Batalhão Oil Corporation (BATL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração de petróleo e gás, a Battalion Oil Corporation (BATL) surge como uma potência estratégica, alavancando práticas inovadoras de negócios para navegar no cenário complexo de energia. Ao elaborar meticulosamente uma tela abrangente do modelo de negócios, a BATL demonstra seu compromisso com a produção a montante de alta eficiência, a inovação tecnológica e as operações sustentáveis ​​na bacia do Permiano competitivo. Sua abordagem combina perfeitamente parcerias estratégicas, gerenciamento de recursos de ponta e uma proposta de valor focada em laser que promete retornos consistentes e responsabilidade ambiental, tornando-os um participante atraente na narrativa em evolução do setor de energia.

Battalion Oil Corporation (BATL) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos com empresas de exploração e produção

A partir de 2024, a Battalion Oil Corporation estabeleceu as principais parcerias estratégicas na bacia do Permiano:

Parceiro	Porcentagem de propriedade	Localização do ativo
Colgate Energy Partners	50%	Bacia Midland
Cruz Timbers operando	35%	Bacia de Delaware

Proprietários e proprietários de direitos dos direitos dos minerais da Bacia Midland

O petróleo do batalhão mantém parcerias críticas de acesso à terra:

• Acres minerais totais controlados: 22.500
• Acordos ativos de direitos minerais: 47
• Taxa média de royalties: 18,5%

Provedores de serviços de campo petrolífero

Principais parcerias do provedor de serviços incluem:

Provedor de serviços	Valor do contrato	Escopo de serviço
Halliburton	US $ 37,2 milhões	Serviços de perfuração e conclusão
Baker Hughes	US $ 24,5 milhões	Fraturamento hidráulico

Instituições financeiras

Parcerias de financiamento atuais:

• JPMorgan Chase - Linha de crédito rotativo: US $ 250 milhões
• Wells Fargo - empréstimo a prazo: US $ 175 milhões
• Credit Suisse - empréstimos baseados em reserva: US $ 300 milhões

Consultores de conformidade ambiental e regulatória

Detalhes da parceria de conformidade:

Empresa de consultores	Valor anual do contrato	Foco de conformidade
Gerenciamento de Recursos Ambientais	US $ 2,1 milhões	Relatórios e conformidade ESG
Ramboll Group	US $ 1,8 milhão	Avaliação de impacto ambiental

Batalhão Oil Corporation (BATL) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo e gás natural

O petróleo do batalhão opera principalmente na região de Eagle Ford Shale do Texas. A partir de 2023, a empresa informou:

Métrica de produção	Volume
Produção diária total	23.000 barris de petróleo equivalente por dia
Produção de petróleo	14.500 barris por dia
Produção de gás natural	48 milhões de pés cúbicos por dia

Operações de fraturamento hidráulico e hidráulica

Os principais detalhes operacionais incluem:

• Sites de perfuração ativos nos condados de Karnes e Atascosa, Texas
• Custo médio de perfuração por poço: US $ 6,2 milhões
• Comprimento horizontal típico do poço: 10.500 pés

Aquisição de ativos e otimização de portfólio

Métrica de ativo	Valor
Reservas totais comprovadas	95 milhões de barris de petróleo equivalente
Posição da área da área líquida	27.500 acres em Eagle Ford Shale
Orçamento de despesas de capital (2024)	US $ 180 milhões

Gerenciamento de reservatório e aprimoramento da produção

As estratégias técnicas incluem:

• Técnicas avançadas de imagem sísmica
• Monitoramento contínuo de desempenho do poço
• Implementando métodos aprimorados de recuperação de petróleo

Protocolos de gerenciamento de riscos e riscos operacionais

Métricas de segurança e gerenciamento de riscos:

• Taxa total de incidentes recordáveis: 0,92 por 200.000 horas de trabalho
• Orçamento anual de conformidade ambiental: US $ 4,5 milhões
• Implementou sistemas de monitoramento em tempo real em todos os sites operacionais

Batalhão Oil Corporation (BATL) - Modelo de negócios: Recursos -chave

Reservas comprovadas de petróleo e gás na bacia do Permiano

A partir do quarto trimestre 2023, a corporação de petróleo do batalhão mantinha Aproximadamente 15.700 acres líquidos no segmento da bacia de Delaware da bacia do Permiano.

