batl Accrued Cost Of Oil And Gas Costs
AccruedCostOfOilAndGasCosts
11730000
CY2023Q4 batl Accrued Cost Of Oil And Gas Costs
AccruedCostOfOilAndGasCosts
15337000
CY2024Q1 batl Revenues And Royalties Payable Current
RevenuesAndRoyaltiesPayableCurrent
21491000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
509000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
520000
CY2024Q1 batl Accrued Oil And Gas Lease Operating Expense
AccruedOilAndGasLeaseOperatingExpense
7360000
CY2023Q4 batl Accrued Oil And Gas Lease Operating Expense
AccruedOilAndGasLeaseOperatingExpense
6418000
CY2024Q1 batl Other Accrued Liabilities Reversals Current
OtherAccruedLiabilitiesReversalsCurrent
338000
CY2023Q4 batl Other Accrued Liabilities Reversals Current
OtherAccruedLiabilitiesReversalsCurrent
349000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
63117000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
66525000
CY2024Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3400000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
batl-20240331_cal.xml Edgar Link unprocessable
0001558370-24-008302-index-headers.html Edgar Link pending
0001558370-24-008302-index.html Edgar Link pending
0001558370-24-008302.txt Edgar Link pending
0001558370-24-008302-xbrl.zip Edgar Link pending
batl-20240331.xsd Edgar Link pending
batl-20240331x10q.htm Edgar Link pending
batl-20240331xex31.htm Edgar Link pending
batl-20240331xex32.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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batl-20240331_def.xml Edgar Link unprocessable
batl-20240331_lab.xml Edgar Link unprocessable
batl-20240331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
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batl-20240331x10q_htm.xml Edgar Link completed