Battalion Oil Corporation (BATL): Business Model Canvas

In der dynamischen Welt der Öl- und Gasexploration entwickelt sich die Battalion Oil Corporation (BATL) zu einem strategischen Kraftpaket, das innovative Geschäftspraktiken nutzt, um sich in der komplexen Energielandschaft zurechtzufinden. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodellplans demonstriert BATL sein Engagement für eine hocheffiziente Upstream-Produktion, technologische Innovation und nachhaltige Abläufe im wettbewerbsintensiven Perm-Becken. Ihr Ansatz verbindet nahtlos strategische Partnerschaften, modernstes Ressourcenmanagement und ein äußerst fokussiertes Wertversprechen, das konsistente Erträge und Umweltverantwortung verspricht, und macht sie zu einem überzeugenden Akteur in der sich entwickelnden Geschichte des Energiesektors.

Battalion Oil Corporation (BATL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit Explorations- und Produktionsunternehmen

Seit 2024 hat die Battalion Oil Corporation wichtige strategische Partnerschaften im Perm-Becken aufgebaut:

Partner	Eigentumsprozentsatz	Standort des Vermögenswerts
Colgate Energy Partners	50%	Mittellandbecken
Cross Timbers-Betrieb	35%	Delaware-Becken

Eigentümer und Grundbesitzer von Mineralrechten im Midland Basin

Battalion Oil unterhält wichtige Landzugangspartnerschaften:

• Gesamte kontrollierte Mineralfläche: 22.500
• Aktive Mineralrechtsvereinbarungen: 47
• Durchschnittlicher Lizenzsatz: 18,5 %

Ölfeld-Dienstleister

Zu den wichtigsten Partnerschaften mit Dienstleistern gehören:

Dienstleister	Vertragswert	Leistungsumfang
Halliburton	37,2 Millionen US-Dollar	Bohr- und Fertigstellungsdienste
Baker Hughes	24,5 Millionen US-Dollar	Hydraulisches Fracking

Finanzinstitute

Aktuelle Finanzierungspartnerschaften:

• JPMorgan Chase – Revolvierende Kreditfazilität: 250 Millionen US-Dollar
• Wells Fargo – Laufzeitdarlehen: 175 Millionen US-Dollar
• Credit Suisse – Reservebasierte Kreditvergabe: 300 Millionen US-Dollar

Berater für Umwelt- und Gesetzeskonformität

Details zur Compliance-Partnerschaft:

Beratungsunternehmen	Jährlicher Vertragswert	Compliance-Fokus
Umweltressourcenmanagement	2,1 Millionen US-Dollar	ESG-Berichterstattung und Compliance
Ramboll-Gruppe	1,8 Millionen US-Dollar	Umweltverträglichkeitsprüfung

Battalion Oil Corporation (BATL) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Erdöl und Erdgas

Battalion Oil ist hauptsächlich in der Region Eagle Ford Shale in Texas tätig. Ab 2023 berichtete das Unternehmen:

Produktionsmetrik	Lautstärke
Gesamte Tagesproduktion	23.000 Barrel Öläquivalent pro Tag
Ölförderung	14.500 Barrel pro Tag
Erdgasproduktion	48 Millionen Kubikfuß pro Tag

Bohr- und hydraulische Fracking-Operationen

Zu den wichtigsten Betriebsdetails gehören:

• Aktive Bohrstandorte in den Counties Karnes und Atascosa, Texas
• Durchschnittliche Bohrkosten pro Bohrloch: 6,2 Millionen US-Dollar
• Typische horizontale Bohrlochlänge: 10.500 Fuß

Vermögenserwerb und Portfoliooptimierung

Asset-Metrik	Wert
Insgesamt nachgewiesene Reserven	95 Millionen Barrel Öläquivalent
Nettoanbauflächenposition	27.500 Acres im Eagle Ford Shale
Investitionsbudget (2024)	180 Millionen Dollar

Reservoirmanagement und Produktionssteigerung

Zu den technischen Strategien gehören:

• Fortschrittliche seismische Bildgebungstechniken
• Kontinuierliche Überwachung der Bohrlochleistung
• Implementierung verbesserter Ölrückgewinnungsmethoden

Betriebsrisikomanagement und Sicherheitsprotokolle

Kennzahlen für Sicherheit und Risikomanagement:

• Gesamtrate meldepflichtiger Vorfälle: 0,92 pro 200.000 Arbeitsstunden
• Jährliches Budget zur Einhaltung der Umweltvorschriften: 4,5 Millionen US-Dollar
• Implementierung von Echtzeitüberwachungssystemen an allen Betriebsstandorten

Battalion Oil Corporation (BATL) – Geschäftsmodell: Schlüsselressourcen

Nachgewiesene Öl- und Gasreserven im Perm-Becken

Ab dem 4. Quartal 2023 hielt die Battalion Oil Corporation ca. 15.700 Netto-Morgen im Delaware-Becken-Segment des Perm-Beckens.

Reservekategorie	Menge	Einheit
Nachgewiesene erschlossene Reserven	22.7	Millionen Barrel Öläquivalent (MMBOE)
Insgesamt nachgewiesene Reserven	44.1	Millionen Barrel Öläquivalent (MMBOE)

Fortschrittliche Bohr- und Gewinnungstechnologie

• Horizontalbohrtechnik mit 10.000 Fuß Seitenlänge
• Mehrstufige hydraulische Fracking-Fähigkeiten
• Echtzeit-Datenüberwachungssysteme

Qualifizierte Teams für Erdöltechnik und Geowissenschaften

Ab 2024 unterhält die Battalion Oil Corporation eine technische Belegschaft von rund 78 Fachkräften.

Professionelle Kategorie	Anzahl der Mitarbeiter
Erdölingenieure	32
Geowissenschaftler	24
Mitarbeiter des technischen Supports	22

Starkes Finanzkapital und Kreditfazilitäten

Finanzielle Ressourcen zum 31. Dezember 2023:

• Kreditbasis: 175 Millionen Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 12,4 Millionen US-Dollar
• Gesamtschulden: 138,5 Millionen US-Dollar

Digitales Datenmanagement und geologische Modellierungssysteme

Die Technologieinfrastruktur umfasst:

• Proprietäre geologische Modellierungssoftware
• Cloudbasierte Datenspeichersysteme
• Fortschrittliche seismische Interpretationsplattformen

Technologieinvestitionen	Jährliche Ausgaben
Digitale Infrastruktur	3,2 Millionen US-Dollar
Datenanalysetools	1,7 Millionen US-Dollar

Battalion Oil Corporation (BATL) – Geschäftsmodell: Wertversprechen

Hocheffiziente Upstream-Öl- und Gasproduktion

Die Battalion Oil Corporation hat im Jahr 2023 die folgenden Produktionskennzahlen nachgewiesen:

Produktionsmetrik	Menge
Gesamte Tagesproduktion	22.000 Barrel Öläquivalent pro Tag
Nachgewiesene Reserven	76,1 Millionen Barrel Öläquivalent
Produktionseffizienz	92,5 % Betriebsverfügbarkeit

Konzentrieren Sie sich auf kostengünstige, margenstarke Erdölanlagen

Wichtige finanzielle Leistungsindikatoren für kostengünstige Operationen:

• Pachtbetriebskosten: 8,50 $ pro Barrel
• Fund- und Entwicklungskosten: 15,30 $ pro Barrel
• Operativer Nettogewinn: 38,60 USD pro Barrel

Nachhaltiger und umweltbewusster Betrieb

Umweltmetrik	Leistung
Reduzierung der Kohlenstoffemissionen	15 % Reduzierung gegenüber dem Basiswert von 2022
Intensität der Methanemission	0,21 % der Gesamtproduktion

Konsistente Renditen für Aktionäre und Investoren

Höhepunkte der finanziellen Leistung für 2023:

• Nettoeinkommen: 87,4 Millionen US-Dollar
• Freier Cashflow: 62,3 Millionen US-Dollar
• Eigenkapitalrendite: 16,7 %

Technologische Innovation in Extraktionstechniken

Kennzahlen für Technologieinvestitionen:

Kategorie „Innovation“.	Investition
F&E-Ausgaben	4,2 Millionen US-Dollar
Fortschrittliche Bohrtechnologie	3 neue horizontale Bohrtechniken implementiert

Battalion Oil Corporation (BATL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Energieverbrauchern

Die Battalion Oil Corporation unterhält strategische Lieferverträge mit wichtigen Energieverbrauchern. Im vierten Quartal 2023 meldete das Unternehmen fünf große langfristige Verträge mit einem Gesamtvertragswert von 287,4 Millionen US-Dollar.

