Bkv Corporation · NYSE:BKV
Bkv — Q2 2026 Earnings Presentation
45 slides from Bkv's earnings presentation, Aug 6, 2026
Slide 1: BKV Corporation Investor Presentation
BKV Corporation Investor Presentation August 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Forward-Looking Statements. This presentation includes to the Company’s acquisitions, including the BKV-BPP Power and intentions, including with respect to projected capital “forward-looking statements” within the meaning of the Private transaction and the Bedrock acq
Slide 3: BKV's Closed Loop Strategy Expected to Enable Potential for Enhanced Margins
BKV’s Closed Loop Strategy Expected to Enable BKV Corporation Potential for Enhanced Margins Capturing Full Gas Value Chain: Molecules Megawatts Carbon Capture Higher $/Mcfe • Largest Barnett Producer: 10.7% 1-year decline rate1 & ~6 Tcfe1 of reserves • 1.5 GW of operating CCGT assets2 in Texas with
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 2Q 2026 Avg. Net December ’25 NYMEX 1P As of June 2026 BKV Assets Production MMcfe/d1 Reserves Tcfe2 Net Acres Offer Unique, Integrated Platform with Significant Growth Potential Total 978 ~6.0 ~560K l Operated Mid
Slide 5: BKV is Positioned in High-Growth Energy Markets
BKV Corporation BKV is Positioned in High - Growth Energy Markets NATURAL GAS DEMAND ERCOT POWER DEMAND LOW-CARBON SOLUTIONS GROWTH GROWTH GROWTH +25% 21x+ >25% Total U.S. natural gas Potential large-load CCUS market CAGR demand from ~ 110 Bcf/d in growth from ~11 GW to through 20303 2024 to ~138 Bc
Slide 6: BKV Power Platform: A Phased Approach to Multi-GW Scale
BKV Corporation BKV Power Platform: A Phased Approach to Multi - GW Scale 1.5 GW existing capacity + 200 MW modular on order + 1.2 GW CCGT reserved = Potential ~3 GW 1 Potential Generation Growth 1 2.9 GW 2.3 GW 0.6 0.6 0.6 1.7 GW 1.7 GW 1.5 GW 0.2 0.2 0.2 0.2 ~0.75 ~0.75 ~0.75 1.5 1.5 ~0.75 ~0.75 ~
Slide 7: Power Strategy Advancing Across Contracting and Development
Power Strategy Advancing Across Contracting and Development BKV Corporation Prospective projects in Temple and Jack County anchor a phased power growth pipeline of up to ~3 GW of total capacity 1 Temple: Jack County: 1 2 Advancing PPA Process 1 2nd Energy Complex 1 Focused engagement with a select S
Slide 8: A "One-Stop-Shop" Across the Energy Value Chain
A “One- Stop - Shop” Across the Energy Value Chain BKV Corporation Complementary capabilities create a differentiated advantage Why It Matters One Commercial Relationship Customers can source multiple energy Natural Gas solutions through a single commercial relationship. Commercial Flexibility Tailo
Slide 9: Financial Highlights & 3Q and FY 2026 Guidance
BKV Corporation Financial Highlights & 3Q and FY 2026 Guidance 9
Slide 10: Second Quarter Business Highlights
BKV Corporation Second Quarter Business Highlights Corporate Category 2Q26 2Q26 Guidance ($ in Millions, except where noted) • Net leverage1 1.78x as of 6/30/26 Corporate Natural Gas Development Adjusted EBITDAX attributable to BKV 1 $142.0 Total Accrued CAPEX including deposits2 $197.9 $155 - 215 •
Slide 11: 3Q26 and FY26 Guidance
BKV Corporation 3Q26 and FY26 Guidance Accrued Capital Expenditures Q3 2026 2026 Guidance Considerations and Net Production ($MM) Low High Low High • Capital: Development $55 $75 $200 $280 • Increase in Power CAPEX primarily reflects Power - Strategic Capital & Investments + Maintenance $125 $175 $4
Slide 12: Capital Allocation: Disciplined Organic Investment + Strategic Optionality
Capital Allocation: BKV Corporation Disciplined Organic Investment + Strategic Optionality ’26 Total Base ’26 spend similar to ’25 actuals; incremental spend is strategic Capital ’26 Total Sources3 Strategic Power CAPEX (including deposits)1: ’26 Strategic CAPEX1 CAPEX STRATEGIC • Aligned with comme
