Battalion Oil Corporation is an independent exploration and production (E&P) company focused on acquiring, developing, and producing onshore oil and natural gas assets across the United States. Its operations are concentrated in the Delaware Basin, where it holds leasehold and working interests in key counties of Texas (Pecos, Reeves, Ward, and Winkler). The company was formerly known as Halcón Resources Corporation before adopting its current name in January 2020.
Within the Delaware Basin, Battalion’s core assets cover tens of thousands of net acres with exposure to multiple stratigraphic zones, including the Wolfcamp and Bone Spring formations, which are known for being liquids-rich. It operates over 90 wells in its acreage and also holds non-operated interests in additional wells. As a liquids-weighted E&P, a significant share of its revenue comes from crude oil and natural gas liquids (NGLs), alongside conventional natural gas.
Battalion manages drilling, completion, production, and maintenance activities in its operated acreage, while for non-operated interests it relies on partner operators. It sells its hydrocarbons (oil, natural gas, and NGLs) to independent marketers, pipeline companies, and other midstream purchasers. The company maintains a lean structure, with modest headcount (reportedly 38 employees) and relatively low overhead compared to larger peers.
Battalion’s performance is tightly linked to commodity price fluctuations, development activity, and its ability to optimize costs and capital deployment. Over time, the company has emphasized maximizing value from its Delaware Basin assets, improving well performance, and strategically acquiring acreage in its core regions while avoiding overextension. That said, the company has also encountered financial stress: its strategic direction and capital structure (including debt levels) have played a significant role in its viability and growth trajectory.