BKV Corp

BKV Corp is a U.S.-based energy company built around natural gas production, natural gas midstream infrastructure, power generation, and carbon capture, utilization and sequestration (CCUS). Its operating model is intentionally integrated: gas produced from upstream assets can be gathered through its own midstream systems, used in its power business, and linked to CCUS projects that support a lower-carbon positioning. The company also owns a 50% interest in the BKV-BPP Power joint venture, which operates the Temple combined-cycle plants in Texas and sells electricity into ERCOT. In addition, BKV has expanded into retail power through BKV Energy, serving Texas customers in deregulated markets. The result is a diversified but still energy-focused platform that monetizes natural gas across multiple parts of the value chain.

56,0 %

20,0 %

+47,8 %

1.78

1.75

— BKV Corp
%
Upstream natural gas production80% Exploration and production of natural gas, NGLs, and oil from owned assets, primarily monetized through third-party marketing.
Midstream services1% Gathering and transportation infrastructure that moves produced gas to market and supports the closed-loop operating model.
Power generation15% Ownership interest in combined-cycle gas plants that sell electricity into the ERCOT market in Texas.
Retail electricity2% Retail power sales to commercial, industrial, and residential customers in Texas through BKV Energy.
CCUS and carbon management2% Carbon capture and sequestration projects and related joint ventures that support low-carbon natural gas and power strategy.

BKV’s upstream business sells natural gas, NGLs, and oil through an unaffiliated third-party marketer to creditworthy...

  • Wholesale natural gas and hydrocarbon buyersprimary

    Utilities, LNG producers, industrial users, and large energy companies buy BKV's marketed production because it is a flexible commodity supply source with access to broader market channels.

  • ERCOT power marketprimary

    The Temple plants sell electricity into ERCOT, where buyers value dispatchable combined-cycle generation during peak demand and system reliability periods.

  • Texas retail electricity customerssecondary

    Commercial, industrial, and residential customers buy fixed-price retail electricity from BKV Energy for price certainty and service in deregulated Texas markets.

  • CCUS counterparties and project partnersemerging

    Joint venture partners and carbon-credit counterparties support project development, capital funding, and monetization of sequestration activity.

BKV is headquartered in the United States and its operating footprint is concentrated in U.S...

  • •United States is the core operating and reporting geography
  • •Barnett Shale and other U.S. upstream assets support gas production
  • •Temple, Texas is the center of the power generation business
  • •ERCOT North Zone exposure ties results to Texas grid conditions
  • •BKV Energy serves deregulated portions of Texas retail markets
  • •CCUS projects are being developed across the United States

BKV’s strategy is to create value through an integrated natural gas platform that links upstream production, midstream...

01
Expand control of the power joint ventureshort-term

Greater ownership and consolidation improve strategic control, financial visibility, and the ability to integrate power with upstream gas supply.

02
Scale CCUS projectsmedium-term

CCUS supports the company's low-carbon narrative and can create additional monetization opportunities through sequestration and tax credits.

03
Grow the closed-loop energy platformmedium-term

Integrating production, transport, power, and carbon management can improve margins, reduce third-party dependence, and enhance commercial optionality.

BKV is exposed to commodity price volatility because its upstream cash flow depends on realized natural gas, NGL, and...

high

Commodity price volatility

Upstream revenues and operating cash flow depend heavily on realized natural gas, NGL, and oil prices, which are inherently volatile.

Scope
Upstream production and marketing
Materiality
high
high

Power market and basis risk

BKV-BPP Power uses financial hedges and HRCOs, but physical delivery and hub pricing can diverge, creating basis losses.

Scope
Power generation and hedging
Materiality
high
medium

Retail electricity regulation

BKV Energy operates under ERCOT and PUCT oversight, and new charges or rule changes may not be pass-through recoverable.

Scope
Retail power business in Texas
Materiality
high
medium

Joint venture control and partner alignment

Shared ownership can constrain decisions on capital deployment, distributions, and strategic actions.

Scope
BKV-BPP Power, BKV-BPP Cotton Cove, BKV-CIP JV
Materiality
medium
medium

Cybersecurity and IT disruption

Energy operations depend on interconnected systems and third-party hosting, increasing the impact of a breach or outage.

Scope
Corporate and operational systems
Materiality
medium
Derivative and hedge accounting
Can create non-cash volatility in reported results
Variable interest entity consolidation
Affects balance sheet size and segment presentation
Oil and gas reserve estimates
Can drive impairment risk and depletion expense
CCUS project capitalization and timing
Affects capitalized assets and future earnings recognition
Commitments and contingencies
Can constrain financial flexibility

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: 11/08/2026