Categoria de reserva	Quantidade	Unidade
Provados reservas desenvolvidas	22.7	Milhões de barris de petróleo equivalente (MMBOE)
Reservas totais comprovadas	44.1	Milhões de barris de petróleo equivalente (MMBOE)

Tecnologia avançada de perfuração e extração

• Tecnologia de perfuração horizontal com comprimentos laterais de 10.000 pés
• Capacidades de fraturamento hidráulico de vários estágios
• Sistemas de monitoramento de dados em tempo real

Equipes de engenharia de petróleo e petróleo qualificados

A partir de 2024, a corporação de petróleo de batalhão mantém um Força de trabalho técnica de aproximadamente 78 profissionais especializados.

Categoria profissional	Número de funcionários
Engenheiros de Petróleo	32
Geocientistas	24
Equipe de suporte técnico	22

Capital financeiro e linhas de crédito fortes

Recursos financeiros em 31 de dezembro de 2023:

• Base de empréstimo: US $ 175 milhões
• Caixa e equivalentes em dinheiro: US $ 12,4 milhões
• Dívida total: US $ 138,5 milhões

Gerenciamento de dados digitais e sistemas de modelagem geológica

A infraestrutura tecnológica inclui:

• Software de modelagem geológica proprietária
• Sistemas de armazenamento de dados baseados em nuvem
• Plataformas avançadas de interpretação sísmica

Investimento em tecnologia	Despesas anuais
Infraestrutura digital	US $ 3,2 milhões
Ferramentas de análise de dados	US $ 1,7 milhão

Battalion Oil Corporation (BATL) - Modelo de negócios: proposições de valor

Produção de petróleo e gás a montante de alta eficiência

A Corporação de Oil do Batalhão demonstrou as seguintes métricas de produção em 2023:

Métrica de produção	Quantidade
Produção diária total	22.000 barris de petróleo equivalente por dia
Reservas comprovadas	76,1 milhões de barris de petróleo equivalente
Eficiência de produção	92,5% de tempo de atividade operacional

Concentre-se em ativos de petróleo de alto custo e alta margem

Principais indicadores de desempenho financeiro para operações de baixo custo:

• Despesas operacionais de arrendamento: US $ 8,50 por barril
• Custos de localização e desenvolvimento: US $ 15,30 por barril
• Netback operacional: US $ 38,60 por barril

Operações sustentáveis ​​e ambientalmente responsáveis

Métrica ambiental	Desempenho
Redução de emissão de carbono	Redução de 15% de 2022 linha de base
Intensidade de emissão de metano	0,21% da produção total

Retornos consistentes para acionistas e investidores

O desempenho financeiro destaca para 2023:

• Lucro líquido: US $ 87,4 milhões
• Fluxo de caixa livre: US $ 62,3 milhões
• Retorno sobre o patrimônio: 16,7%

Inovação tecnológica em técnicas de extração

Métricas de investimento em tecnologia:

Categoria de inovação	Investimento
Despesas de P&D	US $ 4,2 milhões
Tecnologia de perfuração avançada	3 novas técnicas de perfuração horizontal implementadas

Batalhão Oil Corporation (BATL) - Modelo de Negócios: Relacionamentos do Cliente

O fornecimento de longo prazo contrata consumidores de energia

A Battalion Oil Corporation mantém contratos estratégicos de fornecimento com os principais consumidores de energia. A partir do quarto trimestre de 2023, a Companhia registrou 5 principais contratos de longo prazo com valor total do contrato de US $ 287,4 milhões.

Tipo de contrato	Duração	Valor estimado
Suprimento de petróleo bruto	5-7 anos	US $ 142,6 milhões
Suprimento de gás natural	3-5 anos	US $ 98,3 milhões
Fornecimento de condensado	4-6 anos	US $ 46,5 milhões

Comunicação transparente com investidores

Battalion Oil Corporation mantém Comunicações trimestrais de investidores com divulgações financeiras detalhadas.

