Slide 1: BKV Corporation Investor Presentation
BKV Corporation Investor Presentation November 2025
Slide 2: Important Notice and Disclaimer
BKV Corporation Important Notice and Disclaimer Forward-Looking Statements. This presentation includes business and operational relationships; significant transaction through the recruitment and retention of skilled personnel; our “forward-looking statements” within the meaning of the Private costs
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 9.9% corporate 1-year decline rate1 • 1,500 MW of low heat rate Power asset
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 (Pro-Forma)* 1 BKV Assets Nine Months Ended Sept. 2025 Avg. Net June ’25 NYMEX 1P As of Sept. 2025 Offer Unique, Integrated Platform with Significant Reserves Tcfe2 Net Acres Growth Potential Production MMcfe/d1 To
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 power Amazon, Meta, 2,000+ GW of Data centers projected Upstream-power-CCUS demand expected to Microsoft a
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 reliability, cash flow and capacity utilization BKV seeks to expand Acquire: Pursue its portfolio of selective M&A to scale dispatchable power to generation platform serve rising data ce
Slide 7: BKV to Increase Ownership in Power JV to 75%
BKV Corporation BKV to Increase Ownership in Power JV to 75%, Strengthening ERCOT Generation Platform1 Announced transaction will result in BKV consolidating the Power JV Term Detail Purchase 50% of BPPUS’ Power JV stake (~375 MW)2 $376.0 million less 25% of the net indebtedness of the Purchase Pric
Slide 8: Strategic Rationale: Expanding Ownership in Scarce and Rapidly Growing ERCOT Market
BKV Corporation Strategic Rationale: Expanding Ownership in Scarce and Rapidly Growing ERCOT Market Strengthens Power Attractive Relative Market Tailwinds & Growth Platform Value Scarcity Premium • Consolidation enhances financial • $1,000/kW purchase vs $1,5001 - • Limited new CCGT build amid trans
Slide 9: Power JV Consolidation Creates Clear Valuation Upside
BKV Corporation Power JV Consolidation Creates Clear Valuation Upside Gas and IPP Implied Multiples1 ERCOT North On-Peak Strip + ERCOT Adjusted Large Load Forecast2 9x 16x Strip as of 10/30/25 14x BKV & Gas Peer - EV / EBITDA (Blend Forward 12 mo) 8x 75 $/MWh 125 IPP - EV / EBITDA (Blend Forward 12
Slide 10: Quarterly Highlights 3Q 2025
BKV Corporation Quarterly Highlights 3Q 2025 Stakeholder tour at Barnett Zero 10 Wise County, Texas
Slide 11: Third Quarter Business Highlights
BKV Corporation Third Quarter Business Highlights Category 3Q25 3Q25 Guidance Company ($ in Millions, except where noted) Corporate • Net leverage2 1.32x as of 9/30/25 Combined Adjusted EBITDAX Attributable to BKV1 $91.8 • Temporary increase due to Bedrock acquisition Total Accrued CAPEX $79.6 $65 –
Slide 12: Power JV: Summarized Model & 3Q Results
BKV Corporation Power JV: Summarized Model & 3Q Results1 Temple Plants Annual Metrics 3Q Actual Max Potential Generation2 (MWh) 13,140,000 A 3,312,000 Capacity Factor 58% - 62% B 69.3% Total Generation (GWh) 7.62 - 8.15 AxB=C 2.25 Spark Spread3 ($/MWh) $28 - $33 D $25.82 Revenue less fuel expense ($
Slide 13: Power JV 3Q25 Variance Driven by Weather & Pricing
BKV Corporation Power JV 3Q25 Variance Driven by Weather & Pricing; Fundamentals Remain Strong Financial & Operational Weather & Pricing Forward Outlook Performance • High plant availability (EAF)1 with avg. • ERCOT North + HSC spark spread was • CAL26+ forward pricing continues to 98% for 3Q $25.82
Slide 14: 4Q25 Guidance
BKV Corporation 4Q25 Guidance (in millions) CAPEX 4Q25 • No change to original full-year Development $65 - $85 guidance CCUS and other $25 - $45 • Increase in activity set vs original plan Total accrued capital expenditures $90 - $130 Production Net production (MMcfe/d) 885 – 935 • Increased guide b
Slide 15: Capital Efficiency Improvements, Type Curve Outperformance, & Bedrock
