Battalion Oil Corp 8-K, filed Nov 12, 2026

Battalion Oil Corp (BATL)

8-K 2026-11-12 For: 2026-11-12

Added on November 12, 2026

About this 8-K

Battalion Oil Corp filed this 8-K on November 12, 2026.

Battalion Oil Corporation reported a third quarter 2026 net loss available to common stockholders of $41.1 million, driven by a $44.8 million derivative loss. Production was 11,359 Boe/d, while cash and net debt totaled $92.1 million and $70.4 million. AI summary

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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Delaware	001-35467	20-0700684
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


820 Gessner Road Suite 1100 Houston, Texas		77024
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock par value $0.0001	BATL	NYSE American


Exhibit No.		Description

99.1		Press release issued by Battalion Oil Corporation dated November 12, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	BATTALION OIL CORPORATION


November 12, 2026	By:	/s/ Matthew B. Steele
	Name:	Matthew B. Steele
	Title:	Chief Executive Officer


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Operating revenues:
Oil, natural gas and natural gas liquids sales:
Oil	$	37,987	$	38,325	$	123,421	$	114,316
Natural gas		2,380		853		(6,017)		4,611
Natural gas liquids		5,080		4,208		15,083		14,420
Total oil, natural gas and natural gas liquids sales		45,447		43,386		132,487		133,347
Other		197		96		460		422
Total operating revenues		45,644		43,482		132,947		133,769

Operating expenses:
Production:
Lease operating		10,026		12,389		29,309		33,417
Workover and other		849		839		2,489		4,581
Taxes other than income		1,723		2,622		7,028		7,944
Gathering and other		13,139		10,199		36,657		33,157
General and administrative		3,879		3,085		12,205		10,065
Depletion, depreciation and accretion		11,060		13,522		35,644		40,541
Total operating expenses		40,676		42,656		123,332		129,705
Income from operations		4,968		826		9,615		4,064

Other income (expenses):
Net (loss) gain on derivative contracts		(44,831)		5,180		(79,744)		26,030
Interest expense and other		(3,637)		(6,741)		(13,478)		(20,010)
Loss on extinguishment of debt		—		—		(862)		—
Total other (expenses) income		(48,468)		(1,561)		(94,084)		6,020
(Loss) income before income taxes		(43,500)		(735)		(84,469)		10,084
Income tax benefit (provision)		—		—		—		—
Net (loss) income	$	(43,500)	$	(735)	$	(84,469)	$	10,084
Preferred dividends		(201)		(14,279)		(8,532)		(34,369)
Deemed contribution - preferred stock repurchase		2,593		—		2,593		—
Net loss available to common stockholders	$	(41,108)	$	(15,014)	$	(90,408)	$	(24,285)

Net loss per share of common stock available to common stockholders:
Basic	$	(0.75)	$	(0.91)	$	(2.74)	$	(1.48)
Diluted	$	(0.75)	$	(0.91)	$	(2.74)	$	(1.48)
Weighted average common shares outstanding:
Basic		54,686		16,457		32,980		16,457
Diluted		54,686		16,457		32,980		16,457


	September 30, 2026		December 31, 2025
Current assets:
Cash and cash equivalents	$	92,091	$	27,965
Accounts receivable, net		25,644		12,071
Assets from derivative contracts		2,672		16,145
Restricted cash		91		91
Prepaids and other		589		892
Total current assets		121,087		57,164
Oil and natural gas properties (full cost method):
Evaluated		840,724		890,050
Unevaluated		54,334		48,025
Gross oil and natural gas properties		895,058		938,075
Less: accumulated depletion		(582,880)		(547,982)
Net oil and natural gas properties		312,178		390,093
Other operating property and equipment:
Other operating property and equipment		4,692		4,678
Less: accumulated depreciation		(2,856)		(2,807)
Net other operating property and equipment		1,836		1,871
Other noncurrent assets:
Assets from derivative contracts		3,822		7,350
Operating lease right of use assets		7,152		840
Other assets		3,867		3,360
Total assets	$	449,942	$	460,678