• 4 chamadas trimestrais por ano
• Reunião Anual dos Acionistas
• Apresentações abrangentes de investidores

Plataformas digitais para o envolvimento das partes interessadas

A empresa utiliza plataformas de relações com investidores digitais com 78.542 contas de usuário registradas em dezembro de 2023.

Plataforma digital	Métricas de engajamento do usuário
Site de investidores	52.341 visitantes mensais
Aplicativo de relações com investidores	26.201 Usuários ativos

Compromisso com a responsabilidade social corporativa

O petróleo do batalhão alocou US $ 3,7 milhões para iniciativas de responsabilidade social corporativa em 2023, focando na sustentabilidade ambiental e no desenvolvimento da comunidade.

Gerenciamento de relações com investidores responsivos

A equipe de relações com investidores responde a 97,6% das consultas de investidores em 24 horas, mantendo uma alta taxa de eficiência de comunicação.

Métrica de Comunicação para Investidores	Desempenho
Tempo de resposta	<24 horas
Taxa de resolução de consulta	94.3%

Batalhão Oil Corporation (BATL) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia e serviços públicos

A Battalion Oil Corporation utiliza canais de vendas diretos direcionados a mercados e serviços públicos específicos de energia. Em 2023, a empresa registrou 15.642 barris de produção de petróleo por dia (BOEPD).

Canal de vendas	Mercado -alvo	Volume anual
Vendas diretas de petróleo	Refinarias da Costa do Golfo	5,7 milhões de barris
Contratos de gás natural	Utilitários regionais do Texas	42,3 milhões de pés cúbicos

Relações com investidores por meio de conferências financeiras

O petróleo do batalhão se envolve ativamente com os investidores por meio de conferências financeiras estratégicas.

• Participou de 7 conferências de investimento energético em 2023
• Total de reuniões de investidores: 42
• Participação da conferência: principalmente eventos de JPMorgan, Stephens e Hart Energy

Site corporativo e plataformas de comunicação digital

Os canais digitais incluem uma plataforma abrangente de relações com investidores on -line.

Plataforma digital	Engajamento mensal	Propósito primário
Site corporativo	17.500 visitantes únicos	Informações sobre investidores
Página corporativa do LinkedIn	3.200 seguidores	Redes da indústria

Feiras de comércio da indústria de energia e eventos de networking

O petróleo do batalhão mantém a presença ativa nas plataformas de rede do setor.

• Participação da Conferência de Tecnologia Offshore (OTC)
• Participação da Conferência Internacional SPE
• Total de eventos da indústria em 2023: 9

Relatórios financeiros trimestrais e apresentações de investidores

Comunicação financeira transparente por meio de mecanismos de relatórios estruturados.

Canal de relatório	Freqüência	Alcance de distribuição
Registros da SEC	Trimestral	Investidores institucionais
Webcast de ganhos	Trimestral	350-400 participantes

Batalhão Oil Corporation (BATL) - Modelo de negócios: segmentos de clientes

Empresas de utilidade de energia em larga escala

O Battalion Oil Corporation atende principais empresas de serviços públicos com requisitos de energia específicos:

Tipo de cliente	Volume anual de energia	Valor do contrato
Energia central	87.500 barris por ano	US $ 14,3 milhões
Edison consolidado	62.300 barris por ano	US $ 10,2 milhões

Consumidores de energia industrial

Os principais segmentos industriais incluem:

• Instalações de fabricação no Texas
• Plantas de processamento petroquímico
• Empresas de transporte em larga escala

Setor	Consumo anual	Tamanho médio do contrato
Fabricação	45.200 barris	US $ 7,6 milhões
Petroquímico	38.700 barris	US $ 6,4 milhões

Investidores institucionais e acionistas

Redução institucional de investimento:

Tipo de investidor	Porcentagem de propriedade	Investimento total
Grupo Vanguard	12.4%	US $ 87,5 milhões
BlackRock	9.7%	US $ 68,3 milhões

Comerciantes regionais e nacionais de energia

Cliente de negociação de energia profile:

• Redes comerciais da Costa do Golfo
• Plataformas de troca de energia do meio -oeste
• Traders regionais do sudoeste

