Battalion Oil is a small independent oil and gas exploration and production company focused entirely on the Delaware Basin in West Texas. Battalion drills and produces oil, NGLs, and natural gas from roughly 40,000 net acres across Pecos, Reeves, Ward, and Winkler Counties, targeting the Wolfcamp and Bone Spring formations via horizontal drilling. Production runs around 12,000 Boe/d, making Battalion a very small operator by industry standards. Battalion sells its production to independent marketers and major oil companies, with Western Refining and Sunoco together accounting for roughly 86% of total sales. Revenue is driven by production volumes and commodity prices, primarily WTI crude oil, which makes up roughly half of proved reserves by volume. Natural gas realizations have been weak — at times negative — due to high processing and transport costs, making oil the primary earnings driver. Total operating costs run roughly $24/Boe, making margins sensitive to oil price swings. Battalion hedges a significant portion of production using swaps and collars to reduce cash flow volatility and support debt service. The company operates nearly all of its acreage, giving it control over development timing. Battalion's financial position is constrained, with no remaining borrowing capacity under its term loan. Recent actions include selling its West Quito assets for ~$60M, acquiring adjacent acreage via an all-stock deal, and raising $15M through a private placement. Near-term debt maturities and covenant requirements keep financial flexibility limited.