Battalion Oil Corporation (BATL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración de petróleo y gas, Battalion Oil Corporation (BATL) surge como una potencia estratégica, aprovechando las prácticas comerciales innovadoras para navegar por el complejo panorama energético. Al elaborar meticulosamente un lienzo de modelo de negocio integral, BATL demuestra su compromiso con la producción aguas arriba de alta eficiencia, la innovación tecnológica y las operaciones sostenibles en la cuenca competitiva del Pérmico. Su enfoque combina a la perfección las asociaciones estratégicas, la gestión de recursos de vanguardia y una propuesta de valor centrada en el láser que promete rendimientos consistentes y responsabilidad ambiental, lo que los convierte en un jugador convincente en la narrativa en evolución del sector energético.

Battalion Oil Corporation (BATL) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con compañías de exploración y producción

A partir de 2024, Battalion Oil Corporation ha establecido asociaciones estratégicas clave en la cuenca Pérmica:

Pareja	Porcentaje de propiedad	Ubicación del activo
Colgate Energy Partners	50%	Cuenca de Midland
Timbers cruzadas operando	35%	Cuenca de Delaware

Propietarios de derechos minerales de la cuenca de Midland y propietarios de tierras

Battalion Oil mantiene asociaciones críticas de acceso a tierras:

• Acres minerales totales controlados: 22,500
• Acuerdos de derechos minerales activos: 47
• Tasa promedio de regalías: 18.5%

Proveedores de servicios petroleros

Las asociaciones de proveedores de servicios clave incluyen:

Proveedor de servicios	Valor de contrato	Alcance del servicio
Halliburton	$ 37.2 millones	Servicios de perforación y finalización
Baker Hughes	$ 24.5 millones	Fractura hidráulica

Instituciones financieras

Asociaciones de financiación actuales:

• JPMorgan Chase - Fondo de crédito rotativo: $ 250 millones
• Wells Fargo - Préstamo a plazo: $ 175 millones
• Credit Suisse: préstamos basados ​​en la reserva: $ 300 millones

Consultores de cumplimiento ambiental y regulatorio

Detalles de la asociación de cumplimiento:

Consultor	Valor anual del contrato	Enfoque de cumplimiento
Gestión de recursos ambientales	$ 2.1 millones	Informes y cumplimiento de ESG
Grupo de ramboll	$ 1.8 millones	Evaluación del impacto ambiental

Battalion Oil Corporation (BATL) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

Battalion Oil opera principalmente en la región de Eagle Ford Shale de Texas. A partir de 2023, la compañía informó:

Métrica de producción	Volumen
Producción diaria total	23,000 barriles de aceite equivalente por día
Producción de petróleo	14,500 barriles por día
Producción de gas natural	48 millones de pies cúbicos por día

Operaciones de perforación y fractura hidráulica

Los detalles operativos clave incluyen:

• Sitios de perforación activa en los condados de Karnes y Atascosa, Texas
• Costo promedio de perforación por pozo: $ 6.2 millones
• Longitud típica del pozo horizontal: 10,500 pies

Adquisición de activos y optimización de cartera

Métrico de activos	Valor
Reservas totales probadas	95 millones de barriles de aceite equivalente
Posición de superficie neta	27,500 acres en Eagle Ford Shale
Presupuesto de gastos de capital (2024)	$ 180 millones

Gestión de yacimientos y mejora de la producción

Las estrategias técnicas incluyen:

• Técnicas avanzadas de imágenes sísmicas
• Monitoreo continuo de rendimiento del pozo
• Implementación de métodos de recuperación de petróleo mejorados

Protocolos de gestión de riesgos operativos y protocolos de seguridad

Métricas de seguridad y gestión de riesgos:

• Tasa de incidente registrable total: 0.92 por 200,000 horas de trabajo
• Presupuesto anual de cumplimiento ambiental: $ 4.5 millones
• Implementó sistemas de monitoreo en tiempo real en todos los sitios operativos

Battalion Oil Corporation (BATL) - Modelo de negocio: recursos clave

Reservas probadas de petróleo y gas en la cuenca del Pérmico

A partir del cuarto trimestre de 2023, Battalion Oil Corporation celebró aproximadamente 15,700 acres netos en el segmento de la cuenca de Delaware de la cuenca del Pérmico.

