Battalion Oil (BATL) Q4 2025 earnings summary

Executive summary

• Full-year sales volumes reached 12,096 Boe/d (51% oil), with year-end proved reserves of 59.7 MMBoe and a standardized measure of $343.5 million at SEC price deck.

• Production from the core Monument Draw asset increased by ~30% since early December 2025 due to improved gas treating capacity and reliability.

• Completed the sale of West Quito assets in February 2026 for $60.1 million and acquired 7,090 net acres in Ward County via an all-stock transaction in March 2026.

• Entered a long-term gas treating agreement, improving production reliability and throughput.

Financial highlights

• Q4 2025 average daily net production was 11,207 Boe/d (48% oil), down from 12,750 Boe/d (55% oil) in Q4 2024.

• Q4 2025 total operating revenue was $32.3 million, down from $49.7 million in Q4 2024, mainly due to lower realized prices and production.

• Net loss available to common stockholders for Q4 2025 was $12.5 million, or $0.76 per share; adjusted diluted net loss was $19.2 million, or $1.16 per share.

• Adjusted EBITDA for Q4 2025 was $13.4 million, compared to $18.0 million in Q4 2024.

• Realized hedge gains totaled $9.9 million in Q4 2025.

Outlook and guidance

• Management expects enhanced production reliability and growth potential following asset sales, acquisitions, and the new gas treating agreement.

• Forward-looking statements highlight anticipated production, liquidity, capital spending, and drilling plans, subject to risks and uncertainties.