BKV Corporation Capital Efficiency Improvements, Type Curve Outperformance, & Bedrock = Higher Production without Increasing CAPEX Increased production and development activity within original capital range demonstrates scalability of BKV’s Barnett operating model 2025 FY Production Guidance (midpoi
Slide 16: Business Units Overview: Upstream & Midstream
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 16 Denton County, Texas
Slide 17: 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 Bedrock acquisition increases BKV’s leadership position in the Barnett 4 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly Contiguous Position, Opportunities for Growth ~1.2 Bcf/d of 1,146 production
Slide 18: Upstream Execution Driving Improved Capital Efficiency & Productivity
BKV Corporation Upstream Execution Driving Improved Capital Efficiency & Productivity BKV 2025 New Well Performance Barnett D&C Cost Efficiency Cumulative Production vs Time -14% $/lateral ft ~14% Outperformance Through $632 First 90 Days of Production $545 On Aggregate (21 Wells) Avg. ’23 -’24 YTD
Slide 19: 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 +21% 1.4 PF BKV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 1.2 -9% -9.9 1.0 -20.2 -22.4 -22.8 -27.7 -29.1 0.0 Q322 Q422 Q123 Q223 Q323 Q423
Slide 20: BKV's Inventory Strength: 500+ locations, 15+ Years
BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years1 Inventory Summary: NEPA + Barnett • 295 locations below 15+ years of inventory $3.00/MMbtu2 breakeven (BE); life with low-cost location weighted average BE of refracs and new drills ~$2.77/MMBtu • Average BE price trending downward
Slide 21: 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 ~9,000’ - Average Cost $545 / lateral ft $435,000 / job Av
Slide 22: 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 • Potential to sell
Slide 23: NYMEX Reserves Overview – Pro Forma with Bedrock Acquisition
BKV Corporation NYMEX Reserves Overview – Pro Forma with Bedrock Acquisition Bedrock added 0.8 Tcfe of Proved Reserves with PV-10 of $415million as of 06/30/2025 Nymex pricing 6/30/25 NYMEX Proved Reserves Gas Oil NGLs Total PV-10 % Gas (Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM) PDP 2,770 1 136 3,59
Slide 24: Business Units Overview: Power
BKV Corporation Business Units Overview Power Temple Power Plants 24 Bell County, Texas
Slide 25: 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 Eli
Slide 26: 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, • 7.1 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 d
Slide 27: 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 # of interconn
Slide 28: 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 – 9 Mos. ‘25 Additional Generation/CF Available to Market1 7.2 7.4 Potential TWh available to Market1 5.7 11.8 Total Generation 7.3 4.5 (GWh) 2023 2024 2025 60% ’23-’24 Avg. Potential
Slide 29: 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 30: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 30 Wise County, Texas
Slide 31: Creating a Winning Build, Own, Operate CCS Portfolio
BKV Corporation Creating a Winning Build, Own, Operate CCS Portfolio Execute quick win, highly 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 te
Slide 32: Annualized Injection Volumes by Announced Projects and Targets
BKV Corporation Announced Projects and Targets Forecasted Sequestration Volumes Profile3 Annualized Injection Volumes by Potential Class VI Month (MTPA) Potential Class II 1 Mtpa target injection rate FIDs by 2027 Operating Announced Projects Project / Status Partner/ Location Projected & Potential
Slide 33: Operational Performance and CCS Project Execution Highlights
BKV Corporation Operational Performance and CCS Project Execution Highlights Barnett Zero Eagle Ford Cotton Cove • BKV’s inaugural CCS project; which began • On track for 1Q 2026 start-up; injection permit • On track for 1H 2026 start-up; injection injection operations in November 2023 and MRV plan
Slide 34: 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 Filed Class VI Permit Administrativel