Categoría de reserva	Cantidad	Unidad
Reservas desarrolladas probadas	22.7	Millones de barriles de aceite equivalente (MMBOE)
Reservas totales probadas	44.1	Millones de barriles de aceite equivalente (MMBOE)

Tecnología avanzada de perforación y extracción

• Tecnología de perforación horizontal con longitudes laterales de 10,000 pies
• Capacidades de fracturación hidráulica de varias etapas
• Sistemas de monitoreo de datos en tiempo real

Equipos de ingeniería de petróleo y geociencia calificada

A partir de 2024, Battalion Oil Corporation mantiene un fuerza laboral técnica de aproximadamente 78 profesionales especializados.

Categoría profesional	Número de empleados
Ingenieros de petróleo	32
Geocientíficos	24
Personal de apoyo técnico	22

Capital financiero sólido y facilidades de crédito

Recursos financieros al 31 de diciembre de 2023:

• Base de préstamos: $ 175 millones
• Equivalentes de efectivo y efectivo: $ 12.4 millones
• Deuda total: $ 138.5 millones

Sistemas de gestión de datos digitales y modelado geológico

La infraestructura tecnológica incluye:

• Software de modelado geológico patentado
• Sistemas de almacenamiento de datos basados ​​en la nube
• Plataformas de interpretación sísmica avanzadas

Inversión tecnológica	Gasto anual
Infraestructura digital	$ 3.2 millones
Herramientas de análisis de datos	$ 1.7 millones

Battalion Oil Corporation (BATL) - Modelo de negocio: propuestas de valor

Producción de petróleo y gas aguas arriba de alta eficiencia

Battalion Oil Corporation demostró las siguientes métricas de producción en 2023:

Métrica de producción	Cantidad
Producción diaria total	22,000 barriles de aceite equivalente por día
Reservas probadas	76.1 millones de barriles de petróleo equivalente
Eficiencia de producción	92.5% de tiempo de actividad operativo

Centrarse en activos de petróleo de bajo costo y alto margen

Indicadores clave de desempeño financiero para operaciones de bajo costo:

• Arrendamiento de gastos operativos: $ 8.50 por barril
• Costos de búsqueda y desarrollo: $ 15.30 por barril
• Netback operativo: $ 38.60 por barril

Operaciones sostenibles y ambientalmente responsables

Métrica ambiental	Actuación
Reducción de emisiones de carbono	Reducción del 15% de la línea de base 2022
Intensidad de emisión de metano	0.21% de la producción total

Devoluciones consistentes para accionistas e inversores

Destacado de rendimiento financiero para 2023:

• Ingresos netos: $ 87.4 millones
• Flujo de efectivo libre: $ 62.3 millones
• Retorno sobre el patrimonio: 16.7%

Innovación tecnológica en técnicas de extracción

Métricas de inversión tecnológica:

Categoría de innovación	Inversión
Gasto de I + D	$ 4.2 millones
Tecnología de perforación avanzada	3 nuevas técnicas de perforación horizontal implementadas

Battalion Oil Corporation (BATL) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con consumidores de energía

Battalion Oil Corporation mantiene contratos de suministro estratégico con consumidores de energía clave. A partir del cuarto trimestre de 2023, la compañía reportó 5 contratos principales a largo plazo con un valor total del contrato de $ 287.4 millones.

Tipo de contrato	Duración	Valor estimado
Suministro de petróleo crudo	5-7 años	$ 142.6 millones
Suministro de gas natural	3-5 años	$ 98.3 millones
Suministro de condensado	4-6 años	$ 46.5 millones

Comunicación transparente con inversores

Battalion Oil Corporation mantiene Comunicaciones trimestrales de inversores con divulgaciones financieras detalladas.

• 4 llamadas de ganancias trimestrales por año
• Reunión anual de accionistas
• Presentaciones integrales de inversores

Plataformas digitales para la participación de las partes interesadas

La compañía utiliza plataformas de relaciones digitales para inversores con 78,542 cuentas de usuario registradas a diciembre de 2023.

