Battalion Oil Corporation (BATL) Balance Sheet
BATL balance sheet, 2025
December 31, 2025 · U.S. dollars$460.7M assets = $267.2M liabilities + $193.4M equity
Both columns are drawn to the same scale: what BATL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BATL financial health
Descriptive bands, not a rating. Fiscal 2025.
BATL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.32B2016 | $460.7M2025 | −11.0%/yr | |
| Total liabilities | $1.21B2016 | $267.2M2025 | −15.4%/yr | |
| Shareholders’ equity | $112.7M2016 | $193.4M2025 | +6.2%/yr | |
| Cash & short-term investments | $24,0002016 | $28.0M2025 | +119.1%/yr | |
| Total debt | $978.7M2016 | $189.8M2025 | −16.7%/yr | |
| Net cash (debt) | −$978.7M2016 | −$161.9M2025 | +$816.8M | |
| Working capital | −$46.9M2016 | −$6.5M2025 | +$40.4M | |
| Book value per share | $1.212016 | $11.752025 | +28.7%/yr | |
| Current ratio | 0.772016 | 0.902025 | +0.12 | |
| Debt / equity | 8.692016 | 0.982025 | −7.70 | |
| Shares outstanding | 93.0M2016 | 16.5M2025 | −17.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BATL assets
BATL liabilities and equity
BATL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BATL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.0M | $19.7M | $57.5M | $32.7M | $48.7M | $4.3M | $14.3M | $46.9M | $424.1M | $24,000 |
| Cash & equivalents | $28.0M | $19.7M | $57.5M | $32.7M | $48.7M | $4.3M | $14.3M | $46.9M | $424.1M | $24,000 |
| Receivables | $12.1M | $26.3M | $23.0M | $38.0M | $36.8M | $40.8M | $54.7M | $93.0M | $37.1M | $153.7M |
| Inventory | $0 | $0 | $1 | $17.4M | $2.9M | $2.6M | $11.9M | $4.8M | $10.6M | $6.9M |
| Other current assets | $17.1M | $8.0M | $10.0M | $75,000 | $0 | $108,000 | $0 | $35,000 | $54,000 | $54,000 |
| Total current assets | $57.2M | $54.1M | $90.5M | $88.2M | $87.9M | $47.8M | $71.2M | $144.7M | $471.8M | $160.6M |
| Property, plant & equipment (net) | $392.8M | $370.7M | $372.3M | $389.0M | $297.6M | $292.3M | $512.6M | $1.92B | $1.17B | $1.16B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $940,000 | $1.3M | $1.6M | $4.8M | $6.4M | $927,000 | $14.6M | $0 | $0 |
| Other non-current assets | $10.7M | $5.4M | $21.2M | $6.6M | $0 | $0 | $0 | $0 | $1.7M | $1.9M |
| Total assets | $460.7M | $431.0M | $485.3M | $485.4M | $390.3M | $346.5M | $584.7M | $2.08B | $1.64B | $1.32B |
| Liabilities | ||||||||||
| Accounts payable | $12.6M | $15.7M | $24.9M | $42.9M | $25.3M | $22.7M | $36.0M | $69.0M | $35.7M | $24.4M |
| Short-term debt | $8.8M | $20.2M | $57.1M | $35.4M | $454,000 | $9.7M | $923,000 | $6.3M | $2.0M | $14.1M |
| Deferred revenue | — | — | — | — | $37.5M | $36.2M | $61.4M | $82.7M | $93.4M | $422,000 |
| Total current liabilities | $63.6M | $77.7M | $134.4M | $165.0M | $121.6M | $83.2M | $106.4M | $161.7M | $150.3M | $207.6M |
| Long-term debt | $181.0M | $145.5M | $140.3M | $182.7M | $181.6M | $158.5M | $144.0M | $613.1M | $409.2M | $964.7M |
| Lease obligations | $8.9M | $8.1M | $7.5M | $8.4M | $6.8M | $8.0M | $12.4M | $6.3M | $2.0M | $14.1M |
| Other long-term liabilities | $22.6M | $26.2M | $36.1M | $53.0M | $23.4M | $14.9M | $17.6M | $111.7M | $12.1M | $34.8M |
| Total liabilities | $267.2M | $249.4M | $310.8M | $400.7M | $326.6M | $256.5M | $268.0M | $886.6M | $571.6M | $1.21B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $16,000 | $15,000 | $9,000 |
| Retained earnings (deficit) | −$273.0M | −$284.9M | −$253.0M | −$249.9M | −$268.5M | −$240.2M | −$10.5M | $101.7M | $55.7M | −$480.0M |