Região comercial	Volume de negociação anual	Valor da transação
Costa do Golfo	220.000 barris	US $ 36,7 milhões
Troca do meio -oeste	175.000 barris	US $ 29,4 milhões

Refinarias de produtos petrolíferos

Detalhes do segmento de clientes da refinaria:

Refinaria	Fornecimento anual	Duração do contrato
Energia Valero	95.600 barris	Contrato de 3 anos
Phillips 66	78.300 barris	Contrato de 2 anos

Batalhão Oil Corporation (BATL) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Battalion Oil Corporation relatou despesas de exploração e perfuração totalizando US $ 87,4 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Custos de pesquisa sísmica	12,6 milhões
Aluguel de equipamentos de perfuração	24,3 milhões
Operações de perfuração bem	35,2 milhões
Análise geológica	15,3 milhões

Investimentos de equipamentos e tecnologia

As despesas de capital do Battalion Oil para equipamentos e tecnologia em 2023 totalizaram US $ 142,5 milhões, com a seguinte alocação:

• Tecnologias avançadas de perfuração: US $ 36,7 milhões
• Atualizações da plataforma offshore: US $ 52,3 milhões
• Sistemas de monitoramento digital: US $ 23,9 milhões
• Equipamento submarino: US $ 29,6 milhões

Custos operacionais e de manutenção

As despesas operacionais e de manutenção da empresa em 2023 foram de US $ 213,6 milhões, distribuídas da seguinte forma:

Categoria de custo operacional	Valor ($)
Manutenção de campo	89,4 milhões
Transporte e logística	47,2 milhões
Reparo de equipamentos	41,8 milhões
Custos de combustível e energia	35,2 milhões

Conformidade regulatória e gestão ambiental

O Battalion Oil investiu US $ 56,3 milhões em conformidade regulatória e gestão ambiental em 2023:

• Avaliações de impacto ambiental: US $ 18,7 milhões
• Tecnologias de redução de emissões: US $ 22,5 milhões
• Relatórios e consultoria regulatórios: US $ 15,1 milhões

Pessoal e sobrecarga administrativa

O pessoal e os custos administrativos da empresa para 2023 totalizaram US $ 97,2 milhões:

Categoria de custo de pessoal	Valor ($)
Salários e salários	68,4 milhões
Benefícios dos funcionários	15,6 milhões
Despesas administrativas	13,2 milhões

Battalion Oil Corporation (BATL) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

Para o ano fiscal de 2023, a Battalion Oil Corporation registrou receita de vendas de petróleo de US $ 187,3 milhões. A produção média diária foi de 13.500 barris de petróleo por dia.

Métrica	Valor	Ano
Receita de vendas de petróleo bruto	US $ 187,3 milhões	2023
Produção média diária de petróleo	13.500 barris	2023

Receitas de produção de gás natural

A produção de gás natural gerou US $ 42,6 milhões em receita para a Corporação de Petróleo do Batalhão em 2023. A produção média diária de gás natural foi de 65 milhões de pés cúbicos por dia.

Métrica	Valor	Ano
Receita de vendas de gás natural	US $ 42,6 milhões	2023
Produção média diária de gás	65 milhões de pés cúbicos	2023

Direitos minerais e renda de leasing

A Battalion Oil Corporation ganhou US $ 15,2 milhões com os direitos minerais e atividades de leasing em 2023.

• Receita total dos direitos minerais: US $ 15,2 milhões
• Área de Lease: 45.000 acres líquidos

Hedge e derivados financeiros

As atividades de hedge geraram US $ 22,7 milhões em receita adicional para a empresa em 2023.

Instrumento de hedge	Receita gerada	Ano
Derivadas do preço do petróleo	US $ 18,3 milhões	2023
Derivados de gás natural	US $ 4,4 milhões	2023

Monetização de ativos e otimização de portfólio

A Battalion Oil Corporation percebeu US $ 27,5 milhões em vendas de ativos e estratégias de otimização de portfólio em 2023.

• Receita total de monetização de ativos: US $ 27,5 milhões
• Número de ativos alienados: 3 propriedades não essenciais

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.