Vertragstyp	Dauer	Geschätzter Wert
Rohölversorgung	5-7 Jahre	142,6 Millionen US-Dollar
Erdgasversorgung	3-5 Jahre	98,3 Millionen US-Dollar
Kondensatversorgung	4-6 Jahre	46,5 Millionen US-Dollar

Transparente Kommunikation mit Investoren

Battalion Oil Corporation behauptet vierteljährliche Anlegerkommunikation mit detaillierten Finanzangaben.

• 4 vierteljährliche Gewinnmitteilungen pro Jahr
• Jahreshauptversammlung der Aktionäre
• Umfangreiche Investorenpräsentationen

Digitale Plattformen für die Einbindung von Stakeholdern

Das Unternehmen nutzt digitale Investor-Relations-Plattformen mit 78.542 registrierten Benutzerkonten (Stand Dezember 2023).

Digitale Plattform	Kennzahlen zum Benutzerengagement
Investoren-Website	52.341 monatliche Besucher
Investor-Relations-App	26.201 aktive Benutzer

Bekenntnis zur sozialen Verantwortung des Unternehmens

Battalion Oil stellte im Jahr 2023 3,7 Millionen US-Dollar für Initiativen zur sozialen Verantwortung von Unternehmen bereit, die sich auf ökologische Nachhaltigkeit und Gemeindeentwicklung konzentrieren.

Responsives Investor-Relations-Management

Das Investor-Relations-Team beantwortet 97,6 % der Anlegeranfragen innerhalb von 24 Stunden und sorgt so für eine hohe Kommunikationseffizienz.

Kennzahl der Anlegerkommunikation	Leistung
Reaktionszeit	< 24 Stunden
Anfragelösungsrate	94.3%

Battalion Oil Corporation (BATL) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte und Versorgungsunternehmen

Die Battalion Oil Corporation nutzt Direktvertriebskanäle, die auf bestimmte Energiemärkte und Versorgungsunternehmen abzielen. Im Jahr 2023 meldete das Unternehmen eine Produktion von 15.642 Barrel Öläquivalent pro Tag (BOEPD).

Vertriebskanal	Zielmarkt	Jahresvolumen
Direkter Erdölverkauf	Raffinerien an der Golfküste	5,7 Millionen Barrel
Erdgasverträge	Regionale Versorgungsunternehmen von Texas	42,3 Millionen Kubikfuß

Investor Relations durch Finanzkonferenzen

Battalion Oil arbeitet im Rahmen strategischer Finanzkonferenzen aktiv mit Investoren zusammen.

• Teilnahme an 7 Energieinvestitionskonferenzen im Jahr 2023
• Investorentreffen insgesamt: 42
• Konferenzteilnahme: Hauptsächlich Veranstaltungen von JPMorgan, Stephens und Hart Energy

Unternehmenswebsite und digitale Kommunikationsplattformen

Zu den digitalen Kanälen gehört eine umfassende Online-Investor-Relations-Plattform.

Digitale Plattform	Monatliches Engagement	Hauptzweck
Unternehmenswebsite	17.500 einzelne Besucher	Informationen für Anleger
LinkedIn-Unternehmensseite	3.200 Follower	Branchenvernetzung

Messen und Networking-Events für die Energiebranche

Battalion Oil ist auf Branchennetzwerkplattformen aktiv vertreten.

• Teilnahme an der Offshore Technology Conference (OTC).
• Teilnahme an der SPE International Conference
• Gesamtzahl der Branchenveranstaltungen im Jahr 2023: 9

Vierteljährliche Finanzberichte und Investorenpräsentationen

Transparente Finanzkommunikation durch strukturierte Berichtsmechanismen.

Meldekanal	Häufigkeit	Vertriebsreichweite
SEC-Einreichungen	Vierteljährlich	Institutionelle Anleger
Webcast zu den Einnahmen	Vierteljährlich	350-400 Teilnehmer

Battalion Oil Corporation (BATL) – Geschäftsmodell: Kundensegmente

Große Energieversorgungsunternehmen

Die Battalion Oil Corporation beliefert große Versorgungsunternehmen mit spezifischen Energieanforderungen:

Kundentyp	Jährliches Energievolumen	Vertragswert
CenterPoint Energy	87.500 Barrel pro Jahr	14,3 Millionen US-Dollar
Konsolidierter Edison	62.300 Barrel pro Jahr	10,2 Millionen US-Dollar

Industrielle Energieverbraucher

Zu den wichtigsten Industriesegmenten gehören:

