Battalion Oil Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The order of claims remains the dominant risk, even though the balance sheet now looks different: roughly $384 million of debt and preferred capital stand ahead of the common stock, and the preferred portion keeps compounding at 16 percent a year absent cash payment. On the SEC's official present-value calculation nothing is left for the common shareholders ($315.5 million minus $162.5 million minus $221.2 million = −$68.2 million), and the company keeps issuing new shares through its sales program. Anyone still looking should check four things in every report: does the reclassified equity of $157.1 million hold up against the ongoing loss? Does the NYSE American formally confirm the cure before November 30, 2026? Does the current ratio reach the newly required 1.00 as of September 30, 2026 (last reported: 0.90)? And how many more shares arrive through the $150 million program? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Battalion Oil is the textbook case for two confusions: price versus value — and booking versus earning. Shareholders' equity jumped from −$32.8 million (December 31, 2025) to +$157.1 million (March 31, 2026), but not through profit: $234.6 million of preferred capital moved out of mezzanine and into equity as an accounting matter because the preferred holders lost control of the board on March 25, 2026. What genuinely worked was the deleveraging from $208.1 million to $162.5 million and a refinancing through the end of 2029 at SOFR plus 6.50 percent. What genuinely remains is the preferred load: $221.2 million, 16 percent a year, $10.77 of seniority per share and up to 26,437,848 shares from a conversion. In the first quarter of 2026 the common shareholders lost $64.8 million. Not investment advice.
Balance sheet & listing
Shareholders' equity stood at +$157.1 million as of March 31, 2026, after −$32.8 million as of December 31, 2025 — far above the NYSE American threshold of at most $4.0 million. None of it was earned: $234.6 million moved out of mezzanine and into equity because the preferred holders lost control of the board on March 25, 2026. A formal determination by the exchange that the deficiency has been cured had not been filed through July 1, 2026.
Financing
The refinancing worked: a new credit agreement of June 30, 2026 for $162.5 million (previously $208.1 million) maturing December 31, 2029, with a fixed margin of 6.50 percent over the reference rate SOFR instead of 7.75 to 8.50 percent, amortization starting only in the second quarter of 2027, and an additional — though uncommitted — delayed-draw facility of up to $175.0 million. Cash rose from $28.0 million to $46.4 million.
Capital structure
Ahead of the common shareholders as of March 31, 2026 stand roughly $384 million: $162.5 million of debt and $221.2 million of preferred capital that keeps compounding at 16.0 percent a year absent cash payment. That is $10.77 of seniority per common share — against a documented market value of roughly $80.7 million for the entire company. Conversion of the preferred could create 26,437,848 new common shares, more than exist today.
Earnings quality
The $11.9 million of 2025 net income was not an operating profit: operating income was −$6.6 million, and what turned it was the single line of $45.3 million of hedging gains, of which $29.4 million were pure mark-to-market. How little that can be relied on was shown by the first quarter of 2026: a $48.0 million loss on the same contracts, a net loss of $56.5 million, and −$64.8 million or −$3.72 per share for the common shareholders.
Dilution
The share count rose from 16,456,563 (December 31, 2025) to 22,018,849 (May 8, 2026) — through a private placement, pre-funded warrants, an acreage purchase paid in stock and a preferred conversion. Since May 5, 2026 an at-the-market program of up to $150.0 million has been running on top; the first 550,013 shares netted $1.6 million, arithmetically just under $3 apiece after $5.50 in March.
Substance & reserves
Reserves of 59.7 million barrels of oil equivalent last about 13.5 years but have fallen for a second year; the official PV-10 present value dropped 23 percent within a year to $351.7 million, leaving roughly $315.5 million after West Quito. Net of debt and preferred capital that is −$68.2 million; before the refinancing it was −$82.6 million. The West Quito sale, by contrast, fetched 1.66 times the official present value.
Concentration & governance
A single operating area, two buyers taking roughly four of five barrels sold (the annual report contradicts itself on these percentages: 86/79 in the business section, 83/86 in the notes), gas with negative revenue (first quarter of 2026: −$1.5 million) and a processor that shut down overnight on August 11, 2025. On top of that, the CEO is also the principal financial officer, and the 2026 accounts will be audited by BDO USA for the first time.
