Battalion Oil Q4 2023: net income $27M, adjusted loss $1.01/sh; production falls 23% YoY

BATTALION OIL CORP

2024-Q1 EPS reported -$2.24 revenue$49,870,000

Q4 2023 rev $47.2M (down 39% from $76.8M); avg daily prod 12,022 Boe/d (down 23% YoY).
Net income $27.0M ($1.63 diluted EPS); adjusted diluted net loss $16.6M ($1.01/sh).
Adjusted EBITDA $10.0M vs $22.7M in Q4 2022; G&A rose to $4.93/boe on merger costs.
Two Glacier pad wells IP'd over 1,950 & 1,750 Boe/d; AGI project online, expected $2M/mo savings.
Full year 2023 sales 13,784 Boe/d; year-end reserves 68.1 MMBoe; $55M preferred equity raised.

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 fourth quarter of 2023 results: revenue $47.2 million, net income $27.0 million, EPS $1.63 per share.

Period: the fourth quarter of 2023
Revenue: $47.2 million
Net income: $27.0 million
EPS: $1.63 per share
Result: reported results

Exact text from the filing

Results of Operations Average daily net production and total operating revenue during the fourth quarter of 2023 were 12,022 Boe/d (46% oil) and $47.2 million, respectively, as compared to production and revenue of 15,696 Boe/d (51% oil) and $76.8 million, respectively, during the fourth quarter of 2022. The decrease in revenues in the fourth quarter of 2023 as compared to the fourth quarter of 2022 is attributable to an approximate 3,674 Boe/d decrease in average daily production and a $10.21 decrease in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 99.7% of the average NYMEX oil price during the fourth quarter of 2023. Realized hedge losses totaled approximately $3.0 million during the fourth quarter 2023. Lease operating and workover expense was $11.87 per Boe in the fourth quarter of 2023 versus $9.89 per Boe in the fourth quarter of 2022. The increase in lease operating and workover expense per Boe year-over-year is pr

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Source: SEC EDGAR

accession 0001558370-24-004420

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