BATTALION OIL Business Summary

Battalion Oil Corp (BATL) is an independent energy company primarily engaged in the acquisition, production, exploration, and development of liquids-rich oil and natural gas assets in the Delaware Basin of West Texas. The company generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs) to independent marketers and midstream pipeline operators. As of February 2026, Battalion operates as a pure-play Delaware Basin producer, recently completing a $62.59 million divestiture of its West Quito Draw assets to MCM Energy Partners to reduce its term loan indebtedness. The company maintains a strategic focus on operational reliability, recently resolving a significant production bottleneck by securing a long-term gas treating agreement with a large-cap midstream provider. Within the competitive landscape, Battalion competes with other independent E&P firms such as Contango Resources, Amplify Energy, and W&T Offshore, positioning itself as a micro-cap operator focused on high-intensity development and balance sheet deleveraging following its 2024 merger termination with Fury Resources. The leadership team is led by Chief Executive Officer and Principal Financial Officer Matthew B. Steele, who was appointed in April 2023 and previously served as CEO of Bruin E&P Partners and Ursa Resources. Steele is supported by Executive Vice President and Chief Operating Officer Daniel P. Rohling, an industry veteran with a pedigree from Ajax Resources and EP Energy, and Senior Vice President and General Counsel Walter Mayer, who joined the firm in 2013 from Petrohawk Energy. The company’s board is chaired by Jonathan D. Barrett, a co-founder of Luminus Management, which remains a major institutional shareholder alongside Oaktree Capital Management. While the current corporate identity was established through a 2019 restructuring and 2020 rebranding, the firm’s operational roots trace back to 1987 as Halcón Resources, a legacy that informs its deep technical expertise in the Permian Basin’s unconventional reservoirs.