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Battalion Oil Corporation (BATL)

NYSE American - Nasdaq Real Time Price. Currency in USD
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8.64+0.11 (+1.29%)
At close: 04:00PM EDT
8.78 +0.14 (+1.62%)
After hours: 04:14PM EDT
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  • L
    Linda
    The loss of the sour gas takeaway really hurt. Had to spend $20.1 million ($.127/shr) on treating cost and
    curtail production ramp in their best property. The good news is that the treatment plant will be up in days,
    dropping costs by over $18 million per qtr. and allowing a big production increase in Mon. Draw and Q2
    profitability.
  • d
    douglas
    Maybe a Big Boy will take a sniff at us:
    "Chevron and ExxonMobil both held investor meetings on Monday, where both oil majors detailed aggressive drilling strategies in the Permian. Chevron expects to more than double output in the Permian to 900,000 bpd over the next five years, a 40 percent increase from its previous plan. ExxonMobil, for its part, expects to top 1 million barrels per day in the Permian in that same timeframe."
  • S
    Steve
    Fair value is .25-.30 cents for a the common shares getting 9 percent of new company
  • R
    Rule22again
    First time to comment here. I have been applying a $32,500 per Flowing Mboe value to production across E&P's, then backing into value for acreage. I've been coming up with $15-20K per acre for those companies close to cash flow neutral and for companies with low leverage below 2X t-12 Ebitdax....HK does not reach those metrics...it is weak in an overleveraged sense...hence one can see why it is so under valued. My sense is that $3-3.5 buyout could be very accretive to anyone. At $4-4.5 it is a fair value for all. Wilks bought first 2/3rds position at $5 and last 1/3 at $2ish near year end. Fir Tree average is probably lower. ARES holds converted shares from prior debt , my guess B/E >$8...plenty of blocks of acres out there (both private and public) for development or sale, so one cannot expect top dollar...so at $4 I'd think alot of people would vote to sell. Just my opinion.
  • K
    Kelley
    If this company files for chapter 11 or chapter 7 bankruptcy protection and decides to cancel shareholder value through reorganization and reissuses new shares to pay off bond holder debt off of the shareholders backs yet AGAIN... then something more MUST be done, other then the filing of a class action lawsuit where previous shareholders would be lucky to receive pennies on the dollar for all of the money they have been strategically defrauded out of! An investigation MUST be conducted to acquire and present in front of a judge to prove that real crimes have been committed by way of lies, deception and misrepresentation of the company's financial status to shareholders and/or the substantiation of gross neglect on the part of management and the board of directors' for not fulfilling their responsibility and obligation to carry out their fiduciary duty to protect shareholder value! If this happens again and it sure looks like they are trying to hit repeat... I would not mind one bit volunteering to be the lead plaintiff!
  • s
    sam
    Mr. Wilson did what he said he was going to do regarding sale of water gathering system in December 2018. He further said HK would average 19,000 BOE equivalent in the 4th quarter with 25,000 BOE 12 31 2019 exit rate.

    If these numbers are reported, share price should go up and they will be a very viable company. I have not seen any updates from HK to indicate that these numbers will not be achieved.

    Right now, I am staying with HK and have added some recently.
  • A
    Allen
    David Messler’s article on Oilprice yesterday made a convincing argument that Apache will be the next E&P company taken out. In this article, he made some important points:
    “To summarize this section, in my view as North American shale, and particularly Permian shale, enters its maturity,

    • the vast contiguous blocks of acreage,
    • with multiple reservoir horizons,
    • with the newly built pipeline take-off infrastructure,
    • and a nearby domestic processing infrastructure,
    • and export infrastructure in place for oil and LNG
    it all adds up to a very compelling investment scenario for our production hungry Super Majors, and perhaps foreign companies looking to establish a foothold in this prolific basin.