Slide 13: Power JV: Summarized Model
BKV Corporation Power JV: Summarized Model 1 Illustrative Annual Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor3 55 - 60% B Total Generation (TWh) 7.23 – 7.89 AxB=C Spark Spread4 ($/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 is the Largest Producer in the Barnett with Potential BKV Corporation to Expand 1 Top Barnett Producers Gross Operated Production Highly Contiguous Position, Opportunities for Growth (MMcfe/d)1 ~1.1 Bcf/d of BKV Acreage 1,101 production from 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 DC&F Cost Efficiency3 2025-2026 Advanced Completions Performance $/lateral ft Cumulative Production vs Time Advanced Completions applicable to 30-40% of future inventory Greate
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 • 300 locations <$3.00/MMBtu 15+ years of inventory breakeven (BE); location weighted life with low-cost average BE of ~$2.67/MMBtu2 refracs and new drills • Average BE price trending downward fro
Slide 19: Barnett: The Core of Our Capital Efficient Inventory
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory 1 Barnett Upper and Lower Inventory – Barnett – Long Laterals and Excellent F&D Large, Contiguous Acreage3 BKV Acreage New Drill Refracs Lower Barnett Drilling Inventory Upper Barnett Drilling Inventory (Tier I) Upper Barnett Drill
Slide 20: BKV's Position Presents Multiple Market Opportunities
BKV Corporation BKV’s Position Presents Multiple Market Opportunities Full Control of Gas Marketing • Assumed full control of gas marketing in 2Q, expanding commercial flexibility and potential price capture Barnett Well Positioned for LNG • U.S. Gulf Coast LNG expected to exceed 20 Bcf/d by 2028, r
Slide 21: NYMEX Reserves Overview
BKV Corporation NYMEX Reserves Overview 12/31/25 NYMEX Proved Reserves Gas Oil NGLs Total PV-10 % Gas (Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM) PDP 2,973 2 163 3,961 75% 2,354 PDNP 184 0 20 308 60% 128 PUD 1,244 2 75 1,705 2,091 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 22
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
U.S. Power Demand is Accelerating – BKV Corporation 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: Temple Complex: 1.5 GW of Existing Capacity Positioned for Growth
Temple Complex: 1.5 GW of Existing BKV Corporation Capacity Positioned for Growth Existing generation & infrastructure, transmission access, and ~1.1Kacres of site control Private Use Network1 Point of Interconnect Potential Potential Customer PUN Switchyard TI-TII Switchyard Oncor Substation Potent
Slide 26: Building a Multi-Site Texas Power Platform
Building a Multi- Site Texas Power Platform 1 BKV Corporation 6,200 - acre development campus supporting long - term power growth Strategic Location • 6.2K acres in Jack County • ~30 miles from BKV’s Barnett assets • 345-kV transmission on-site Development Advantages • Flexible configuration for pha
Slide 27: 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 DALLAS 7,000 1,036 716 791 500 171 2023 2
Slide 28: TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth
TI & TII: Track - Record of Operational Consistency Supports BKV Corporation 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 29: One-Stop-Shop: BKV Aims to Bring Gas, Power & Carbon Capture Expertise to Future Power Customers
One- Stop - Shop: BKV Aims to Bring Gas, Power & Carbon BKV Corporation Capture Expertise to Future Power Customers BKV aims to provide multi - pronged solutions for low - carbon power in Texas Natural Gas Power Carbon Potential Supply Generation Capture Customers • ~ 1 Bcf/d of • 1.5 GW of uncontra
Slide 30: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS 30
Slide 31: From Proof of Concept to Commercial Scale
