Battalion Oil(US:BATL) Globenewswireยท2025-03-31 21:08Core Insights - Battalion Oil Corporation reported financial and operational results for Q4 2024, highlighting increased production and revenue compared to Q4 2023 [1][5]. Operational Highlights - The company completed its 2024 six-well campaign ahead of schedule and under budget, with final well capital remaining below $950 per lateral foot [3]. - The average production from the newest pad was over 811 Boe/d in the first 120 days, while the first pad exceeded 1,085 Boe/d over 404 days [3]. - The acid gas injection facility treated approximately 20 MMcf/d and processed over 6.9 Bcf of sour gas, leading to significant cost savings [4]. Financial Performance - Average daily net production in Q4 2024 was 12,750 Boe/d (55% oil), up from 12,022 Boe/d (46% oil) in Q4 2023, with total operating revenue increasing to $49.7 million from $47.2 million [5][7]. - The company reported a net loss of $30.9 million for Q4 2024, translating to a net loss of $1.88 per share, while adjusted EBITDA rose to $18.0 million from $10.0 million in Q4 2023 [7][8]. Cost Management - Lease operating and workover expenses decreased to $11.26 per Boe in Q4 2024 from $11.87 per Boe in Q4 2023, attributed to increased production [6]. - Gathering and other expenses also fell to $10.45 per Boe from $13.31 per Boe, primarily due to the AGI facility's startup [6]. Liquidity and Debt Management - As of December 31, 2024, the company had $162.1 million in outstanding debt and total liquidity of $19.7 million [9]. - Battalion successfully refinanced its term loan, increasing liquidity by $61.3 million through incremental term loans [9][12]. Strategic Developments - The company terminated its merger agreement with Fury Resources due to unmet funding requirements [11]. - Year-end 2024 reserves were approximately 64.9 million barrels of oil equivalent (MMBoe), with a discounted future net cash flow measure of about $447.7 million [8].