Slide 1: BKV Corporation Investor Presentation May 2026
BKV Corporation Investor Presentation May 2026
Slide 2: Important Notice and Disclaimer
BKV Corporation Important Notice and Disclaimer Forward-Looking Statements. This presentation includes Bedrock acquisition, as well as our business strategy; our results to differ from those in such forward-looking statements, “forward-looking statements” within the meaning of the Private reserves;
Slide 3: BKV's Closed Loop Strategy Expected to Enable Potential for Enhanced Margins
BKV Corporation BKV’s Closed Loop Strategy Expected to Enable Potential for Enhanced Margins Capturing Full Gas Value Chain: Molecules Megawatts Carbon Capture Higher $/Mcfe • Largest natural gas producer in the Barnett with 10.7% 1-year decline rate1 • 1,500 MW of low heat rate Power assets2 in the
Slide 4: BKV Delivers Value Beyond the Sum of Its Parts
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts l Natural Gas Upstream 1Q 2026 Avg. Net December ’25 NYMEX 1P As of March 2026 BKV Assets Production MMcfe/d1 Reserves Tcfe2 Net Acres Offer Unique, Integrated Platform with Significant Growth Potential Total 925 ~6.0 ~561K l Operated Mi
Slide 5: Macro Tailwinds Driving Value Across Upstream, Power & CCUS
BKV Corporation Macro Tailwinds Driving Value Across Upstream, Power & CCUS Power Demand is Accelerating Demand Growth: Power1, Gas2, CCUS3 • AI & data center demand driving step- Illustrative CAGR Growth (2024 – 2030+) change in load growth > 25% 25 • Data center power use expected to double (’26 -
Slide 6: Power Growth: A key Driver of BKV's Closed-Loop Value Chain
BKV Corporation Power Growth: A key Driver of BKV’s Closed - Loop Value Chain From Temple to multi- site, PPA - backed power growth1 Designed to expand across multiple sites and partners Modular (potential) Enhance Utilization Scale Capacity Platform Expansion 200MW; Temple+ Potential TI & TII PUN T
Slide 7: Turning Natural Gas into a Premium, Low-Carbon Product
BKV Corporation Turning Natural Gas into a Premium, Low - Carbon Product 1 CCUS enables differentiated value through permanent carbon sequestration Natural Gas Production Carbon Capture at Plant Produced from upstream Concentrated CO2 waste assets, transported via stream from amine towers midstream
Slide 8: BKV is Positioned to Capture Structural Energy Demand Growth
BKV Corporation BKV is Positioned to Capture Structural Energy Demand Growth A differentiated platform built to deliver durable, long - term value Proven Track Record of Execution – “Said/Did” Culture Consistently delivered on operational, financial, and strategic commitments since IPO1 Real Assets,
Slide 9: Financial Highlights & 2Q and FY 2026 Guidance
BKV Corporation Financial Highlights & 2Q and FY 2026 Guidance 1Q 2026 Stakeholder tour at Barnett Zero 9 Wise County, Texas
Slide 10: First Quarter Business Highlights
BKV Corporation First Quarter Business Highlights Category 1Q26 1Q26 Guidance Corporate ($ in Millions, except where noted) • Net leverage2 2.02x as of 3/31/26 Corporate Adjusted EBITDAX attributable to BKV 1 $112.0 Natural Gas Development Total Accrued CAPEX $118.6 $85 - 140 • Production at high-en
Slide 11: 2Q26 and FY26 Guidance
2Q26 and FY26 Guidance Accrued Capital Expenditures Q2 2026 2026 and Net Production ($MM) Low High Low High Guidance Considerations Development $35 $55 $200 $280 • Capital: Power - Strategic Capital & Investments + Maintenance $100 $120 $280 $340 • Increase in Strategic Power spend CCUS and Other $2
Slide 12: Capital Allocation: Disciplined Organic Investment + Strategic Optionality
Capital Allocation: Disciplined Organic Investment + Strategic Optionality Base ’26 spend similar to ’25 actuals; incremental spend is strategic ’26 Total Capital ’26 Total Sources3 Strategic Power CAPEX1: ’26 Strategic CAPEX1 CAPEX STRATEGIC • Aligned with commercial progress $280MM - $340MM $570MM
Slide 13: Power JV: Summarized Model
BKV Corporation Power JV: Summarized Model 1 Illustrative Annual Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor3 55 - 60% B Total Generation (TWh) 7.23 – 7.89 AxB=C Spark Spread4 ($/MWh) $22 - $30 D Revenue less fuel expense ($ MM) $159 - $237 CxD=E Fixed & Non-Fu
Slide 14: Business Units Overview: Upstream & Midstream
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 14 Denton County, Texas
Slide 15: BKV is the Largest Producer in the Barnett with Potential to Expand
BKV Corporation BKV is the Largest Producer in the Barnett with Potential to Expand 1 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly Contiguous Position, Opportunities for Growth ~1.1 Bcf/d of 1,121 production from BKV Acreage other smaller Peer 1 operators in play Peer 2 Peer 3 P
