Business Context and Reporting Period
This Form 8-K is a current report filed by Halcón Resources Corporation (not Battalion Oil Corp) on May 9, 2019. The filing serves to announce the Company's financial results for the first quarter of 2019. The Company is incorporated in Delaware and trades on the New York Stock Exchange under the symbol HK.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release (Exhibit 99.1) containing these details but does not include the data within the body of this 8-K document.
The Company discloses the following non-GAAP measures in its press release, though specific figures are absent here:
- Net income (loss) and earnings per share excluding selected items.
- EBITDA.
- Cash flow from operations.
- Natural gas revenues.
- Adjusted general and administrative and gathering expenses.
Material Changes
The filing text does not contain specific data to compare current period results against prior periods. It notes that the referenced press release provides comparisons to similarly adjusted measurements of prior periods to demonstrate the impact of selected items on reported results.
Guidance, Outlook, and Risks
Management Commentary: Management states that the disclosed non-GAAP measures are intended to help users understand the impact of selected items on reported results and to facilitate comparisons with prior periods.
Limitations: The filing explicitly warns that these non-GAAP measures are not defined by GAAP, should not be considered alternatives to net income or cash flow from operations, and may not be comparable to similarly named measures used by other companies.
Regulatory Status: The press release (Exhibit 99.1) is furnished but not "filed" for purposes of Section 18 of the Exchange Act and will not be incorporated by reference into registration statements unless specifically identified.
Investor Verification Checklist
- Verify the specific Q1 2019 revenue, net income, and EBITDA figures in the attached Exhibit 99.1 (Press Release).
- Review the reconciliation tables in the press release to understand the adjustments made to GAAP measures.
- Confirm the Company's liquidity position and debt levels as detailed in the full financial statements referenced in the press release.
- Note that the registrant name in the metadata request ("BATTALION OIL CORP") differs from the actual filer ("HALCÓN RESOURCES CORPORATION").