Worth Noting
Battalion Oil reached the research list not through a metrics scanner but through the Reddit hype scanner: rank 62, 8 mentions in 24 hours and 32 upvotes (ApeWisdom, as of July 25, 2026) — 24 hours earlier rank 42 with 15 mentions. The attention is cooling while the company keeps handing out shares through the at-the-market program.
The data basis is the quarterly report (10-Q) as of March 31, 2026, the annual reports (10-K) for 2024 and 2025, and every SEC filing through July 1, 2026. Every present-tense statement has been checked against the most recent document that names the state in question. The company does not quantify the actual levels of its financial covenants — no statement about compliance can be derived from that.
Deliberately not used: a market value of roughly $38 million shown by data services, which cannot be reconciled with the filing price of $3.93 (April 29, 2026) and 20,541,563 shares; likewise a reported 52-week high of $29.70 and a "price target" of $18.60 without any underlying analyst estimate. Analyses are evergreen — daily prices are not a reason to buy.
A remarkable side find: on June 18, 2026 the board approved a bonus pool of $5.0 million payable solely upon a change of control, plus a program granting 10 to 20 percent of the increase in value from May 1, 2026 — and confirmed the vesting of 35,419 restricted stock units from 2020 because a change-of-control event has occurred. The quarterly report names "the sale of the Company" expressly as a liquidity alternative.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at BATL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.00 $ to 27.70 $ · Last price: 1.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas E&P
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Battalion Oil Corp BATL | 0.0 | – | 11.4 | 43.8 | -127.9 | -14.9 | 9.8 |
| ConocoPhillips COP | 162.3 | 22.7 | 6.5 | 47.6 | 22.1 | 7.5 | 46.4 |
| EOG Resources Inc EOG | 78.1 | 14.3 | 5.8 | 62.6 | 37.9 | -3.5 | 25.6 |
| Occidental Petroleum Corporation OXY | 59.0 | 77.4 | 5.6 | 73.3 | 17.7 | -20.3 | 26.8 |
| Devon Energy Corporation DVN | 55.7 | 13.4 | 7.4 | 50.3 | 6.9 | 7.8 | 42.1 |
| Diamondback Energy Inc FANG | 55.4 | 199.4 | 9.4 | 72.4 | 5.8 | 36.3 | 43.9 |
| EQT Corporation EQT | 31.6 | 9.8 | 5.6 | 80.8 | 57.4 | 73.7 | 2.1 |
| Texas Pacific Land Corporation TPL | 23.4 | 47.7 | 33.1 | 93.3 | 77.2 | 13.1 | 14.8 |
| Expand Energy Corporation EXE | 21.1 | 6.5 | 3.7 | 47.1 | 34.0 | 176.0 | -9.4 |
| Median of companies shown | 55.4 | 18.5 | 6.5 | 62.6 | 22.1 | 7.8 | 25.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 418 | -61 | -467 | -5.02 | 278 | 113 | 1,320 |
| 2017 | 378 | 715 | 536 | 4.01 | 115 | 1,072 | 1,644 |
| 2018 | 227 | 92 | 46 | 0.29 | 67 | 1,197 | 2,084 |
| 2019 | 225 | -1,052 | -1,051 | -85.29 | -26 | 317 | 585 |
| 2020 | 148 | -262 | -230 | -14.18 | 50 | 90 | 347 |
| 2021 | 285 | 103 | -28 | -1.74 | 69 | 64 | 390 |
| 2022 | 359 | 152 | 19 | 1.12 | 79 | 85 | 485 |
| 2023 | 221 | 18 | -3 | -0.19 | 18 | 175 | 485 |
| 2024 | 194 | -12 | -32 | -1.94 | 35 | 182 | 431 |
| 2025 | 165 | -7 | 12 | 0.72 | 39 | 193 | 461 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.53 | -50.90 | 49 | -9.50 | -0.20 | 30 | 9 |
| 2024: Q3 | 0.34 | 146.20 | 45 | -16.30 | 47.80 | -5 | -12 |
| 2024: Q4 | -1.88 | – | 50 | 5.10 | -44.70 | 7 | -6 |
| 2025: Q1 | -1.88 | -214.80 | 48 | -4.80 | 12.70 | 13 | -7 |
| 2025: Q2 | -0.65 | -23.10 | 43 | -12.80 | 11.20 | 10 | -23 |
| 2025: Q3 | -0.96 | -384.50 | 43 | -4.20 | -1.70 | 28 | -25 |
| 2025: Q4 | -0.76 | 59.50 | 32 | -35.00 | 5.60 | -12 | -17 |
| 2026: Q1 | -3.72 | -98.30 | 39 | -17.70 | -144.60 | 2 | -2 |