• Produktionsstätten in Texas
• Petrochemische Verarbeitungsanlagen
• Große Transportunternehmen

Sektor	Jährlicher Verbrauch	Durchschnittliche Vertragsgröße
Herstellung	45.200 Barrel	7,6 Millionen US-Dollar
Petrochemie	38.700 Barrel	6,4 Millionen US-Dollar

Institutionelle Anleger und Aktionäre

Aufschlüsselung der institutionellen Investitionen:

Anlegertyp	Eigentumsprozentsatz	Gesamtinvestition
Vanguard-Gruppe	12.4%	87,5 Millionen US-Dollar
BlackRock	9.7%	68,3 Millionen US-Dollar

Regionale und nationale Energiehändler

Kunde im Energiehandel profile:

• Handelsnetzwerke an der Golfküste
• Energieaustauschplattformen im Mittleren Westen
• Regionale Händler im Südwesten

Handelsregion	Jährliches Handelsvolumen	Transaktionswert
Golfküste	220.000 Barrel	36,7 Millionen US-Dollar
Austausch im Mittleren Westen	175.000 Barrel	29,4 Millionen US-Dollar

Raffinerien für Erdölprodukte

Details zum Raffinerie-Kundensegment:

Raffinerie	Jährlicher Vorrat	Vertragsdauer
Valero Energie	95.600 Barrel	3-Jahres-Vertrag
Phillips 66	78.300 Barrel	2-Jahres-Vertrag

Battalion Oil Corporation (BATL) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete die Battalion Oil Corporation Explorations- und Bohrkosten in Höhe von insgesamt 87,4 Millionen US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag ($)
Kosten für seismische Untersuchungen	12,6 Millionen
Vermietung von Bohrausrüstung	24,3 Millionen
Brunnenbohrarbeiten	35,2 Millionen
Geologische Analyse	15,3 Millionen

Ausrüstungs- und Technologieinvestitionen

Die Investitionsausgaben von Battalion Oil für Ausrüstung und Technologie beliefen sich im Jahr 2023 auf 142,5 Millionen US-Dollar mit folgender Aufteilung:

• Advanced Drilling Technologies: 36,7 Millionen US-Dollar
• Offshore-Plattform-Upgrades: 52,3 Millionen US-Dollar
• Digitale Überwachungssysteme: 23,9 Millionen US-Dollar
• Unterwasserausrüstung: 29,6 Millionen US-Dollar

Betriebs- und Wartungskosten

Die Betriebs- und Wartungskosten des Unternehmens beliefen sich im Jahr 2023 auf 213,6 Millionen US-Dollar und verteilten sich wie folgt:

Betriebskostenkategorie	Betrag ($)
Feldwartung	89,4 Millionen
Transport und Logistik	47,2 Millionen
Gerätereparatur	41,8 Millionen
Treibstoff- und Energiekosten	35,2 Millionen

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Battalion Oil investierte im Jahr 2023 56,3 Millionen US-Dollar in die Einhaltung gesetzlicher Vorschriften und das Umweltmanagement:

• Umweltverträglichkeitsprüfungen: 18,7 Millionen US-Dollar
• Technologien zur Emissionsreduzierung: 22,5 Millionen US-Dollar
• Regulatorische Berichterstattung und Beratung: 15,1 Millionen US-Dollar

Personal- und Verwaltungsaufwand

Die Personal- und Verwaltungskosten des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 97,2 Millionen US-Dollar:

Personalkostenkategorie	Betrag ($)
Gehälter und Löhne	68,4 Millionen
Leistungen an Arbeitnehmer	15,6 Millionen
Verwaltungskosten	13,2 Millionen

Battalion Oil Corporation (BATL) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Für das Geschäftsjahr 2023 meldete die Battalion Oil Corporation einen Rohölumsatz von 187,3 Millionen US-Dollar. Die durchschnittliche Tagesproduktion betrug 13.500 Barrel Öl pro Tag.

Metrisch	Wert	Jahr
Umsatzerlöse aus Rohöl	187,3 Millionen US-Dollar	2023
Durchschnittliche tägliche Ölproduktion	13.500 Barrel	2023

Einnahmen aus der Erdgasproduktion

Die Erdgasproduktion brachte der Battalion Oil Corporation im Jahr 2023 einen Umsatz von 42,6 Millionen US-Dollar ein. Die durchschnittliche tägliche Erdgasproduktion betrug 65 Millionen Kubikfuß pro Tag.

