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2Q22 Earnings Presentation – Battalion Oil Corp.

Battalion Oil Corp. · Aug 10, 2022 · 18 slides

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Slides

  1. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 1
    INVESTOR UPDATE AUGUST 2022
  2. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 2
    Battalion Oil Corporation: Delaware Pure Play Market Snapshot Pure Play Delaware Basin Operator (40,400 net acres) Pure Play NYSE American Symbol: BATL Well performance competes with best in the basin (1,100 Mboe per well EUR) Market…
  3. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 3
    BATL Plans: Roadmap to Growth Battalion Strategy Develop our liquids-rich acreage positions to grow production and reserves efficiently Enhance returns through continued improvements in operational and cost efficiencies Maintain…
  4. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 4
    Commitment to Operational Excellence1 Monument Draw Drilling Performance Pump Efficiency (Hours/Day) 20 0 18.6 YTD 2022 Wells FY 2021 Wells 18 FY 2019/2020 Wells 16.8 2,500 16.5 16 5,000 14 7,500 PUMP RATE (HRS/DAY) 12…
  5. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 5
    Q2 2022 Key Financial Highlights Capitalization & Liquidity Summary Capital Efficiencies Mitigating Inflation Continued improvements in drilling and frac efficiency with 0,000 06/30/22 increased drilling feet per day and record pump…
  6. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 6
    ESG Initiatives 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. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 7
    AGI: A COMPREHENSIVE GAS TREATING SOLUTION
  8. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 8
    Acid Gas Injection A Comprehensive Solution In May 2022, we and Caracara Services announced a joint venture to construct and operate a strategic acid gas treatment facility Deal Summary Comprehensive solution for current and future…
  9. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 9
    Joint Venture Summary Joint Venture Overview Facility Location Under the JV Agreement: Facility will include an amine treater and one permitted AGI well supported by Battalion-owned sour Winkler gas compression and gas gathering…
  10. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 10
    Process Overview The Facility design is based on decades-old proven technology with leading edge enhancements to safely treat and inject high concentrations of H2S and CO2 AGI Well H2S & CO2 Wellhead Everest Central Amine…
  11. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 11
    Status Update Significant progress has been made on the AGI and amine treater facility Select Milestones Gas Treating Agreement Executed Milestone Timing Gas Treating Agreement Executed Surveys Complete & Site Work Initiated…
  12. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 12
    APPENDIX
  13. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 13
    Hedge Summary As Battalion returns to development, the Companys hedge strategy is to heavily hedge base production and protect returns on future wells by hedging expected production as capital is committed Consolidated Crude Oil…
  14. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 14
    Selected Operating Data Three Months Ended June 30, 2022 2021 Production volumes: Crude oil (MBbls) 674 805 Natural gas (MMcf) 2,355 2,055 Natural gas liquids (MBbls) 303 270 Total (MBoe) 1,369 1,417 Average daily production…
  15. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 15
    Selected Operating Data (/Boe) Three Months Ended June 30, 2022 2021 Average cost per Boe: Production: Lease operating 8.70 7.18 Workover and other 1.01 0.54 Taxes other than income 3.92 2.06 Gathering and other 11.59 10.11…
  16. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 16
    Adjusted EBITDA Reconciliation (in thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Net income (loss), as reported 13,047…
  17. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 17
    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…
  18. 2Q22 Earnings Presentation – Battalion Oil Corp. – slide 18
    Contact: Chris Lang (832) 538-0551

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