Battalion Oil Corporation · AMEX:BATL
Battalion Oil — Investor Presentation (May 2021)
13 slides from Battalion Oil's investor presentation, May 2021
Slide 1: Investor Update
BATTALION ——/ || OIL CORPORATION ~
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation contains forward-looking statements that are intended to be covered by the safe harbor within the meaning of the Private Securities Litigation Reform Act of 1995 as stated in Section 27A of the Securities Act of 1933, as amended (the “Securiti
Slide 3: Focused on Capital and Operational Efficiency
Focused on Capital and Operational Efficiency 2021 Priorities Strong Execution Leads to Superior Results ✔ Generate Free Cash Flow Capital Discipline Managing supply chain to secure D&C cost savings ✔ Continued Capital Efficiency ✔ Drive Down Op Cost per BOE ESG Zero OSHA recordables and reduced fla
Slide 4: Oil-Rich Position in the Delaware Basin
Oil-Rich Position in the Delaware Basin § Q1 production of ~14,333 Net Boepd (56% oil) Current Leasehold Position: ~41,500 Net Acres / 2,000+ Gross Drilling Locations § Commenced drilling two well pad in Monument Draw after successful completion campaign on four wells in Q1 2021 § Operating Breakeve
Slide 5: Q1 2021 Key Financial Highlights
Q1 2021 Key Financial Highlights Capitalization & Liquidity Summary ✔ Adjusted LTM EBITDA of $62 MM § Go-forward EBITDA largely insulated from price fluctuation $0,000 3/31/21 due to hedge book RBL Indebtedness $ 155,000 ✔ Improved Midstream Agreements Less: Cash & Cash Equivalents (1,671) § Amended
Slide 6: 2021-2022 Hedge Positions
2021-2022 Hedge Positions Downside Fixed Price Hedged Oil Volume (Bopd) 10,000 8,000 6,000 4,000 2,000 0 1 2 3 4 5 6 7 8 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Bopd 8,566 9,330 8,000 7,837 7,570 6,704 5,428 5,500 Price $47.06 $45.39 $43.34 $43.96 $47.21 $47.79 $49.14 $50.37
Slide 7: Q1 2021 Drilling & Completion Performance
Q1 2021 Drilling & Completion Performance Monument Draw Drilling Performance Total Well Cost per Lateral Foot 0' $2,000 $1,565 2021 Q1 Actual 2,500' $1,500 2021 Plan Well $1,241 2019/2020 BATL Wells $1,093 Previous HK and Offset Wells $1,000 $842 5,000' $500 7,500' $- 10,000' 1H '19… 2H '19… FY '20…
Slide 8: Appendix
Appendix
Slide 9: Selected Operating Data
Selected Operating Data Three Months Ended March 31, 2021 2020 Production volumes: Crude oil (MBbls) 719 937 Natural gas (MMcf) 2,133 2,539 Natural gas liquids (MBbls) 215 350 Total (MBoe) 1,290 1,710 Average daily production (Boe/d) 14,333 18,791 Average prices: Crude oil (per Bbl) $ 57.40 $ 44.74
Slide 10: Selected Operating Data ($/Boe)
Selected Operating Data ($/Boe) Three Months Ended March 31, 2021 2020 Average cost per Boe: Production: Lease operating $ 7.34 $ 7.30 Workover and other 0.43 0.77 Taxes other than income 2.47 1.70 Gathering and other, as adjusted (1) 10.21 6.18 Restructuring — 0.24 General and administrative, as ad
Slide 11: Adjusted EBITDA Reconciliation (in thousands)
Adjusted EBITDA Reconciliation (in thousands) Three Months Ended March 31, 2021 2020 Net income (loss), as reported $ (33,375) $ 114,491 Impact of adjusting items: Interest expense 1,496 1,714 Depletion, depreciation and accretion 10,595 18,030 Stock-based compensation 594 387 Interest income (125)
Slide 12: Adjusted EBITDA Reconciliation (in thousands)
Adjusted EBITDA Reconciliation (in thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30. 2020 Net income (loss), as reported $ (33,375) $ (63,757) $ (153,125) $ (127,316) Impact of adjusting items: Interest
Slide 13: Contact: Chris Lang
Contact: Chris Lang (832) 538-0551