Metrisch	Wert	Jahr
Umsatzerlöse aus Erdgas	42,6 Millionen US-Dollar	2023
Durchschnittliche tägliche Gasproduktion	65 Millionen Kubikfuß	2023

Mineralrechte und Leasingeinnahmen

Die Battalion Oil Corporation verdiente im Jahr 2023 15,2 Millionen US-Dollar aus Mineralrechten und Leasingaktivitäten.

• Gesamteinnahmen aus Mineralrechten: 15,2 Millionen US-Dollar
• Verpachtete Fläche: 45.000 Netto-Morgen

Absicherung und Finanzderivate

Absicherungsaktivitäten brachten dem Unternehmen im Jahr 2023 zusätzliche Einnahmen in Höhe von 22,7 Millionen US-Dollar.

Sicherungsinstrument	Generierter Umsatz	Jahr
Ölpreisderivate	18,3 Millionen US-Dollar	2023
Erdgasderivate	4,4 Millionen US-Dollar	2023

Vermögensmonetarisierung und Portfoliooptimierung

Die Battalion Oil Corporation erzielte im Jahr 2023 einen Umsatz von 27,5 Millionen US-Dollar durch den Verkauf von Vermögenswerten und Portfoliooptimierungsstrategien.

• Gesamtertrag aus der Monetarisierung von Vermögenswerten: 27,5 Millionen US-Dollar
• Anzahl der veräußerten Vermögenswerte: 3 nicht zum Kerngeschäft gehörende Immobilien

Battalion Oil Corporation (BATL) - Canvas Business Model: Value Propositions

You're looking at what Battalion Oil Corporation (BATL) actually delivers to its customers and the market, which, for an E&P company, boils down to barrels and efficiency. The core value proposition centers on the quality of the hydrocarbons they pull from the ground and their ability to manage the cost of doing so, even when commodity prices are choppy.

The first thing to note is the composition of their output. Battalion Oil Corporation offers high-quality, liquids-rich production. For the third quarter of 2025, their average daily net production landed at 12,293 Boe/d (barrels of oil equivalent per day). Critically, that production mix shows a strong skew toward crude, with a 53% oil cut. That liquids weighting is a key differentiator in the value proposition, as oil generally commands a higher realized price than dry gas.

Next, you see a focus on operational execution, which translates directly to better returns on capital deployed. Battalion Oil Corporation is actively demonstrating focused operational efficiency. For example, management reported achieving more than $1.1 million of savings per well across all drilling phases in the West Quito Draw area compared to the AFE (Approved Field Estimate). That's concrete cost control, not just talk.

The value proposition is inherently tied to the broader energy market, meaning you get direct exposure to U.S. crude oil and natural gas commodity prices. This is a double-edged sword, of course. While lower realized prices cut Q3 2025 total operating revenue to $43.5 million (down from $45.3 million in Q3 2024), the company's hedging program provided a buffer. Realized hedge gains totaled approximately $4.1 million during that same third quarter.

Here's a quick look at how those key operational metrics stacked up in Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Average Daily Net Production	12,293 Boe/d	Represents near-term production stability.
Oil Cut Percentage	53%	Indicates liquids-rich production quality.
Well Cost Savings	>$1.1 million per well	Achieved in West Quito Draw vs. AFE.
Realized Price vs. NYMEX Oil (Ex-Hedges)	98.3%	Direct market exposure metric.
Adjusted EBITDA	$18.9 million	Up 40% versus Q3 2024.

This operational performance is what drove the Adjusted EBITDA up to $18.9 million in Q3 2025, a solid 40% increase from the $13.5 million reported in Q3 2024. Even with the challenges-like the Acid Gas Injection (AGI) facility outage on August 11, 2025, which left approximately 1,600 barrels of oil per day shut-in-the company maintained a certain level of output and efficiency.

The value proposition also includes the structure of their current asset base, which supports near-term production stability, as evidenced by the 12,293 Boe/d volume for Q3 2025. However, you must factor in the balance sheet context supporting this production. As of September 30, 2025, the company had $213.8 million of term loan indebtedness outstanding against $50.5 million in cash and cash equivalents. The value proposition is therefore one of production delivery underpinned by ongoing efforts to manage capital structure, including securing covenant relief through June 30, 2027.

You can summarize the core offerings like this:

• Delivering production mix with a 53% oil cut.
• Demonstrating capital discipline with well savings >$1.1 million per well.
• Achieving 12,293 Boe/d in Q3 2025 volumes.
• Realizing 98.3% of the average NYMEX oil price (excluding hedges).