| Accumulated other comprehensive income | — | — | −$106.5M | $0 | $0 | $0 | $0 | −$648.3M | −$574.2M | −$467.0M |
| Total shareholders' equity | $193.4M | $181.7M | $174.6M | $84.6M | $63.7M | $90.0M | $316.6M | $1.20B | $1.07B | $112.7M |
| Key figures | ||||||||||
| Total debt | $189.8M | $165.9M | $197.9M | $218.1M | $182.4M | $168.2M | $147.2M | $619.4M | $411.2M | $978.7M |
| Net cash (debt) | −$161.9M | −$146.2M | −$140.4M | −$185.4M | −$133.6M | −$163.9M | −$132.9M | −$572.5M | $12.9M | −$978.7M |
| Working capital | −$6.5M | −$23.6M | −$43.9M | −$76.9M | −$33.7M | −$35.3M | −$35.3M | −$17.1M | $321.5M | −$46.9M |
| Tangible book value | $193.4M | $181.7M | $174.6M | $84.6M | $63.7M | $90.0M | $316.6M | $1.20B | $1.07B | $112.7M |
| Book value per share | $11.75 | $11.04 | $10.62 | $5.13 | $3.92 | $5.55 | $25.69 | $7.61 | $8.03 | $1.21 |
| Shares outstanding | 16.5M | 16.5M | 16.4M | 16.5M | 16.3M | 16.2M | 12.3M | 157.3M | 133.6M | 93.0M |
| Current ratio | 0.90 | 0.70 | 0.67 | 0.53 | 0.72 | 0.58 | 0.67 | 0.89 | 3.14 | 0.77 |
| Quick ratio | 0.63 | 0.59 | 0.60 | 0.43 | 0.70 | 0.54 | 0.65 | 0.86 | 3.07 | 0.74 |
| Debt / equity | 0.98 | 0.91 | 1.13 | 2.58 | 2.86 | 1.87 | 0.46 | 0.52 | 0.38 | 8.69 |
| Equity / assets | 42.0% | 42.1% | 36.0% | 17.4% | 16.3% | 26.0% | 54.2% | 57.5% | 65.2% | 8.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $83.1M | $46.4M | $28.0M | $50.7M | $44.6M | $73.6M | $19.7M | $29.8M | $54.4M | $49.4M | $57.5M | $42.6M |
| Cash & equivalents | $83.1M | $46.4M | $28.0M | $50.7M | $44.6M | $73.6M | $19.7M | $29.8M | $54.4M | $49.4M | $57.5M | $42.6M |
| Receivables | $14.4M | $19.6M | $12.1M | $17.9M | $24.5M | $21.2M | $26.3M | $21.1M | $24.9M | $26.0M | $23.0M | $26.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $5.4M |
| Other current assets | $10.0M | $16.1M | $17.1M | $15.6M | $14.4M | $16.7M | $8.0M | $6.7M | $6.8M | $8.2M | $10.0M | $1.0M |
| Total current assets | $107.5M | $82.1M | $57.2M | $84.3M | $83.5M | $111.4M | $54.1M | $57.6M | $86.1M | $83.6M | $90.5M | $75.3M |
| Property, plant & equipment (net) | $2.5M | $5.3M | $392.8M | $399.9M | $405.3M | $382.7M | $370.7M | $372.4M | $375.7M | $380.4M | $372.3M | $368.7M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $1.2M | $1.3M | $1.4M | $940,000 | $991,000 | $1.1M | $1.0M | $1.3M | $1.4M |
| Other non-current assets | $322.6M | $324.9M | $10.7M | $6.2M | $8.7M | $10.7M | $5.4M | $27.0M | $24.4M | $23.7M | $21.2M | $11.4M |
| Total assets | $432.6M | $412.4M | $460.7M | $491.7M | $498.8M | $506.2M | $431.0M | $458.0M | $487.3M | $488.6M | $485.3M | $456.8M |
| Liabilities | ||||||||||||
| Accounts payable | $39.9M | $15.2M | $12.6M | $24.0M | $15.7M | $16.2M | $15.7M | $21.4M | $34.5M | $21.7M | $24.9M | $16.3M |
| Short-term debt | $2.5M | $23.1M | $8.8M | $23.3M | $30.9M | $30.1M | $20.2M | $57.5M | $60.8M | $55.7M | — | $45.6M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | $35.1M |
| Total current liabilities | $49.1M | $91.2M | $63.6M | $88.2M | $90.0M | $96.1M | $77.7M | $122.0M | $155.2M | $147.6M | $134.4M | $141.4M |
| Long-term debt | $156.2M | $135.9M | $181.0M | $186.2M | $191.5M | $196.8M | $145.5M | $92.7M | $101.2M | $126.8M | $140.3M | $153.5M |
| Lease obligations | $6.3M | $6.9M | $8.9M | $7.5M | $8.7M | $7.6M | $8.1M | $7.5M | $8.3M | $8.3M | $7.5M | $8.9M |
| Other long-term liabilities | $24.2M | $28.2M | $22.6M | $237.6M | $24.9M | $25.7M | $26.2M | $208.3M | $208.2M | $182.9M | $36.1M | $54.2M |