Current liabilities:
Accounts payable and accrued liabilities	$	46,664	$	39,734
Liabilities from derivative contracts		31,447		633
Current portion of long-term debt		4,063		22,510
Operating lease liabilities		1,398		764
Total current liabilities		83,572		63,641
Long-term debt, net		154,239		180,955
Other noncurrent liabilities:
Liabilities from derivative contracts		18,328		1,692
Asset retirement obligations		18,832		20,837
Operating lease liabilities		5,913		104
Commitments and contingencies
Temporary equity:
Redeemable convertible preferred stock: 138,000 shares
of $0.0001 par value authorized, issued and outstanding,
$193,757 aggregate liquidation preference at December 31, 2025		—		226,241
Stockholders' equity (deficit):
Redeemable convertible preferred stock: 103,041 shares
of $0.0001 par value authorized, issued and outstanding,
$162,821 aggregate liquidation preference at September 30, 2026		175,083		—
Common stock: 100,000,000 shares of $0.0001 par value authorized;
59,481,510 and 16,456,563 shares issued and outstanding at
September 30, 2026 and December 31, 2025, respectively		6		2
Additional paid-in capital		351,434		240,202
Accumulated deficit		(357,465)		(272,996)
Total stockholders' equity (deficit)		169,058		(32,792)
Total liabilities, temporary equity and stockholders' equity	$	449,942	$	460,678


	Three Months		Three Months		Three Months		Three Months
	Ended		Ended		Ended		Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025

Net (loss) income, as reported	$	(43,500)	$	15,508	$	(56,477)	$	1,795
Impact of adjusting items:
Interest expense		4,632		5,124		5,841		6,987
Depletion, depreciation and accretion		11,060		12,222		12,362		11,603
Asset impairment		—		—		—		1,072
Stock-based compensation		126		421		—		—
Interest income		(903)		(612)		(324)		(414)
Loss on extinguishment of debt		—		—		862		—
Unrealized loss (gain) on derivatives contracts		38,378		(20,865)		46,937		(9,313)
Non-recurring charges and other		312		454		835		1,631
Adjusted EBITDA⁽¹⁾	$	10,105	$	12,252	$	10,036	$	13,361

Adjusted LTM EBITDA⁽¹⁾	$	45,754


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Cash flows from operating activities:
Net (loss) income	$	(43,500)	$	(735)	$	(84,469)	$	10,084
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depletion, depreciation and accretion		11,060		13,522		35,644		40,541
Stock-based compensation, net		115		—		536		(109)
Unrealized loss (gain) on derivative contracts		38,378		(1,044)		64,450		(20,120)
Amortization of deferred financing costs		320		388		932		1,180
Loss on extinguishment of debt		—		—		862		—
Accrued settlements on derivative contracts		2,906		613		5,301		76
Other		126		84		133		193
Cash flows from operations before changes in working capital		9,405		12,828		23,389		31,845
Changes in working capital		(7,764)		15,145		(10,865)		19,064
Net cash provided by operating activities		1,641		27,973		12,524		50,909

Cash flows from investing activities:
Oil and natural gas capital expenditures		(5,276)		(16,483)		(13,094)		(69,573)
Proceeds received from sale of oil and natural gas assets		(1,245)		—		58,810		—
Other operating property and equipment capital expenditures		—		—		—		(14)
Other		(315)		(5)		(329)		(375)
Net cash (used in) provided by investing activities		(6,836)		(16,488)		45,387		(69,962)

Cash flows from financing activities:
Proceeds from borrowings		—		—		—		63,000
Repayments of borrowings		—		(5,651)		(45,635)		(11,329)
Debt issuance costs		(258)		—		(1,322)		(1,875)
Proceeds from issuance of common stock		28,294		—		72,222		—
Preferred stock repurchase		(19,050)		—		(19,050)		—
Net cash provided by (used in) financing activities		8,986		(5,651)		6,215		49,796