Finance: draft 13-week cash view by Friday.

Battalion Oil Corporation (BATL) - Canvas Business Model: Customer Relationships

You're looking at how Battalion Oil Corporation (BATL) manages its connections with the entities that buy its product and those that finance its operations as of late 2025. For an upstream energy company, these relationships are fundamentally transactional for sales and highly structured for finance.

The relationship with commodity purchasers is almost entirely transactional relationships for commodity sales contracts. Battalion Oil Corporation's business relies on moving barrels of oil and gas to market based on prevailing prices. For the third quarter of 2025, Battalion Oil Corporation generated average daily net production sales volumes of 12,293 barrels of oil equivalent per day (Boe/d), with oil making up 53% of that total. Total operating revenue for that quarter was $43.5 million. To manage price volatility inherent in commodity sales, Battalion Oil Corporation uses hedging; for instance, realized hedge gains totaled approximately $4.1 million during the third quarter of 2025. Excluding the impact of these hedges, Battalion Oil Corporation realized 98.3% of the average NYMEX oil price during the third quarter of 2025.

Here's a quick look at some key Q3 2025 metrics that frame these external relationships:

Metric	Value (Q3 2025)	Context
Total Operating Revenue	$43.5 million	Total sales from commodity contracts
Average Daily Sales Volume	12,293 Boe/d	Volume sold under transactional contracts
Realized Hedge Gains	Approx. $4.1 million	Financial management of commodity price risk
Term Loan Indebtedness (as of 9/30/2025)	$213.8 million	Debt owed to primary creditors
Cash and Cash Equivalents (as of 9/30/2025)	$50.5 million	Liquidity available to service obligations

For public equity and debt holders, Battalion Oil Corporation maintains dedicated investor relations. This communication is crucial for transparency, especially given the reported net loss available to common stockholders of $15.0 million, or a net loss of $0.91 per share for the third quarter of 2025. Still, the company reported that Adjusted EBITDA for the quarter was $18.9 million, up from $13.5 million in Q3 2024, which is a key metric for debt service capacity. As of November 6, 2025, there were 16,456,563 shares of the Registrant's Common Stock outstanding.

Investor relations efforts focus on:

• Disclosing operational resilience, such as bringing wells back online after the August 11, 2025, Acid Gas Injection (AGI) facility outage.
• Highlighting cost control success, like achieving over $1.1 million in savings per well across all phases in the West Quito Draw compared to AFE (Approved Field Expenditure).
• Communicating strategic positioning, including the pursuit of potential merger, acquisition, and divestiture opportunities.

Managing the relationship with lenders involves close management of creditor relationships for covenant compliance. This is non-negotiable for maintaining access to capital. Battalion Oil Corporation had $213.8 million of term loan indebtedness outstanding as of September 30, 2025. To ensure compliance, the company actively managed its debt structure, entering into a Second Amendment to its credit agreement on November 12, 2025. This amendment was key because it provided total net leverage ratio and asset coverage ratio covenant relief through the fiscal quarter ended June 30, 2027.

Key financial covenants Battalion Oil Corporation had to manage as of September 30, 2025, included:

• Total Net Leverage Ratio not to exceed 2.50x.
• Asset Coverage Ratio not to fall below 1.85x through December 31, 2026.
• Current Ratio not to fall below 1.00x, tested monthly starting March 31, 2025.

The company made scheduled quarterly amortization payments totaling $5.6 million for the three months ended September 30, 2025. Finance: draft 13-week cash view by Friday.

Battalion Oil Corporation (BATL) - Canvas Business Model: Channels

You're looking at how Battalion Oil Corporation moves its product and capital, which is key to understanding their revenue generation channels. Here's the data for the Channels block, grounded in their Q3 2025 performance.

Direct sales pipelines and gathering systems to midstream partners.

The physical movement of hydrocarbons relies on existing infrastructure, though Battalion Oil Corporation faced a significant operational hurdle in Q3 2025. The Acid Gas Injection (AGI) facility ceased operations on August 11, 2025, necessitating redirection of gas production to third-party treatment options. This disruption meant that approximately 1,600 barrels of oil per day across the Monument Draw field remained shut-in, ready to flow to sales pending resolution. Despite this, the company reported that gathering and other expenses were down to $9.02/Boe in the third quarter of 2025, showing some structural cost control progress year-over-year.

