# Battalion Oil Corporation (BATL)

> Source: Nexqual · https://nexqual.com/BATL · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Battalion Oil Corporation (BATL), nexqual.com/BATL" · informational, not investment advice.

**Price:** USD 0.85 (+11.67% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 0.76 · day 0.76–0.87 · 52w 0.67–29.7 · market cap $48.7M · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $163M, net income -$39.9M (-24.5% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold BATL (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $8K; 1 not under a Rule 10b5-1 plan ($8K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $110K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y -34.0% vs S&P 500 +13.4%; 5Y -91.1% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $285M | $359M | $221M | $194M | $166M | $163M |
| Operating income | $103M | $152M | $17.6M | -$11.7M | -$6.6M | -$5.2M |
| Net income | -$28.3M | $18.5M | -$3.0M | -$31.9M | $11.9M | -$39.9M |
| EPS (diluted) | -$1.74 | $1.12 | -$0.92 | -$3.90 | -$2.24 | — |
| Operating margin | 36.2% | 42.4% | 8.0% | -6.1% | -4.0% | -3.2% |
| Net margin | -9.9% | 5.2% | -1.4% | -16.4% | 7.2% | -24.5% |
| Revenue growth | +92.3% | +25.9% | -38.5% | -12.2% | -14.4% | — |
| Cash + short-term investments | $46.9M | $32.7M | $57.5M | $19.7M | $28.0M | — |
| Total debt | $200M | $235M | $200M | $162M | $208M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · EV/Sales 0.8x · P/B 0.2x · Earnings yield -81.87% · Net debt $79.4M · EV $128M
P/E at fiscal year-ends: Dec 2025 1.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BATL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.10% | $3.9M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-26 | Mayer Walter R | SVP, General Counsel | 6,479 | $8K | 97.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $110K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-27 | Hinds Gregory S. | Director | 14,400 | $19K | 1.31 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-26 | Rogers William D | Director | 70,000 | $91K | 1.3 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -34.0% | -91.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -34.1% | -38.5% |
| Volatility (annualized) | 231.9% | 139.7% |
| Max drawdown | -97.5% (Mar 2026→Oct 2026) | -96.6% (Mar 2026→Oct 2026) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.97 +1.77% · BTE (Baytex Energy Corp) USD 5.5 +3.38% · CRK (Comstock Resources, Inc.) USD 14.13 +1.15% · CRC (California Resources Corporatio) USD 54.53 +2.96% · CNX (CNX Resources Corporation) USD 36.54 +2.27% · CRGY (Crescent Energy Company) USD 13.83 +3.75%

## More
Full page: https://nexqual.com/BATL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BATL's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Wink Amine Treater | "The joint venture, operating as WAT, also entered into a GTA with us for natural gas production from our Monument Draw area." |
| Partner | Fortress Credit | "On December 26, 2024, we entered into the 2024 Term Loan Agreement with Fortress Credit Corp. Pursuant to the 2024 Term Loan Agreement, we were provided (i) an initial term loan facility in the aggregate principal amount…" |
| Partner | Caracara Services | "In May 2022, we entered into a joint venture agreement with Caracara to develop the AGI Facility in Winkler County, Texas." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil | $49.2M | 102.4% | +35.4% |
| Natural Gas Liquids Reserves | $5.7M | 11.9% | +7.1% |
| Total revenue | $48.0M | 100% | — |
The lines above cover 114.4% of total revenue.

## Customer concentration

Period ended 2025-12-31: 83% of revenue from unnamed direct customers (10-K, filed 2026-03-23).

## Company outlook (8-K filed 2026-08-12)

- "In April 2026, the Company completed midstream expansion projects at Monument Draw ahead of schedule and approximately 8% under budget, driving a 20% increase in gas throughput and record well productivity."
- "This program is expected to spud in August 2026."
- "The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations. 3 ​ About Battalion Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2023-12-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2023-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |