Battalion Oil(US:BATL)2025-03-31 21:12Production and Revenue - Average daily net production for Q4 2024 was 12,750 Boe/d (55% oil), an increase from 12,022 Boe/d (46% oil) in Q4 2023, resulting in total operating revenue of $49.7 million compared to $47.2 million in the prior year[5] - The company generated full-year sales volumes of 12,667 Boe/d (51% oil) for 2024[6] - Crude oil production increased to 643 MBbls in Q4 2024, up from 510 MBbls in Q4 2023, while total production volumes rose to 1,173 MBoe from 1,106 MBoe[26] - Average daily production for the year 2024 was 12,667 Boe/d, a decrease from 13,784 Boe/d in 2023[26] Financial Performance - The company reported a net loss available to common stockholders of $30.9 million, equating to a net loss of $1.88 per share, while adjusted EBITDA increased to $18.0 million from $10.0 million in Q4 2023[8] - Battalion Oil Corporation reported a net loss of $22,202,000 for the three months ended December 31, 2024, compared to a net income of $32,688,000 for the same period in 2023[23] - For the three months ended December 31, 2024, the net loss available to common stockholders was $(30,881) thousand, compared to a net income of $26,993 thousand for the same period in 2023[29] - Adjusted EBITDA for the three months ended December 31, 2024, was $18,019 thousand, an increase from $9,972 thousand in the same period of 2023[34] Expenses and Liabilities - Lease operating and workover expenses decreased to $11.26 per Boe in Q4 2024 from $11.87 per Boe in Q4 2023, primarily due to increased production[7] - The company incurred capital expenditures of $12,847,000 for oil and natural gas in Q4 2024, compared to $16,196,000 in Q4 2023[23] - Battalion Oil Corporation's total liabilities decreased to $431,048,000 as of December 31, 2024, from $485,338,000 in 2023[21] - The company reported a significant increase in liabilities from derivative contracts, which totaled $12,330,000 in current liabilities as of December 31, 2024, compared to $17,191,000 in 2023[21] Cash Flow and Assets - Net cash provided by operating activities for the year 2024 was $35,355,000, compared to $17,589,000 in 2023[23] - The company reported a net cash provided by operating activities of $6,686 thousand for the three months ended December 31, 2024, compared to $6,524 thousand in the same period of 2023[29] - Total current assets decreased to $54,052,000 as of December 31, 2024, down from $90,539,000 a year earlier, primarily due to a reduction in cash and cash equivalents[21] Stockholder Equity and Market Performance - Battalion Oil Corporation's stockholders' equity decreased to $4,120,000 as of December 31, 2024, from $68,021,000 in 2023, reflecting a growing accumulated deficit[21] - The diluted net loss per common share, as reported, was $(1.88) for the three months ended December 31, 2024, compared to $1.63 for the same period in 2023[29] Operational Developments - The company completed its six-well campaign ahead of schedule and under budget, with the newest pad averaging over 811 Boe/d in the first 120 days[3] - The acid gas injection (AGI) facility treated approximately 20 MMcf/d on average, processing over 6.9 Bcf of sour gas to date, leading to significant cost savings[4] - The company commenced drilling operations in Monument Draw as part of its 2025 six-well activity plan, with four wells already drilled[3] Debt and Financing - The company refinanced its term loan, increasing liquidity and resulting in total outstanding borrowings of $225.0 million[12] - The interest expense for the three months ended December 31, 2024, was $6,135 thousand, down from $8,917 thousand in the same period of 2023[34] - The loss on extinguishment of debt for the three months ended December 31, 2024, was $7,489 thousand, with no such loss reported in the same period of 2023[34] Impairments and Non-Cash Charges - The company incurred an impairment of contract asset amounting to $18,511 thousand for the year ended December 31, 2024[29] - The total mark-to-market non-cash charge for the three months ended December 31, 2024, was $1,648 thousand, a significant decrease from $(45,403) thousand in the same period of 2023[29] - The unrealized loss on derivatives contracts for the three months ended December 31, 2024, was $1,648 thousand, compared to a gain of $(45,403) thousand in the same period of 2023[34] Mergers and Acquisitions - The company terminated the previously announced merger agreement with Fury Resources due to unmet funding and closing requirements[11]