Battalion Oil Corporation · AMEX:BATL
Battalion Oil — Q3 2021 Earnings Presentation
14 slides from Battalion Oil's earnings presentation, November 2021
Slide 1: Investor Update November 2021
INVESTOR UPDATE NOVEMBER 2021
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: Battalion Oil Corporation Overview
Battalion Oil Corporation Overview Market Snapshot Asset Overview § NYSE American Symbol: BATL Q3 Production: 17.7 Mboepd § Market Cap: $182 million1 Oil %: 53% Top-tier well performance with low D&C 1P Reserves - YE2020: 63.4 MMBoe breakevens Monument § Net Debt: $153 million2 Acreage Position: 41,
Slide 4: Q3 2021 Key Financial Highlights
Q3 2021 Key Financial Highlights Capitalization & Liquidity Summary ✔ Strong Organic Deleveraging § $10.4 million reduction in total net indebtedness in Q3 $0,000 9/30/21 § Reduced net leverage from 3.1x to 2.5x RBL Indebtedness $ 155,000 ✔ PPP Loan Forgiveness Less: Cash & Cash Equivalents (1,868)
Slide 5: Current Hedge Positions
Current Hedge Positions Consolidated Crude Oil (Bbl/d) & Natural Gas Hedges (MMBtu/d) Q4 2021 2022 2023 2024 2025 Crude Oil Avg. Volume 7,837 6,489 3,811 2,499 1,120 Swaps – WTI Wavg. Price $43.96 $48.81 $66.55 $61.35 $60.24 Avg. Volume 7,837 6,574 3,748 2,499 372 Swaps – Roll Wavg. Price ($0.39) ($
Slide 6: Commitment to Capital Discipline and Execution
Commitment to Capital Discipline and Execution Monument Draw Drilling Performance Total Well Cost per Lateral Foot 0' $2,000 2021 Actual $1,565 2019/2020 BATL Wells $1,500 2,500' Previous HK and Offset Wells $1,241 $1,093 $1,000 $878 5,000' $500 7,500' $- 10,000' 1H '19 2H '19 FY '20 YTD '21 Depth (
Slide 7: Monument Draw Inventory and Development Strategy
Monument Draw Inventory and Development Strategy Monument Draw Inventory Highlights Well Performance vs. Delaware Basin Peers1 Avg IP365 (bbls) Average IP365 per Lateral Foot § Monument Draw wells outperforming peers during first 365 days 200,000 25 § Geoscience, reservoir interpretation, and frac o
Slide 8: Southern Delaware Basin Structure and BATL Targeting
Southern Delaware Basin Structure and BATL Targeting Structural Top of Wolfcamp Shale 3,600’ 2,630’ 3,520’ 2,630 Stratigraphic Datum: Top Wolfcamp Shale 8
Slide 9: Appendix
Appendix
Slide 10: Selected Operating Data
Selected Operating Data Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Production volumes: Crude oil (MBbls) 872 877 2,396 2,589 Natural gas (MMcf) 2,589 2,266 6,777 6,437 Natural gas liquids (MBbls) 327 316 812 917 Total (MBoe) 1,631 1,571 4,338 4,579 Average d
Slide 11: Selected Operating Data ($/Boe)
Selected Operating Data ($/Boe) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Average cost per Boe: Production: Lease operating $ 7.34 $ 6.42 $ 7.29 $ 7.18 Workover and other 0.61 0.58 0.53 0.60 Taxes other than income 1.89 1.73 2.12 1.56 Gathering and other, a
Slide 12: Adjusted EBITDA Reconciliation (in thousands)
Adjusted EBITDA Reconciliation (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income (loss), as reported $ 13,052 $ (153,125) $ (54,252) $ (165,950) Impact of adjusting items: Interest expense 1,904 1,964 5,238 5,520 Depletion, depreciation an
Slide 13: Adjusted EBITDA Reconciliation (in thousands)
Adjusted EBITDA Reconciliation (in thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Net income (loss), as reported $ 13,052 $ (33,929) $ (33,375) $ (63,757) Impact of adjusting items: Interest exp
Slide 14: Contact: Chris Lang
Contact: Chris Lang (832) 538-0551