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March 2021 Investor Update – Battalion Oil Corp.

Battalion Oil Corp. · Mar 1, 2021 · 15 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. March 2021 Investor Update – Battalion Oil Corp. – slide 1
    INVESTOR UPDATE MARCH 2021
  2. March 2021 Investor Update – Battalion Oil Corp. – slide 2
    A Disciplined Approach in a Recovering Environment Key Milestones in 2020 Focused on Generating Free Cash Flow New Strategy / Board / Name Capital Discipline Reinvestment target rate of 70%-80% of EBITDA Integrated new technical team…
  3. March 2021 Investor Update – Battalion Oil Corp. – slide 3
    Oil-Rich Position in the Delaware Basin Annual 2020 production of 16,858 Net Boepd (56% oil) Current Leasehold Position: 41,600 Net Acres / 2,000+ Gross Drilling Locations Balanced and complementary co-located asset base Operating…
  4. March 2021 Investor Update – Battalion Oil Corp. – slide 4
    Q4 2020 Key Financial Highlights Capitalization & Liquidity Summary Adjusted LTM EBITDA of 70 MM Go-forward EBITDA largely insulated from price fluctuation 0,000 12/31/20 due to hedge book RBL Indebtedness 158,000 Decreased Average…
  5. March 2021 Investor Update – Battalion Oil Corp. – slide 5
    Current Hedge Position Downside Fixed Price Hedged Oil Volume (Bopd) 10,000 8,000 6,000 4,000 2,000 0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Bopd 8,566 9,330 8,000 7,837 7,570 6,704 4,433…
  6. March 2021 Investor Update – Battalion Oil Corp. – slide 6
    Committed to ESG Environment Social Governance Committed to sustainability through Committed to a culture of safety and Committed to accountability, risk reduced flaring, spills and emissions supporting communities where we operate…
  7. March 2021 Investor Update – Battalion Oil Corp. – slide 7
    Drilling Performance Cost per Foot Drilled Monument Draw Drilling Performance 350 0' 38% 2021 Plan Well 300 2019/2020 BATL Wells 250 2,500' Previous HK and Offset Wells 200 316 5,000' 150 239 100 195 7,500' 50 - 1H '19 2H '19…
  8. March 2021 Investor Update – Battalion Oil Corp. – slide 8
    Completion Performance Early Start on 2021 Monument Draw Program Average Frac Gradient/Stage Completed DUCs Two 2-well pads started in December 2020 1 8706H Preempted completion market supply chain, securing low per well capex 0.95…
  9. March 2021 Investor Update – Battalion Oil Corp. – slide 9
    Commitment to Execution Focused on Maximizing Free Cash Flow Through Cost Efficiency and Capital Discipline Methodically Reducing Op Costs per BOE1 Streamlining Corporate G&A per BOE2 Driving Efficiencies in D&C Cost per Foot 30 10…
  10. March 2021 Investor Update – Battalion Oil Corp. – slide 10
    YE 2020 Reserve Summary YE 2020 Reserves1 Premium Drilling Inventory in Monument (10,000 Lateral) Category Net Oil Net Gas Net NGL Total Capex PV-0 PV-10 1st/2nd Bone Spring Upside MBbl MMcf MBbl Mboe MM MM MM 153 Locations PDP…
  11. March 2021 Investor Update – Battalion Oil Corp. – slide 11
    Appendix
  12. March 2021 Investor Update – Battalion Oil Corp. – slide 12
    Selected Operating Data (/Boe) Three Months Ended December 31, Years Ended December 31, 2020 2019 (5) 2020 2019 (5) Average cost per Boe: Production: Lease operating 5.80 6.86 6.82 7.98 Workover and other 0.59 0.89 0.60 1.10 Taxes…
  13. March 2021 Investor Update – Battalion Oil Corp. – slide 13
    Adjusted EBITDA Reconciliation (in thousands) Three Months Ended December 31, Years Ended December 31, 2020 2019 (3) 2020 2019 (3) Net income (loss), as reported (63,757) (125,826) (229,707) (1,166,513) Impact of adjusting items:…
  14. March 2021 Investor Update – Battalion Oil Corp. – slide 14
    PV-10 Reconciliation PV-10 is a non-GAAP financial measure and represents the present value of estimated future cash inflows from proved oil and gas reserves, less future development and production costs, discounted at 10% per annum to…
  15. March 2021 Investor Update – Battalion Oil Corp. – slide 15
    Contact: Chris Lang (832) 538-0551

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