| 2026: Q2 | 0.34 | 152.30 | 48 | 12.40 | 32.20 | 9 | 9 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $66.3M |
|---|---|
| Market cap | $29.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 25.07.2026: Die beiden vollständigen Geschäftsberichte (10-K) für 2025 und 2024 enthalten null Treffer für „artificial intelligence“, „machine learning“, „automation“, „algorithm“, „digital“ oder „data analytics“ — Battalion Oil ist ein reiner Onshore-Öl- und Gasförderer im Delaware Basin mit 40 Beschäftigten; „technology“ erscheint ausschließlich im Sinn von Bohr-, Fracking- und Reservoirtechnik, weder in Item 1 (Geschäft) noch in Item 1A (Risiken) noch in Item 1C (Cybersecurity) gibt es einen KI-Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-23 · 10-K 2025-03-31 · 10-Q 2026-05-13 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-Q 2025-05-14
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -22.8%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year -0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -36.4%
- Gross margin at 40% or higher and without meaningful erosion 10.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1.7 x EBITDA
- Operating cash flow covers the profits of the last three years 115 m
- Return on capital at 15% or higher, or up versus two years ago -1.7%
- Insiders hold at least 10% or are net buyers 7.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -9.8%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 6.1%
- ROCE > 15% -1.7%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Hinds Gregory S. | Director | Buy | 14,400 | 1.31 | 18,864 |
| Aug 26, 2026 | Rogers William D | Director | Buy | 70,000 | 1.30 | 91,168 |
| Aug 26, 2026 | Mayer Walter R | SVP, General Counsel | Sell | 6,479 | 1.30 | 8,436 |
| Aug 7, 2026 | Gen IV Investment Opportunities, LLC | 10% Owner | Other | 833,383 | 0.00 | – |
| Aug 7, 2026 | Gen IV Investment Opportunities, LLC | 10% Owner | Other | 799,216 | 0.00 | – |
| Aug 7, 2026 | Gen IV Investment Opportunities, LLC | 10% Owner | Other | 1,607,845 | 0.00 | – |
| Aug 7, 2026 | Gen IV Investment Opportunities, LLC | 10% Owner | Other | 253,815 | 0.00 | – |
The company
About the Company
Battalion Oil Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. The company holds interests in the Delaware Basin located in Pecos, Reeves, Ward, and Winkler counties in Texas. It also sells crude oil, natural gas, and natural gas liquids primarily to independent marketers, oil and natural gas companies, and gas pipeline companies. The company was formerly known as Halcón Resources Corporation and changed its name to Battalion Oil Corporation in January 2020. Battalion Oil Corporation was founded in 1987 and is headquartered in Houston, Texas.
- Employees
- 40
- Headquarters
- Houston, TX
- Address
- 820 Gessner Road, 77024 Houston, United States
- Phone
- 832 538 0300
- Website
- battalionoil.com
- IPO Date
- 12/24/2019
- ISIN
- US07134L1070
Management
| Name | Title | Birth Year |
|---|---|---|
| Matthew B. Steele | Principal Financial Officer, CEO & Director | 1979 |
| Daniel P. Rohling | Executive VP & COO | 1983 |
| Walter Randolph Mayer | Senior VP, General Counsel & Secretary | 1976 |
| John-Davis Rutkauskas | Director of Corporate Finance & Investor Relations | – |
| Charles E. Martin | VP & Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/16/2026 BATTALION OIL CORP (BATL): Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing SEC ↗
- 08/12/2026 BATTALION OIL CORP (BATL): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗
- 08/07/2026 BATTALION OIL CORP (BATL): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.