Battalion Oil

What Battalion Oil does

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration, and development of liquids-rich oil and gas assets in the Delaware Basin of West Texas, primarily concentrated in Ward County, Texas. The company emerged from the Chapter 11 restructuring of Halcón Resources and was renamed Battalion Oil Corporation in January 2020; its legal predecessor entities (Halcón Holdings, Halcón Energy Properties, Halcón Permian, Halcón Field Services, and Halcón Operating Co.) operate as wholly-owned subsidiaries. Following the 2026 sale of West Quito Draw assets to MCM Energy Partners and the all-stock acquisition of 7,090 net acres from RoadRunner Resource Holding, the company holds a consolidated 27,097 contiguous acres at Monument Draw targeting the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations.

The company's core operational asset is the Monument Draw central production facility, historically complemented by its Acid Gas Injection (AGI) infrastructure for sour gas treating, which was restarted in Q1 2024 and achieved record 32 MMcf/d throughput. Following termination of the AGI-based gas treating arrangement, the company secured a long-term sour gas treating agreement with Targa Resources in December 2025, increasing gas processing capacity and oil production by approximately 30%. A Joint Development Agreement executed in May 2026 covers an up to eight-well drilling program at Monument Draw, with Battalion as operator retaining majority working interest. As of Q1 2026, the company reported average daily production of 12,578 Boe/d.

Battalion generates revenue primarily from the sale of crude oil, natural gas, and natural gas liquids produced from its operated properties to midstream purchasers, gathering and processing facilities, and refineries at prevailing commodity market prices. Secondary revenue has historically been derived from strategic asset divestitures, most notably the $60.1 million sale of West Quito Draw assets to MCM Energy Partners in February 2026. The company is publicly traded on NYSE American under ticker BATL, with headquarters in Houston, Texas, and a workforce of 51-100 employees. Its senior leadership is led by CEO Matthew Steele, who has prior E&P CEO experience at Bruin E&P Partners, Steele Petroleum, and Ursa Resources.

Name

Battalion Oil

Legal name

Battalion Oil Corporation

Website

https://battalionoil.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Battalion Oil Corporation is an independent upstream energy company that acquires, explores, and develops liquids-rich oil and gas assets in the Delaware Basin, primarily Ward County, Texas, selling crude oil, natural gas, and NGLs at market prices to midstream purchasers and refineries.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)

Keywords

• Oil and gas production
• Upstream exploration
• Delaware Basin assets
• Liquids-rich development
• Sour gas treating

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Oil and Gas Production Sales: Revenue generated from the sale of crude oil, natural gas, and natural gas liquids produced from the company's operated properties in the Delaware Basin. The company sells its production to midstream purchasers and refineries.
2. Asset Divestitures: Strategic sale of non-core assets including the West Quito Draw assets for approximately $60.1 million, with proceeds used for debt repayment and liquidity management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Battalion Oil is an independent energy company engaged in the acquisition, production, exploration, and development of liquids-rich oil and gas assets in the Delaware Basin, primarily in the Monument Draw area of Ward County, Texas. The company operates the Monument Draw central production facility and an Acid Gas Injection (AGI) facility that enables sour gas treating, supporting production from the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations. Production is sold to midstream purchasers, gathering and processing facilities, and refineries.

Product overview

Battalion Oil operates as an independent oil and gas exploration and production company focused on liquids-rich assets in the Delaware Basin. The company's core product is oil and natural gas production from the Monument Draw asset in Ward County, Texas, targeting the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations. The company's product portfolio includes its Monument Draw central production facility and the AGI (Acid Gas Injection) gas treating solution, which provides sour gas treatment capacity to enable production from sulfur-bearing hydrocarbon formations. The company has expanded its position through acquisitions of additional acreage and recently divested non-core West Quito Draw assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Production

Quantifiable outcome

• Production throughput increased 20.3% following facility upgrades
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and major.

• Joint Development Agreement PartnercoreStrategic or Co-development Partner · 28 May 2026Battalion Oil executed a Joint Development Agreement covering an up to eight-well drilling program in Monument Draw, Ward County, Texas. The company will operate the wells and retain a majority working interest, with development targeting the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations. The JDA provides an accretive carry structure while transitioning operations to cube development. Offset well performance has been strong, with one well achieving 389 Mboe cumulative production (53% oil) in 267 days.
• RoadRunner Resource Holding LLC (formerly Sundown Energy LP)majorStrategic or Co-development Partner · 1 March 2026Battalion Oil acquired 7,090 net acres of oil and gas assets in Ward County, Texas from RoadRunner Resource Holding LLC in an all-stock transaction, issuing 485,000 shares of common stock. The acquired acreage adjoins Battalion's existing Monument Draw position, expanding the combined position to 27,097 acres and adding approximately 30 high-quality drilling locations targeting the Wolfcamp A, Wolfcamp B, and 3rd Bone Spring formations.
• MCM Energy Partners / MCM Delaware ResourcesmajorStrategic or Co-development Partner · 25 February 2026MCM Energy Partners, through its subsidiary MCM Delaware Resources LLC, acquired approximately 6,207 net acres of crude oil and natural gas assets from Battalion Oil in the West Quito Draw area of Ward County, Texas in the Southern Delaware Basin for approximately $60.1 million. The transaction included established production and development upside across multiple geological benches. MCM entered into a new senior secured credit facility with Valor Upstream Credit Partners II to finance the acquisition.
• Targa ResourcescoreTechnology or Integration · 1 December 2025Battalion Oil secured a long-term sour gas treating agreement with Targa Resources following the termination of its previous gas treating agreement with the AGI Facility. The new agreement increased gas processing capacity and oil production by approximately 30% from Monument Draw since early December 2025. The agreement enables development of Battalion's expanded acreage position.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Vital Energy: Independent mid-cap E&P focused on liquids-rich production in the Delaware Basin and Midland Basin, closely comparable to Battalion's asset base and operating model.
• Matador Resources: Pure-play Delaware Basin/Permian E&P operator drilling Wolfcamp and Bone Spring targets with similar mid-cap scale and strategy to Battalion Oil.
• SM Energy: Independent E&P with meaningful Permian Basin operations in the Delaware sub-play; mid-cap scale and target formation overlap with Battalion's Delaware Basin asset base.
• Permian Resources: Delaware Basin pure-play E&P formed from Centennial Resource Development and Colgate Energy; operates in the same Ward/Loving/Winkler county areas as Battalion.
• Northern Oil and Gas: Non-operated Permian Basin working-interest specialist with comparable market cap and Delaware Basin exposure, providing a useful benchmark for non-op strategy and working-interest economics.
• Coterra Energy: Mid-cap E&P with substantial Delaware Basin/Permian position alongside Marcellus; comparable in scale and asset mix to Battalion, with overlapping target formations.
• Mewbourne Oil Company: Large privately-held independent operator heavily concentrated in the Delaware Basin with similar drilling program scale and Ward County presence, providing a relevant non-public comp.

Broad incumbents

• EOG Resources: Large-cap independent with a meaningful Delaware Basin footprint and target overlap on Wolfcamp/Bone Spring formations; broader portfolio scale than Battalion.
• Diamondback Energy: Premier Permian Basin pure-play and one of the largest public operators in the Delaware sub-play; operates the same Wolfcamp/Bone Spring benches as Battalion, but at materially greater scale.

Others

• Targa Resources: Midstream services provider under a long-term gas treating agreement with Battalion; counterparty in the operating infrastructure that supports sour gas processing at Monument Draw.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Battalion Oil