Slide 16: BKV Reinventing The Barnett, Driving Exceptional Returns
BKV Corporation BKV Reinventing The Barnett, Driving Exceptional Returns Advanced Completions Drive Material Uplift Barnett D&C Cost Efficiency 2025 Advanced Completions Performance Cumulative Production vs Time $/lateral ft Advanced Completions Applicable to 30- 40% of Future Inventory Based on acc
Slide 17: BKV Continues to Perform on Key Metrics
BKV Corporation BKV Continues to Perform on Key Metrics BKV’s Leading Growth Efficiency: Organic and Inorganic1 BKV vs Peers 1-Yr Base Decline Rate (%)3 (YOY Production Growth % - YOY D&C CAPEX Growth %) BKV Peers BKV Peers 14% 7% 1% BKV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 -6% -18% 11%
Slide 18: BKV's Inventory Strength: 500+ locations, 15+ Years
BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years 1 Inventory Summary: NEPA + Barnett • 315 locations <$3.00/MMbtu 15+ years of inventory breakeven (BE); location life with low-cost weighted average BE of refracs and new drills ~$2.68/MMBtu2 • Average BE price trending downward fro
Slide 19: Barnett: The Core of Our Capital Efficient Inventory
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory 1 Barnett Upper and Lower Inventory – Barnett – Long Laterals and Excellent F&D Large, Contiguous Acreage3 New Drill Refracs Avg. Royalty 19% 20% Average Lateral Length2 ~9,200’ - Average Cost3 $533 / lateral ft $448,000 / job Aver
Slide 20: BKV's Position Presents Multiple Market Opportunities
BKV Corporation BKV’s Position Presents Multiple Market Opportunities Increasing Control of Gas Marketing • Increasing control over our gas marketing and trading business provides increased optionality and potential for additional price capture Barnett Well Positioned for LNG • U.S. Gulf Coast LNG e
Slide 21: NYMEX Reserves Overview
BKV Corporation NYMEX Reserves Overview 12/31/25 NYMEX Proved Reserves Gas Oil NGLs Total PV-10 % Gas (Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM) PDP 2,973 2 163 3,961 75% 2,354 PDNP 184 0 20 308 60% 128 2,091 PUD 1,244 2 75 1,705 73% 600 Total Proved 4,401 4 258 5,974 74% 3,082 PDP Operated Decline
Slide 22: Business Units Overview: Power
BKV Corporation Business Units Overview Power Temple Power Plants 22 Bell County, Texas
Slide 23: Strategic JV with Significant Growth Potential in ERCOT
BKV Corporation Strategic JV 1 with Significant Growth Potential in ERCOT Temple I and II offer speed to first power with the ability to secure existing generation capacity, providing near - term power solutions as a bridge to longer - term growth Speed to power leveraging existing generation assets
Slide 24: U.S. Power Demand is Accelerating – Texas Emerges as the Primary Growth Market
BKV Corporation U.S. Power Demand is Accelerating – Texas Emerges as the Primary Growth Market 1 U.S. Power Demand is Entering a U.S. Data Center Capacity By Market (GW) Step - Change 1 2025 year-end leased data center + hyper-scaler owned capacity Demand is concentrated in a few regions. Texas is s
Slide 25: Private Use Network 1: Power Today, Speed to Power Tomorrow
Private Use Network 1: Power Today, Speed to Power Tomorrow — A Scalable Model for AI Data Center Growth Private Use Network1 Point of Data Center TI-TIII switchyard Interconnect Oncor Substation PUN Switchyard ERCOT transmission system Modular Potential Temple III Temple II Temple I Potential Dedic
Slide 26: ERCOT Data Center Growth Is Concentrated Where BKV Operates
BKV Corporation ERCOT Data Center Growth Is Concentrated Where BKV Operates Data center - driven load growth and time - to- power constraints create a premium for existing power ERCOT New Large Load Center1 (MW) ERCOT New Large Load Center 1(MW) 10,036 9,044 7,000 1,036 716 791 500 171 2023 2024 202
Slide 27: TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth
BKV Corporation TI & TII: Track - Record of Operational Consistency Supports Potential for Future Growth Actuals: 2023 - 2025 Additional Generation/CF Available to Market 1 7.2 7.4 7.6 Potential TWh available to Market1 Total Generation 11.8 (TWh) 2023 2024 2025 7.4 4.4 59% 57% ’23-’25 Avg. Potentia
Slide 28: One-Stop-Shop: BKV Brings Gas, Power & Carbon Capture Expertise
BKV Corporation One- Stop - Shop: BKV Brings Gas, Power & Carbon Capture Expertise to Future Power Customers BKV can provide multi - pronged solutions for low - carbon power in Texas Natural Gas Power Carbon Data Center Supply Generation Capture Customers • ~ 1 Bcf/d of • 1.5 GW of uncontracted, • M
Slide 29: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 29 Wise County, Texas
Slide 30: CCUS Platform Advancing with Visible Commercial and Operational Progress