Net increase in cash, cash equivalents and restricted cash		3,791		5,834		64,126		30,743

Cash, cash equivalents and restricted cash at beginning of period		88,391		44,712		28,056		19,803
Cash, cash equivalents and restricted cash at end of period	$	92,182	$	50,546	$	92,182	$	50,546


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Production volumes:
Crude oil (MBbls)		452		599		1,490		1,752
Natural gas (MMcf)		1,969		1,778		6,035		5,713
Natural gas liquids (MBbls)		265		236		811		680
Total (MBoe)		1,045		1,131		3,307		3,384
Average daily production (Boe/d)		11,359		12,293		12,114		12,396

Average prices:
Crude oil (per Bbl)	$	84.04	$	63.98	$	82.83	$	65.25
Natural gas (per Mcf)		1.21		0.48		(1.00)		0.81
Natural gas liquids (per Bbl)		19.17		17.83		18.60		21.21
Total per Boe		43.49		38.36		40.06		39.41

Cash effect of derivative contracts:
Crude oil (per Bbl)	$	(17.29)	$	1.48	$	(16.19)	$	(1.42)
Natural gas (per Mcf)		0.73		1.83		1.48		1.47
Natural gas liquids (per Bbl)		(0.31)		—		(0.10)		—
Total per Boe		(6.18)		3.66		(4.62)		1.75

Average prices computed after cash effect of settlement of derivative contracts:
Crude oil (per Bbl)	$	66.75	$	65.46	$	66.64	$	63.83
Natural gas (per Mcf)		1.94		2.31		0.48		2.28
Natural gas liquids (per Bbl)		18.86		17.83		18.50		21.21
Total per Boe		37.31		42.02		35.44		41.16

Average cost per Boe:
Production:
Lease operating	$	9.59	$	10.95	$	8.86	$	9.88
Workover and other		0.81		0.74		0.75		1.35
Taxes other than income		1.65		2.32		2.13		2.35
Gathering and other		12.57		9.02		11.08		9.80
General and administrative, as adjusted⁽¹⁾		3.29		2.44		3.05		2.50
Depletion		10.36		11.64		10.55		11.64

(1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
As Reported:
Net loss available to common stockholders - diluted ⁽¹⁾	$	(41,108)	$	(15,014)	$	(90,408)	$	(24,285)

Impact of Selected Items:
Unrealized loss (gain) on derivatives contracts:
Crude oil	$	34,794	$	841	$	61,789	$	(21,485)
Natural gas		2,167		(1,885)		1,244		1,365
Natural gas liquids		1,417		—		1,417		—
Total mark-to-market non-cash charge		38,378		(1,044)		64,450		(20,120)
Loss on extinguishment of debt		—		—		862		—
Non-recurring charges		312		324		1,601		1,546
Selected items, before income taxes		38,690		(720)		66,913		(18,574)
Income tax effect of selected items		—		—		—		—
Selected items, net of tax		38,690		(720)		66,913		(18,574)

Net loss available to common stockholders, as adjusted	$	(2,418)	$	(15,734)	$	(23,495)	$	(42,859)

Diluted net loss per common share, as reported	$	(0.75)	$	(0.91)	$	(2.74)	$	(1.48)
Impact of selected items ⁽³⁾		0.71		(0.05)		2.03		(1.12)
Diluted net loss per common share, excluding selected items ⁽²⁾	$	(0.04)	$	(0.96)	$	(0.71)	$	(2.60)


Net cash provided by (used in) operating activities	$	1,641	$	27,973	$	12,524	$	50,909
Changes in working capital		7,764		(15,145)		10,865		(19,064)
Cash flows from operations before changes in working capital		9,405		12,828		23,389		31,845
Cash components of selected items		(2,594)		(289)		(3,700)		1,470
Income tax effect of selected items		—		—		—		—
Cash flows from operations before changes in working capital, adjusted for selected items ⁽²⁾	$	6,811	$	12,539	$	19,689	$	33,315