Slide 35: CCUS: Positioned to Outcompete in Sustainable Infrastructure After Passage of O3BA
BKV Corporation CCUS: Positioned to Outcompete in Sustainable Infrastructure After Passage of O3BA Active Administration Support Recently Enhanced Project Economics + Low policy risk short AND long-term, support + 45Z extension to 2029 significantly enhances spans parties and administrations revenue
Slide 36: Financial Overview
BKV Corporation Financial Overview 36
Slide 37: Disciplined Growth, Financial Strategy and Shareholder Returns
BKV Corporation Disciplined Growth, Financial Strategy and Shareholder Returns Principled Capital Allocation with Focus on Value Added Investment Opportunistic M&A and Shareholder Returns: Forecasted 2025 4 Capital Expenditures1: • Invest in accretive acquisitions o Upstream $290MM - $350MM o CCUS o
Slide 38: Consistent and Methodical Hedging Philosophy
BKV Corporation Consistent and Methodical Hedging Philosophy BKV’s Hedging Philosophy NYMEX Swaps Balance of 2025 Calendar 2026 Calendar 2027 Calendar 2028 Strategically execute a financial Only hedge program to support natural gas and NGL prices at Price Daily Price Daily Price Daily Price Daily Co
Slide 39: Appendix
BKV Corporation 39 Appendix
Slide 40: BKV-BPP Power JV Supports Rapid ERCOT Market Growth – Today
BKV Corporation BKV-BPP Power JV Supports Rapid ERCOT Market Growth – Today. Annual Energy Vs. Peak Demand ERCOT Adjusted Forecast1 2 • ERCOT is projected to experience among the highest load growth in the U.S., primarily driven by data center growth, industrial expansion (including LNG and oil & ga
Slide 41: BKV dCV & CIP Joint Venture
BKV Corporation BKV dCV & CIP Joint Venture The JV entered between BKV dCV and CI ETF offers a strong track record in CCS development, operating capabilities, long-term capital and carbon credit monetization capabilities Operating capabilities of Successful drilling track record Successful track rec
Slide 42: SEC Reserves Overview
BKV Corporation SEC Reserves Overview 12/31/24 SEC Proved Reserves YE23 to YE24 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) ($MM) PD 2,060 0.9 134 2,869 72% 645 PUD 176 0.8 14 263 67% 57 2,091 Total Proved 2,236 1.7 148 3,132 71% 672 Reserves PDP Operated Decl
Slide 43: 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 44: 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 44
Slide 45: Non-GAAP & Other Definitions
BKV Corporation Non-GAAP & Other Definitions This Presentation includes the following financial measures that are not calculated in consolidated power business together and to exclude EBITDAX attributable to our Free Cash Flow attributable to BKV for any period to total revenues attributable to BKV,
Slide 46: 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 September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $77,713 $12,869 $103,782 $(85,413) Add back (subtract): Unrealized derivative (gains
Slide 47: Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Net income (loss) attributable to noncontrolling interest $863 $— $1,026 $— Add back (subtract): Depreciation an
Slide 48: Power JV Adjusted EBITDA Reconciliation
BKV Corporation Power JV Adjusted EBITDA Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $42,100 $101,124 $41,106 $55,204 Add back (subtract): Unrealized derivative (gains) losses (26,793) (108,858) (21,925) (72,053
Slide 49: Adjusted Net Income (Loss) and Adjusted EPS Reconciliation
BKV Corporation Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except EPS) 2025 2024 2025 2024 Net income (loss) attributable to BKV $76,850 $12,869 $102,756 $(85,413) Adjustment to net income (loss) attribut
Slide 50: Adjusted Free Cash Flow & Adjusted Free Cash Flow Attributable to BKV Reconciliation
BKV Corporation Adjusted Free Cash Flow & Adjusted Free Cash Flow Attributable to BKV Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating activities $74,535 $ 64,994 $173,318 $74,776 Cash paid for