Bkv Corporation · NYSE:BKV
Bkv — Q4 2025 Earnings Presentation
43 slides from Bkv's earnings presentation, Feb 25, 2026
Slide 1: BKV Corporation Investor Presentation
BKV Corporation Investor Presentation February 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 4Q 2025 Avg. Net December ’25 NYMEX 1P As of Dec. 2025 BKV Assets Production MMcfe/d1 Reserves Tcfe2 Net Acres Offer Unique, Integrated Platform with Significant Growth Potential Total 940 ~6.0 ~563K l Operated Mid
Slide 5: Macro Tailwinds Driving Value Across Upstream, Power & CCUS
BKV Corporation Macro Tailwinds Driving Value Across Upstream, Power & CCUS 1 2 3 4 5 AI Data Center Demand Infrastructure Gas + LNG + CCUS Differentiated Supercycle is Real Gap Platform Global data center Amazon, Meta, 2.3+ TW of Data centers projected Upstream-power-CCUS power demand Microsoft, Or
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 Operate: Optimize TI & TII to enhance cash flow and capacity utilization Advisor engaged, evaluating PPA1 bids from potential offtakers Active negotiations underway with multiple counterparties Acquire: Pursue selective M&A
Slide 7: Power JV Transaction: Increasing ownership in a Scarce ERCOT Market
BKV Corporation Power JV Transaction: Increasing ownership in a Scarce ERCOT Market Strengthens Power Attractive Relative Market Tailwinds & Growth Platform Value Scarcity Premium • Closed Power JV transaction 1/30/26 • ~$1,000/kW purchase vs $1,5001 - • Limited new CCGT build amid $2,000/kW2 new bu
Slide 8: Financial Highlights & 2026 Guidance
BKV Corporation Financial Highlights & 2026 Guidance 4Q 2025 Stakeholder tour at Barnett Zero 8 Wise County, Texas
Slide 9: 2025: Delivering on Strategic Commitments
BKV Corporation 2025: Delivering on Strategic Commitments1 Secured CCUS JV partner: CIP agreed to fund up to $500MM; 49% share Closed Bedrock Acq.: +~1 Tcfe of reserves and >100 MMcfe/d of production Increased Power JV stake to 75%2 establishing control & transparency Strong Balance Sheet: $500MM bo
Slide 10: Fourth Quarter Business Highlights
BKV Corporation Fourth Quarter Business Highlights Category 4Q25 4Q25 Guidance Company ($ in Millions, except where noted) Corporate • Net leverage2 0.92x as of 12/31/25 Combined Adjusted EBITDAX Attributable to BKV1 $109.3 Total Accrued CAPEX $102.1 $90 - 130 Natural Gas Development Adjusted Free C
Slide 11: 1Q26 and FY26 Guidance
1Q26 and FY26 Guidance Accrued Capital Expenditures Q1 2026 2026 and Net Production ($MM) Low High Low High Development $70 $100 $200 $280 Guidance Considerations Power - Strategic + Maintenance - $10 $120 $160 • Capital: CCUS and Other $15 $30 $90 $120 • Strategic Power spend follows Total Capital
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 Opportunistic ’26 Total Opportunistic Strategic Power CAPEX1: CAPEX1 CAPEX STRATEGIC • Aligned with commercial progress $120MM - $160MM $410MM - $560MM
Slide 13: Power JV: Summarized Model
BKV Corporation Power JV: Summarized Model1 Illustrative Annual Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor3 55 - 60% B Total Generation (TWh) 7.23 – 7.89 AxB=C Spark Spread4 ($/MWh) $22 - $30 D Revenue less fuel expense ($ MM) $159 - $237 CxD=E Fixed & Non-Fue
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 Expand1 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly Contiguous Position, Opportunities for Growth ~1.1 Bcf/d of 1,118 production from BKV Acreage other smaller Peer 1 operators in play Peer 2 Peer 3 Pe
Slide 16: Upstream Execution Driving Great Returns Through The Cycle
BKV Corporation Upstream Execution Driving Great Returns Through The Cycle BKV 2025 New Well Performance Barnett D&C Cost Efficiency3 Cumulative Production vs Time Positive Offset Wells (“POW”) Drives Additional Uplift -14% $/lateral ft ~22% Outperformance Through First $632 150 Days of Production i
Slide 17: BKV Continues to Perform on Key Metrics
BKV Corporation BKV Continues to Perform on Key Metrics BKV vs Peers Indexed LOE Trend1 BKV vs Peers 1-Yr Base Decline Rate (%)3 BKV Peer Set BKV Peer Set +32% BKV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 1.4 1.2 -3% -11.3 -20.2 1.0 -22.4 -22.8 -27.7 -29.1 0.0 -37.2 -38.1 Q123 Q124 Q322 Q125
Slide 18: BKV's Inventory Strength: 500+ locations, 15+ Years
BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years1 Inventory Summary: NEPA + Barnett • 323 locations <$3.00/MMbtu 15+ years of inventory breakeven (BE); location life with low-cost weighted average BE of refracs and new drills ~$2.66/MMBtu2 • Average BE price trending downward from
Slide 19: Barnett: The Core of Our Capital Efficient Inventory
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory1 Barnett Upper and Lower Inventory – Barnett – Long Laterals and Excellent F&D Large, Contiguous Acreage3 New Drill D&C Refracs Avg. Royalty 19% 20% Average Lateral Length3 ~9,200’ - Average Cost4 $545 / lateral ft $448,000 / job Av
Slide 20: BKV's Position Presents Multiple Market Opportunities
BKV Corporation BKV’s Position Presents Multiple Market Opportunities Barnett Well Positioned for LNG • U.S. Gulf Coast LNG expected to exceed 20 Bcf/d by 2028, representing >2.0x compared to 2020 levels1 • Favorable Barnett gas composition - low nitrogen content vs other basins Attractive DFW & ERC
Slide 21: NYMEX Reserves Overview