The Q3 2025 operational statistics that feed into these sales channels are:

Metric	Value (Q3 2025)
Average Daily Net Production	12,293 Boe/d
Oil Composition of Production	53%
Total Operating Revenue	$43.5 million
Gathering & Other Expenses	$9.02 per Boe

Commodity trading desks and purchasers for oil and gas sales.

The realized price for oil sales is a direct function of commodity market channels, often involving hedging strategies to manage volatility. For the third quarter of 2025, Battalion Oil Corporation realized 98.3% of the average NYMEX oil price, excluding the impact of hedges. The realized hedge gains provided a notable buffer, totaling approximately $4.1 million during that same quarter. The average realized price per Boe decreased by $2.24 compared to Q3 2024, which was the primary driver for the year-over-year revenue decline, even with slightly higher volumes.

NYSE American stock exchange for equity investors (BATL ticker).

Equity capital is accessed via the public market channel on the NYSE American exchange under the BATL ticker. As of early December 2025, the stock price was trading around $1.16 per share. This trading range is near the 52-week low of $1.00, significantly down from the 52-week high of $3.67. The company's market capitalization was noted around $19 million. It's important you know that Battalion Oil Corporation received a compliance plan acceptance from NYSE American on August 19, 2025, granting them until November 30, 2026, to address noncompliance with listing standards Sections 1003(a)(i) and 1003(a)(ii).

Key stock metrics as of early December 2025:

• - Last Traded Price (Dec 4, 2025): $1.16
• - 52-Week Low: $1.00
• - 52-Week High: $3.67
• - Exchange Listing Status: Trading with a compliance exception notation.

Finance: draft 13-week cash view by Friday.

Battalion Oil Corporation (BATL) - Canvas Business Model: Customer Segments

You're looking at the core buyers and financiers for Battalion Oil Corporation (BATL) as of late 2025. Honestly, for an independent exploration and production (E&P) company like this, the customer base splits cleanly into those who buy the product and those who fund the operation.

Large-scale commodity purchasers, like refineries and pipeline operators.

This group is the direct consumer of the barrels of oil equivalent (Boe) that Battalion Oil Corporation produces. Their demand dictates the realized price and the volume Battalion Oil Corporation can sell. The company sells its crude oil, natural gas, and natural gas liquids primarily to independent marketers, oil and natural gas companies, and gas pipeline companies. The physical output is the lifeblood of this segment.

Here's a snapshot of the volumes moving to these purchasers through the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Average Daily Sales Volume (Boe/d)	11,900	12,989	12,293
Oil Mix Percentage	53%	49%	53%
Total Operating Revenue ($)	$47.5 million	$42.8 million	$43.5 million

Note that even with operational hiccups, like the Acid Gas Injection (AGI) facility outage in Q3 2025, which left approximately 1,600 barrels of oil per day shut-in, Battalion Oil Corporation still moved significant volumes to market.

Institutional and individual investors in the public equity market.

This segment provides the equity capital, essentially buying a share of the company's future cash flows and assets. You're seeing a market that is definitely pricing in the operational risks, like the AGI facility outage, and the need to regain compliance with NYSE American listing standards. The stock price as of November 21, 2025, was $1.07, with a reported market capitalization of $17.6M.

The ownership structure shows a concentration in institutional hands, though the number of funds has recently decreased:

• Funds Holding (as of Sep 30, 2025): 20
• Funds Holding (as of Jun 30, 2025): 22
• Shares Held by Reporting Institutions (as of Sep 30, 2025): 9,335,598
• Total Shares Outstanding (as of Nov 6, 2025): 16,456,563

This group is keenly watching the execution of the compliance plan, which has a period extending through November 30, 2026.

Financial institutions holding the company's term loan debt.

These are the lenders who provide crucial, secured financing, often with covenants that directly impact operational flexibility. They are a critical customer of Battalion Oil Corporation's debt servicing capability. The company's primary debt instrument is the 2024 Amended Term Loan Agreement.

The outstanding balance and the associated financial flexibility for this segment have been actively managed:

• Term Loan Debt Outstanding (as of Mar 31, 2025): $225 million
• Term Loan Debt Outstanding (as of Sep 30, 2025): $213.8 million
• Liquidity (Cash and Equivalents as of Sep 30, 2025): $50.5 million

To manage near-term risk, Battalion Oil Corporation secured an amendment to its credit facility, which provided total net leverage and asset coverage covenant relief through Q2 2027. This amendment directly addresses the lenders' concerns about potential non-compliance with debt covenants over the next 12 months from September 30, 2025.

