Battalion Oil Corporation
Battalion Oil Reports Q4 2023 Financial Results and Preferred Equity Raises
Summary
Battalion Oil Corporation announced its financial and operating results for Q4 2023 on March 29, 2024, revealing a net income of $27.0 million and adjusted EBITDA of $10.0 million. The company also executed a $35.0 million preferred equity raise in December 2023 and an additional $20.0 million in March 2024 to support its drilling program. The press release, furnished as Exhibit 99.1, provides further details on production activities and financial metrics, including a substantial decrease in realized prices and an increase in operational expenses. Liquidity at the end of 2023 stood at $57.5 million.
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About Battalion Oil Corporation
Battalion Oil Corporation is a U.S.-based energy company specializing in the exploration and production of hydrocarbon resources. Its primary function is to identify, develop, and extract crude oil and natural gas reserves, focusing predominantly on the onshore regions within the United States, particularly the Permian Basin—a region known for its significant oil and gas prospects. Battalion Oil Corporation plays a crucial role in the energy sector by contributing to the domestic supply of energy commodities, which are integral to various industries ranging from manufacturing to transportation. The company is involved in the upstream segment of the energy market, dealing with the initial stages of energy production. This involves seeking new resource deposits, drilling, and bringing oil and gas to the surface, which subsequently supply refineries and other downstream operations. Battalion Oil Corporation's activities are pivotal in supporting the energy needs of local and international markets, influencing energy prices, and impacting the overall energy independence of the United States.
Official SEC Documents
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