BKV Corporation NYMEX Reserves Overview 12/31/25 NYMEX Proved Reserves Gas Oil NGLs Total PV-10 % Gas (Bcf) (MMBbls) (MMBbls) (Bcfe) ($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 JV1 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 Elimi
Slide 24: CCUS + CCGT: A Competitive Edge in Supplying Low-Carbon Power
BKV CORPORATION CCUS + CCGT: A Competitive Edge in Supplying Low-Carbon Power1 Natural Gas Power Plant Data Center • AI demand is exploding, • ~7 Bcf/d of gas demand expected to rise 5x by 2035 to associated with power Electricity 186 GW (from 37 GW today)2 demand growth2 CO2 • Google announced a de
Slide 25: Temple, TX: Emerging Hub for Data Center and Industrial Growth
BKV Corporation Temple, TX: Emerging Hub for Data Center and Industrial Growth Data Centers1 • Meta, Oppidan & Rowan driving > 1 GW of new data center load • Meta has announced matching of renewables to electricity use Fiber Connectivity2 • Multiple providers, low latency, significant number of inte
Slide 26: TI & TII: Track-Record of Operational Consistency
BKV Corporation TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth Actuals: 2023 - 2025 Additional Generation/CF Available to Market1 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. Potential M
Slide 27: Well-Positioned Power Platform to Capture AI-Driven Growth
BKV Corporation Well-Positioned Power Platform to Capture AI-Driven Growth 75% stake1 in 1.5 GW of dispatchable CCGT capacity – uncontracted, ready to support new load Commercial flexibility to structure PPAs – fixed, indexed, or hybrid Reliable gas supply with ability to potentially supply our own
Slide 28: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 28 Wise County, Texas
Slide 29: Creating a Winning Build, Own, Operate CCS Portfolio
BKV Corporation Creating a Winning Build, Own, Operate CCS Portfolio Execute quick win, economic Class II projects while developing larger Class VI projects to unlock massive growth Natural Gas Processing (NGP) (including LNG) Portfolio 1. Existing seismic & reservoir understanding 2. Near term reve
Slide 30: Operational Performance and CCS Project Execution Highlights
BKV Corporation Operational Performance and CCS Project Execution Highlights Barnett Zero FID’d CCUS Development Projects Progressing Comstock Projects • BKV’s inaugural CCS project; which began • Eagle Ford: On track for 1Q 2026 start-up. Well • Executed definitive documents with injection operatio
Slide 31: Advancing the High West CCS Project – Class VI, Louisiana
BKV Corporation Advancing the High West CCS Project – Class VI, Louisiana Strategically positioned near St. Charles, capturing access to ~ 30 MM tons per year of CO2 emissions within a 30-mile radius 2023 2024 2025 2026 2027 2028+ Lease agreement Class VI Permit Class VI Permit Applications Estimate
Slide 32: Appendix
BKV Corporation 32 Appendix
Slide 33: 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 34: 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 35: BKV's Planned Path to Net Zero (Scope 1, 2, & 3): Barnett and NEPA
BKV Corporation BKV’s Planned Path to Net Zero (Scope 1, 2, & 3): Barnett and NEPA Based off total BKV emission estimates in the Barnett and NEPA for Production and Midstream Pad of the Future Scope 1 & 2 1 Reduction • Improve operations and environmental performance • Asset consolidation and replac
Slide 36: Barnett Zero: Economic Proof of Concept
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 excluding corporate ove
Slide 37: Reductions in Ambient CO2 Quantified by Monitoring at Barnett Zero
BKV Corporation Reductions in Ambient CO2 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 37
Slide 38: Adjusted EBITDAX and Combined Adjusted EBITDAX Attributable to BKV Reconciliation
BKV Corporation Adjusted EBITDAX and Combined Adjusted EBITDAX Attributable to BKV Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income (loss) $71,062 $(57,457) $174,844 $(142,870) Add back (subtract): Unrealized derivative (gains) loss
Slide 39: Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income attributable to noncontrolling interest $686 $— $1,712 $— Add back (subtract): Depreciation and amortization 1
Slide 40: Power JV Adjusted EBITDA Reconciliation
BKV Corporation Power JV Adjusted EBITDA Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income (loss) $(11,317) $(34,119) $29,789 $21,085 Add back (subtract): Unrealized derivative (gains) losses 17,115 7,992 (4,810) (64,061) Depreciatio
Slide 41: Adjusted Net Income (Loss) and Adjusted EPS Reconciliation
Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands, except EPS) 2025 2024 2025 2024 Net income (loss) attributable to BKV $70,376 $(57,457) $173,132 $(142,870) Adjustment to net income (loss) attributable to BKV: Net unrea
Slide 42: Adjusted Free Cash Flow Reconciliation
BKV Corporation Adjusted Free Cash Flow & Adjusted Free Cash Flow Attributable to BKV Reconciliation Three Months Ended December 31 Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating activities $69,389 $ 43,762 $242,707 $118,538 Cash paid for continge
Slide 43: Non-GAAP & Other Definitions
BKV Corporation Non-GAAP & Other Definitions This Presentation includes the following financial measures that are not consolidated power business together and to exclude EBITDAX leasehold costs and acquisitions). We define Adjusted Free Cash Flow calculated in accordance with GAAP: (i) Adjusted EBITD