Plataforma digital	Métricas de participación del usuario
Sitio web de inversores	52,341 visitantes mensuales
Aplicación de relaciones con los inversores	26,201 usuarios activos

Compromiso con la responsabilidad social corporativa

Battalion Oil asignó $ 3.7 millones para iniciativas de responsabilidad social corporativa en 2023, centrándose en la sostenibilidad ambiental y el desarrollo comunitario.

Gestión de relaciones con los inversores receptivos

El equipo de relaciones con los inversores responde al 97.6% de las consultas de los inversores dentro de las 24 horas, manteniendo una alta tasa de eficiencia de comunicación.

Métrica de comunicación de inversores	Actuación
Tiempo de respuesta	<24 horas
Tasa de resolución de la investigación	94.3%

Battalion Oil Corporation (BATL) - Modelo de negocios: canales

Ventas directas a mercados de energía y servicios públicos

Battalion Oil Corporation utiliza canales de ventas directos dirigidos a mercados y utilidades energéticos específicos. En 2023, la compañía reportó 15,642 barriles de petróleo equivalente al día (BOEPD) de producción.

Canal de ventas	Mercado objetivo	Volumen anual
Ventas directas de petróleo	Refinerías de la costa del Golfo	5.7 millones de barriles
Contratos de gas natural	Utilidades regionales de Texas	42.3 millones de pies cúbicos

Relaciones con los inversores a través de conferencias financieras

El petróleo del batallón se involucra activamente con los inversores a través de conferencias financieras estratégicas.

• Participó en 7 conferencias de inversión energética en 2023
• Total de reuniones de inversores: 42
• Asistencia de la conferencia: principalmente eventos de JPMorgan, Stephens y Hart Energy

Sitio web corporativo y plataformas de comunicación digital

Los canales digitales incluyen una plataforma integral de relaciones con inversores en línea.

Plataforma digital	Compromiso mensual	Propósito principal
Sitio web corporativo	17.500 visitantes únicos	Información de los inversores
Página corporativa de LinkedIn	3.200 seguidores	Redes de la industria

Ferias comerciales de la industria energética y eventos de redes

Battalion Oil mantiene la presencia activa en las plataformas de redes de la industria.

• Participación de la Conferencia de Tecnología Offshore (OTC)
• Asistencia de la Conferencia Internacional SPE
• Eventos totales de la industria en 2023: 9

Informes financieros trimestrales y presentaciones de inversores

Comunicación financiera transparente a través de mecanismos de informes estructurados.

Canal de informes	Frecuencia	Alcance de distribución
Presentación de la SEC	Trimestral	Inversores institucionales
Transmisión web de ganancias	Trimestral	350-400 participantes

Battalion Oil Corporation (BATL) - Modelo de negocios: segmentos de clientes

Compañías de servicios de energía a gran escala

Battalion Oil Corporation atiende a las principales compañías de servicios públicos con requisitos de energía específicos:

Tipo de cliente	Volumen de energía anual	Valor de contrato
Energía de punto central	87,500 barriles por año	$ 14.3 millones
Edison consolidado	62,300 barriles por año	$ 10.2 millones

Consumidores de energía industrial

Los segmentos industriales clave incluyen:

• Instalaciones de fabricación en Texas
• Plantas de procesamiento petroquímico
• Compañías de transporte a gran escala

Sector	Consumo anual	Tamaño de contrato promedio
Fabricación	45,200 barriles	$ 7.6 millones
Petroquímico	38,700 barriles	$ 6.4 millones

Inversores y accionistas institucionales

Desglose de inversión institucional:

Tipo de inversor	Porcentaje de propiedad	Inversión total
Grupo de vanguardia	12.4%	$ 87.5 millones
Roca negra	9.7%	$ 68.3 millones

Comerciantes de energía regionales y nacionales

Cliente de comercio de energía profile:

• Redes comerciales de Gulf Coast
• Plataformas de intercambio de energía del medio oeste
• Comerciantes regionales del suroeste