BKV Corporation CCUS Platform Advancing with Visible Commercial and Operational Progress Operating Projects • Barnett Zero online 11/23; ~ 350 kt CO2 since start-up • Cotton Cove initial injection April; target annual injection rate of 32 ktpa Injection underway and delivering results • Eagle Ford o
Slide 31: Path to 1.5 Mtpa Injection Rate by 2028
BKV Corporation Path to 1.5 Mtpa Injection Rate by 2028 1 2029+ Pipeline of 17 Mtpa Project Funnel to Target 1.5 Mtpa by 2028 2029+ Project Funnel ~1.5 Mtpa ~11 Mtpa ~6 Mtpa ~0.2 Mtpa ~1 Mtpa Operational Announced - In Unannounced - In 2028 Run Rate Potential Other Potential High Development Develop
Slide 32: Operational Performance and CCS Project Execution Highlights
BKV Corporation Operational Performance and CCS Project Execution Highlights Barnett Zero Cotton Cove Eagle Ford Operating since Nov. 2023 Commenced Injection April ‘26 Initial injection before 6/30/26 • BKV’s inaugural CCS project • BKV’s 2nd operational project • NGP project with a large midstream
Slide 33: Advancing the High West CCS Project – Class VI, Louisiana
BKV Corporation Advancing the High West CCS Project 1 – Class VI, Louisiana Strategically positioned near St. Charles, capturing access to ~ 30 Mtpa of CO 2 emissions within a 30 - mile radius 2023 2024 2025 2026 2027 2028+ Lease agreement Class VI Permit Class VI Permit Applications Estimated FID E
Slide 34: Appendix
BKV Corporation 34 Appendix
Slide 35: Consistent and Methodical Hedging Philosophy
BKV Corporation Consistent and Methodical Hedging Philosophy BKV’s Hedging Philosophy • Methodically execute a financial hedge program at targeted prices to manage price volatility • Consistently hedge 50%+ of forecasted volumes on a rolling quarterly basis for 24 to 48-months • Financial contracts
Slide 36: SEC Reserves Overview
BKV Corporation SEC Reserves Overview 12/31/25 SEC Proved Reserves YE24 to YE25 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) ($MM) PD 3098 1.8 183 4,207 74% 2,263 PUD 1,248 2.1 76 1714 73% 525 2,091 Total Proved 4,346 3.9 259 5,921 73% 2,788 Reserves PDP Operat
Slide 37: Barnett Zero: Economic Proof of Concept
Barnett Zero: Economic Proof of Concept BKV’s CCUS business aims to develop CCUS projects1 where project-level cash contribution, defined as project-level revenue, taking into account Section 45Q tax incentives, less operating expense, inclusive of allocated project G&A and excluding corporate overh
Slide 38: Reductions in Ambient CO2 Quantified by Monitoring at Barnett Zero
BKV Corporation Reductions in Ambient CO 2 Quantified by Monitoring at Barnett Zero Pre-Start-up October 2023 Post-Start-up May 2024 Lines depict the drone monitoring path + + Bridgeport Gas Plant + Sequestration Site 38
Slide 39: Adjusted Net Income (Loss) and Adjusted EPS Reconciliation
Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended March 31, (in thousands, except EPS) 2026 2025 Net income (loss) attributable to BKV $44,075 $(81,979) Adjustment to net income (loss) attributable to BKV: Net unrealized derivative (gains) losses (13,856) 147,035 Forward
Slide 40: Adjusted EBITDAX Reconciliation
BKV Corporation Adjusted EBITDAX Reconciliation Three Months Ended March 31, (in thousands) 2026 2025 Income (loss) from operations $86,026 $(100,097) Add back (subtract): Depreciation, depletion, amortization and accretion 54,165 49,711 Net unrealized derivative (gains) losses (13,856) 147,035 Forw
Slide 41: Adjusted EBITDAX (Segments) Reconciliation
BKV Corporation Adjusted EBITDAX (Segments) Reconciliation Three Months Ended March 31, 2026 (in thousands) Upstream/Midstream Power Corp. & Other Total Income (loss) from operations $64,857 $33,486 $(12,317) $86,026 Add back (subtract): Depreciation, depletion, amortization and accretion 41,915 11,
Slide 42: Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation Three Months Ended March 31, (in thousands) 2026 2025 Net income (loss) attributable to Noncontrolling Interests $7,769 $ (4,792) Add back (subtract): Interest expense, net 3,385 3,868 Depreciation and amortizat
Slide 43: Adjusted Free Cash Flow before Power Growth Reconciliation
BKV Corporation Adjusted Free Cash Flow before Power Growth & Adjusted Free Cash Flow Attributable to BKV before Power Growth Reconciliation Three Months Ended March 31, (in thousands) 2026 2025 Net cash provided by operating activities $71,989 $ 16,453 Cash paid for contingent consideration — (20,0
Slide 44: Non-GAAP & Other Definitions
BKV Corporation Non- GAAP & Other Definitions This Presentation includes the following financial measures that are not vary substantially from company to company within our industry Other Definitions: calculated in accordance with GAAP: (i) Adjusted EBITDAX, (ii) Combined depending upon accounting m