    In my view, Chevron and Anadarko getting together is just round one of the oil asset consolidation wave that will come.”
  • L
    Linda
    Callon (CPE) just sold 9850 tier-2 Midland acres in Reagan and Upton counties for $260 million upfront plus up to $60 million more, depending on how much higher WTI goes over $60. Assuming they get a total of $290 million would imply the buyer paid $72 million for the 4000 BOE/d it is currently producing (52% oil), leaving $218 million for the land, or $22k/acre. Applying the same metrics to HK's similar West Quito field, assuming it is currently producing 6000 BOE/d would fetch $108 million for the production plus $238 million for the land for a total of $346 million.
  • R
    Rule22again
    Looks like LONE is ready to BUY someone after filing 300M share registration document tonight after the close. I love Friday after the close filings, allows us a full weekend to speculate. LONE has high PV10 from proved reserves but little cash. Decent EBITDAX coverage, etc. Will they BUY an already public player or one of the private equity types. They are an Eagleford play, not a Permian play.....I'm all ears when it comes to candidates....who do you all want LONE to Buy?....would HK want to be a part of LONE?...
  • L
    Linda
    Monument Draw is unique in that it has 22.2 k of contiguous tier-1 acres with all required infrastructure that allows a larger operator to drill 10,000 ft wells continuously with 5 rigs for 10 years. Last August, when WTI was $65, Diamondback paid almost $40k per acre for Energen's mostly tier-2 Delaware property that was scattered over 5 counties. If HK sold MD for $35k per acre ($777 M) plus $200 M infrastructure, plus $25k per BOE/D (approx. 8000), the MD sale would raise $1,177 M. Once done, the lesser properties could be sold for reasonable amounts: WQ: 10.8K acres @ $15k/acre + $25 M infrastructure + 6000 BOE/D @ $16K/BOE/D = $283M HD: 23.8K acres @ $15k/acre + $75 M infrastructure + 5000 BOE/D @ $24K/BOE/D = $552 M.
  • s
    sam
    $47 Million cash as of 12/31/2018 and $274 million line of credit available not due for review until 2022. 4th quarter revenue was $60 million. New wells coming on stream before end of March. Seems like the demise of HK has been overstated!

    $146 Million 4th quarter profit because of sale of infrastructure.

    Was hoping for higher production.
  • L
    LongLongInvestor
    I believe the cost for Hk to produce 1 barrel is about $30 with a daily production 30k and pipeline completed. Saudi cost is about $7 per barrel.
    1 quarter span is about 66 production days. Thus, if hk hedged all production is $58 per barrel, it can have 30k x 28 x 66= 55 million dollars per quarter.
    It is about 55 millions per quarter profit on 30 k daily production with pipeline completion. This is my formula I’m using.
    Just do your math, and don’t listen to me. Thus, if HK can survive up to pipeline completed, the pps should get exploded if my formula is right.
  • T
    Tony M
    Fir Tree’s move to pressure mgt was spot on. Better late than never. I don’t think they will let it go bk since only 100m is the only st debt it has. They can dump land at a significant discount and the stock would triple. Let see if a deal can be announced by the annual meeting.
  • A
    Allen
    From a newswire article:
    The Chevron deal will likely prompt oil majors to consider purchases of Permian players like Pioneer Natural Resources, EOG Resources and even Occidental, said Dan Eberhart, CEO at oilfield services firm Canary.
    "Chevron buying Anadarko is the first in a series of takeovers as oil companies rush to scale to make shale work," Eberhart said in an email. "It is nearly always cheaper to drill for oil on Wall Street than in the oil patch."
  • s
    sam
    Just read Seeking Alpha's article and then re-read Fir Tree's letter. They are consistent.

    If you believe what you read ( I do not always) then HK share price is undervalued because of the high G&A expenses and interest expense. These are situations that can be addressed by management.

    The most important issue is does HK have good acreage like Fir Tree and Seeking Alpha believe?
    We will find-out more about their acreage with 4th quarter well results and their independent reserve report.
    We will see!!!
  • s
    sam
    Fyi - Fidelity reports that HK will release earnings after today"s close!
  • W
    Wolverine
    Per Texas RRC- Latest production numbers publicly from Halcon:

    11/26/2018- RRC Lease #50736 (Pecos) 24 hour test- 614 BBLS oil
    12/03/2018-RRC Lease #NA (Pecos) 24 hour test - 583 BBLS oil
    12/13/2018- RRC Lease #50245 (Winkler)- 71 BBLS oil
    12/19/18- RRC Lease #50245 (WARD)- 25 BBLS oil
    12/20/18- RRC Lease #47669 (Pecos)- 46 BBLS oil

    Yikes!
  • A
    Allen
    Again, from another message board:
    CVT318May 16th, 12:36 pm
    $HK I just had a call with the CFO 'Quentin Hicks' and below is the summary of the call. Only concern is the senior credit revolver of 225M(118M borrowing is pending) at present which needs to be immediately taken care of and they should be having the proposals ready in the next week or so, which then allows them another 60 days to find alternative financing. Last 1.5 weeks they are working actively with parties interested in their assets and alternative financing. Also, they are eligible for secondary lien credit loan for about 300M-350M. What i read between the lines is they will be selling acreage in the Hackberry Draw with some alternative financing for bettering the liquidity profile and remote chances of BK.G
  • J
    Joseph
    Only 1.2% of 52-wk high. What happened to 98.2%? Company is there, production goes on. BK? That saga is about to end in a matter of 2 or 3 weeks. Since the company is not going to evaporate, I've switched to a longer term holding position. I think I have no other alternative.
  • s
    sam
    Does anyone have any thoughts regarding the BlackRock SEC flling late this afternoon?

    Could HK directors have legal issues regarding their oversight of Mr. Wilson's large salary and travel expenses?
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