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May 2021 Investor Update – Battalion Oil Corp.

Battalion Oil Corp. · May 1, 2021 · 12 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. May 2021 Investor Update – Battalion Oil Corp. – slide 1
    INVESTOR UPDATE M AY 2 0 2 1
  2. May 2021 Investor Update – Battalion Oil Corp. – slide 2
    Focused on Capital and Operational Efficiency 2021 Priorities Strong Execution Leads to Superior Results Generate Free Cash Flow Capital Discipline Managing supply chain to secure D&C cost savings Continued Capital Efficiency Drive…
  3. May 2021 Investor Update – Battalion Oil Corp. – slide 3
    Oil-Rich Position in the Delaware Basin Q1 production of 14,333 Net Boepd (56% oil) Current Leasehold Position: 41,500 Net Acres / 2,000+ Gross Drilling Locations Commenced drilling two well pad in Monument Draw after successful…
  4. May 2021 Investor Update – Battalion Oil Corp. – slide 4
    Q1 2021 Key Financial Highlights Capitalization & Liquidity Summary Adjusted LTM EBITDA of 62 MM Go-forward EBITDA largely insulated from price fluctuation 0,000 3/31/21 due to hedge book RBL Indebtedness 155,000 Improved Midstream…
  5. May 2021 Investor Update – Battalion Oil Corp. – slide 5
    2021-2022 Hedge Positions Downside Fixed Price Hedged Oil Volume (Bopd) 10,000 8,000 6,000 4,000 2,000 0 1 2 3 4 5 6 7 8 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…
  6. May 2021 Investor Update – Battalion Oil Corp. – slide 6
    Q1 2021 Drilling & Completion Performance Monument Draw Drilling Performance Total Well Cost per Lateral Foot 0' 2,000 1,565 2021 Q1 Actual 2,500' 1,500 2021 Plan Well 1,241 2019/2020 BATL Wells 1,093 Previous HK and Offset Wells…
  7. May 2021 Investor Update – Battalion Oil Corp. – slide 7
    Appendix
  8. May 2021 Investor Update – Battalion Oil Corp. – slide 8
    Selected Operating Data Three Months Ended March 31, 2021 2020 Production volumes: Crude oil (MBbls) 719 937 Natural gas (MMcf) 2,133 2,539 Natural gas liquids (MBbls) 215 350 Total (MBoe) 1,290 1,710 Average daily production…
  9. May 2021 Investor Update – Battalion Oil Corp. – slide 9
    Selected Operating Data (/Boe) Three Months Ended March 31, 2021 2020 Average cost per Boe: Production: Lease operating 7.34 7.30 Workover and other 0.43 0.77 Taxes other than income 2.47 1.70 Gathering and other, as adjusted (1)…
  10. May 2021 Investor Update – Battalion Oil Corp. – slide 10
    Adjusted EBITDA Reconciliation (in thousands) Three Months Ended March 31, 2021 2020 Net income (loss), as reported (33,375) 114,491 Impact of adjusting items: Interest expense 1,496 1,714 Depletion, depreciation and accretion…
  11. May 2021 Investor Update – Battalion Oil Corp. – slide 11
    Adjusted EBITDA Reconciliation (in thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30. 2020 Net income (loss), as reported (33,375)…
  12. May 2021 Investor Update – Battalion Oil Corp. – slide 12
    Contact: Chris Lang (832) 538-0551

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