From Proof of Concept to Commercial Scale BKV Corporation Three Operational Projects Demonstrate Repeatable CCUS Platform Barnett Zero 1 Cotton Cove 2 Eagle Ford 1 PROOF OF CONCEPT REPLICATION THIRD-PARTY COMMERCIALIZATION • Operating since 2023 • Operating since April 2026 • Operating since June 20
Slide 32: Path to 1.5 Mtpa Injection Rate in 2028
Path to 1.5 Mtpa Injection Rate in 2028 1 BKV Corporation 2029+ Pipeline of ~17 Mtpa Project Funnel to Target 1.5 Mtpa in 2028 2029+ Project Funnel ~1.5 Mtpa ~11 Mtpa ~6 Mtpa ~0.3 Mtpa ~1 Mtpa Operational Announced - In Unannounced - In 2028 Run Rate Potential Other Potential High Development Develo
Slide 33: Turning Natural Gas into a Premium, Low-Carbon Product
Turning Natural Gas into a Premium, Low - Carbon Product 1 BKV Corporation CCUS enables differentiated value through permanent carbon sequestration Natural Gas Production Carbon Capture at Plant Produced from upstream assets, Concentrated CO2 waste stream transported via midstream pipe from amine to
Slide 34: Advancing the High West CCS Project – Class VI, Louisiana
Advancing the High West CCS Project1 – Class VI, Louisiana BKV Corporation 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 Est
Slide 35: Appendix
BKV Corporation 35 Appendix
Slide 36: 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 37: 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 1,714 73% 525 2,091 Total Proved 4,346 3.9 259 5,921 73% 2,788 Reserves PDP Opera
Slide 38: Barnett Zero: Economic Proof of Concept
BKV Corporation Barnett Zero: Economic Proof of Concept BKV’s CCUS business aims to develop CCUS projects 1 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 excl
Slide 39: Adjusted Net Income (Loss) and Adjusted EPS Reconciliation
BKV Corporation Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands, except EPS) 2026 2025 2026 2025 Net income attributable to BKV $75,806 $107,768 $119,881 $25,789 Adjustment to net income attributable to BKV: Net unrealize
Slide 40: Adjusted EBITDAX Reconciliation
BKV Corporation Adjusted EBITDAX Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income $77,330 $112,475 $129,174 $25,704 Add back (subtract): Depreciation, depletion, amortization 54,088 47,674 108,253 97,385 and accretion Exploration and
Slide 41: Adjusted EBITDAX (Segments) Reconciliation
BKV Corporation Adjusted EBITDAX (Segments) Reconciliation Three Months Ended June 30, 2026 Corporate and (in thousands) Upstream/Midstream Power Total Other Net income (loss) $116,762 $(6,802) $(32,630) $77,330 Add back (subtract): Depreciation, depletion, amortization 44,032 9,552 504 54,088 and a
Slide 42: Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation
Adjusted EBITDAX Attributable to Noncontrolling Interests BKV Corporation Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income (loss) attributable to $1,524 $ 4,707 $9,293 $(85) noncontrolling interests Add back (subtract): Interest expen
Slide 43: Adjusted Free Cash Flow before Power Growth Reconciliation
Adjusted Free Cash Flow before Power Growth & Adjusted Free BKV Corporation Cash Flow before Power Growth Attributable to BKV Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net cash provided by operating activities $109,742 $ 89,295 $181,731 $
Slide 44: Net Leverage Ratio Reconciliation
BKV Corporation Net Leverage Ratio Reconciliation As of June 30, (in thousands, except Net Leverage Ratio) 2026 Total debt $1,249,841 Less: Cash and cash equivalents $168,259 Net debt $1,081,582 Divided by annualized Adjusted EBITDAX1 $608,276 Net Leverage Ratio 1.78x 1 Adjusted EBITDAX for the thre
Slide 45: Non-GAAP & Other Definitions
Non- GAAP & Other Definitions • This Presentation includes the following financial measures that are not attributable to BKV and Adjusted EPS attributable to BKV are useful indicators of liquidity because they facilitate period-over-period calculated in accordance with GAAP: (i) Adjusted EBITDAX, (i