| Total liabilities | $229.4M | $255.2M | $267.2M | $511.9M | $306.4M | $318.7M | $249.4M | $423.0M | $464.6M | $457.3M | $310.8M | $349.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | — | $2,000 |
| Retained earnings (deficit) | −$314.0M | −$329.5M | −$273.0M | −$274.8M | −$274.1M | −$278.9M | −$284.9M | −$262.7M | −$284.3M | −$284.2M | −$253.0M | −$285.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$159.5M | −$131.6M | — | $0 |
| Total shareholders' equity | $203.1M | $157.1M | $193.4M | −$20.2M | $192.4M | $187.6M | $181.7M | $35.0M | $22.7M | $31.3M | $174.6M | $107.7M |
| Key figures | ||||||||||||
| Total debt | $158.9M | $23.2M | $189.8M | $421.7M | $222.7M | $227.0M | $165.9M | $150.3M | $162.1M | $314.5M | $140.3M | $199.5M |
| Net cash (debt) | −$75.8M | $23.2M | −$161.9M | −$371.0M | −$178.1M | −$153.5M | −$146.2M | −$120.4M | −$107.7M | −$265.1M | −$82.7M | −$156.9M |
| Working capital | $58.4M | −$9.1M | −$6.5M | −$3.9M | −$6.6M | $15.4M | −$23.6M | −$64.5M | −$69.1M | −$64.0M | −$43.9M | −$66.1M |
| Tangible book value | $203.1M | $157.1M | $193.4M | −$20.2M | $192.4M | $187.6M | $181.7M | $35.0M | $22.7M | $31.3M | $174.6M | $107.7M |
| Book value per share | $4.50 | $9.02 | $11.75 | −$1.23 | $11.69 | $11.40 | $11.04 | $2.12 | $1.38 | $1.90 | $10.61 | $6.54 |
| Shares outstanding | 45.2M | 17.4M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M | 16.5M |
| Current ratio | 2.19 | 0.90 | 0.90 | 0.96 | 0.93 | 1.16 | 0.70 | 0.47 | 0.55 | 0.57 | 0.67 | 0.53 |
| Quick ratio | 1.99 | 0.72 | 0.63 | 0.78 | 0.77 | 0.99 | 0.59 | 0.42 | 0.51 | 0.51 | 0.60 | 0.49 |
| Debt / equity | 0.78 | 0.15 | 0.98 | — | 1.16 | 1.21 | 0.91 | 4.30 | 7.15 | 10.04 | 0.80 | 1.85 |
| Equity / assets | 47.0% | 38.1% | 42.0% | −4.1% | 38.6% | 37.1% | 42.1% | 7.6% | 4.7% | 6.4% | 36.0% | 23.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 23, 2026); data from EODHD.
BATL financial position
At the end of fiscal 2025 (December 31, 2025), Battalion Oil had total assets of $460.7 million (up 6.9% from a year earlier), total liabilities of $267.2 million and shareholders' equity of $193.4 million. It held $28.0 million in cash and short-term investments against $189.8 million of debt, net debt of $161.9 million. Its current ratio was 0.90. In the latest quarter (ended June 30, 2026) total assets were $432.6 million and equity $203.1 million.
Related: BATL income statement, BATL cash flow statement, BATL key metrics. See the BATL stock overview for the latest quote and news.
BATL balance sheet FAQ
What are Battalion Oil's total assets?
Battalion Oil reported total assets of $460.7 million at the end of fiscal 2025 (December 31, 2025), compared with $431.0 million a year earlier.
How much debt does Battalion Oil have?
Battalion Oil had $189.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.98.
How much cash does Battalion Oil have?
Battalion Oil held $28.0 million in cash and short-term investments at the end of fiscal 2025; with $189.8 million of debt that is net debt of $161.9 million.
What is Battalion Oil's book value?
Battalion Oil's shareholders' equity (book value) was $193.4 million at the end of fiscal 2025, or $11.75 per share.
What is Battalion Oil's current ratio?
Battalion Oil had current assets of $57.2 million and current liabilities of $63.6 million, a current ratio of 0.90 (current liabilities exceed current assets).