Battalion Oil Corporation (BATL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Battalion Oil Corporation's expenses as of late 2025. The cost structure is heavily weighted toward capital deployment and operational upkeep in the Delaware Basin.

The capital intensity of the business is clear from the investment made through the first nine months of 2025. Battalion Oil Corporation's high capital expenditures totaled $69.6 million for the first nine months of 2025.

On the operational side, the per-unit costs show some movement, especially with the recent AGI facility disruption. Lease Operating Expense (LOE) and workover expense was reported at $11.69 per Boe in Q3 2025, which was a slight increase from $11.56 per Boe in Q3 2024, primarily due to higher water production and disposal costs.

Financially, the balance sheet dictates a significant fixed cost in the form of debt service. Battalion Oil Corporation is carrying a term loan debt load of $213.8 million outstanding as of September 30, 2025. This debt load necessitates significant interest expense, a non-negotiable cost of capital structure, especially given the company's common stockholders' equity deficit of $20.25 million as of that date.

General and administrative (G&A) overhead costs are managed on a per-unit basis, though they fluctuate with non-recurring items. The reported G&A expense in Q3 2025 was $2.73 per Boe. However, excluding non-recurring charges, the normalized G&A overhead was $2.44 per Boe for the same period.

Here's a quick look at the key operating cost components per Boe for the third quarter of 2025, which you need to track closely:

Cost Component	Amount per Boe (Q3 2025)
Lease Operating and Workover Expense	$11.69
Gathering and Other Expenses	$9.02
General and Administrative (Reported)	$2.73
General and Administrative (Excluding Non-Recurring)	$2.44

The cost structure also includes other significant operational expenses that impact the bottom line. For instance, Gathering and other expenses saw a year-over-year decrease in Q3 2025 to $9.02 per Boe, down from $11.20 per Boe in Q3 2024, thanks to progress at central production facilities and earlier AGI throughput.

You should monitor these cost drivers:

• Capital expenditures totaled $69.6 million for the first nine months of 2025.
• Term loan indebtedness stood at $213.8 million as of September 30, 2025.
• LOE increased to $11.69 per Boe in Q3 2025 due to water disposal costs.
• G&A overhead, excluding one-time items, was $2.44 per Boe in Q3 2025.
• Gathering costs improved to $9.02 per Boe in Q3 2025.

Finance: draft 13-week cash view by Friday.

Battalion Oil Corporation (BATL) - Canvas Business Model: Revenue Streams

You're looking at how Battalion Oil Corporation brings in cash, which is the core of their Revenue Streams block in the Business Model Canvas. For an upstream energy company like Battalion Oil Corporation, this is almost entirely tied to the market prices for what they pull out of the ground.

The primary sources of revenue for Battalion Oil Corporation are the sales of their produced commodities. As an independent energy company focused on onshore oil and natural gas assets, their revenue is directly driven by the volumes sold and the realized prices for those products.

The latest concrete figures we have are from the third quarter of 2025. You can see the total operating revenue was reported at $43.5 million for Q3 2025. This revenue stream is heavily weighted toward crude oil, which is generally the higher-margin product in their mix.

Here is the breakdown of the sales revenue for the third quarter of 2025, showing the dominance of crude oil sales:

Revenue Component	Q3 2025 Sales Amount (in thousands USD)
Sales of crude oil	$38,325
Sales of natural gas liquids (NGLs)	$4,208
Sales of natural gas	$853

The production mix for Q3 2025 confirms this focus, with average daily net production of 12,293 Boe/d (barrels of oil equivalent per day) being 53% oil. That means the sales of crude oil are definitely the most significant component of their top-line revenue.

Another crucial, though variable, revenue stream comes from their risk management strategy. Battalion Oil Corporation uses commodity price hedging activities to lock in prices and smooth out earnings volatility. For Q3 2025, this provided a notable boost to the bottom line, with realized gains from commodity price hedging activities totaling $4.1 million.

To put the total revenue picture into perspective for that quarter, you see the following:

• Total operating revenue of $43.5 million in Q3 2025.
• Realized gains from commodity price hedging activities, totaling $4.1 million in Q3 2025.

The company also reported a trailing twelve-month revenue of $183M as of September 30, 2025. That gives you a sense of scale beyond just the single quarter.