$BATL

HALCON RESOURCES CORP

CIK:0001282648|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 47,978	$ 42,576	$ 87,040	$ 89,961
Other	151	236	263	326
Total operating revenues	48,129	42,812	87,303	90,287
Production:
Lease operating	9,189	10,670	19,283	21,028
Workover and other	622	2,309	1,640	3,742
Taxes other than income	2,981	2,522	5,305	5,322
Gathering and other	12,268	10,958	23,518	22,958
General and administrative	4,066	2,567	8,326	6,980
Depletion, depreciation and accretion	12,222	13,939	24,584	27,019
Total operating expenses	41,348	42,965	82,656	87,049
Income (loss) from operations	6,781	(153)	4,647	3,238
Other income (expenses):
Net gain (loss) on derivative contracts	13,051	11,548	(34,913)	20,850
Interest expense and other	(4,324)	(6,599)	(9,841)	(13,269)
Loss on extinguishment of debt			(862)
Total other income (expenses)	8,727	4,949	(45,616)	7,581
Income (loss) before income taxes	15,508	4,796	(40,969)	10,819
Income tax benefit (provision)	0	0	0	0
Net income (loss)	15,508	4,796	(40,969)	10,819
Preferred dividends		(8,270)	(8,331)	(20,090)
Undistributed earnings allocable to preferred stockholders	(6,434)
Net income (loss) available to common stockholders	$ 9,074	$ (3,474)	$ (49,300)	$ (9,271)
Net income (loss) per share of common stock available to common stockholders:
Basic (in dollars per share)	$ 0.34	$ (0.21)	$ (2.25)	$ (0.56)
Diluted (in dollars per share)	$ 0.34	$ (0.21)	$ (2.25)	$ (0.56)
Weighted average common shares outstanding:
Basic (in shares)	26,430	16,457	21,947	16,457
Diluted (in shares)	45,172	16,457	21,947	16,457
Oil
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 49,152	$ 36,291	$ 85,434	$ 75,991
Natural gas
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	(6,904)	935	(8,397)	3,758
Natural gas liquids
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 5,730	$ 5,350	$ 10,003	$ 10,212

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (40,969)	$ 10,819
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depletion, depreciation and accretion	24,584	27,019
Stock-based compensation, net	421	(109)
Unrealized loss (gain) on derivative contracts	26,072	(19,076)
Amortization of deferred financing costs	612	792
Loss on extinguishment of debt	862
Accrued settlements on derivative contracts	2,395	(537)
Other	7	109
Change in assets and liabilities:
Accounts receivable	(3,370)	3,186
Prepaids and other	430	412
Accounts payable and accrued liabilities	(161)	321
Net cash provided by operating activities	10,883	22,936
Cash flows from investing activities:
Oil and natural gas capital expenditures	(7,818)	(53,090)
Proceeds received from sale of oil and natural gas assets	60,055
Other operating property and equipment capital expenditures		(14)
Other	(14)	(370)
Net cash provided by (used in) investing activities	52,223	(53,474)
Cash flows from financing activities:
Proceeds from borrowings		63,000
Repayments of borrowings	(45,635)	(5,678)
Debt issuance costs	(1,064)	(1,875)
Proceeds from issuance of common stock	43,928
Net cash (used in) provided by financing activities	(2,771)	55,447
Net increase in cash, cash equivalents and restricted cash	60,335	24,909
Cash, cash equivalents and restricted cash at beginning of period	28,056	19,803
Cash, cash equivalents and restricted cash at end of period	88,391	44,712
Supplemental cash flow information:
Cash paid for interest	$ 10,272	$ 13,892

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 83,097	$ 27,965
Accounts receivable, net	14,406	12,071
Assets from derivative contracts	4,229	16,145
Restricted cash	5,294	91
Prepaids and other	462	892
Total current assets	107,488	57,164
Oil and natural gas properties (full cost method):
Evaluated	833,063	890,050
Unevaluated	54,334	48,025
Gross oil and natural gas properties	887,397	938,075
Less: accumulated depletion	(572,058)	(547,982)
Net oil and natural gas properties	315,339	390,093
Other operating property and equipment:
Other operating property and equipment	4,682	4,678
Less: accumulated depreciation	(2,843)	(2,807)
Net other operating property and equipment	1,839	1,871
Other noncurrent assets:
Assets from derivative contracts	3,729	7,350
Operating lease right of use assets	666	840
Other assets	3,524	3,360
Total assets	432,585	460,678
Current liabilities:
Accounts payable and accrued liabilities	39,898	39,734
Liabilities from derivative contracts	6,667	633
Current portion of long-term debt	2,031	22,510
Operating lease liabilities	484	764
Total current liabilities	49,080	63,641
Long-term debt, net	156,208	180,955
Other noncurrent liabilities:
Liabilities from derivative contracts	6,194	1,692
Asset retirement obligations	17,749	20,837
Operating lease liabilities	216	104
Commitments and contingencies (Note 9)
Temporary equity:
Redeemable convertible preferred stock: 138,000 shares of $0.0001 par value authorized, issued and outstanding, $193,757 aggregate liquidation preference at December 31, 2025		226,241
Stockholders' equity (deficit):
Redeemable convertible preferred stock: 130,197 shares of $0.0001 par value authorized, issued and outstanding at June 30, 2026	221,185
Common stock: 100,000,000 shares of $0.0001 par value authorized; 38,892,112 and 16,456,563 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	4	2
Additional paid-in capital	295,914	240,202
Accumulated deficit	(313,965)	(272,996)
Total stockholders' equity (deficit)	203,138	(32,792)
Total liabilities, temporary equity and stockholders' equity	$ 432,585	$ 460,678