Battalion Oil Corporation announced its first quarter results. The average daily net production were 14,767 barrels of oil equivalent per day. Moreover, the total operating revenue was $81.6 million.
The company reported its lease operating expense was $9.32 Boe and the workover expense was $7.77 per Boe. Likewise, adjusted G&A was $3.30 per Boe compared to $3.24 per Boe in the first quarter of 2021.
In addition, Battalion Oil reported a net loss to common stockholders of $92.7 million. Also, a net loss per basic and diluted share of $5.69. Adjusted EBITDA during the quarter was $11.8 million.
Furthermore, the company had $200 million of indebtedness outstanding and approximately $1.6 million of letters of credit outstanding. Also, up to $35 million in delayed draw term loans are available to draw on their Term Loan Agreement. Additionally, total liquidity exclusive of $43.5 million of cash and cash equivalent, was $78.5 million.
Moreover, the company met and exceeded performance targets on drilling and completion activities year to date. Mitigated cost increases and material shortages through increased operational and capital efficiencies.
Likewise, continued robust commodity pricing offering opportunity to layer on new hedges at attractive prices. Ample liquidity to execute in 2022 capital program and recently began flowing back on first wells of 2022 capital program.
Richard Little, the Company’s CEO, commented, “As we entered 2022, our goal was clear: ramp up activity and drive significant growth in daily production and cash flow while remaining committed to capital discipline and operational efficiency. I am pleased to say we are delivering on all operational fronts and we are well on our way to achieving our 2022 goals.”
Mr. Little continued, “With the first wells from our capital program flowing back, we expect to begin driving significant cash flow growth as we burn off below market hedges and layer on new ones at attractive prices. As we continue to move through 2022 and turn additional wells online, we will continue to prioritize capital discipline and operational efficiency and will remain diligent in our efforts to mitigate risks caused by inflationary pressures, supply chain disruption, or shifts in the geopolitical landscape.”
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About Battalion Oil Corporation
Battalion Oil Corporation is an independent energy company. Its focus is on the acquisition, production, exploration, and development of liquids-rich assets. These assets are in the Delaware Basin.