Región comercial	Volumen de negociación anual	Valor de transacción
Costa del Golfo	220,000 barriles	$ 36.7 millones
Intercambio del medio oeste	175,000 barriles	$ 29.4 millones

Refinerías de productos de petróleo

Detalles del segmento de clientes de refinería:

Refinería	Suministro anual	Duración del contrato
Energía de Valero	95,600 barriles	Acuerdo de 3 años
Phillips 66	78,300 barriles	Acuerdo de 2 años

Battalion Oil Corporation (BATL) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Battalion Oil Corporation informó gastos de exploración y perforación por un total de $ 87.4 millones. El desglose de estos gastos incluye:

Categoría de gastos	Monto ($)
Costos de encuesta sísmica	12.6 millones
Alquiler de equipos de perforación	24.3 millones
Operaciones de perforación de pozos	35.2 millones
Análisis geológico	15.3 millones

Inversiones de equipos y tecnología

Los gastos de capital de Battalion Oil para equipos y tecnología en 2023 ascendieron a $ 142.5 millones, con la siguiente asignación:

• Tecnologías de perforación avanzada: $ 36.7 millones
• Actualizaciones de plataforma en alta mar: $ 52.3 millones
• Sistemas de monitoreo digital: $ 23.9 millones
• Equipo submarino: $ 29.6 millones

Costos operativos y de mantenimiento

Los gastos operativos y de mantenimiento de la compañía para 2023 fueron de $ 213.6 millones, distribuidos de la siguiente manera:

Categoría de costos operativos	Monto ($)
Mantenimiento de campo	89.4 millones
Transporte y logística	47.2 millones
Reparación de equipos	41.8 millones
Costos de combustible y energía	35.2 millones

Cumplimiento regulatorio y gestión ambiental

Battalion Oil invirtió $ 56.3 millones en cumplimiento regulatorio y gestión ambiental en 2023:

• Evaluaciones de impacto ambiental: $ 18.7 millones
• Tecnologías de reducción de emisiones: $ 22.5 millones
• Informes y consultoría regulatorios: $ 15.1 millones

Personal y gastos generales administrativos

El personal de la compañía y los costos administrativos para 2023 totalizaron $ 97.2 millones:

Categoría de costos de personal	Monto ($)
Salarios y salarios	68.4 millones
Beneficios para empleados	15.6 millones
Gastos administrativos	13.2 millones

Battalion Oil Corporation (BATL) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo

Para el año fiscal 2023, Battalion Oil Corporation informó ingresos por ventas de petróleo crudo de $ 187.3 millones. La producción diaria promedio fue de 13,500 barriles de petróleo por día.

Métrico	Valor	Año
Ingresos de ventas de petróleo crudo	$ 187.3 millones	2023
Producción diaria promedio de petróleo	13,500 barriles	2023

Ingresos de producción de gas natural

La producción de gas natural generó $ 42.6 millones en ingresos para Battalion Oil Corporation en 2023. La producción promedio de gas natural diario fue de 65 millones de pies cúbicos por día.

Métrico	Valor	Año
Ingresos de ventas de gas natural	$ 42.6 millones	2023
Producción promedio de gas diario	65 millones de pies cúbicos	2023

Derechos minerales e ingresos de arrendamiento

Battalion Oil Corporation ganó $ 15.2 millones de los derechos minerales y las actividades de arrendamiento en 2023.

• Ingresos totales de derechos minerales: $ 15.2 millones
• Superficie bajo arrendamiento: 45,000 acres netos

Cobertura y derivados financieros

Las actividades de cobertura generaron $ 22.7 millones en ingresos adicionales para la compañía en 2023.

Instrumento de cobertura	Ingresos generados	Año
Derivados del precio del petróleo	$ 18.3 millones	2023
Derivados de gas natural	$ 4.4 millones	2023

Monetización de activos y optimización de cartera

Battalion Oil Corporation se dio cuenta de $ 27.5 millones de las ventas de activos y las estrategias de optimización de cartera en 2023.

• Ingresos de monetización de activos totales: $ 27.5 millones
• Número de activos desinvertidos: 3 propiedades no básicas

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.