Battalion Oil Corporation
Battalion Oil Adopts Merger Incentive Plan with Equity Grants to Executives
Summary
On September 19, 2024, Battalion Oil Corporation adopted a Merger Incentive Plan, which includes the allocation of equity grants to executive officers. Matthew B. Steele, the Chief Executive Officer, received 50,385 Equity Grant Units, while Daniel P. Rohling and Walter R. Mayer each received 18,322 Equity Grant Units. These grants are subject to vesting upon the occurrence of a change of control transaction before December 31, 2025, and will be payable in cash or Company equity. The total value of the Equity Grant Value Pool is calculated based on the Company's Common Stock value.
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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.
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