Battalion Oil Q1 2023 net income $22.8M ($1.28 EPS), revenue $65.1M; cuts corporate workforce 44%

BATTALION OIL CORP

2023-Q1 EPS reported $1.28 vs consensus $0.26 ▲ beat (+402.0%)

Net income of $22.8M (diluted EPS $1.28), adjusted net loss $0.7M (-$0.04/sh). Revenue $65.1M (down from $81.6M in Q1 2022).
Sales volumes 16,200 Boe/d (50% oil) vs 14,767 Boe/d in Q1 2022. Adjusted EBITDA $26.1M (vs $11.8M).
Corporate workforce reduced 44% in April; expects up to 40% reduction in cash G&A run rate vs 2022.
Acid gas injection facility ramping up; expected to save up to $2.5M/month in treating fees once fully online.
Liquidity $23.2M cash; $230.3M debt; issued $24.4M net from convertible preferred stock in March.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BATTALION OIL CORP reported the first quarter of 2023 results: revenue $65.1 million, net income $22.8 million, EPS $1.28.

Period: the first quarter of 2023
Revenue: $65.1 million
Net income: $22.8 million
EPS: $1.28
Result: reported results

Exact text from the filing

Average daily net production and total operating revenue during the first quarter of 2023 were 16,200 Boe/d (50% oil) and $65.1 million, respectively, as compared to production and revenue of 14,767 Boe/d (50% oil) and $81.6 million, respectively, during the first quarter of 2022. The decrease in revenues in the first quarter of 2023 as compared to the first quarter of 2022 is primarily attributable to an approximate $17.18 decrease in average realized prices (excluding the impact of hedges), partially offset by an increase in average production volumes over the periods. Excluding the impact of hedges, Battalion realized 95% of the average NYMEX oil price during the first quarter of 2023. Realized hedge losses totaled approximately $1.5 million during the first quarter 2023. Lease operating and workover expense was $8.94 per Boe in the first quarter of 2023 versus $9.32 per Boe in the first quarter of 2022. The decrease in lease operating and workover expense per Boe year-over-year is

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Source: SEC EDGAR

accession 0001558370-23-009873

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