Slide 1: BKV Corporation
BKV Corporation May 9, 2025
Slide 2: Agenda
Important Notice and Disclaimer About BKV Quarterly Highlights Business Units Overview: Upstream & Midstream Business Units Overview: CCUS Business Units Overview: Power Financial Overview Appendix 2
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer 3
Slide 4: About BKV
About BKV Natural gas production location 4 Wyoming County, Pennsylvania
Slide 5: BKV is an Energy Solutions Leader
BKV is an Energy Solutions Leader • • • • • 5
Slide 6: BKV Delivers Value Beyond the Sum of Its Parts
BKV Delivers Value Beyond the Sum of Its Parts ⚫ ⚫ ⚫ ⚫ ⚫ ⚫⚫⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ 6
Slide 7: BKV is the Largest Producer in the Barnett and a Top Gas Producer in Texas
BKV is the Largest Producer in the Barnett and a Top 5 Gas Producer in Texas1 Highly Contiguous Position, Opportunities for Growth 761 ~1.3 Bcf/d of production from BKV Acreage other smaller Peer 1 operators in play 473 Peer 2 Peer 3 Peer 4 161 128 117 108 100 Peer 5 78 65 40 Peer 6 Peer 7 Peer 8 Pe
Slide 8: BKV Has Taken an Early Lead in the CCUS Space
BKV Has Taken an Early Lead in the CCUS Space • CO2 Concentration1 • • Capital Deployment Model 8
Slide 9: Carbon Capture. It's On. Announcing BKV's Strategic Joint Venture with CIP
Carbon Capture. It’s On. Announcing BKV’s Strategic Joint Venture with CIP Copenhagen Infrastructure Partners (“CIP”)1 CIP’s Energy Transition Fund ✓ ✓ ✓ ✓ ✓ ✓ 9
Slide 10: BKV + CIP: Shaping the Future of the CCUS Industry
BKV + CIP: Shaping the Future of the CCUS Industry • BKV contributes 2 projects: Barnett Zero and Eagle Ford Initial Contributions • CIP covers 100% of JV expenses until CIP’s contributions equal 49% of the total value contributed by the JV Members to the JV Management & Consolidation • BKV both man
Slide 11: BKV-BPP Power Joint Venture Supplies Power to ERCOT Market
BKV-BPP Power Joint Venture Supplies Power to ERCOT Market 446 383 PJM 6,733 ERCOT (Texas) 6,082 Southwest 6,048 + CAISO 5,331 + Southeast 2,143 + MISO 2,054 Pacific Northwest 410 NYSIO 74 11
Slide 12: Quarterly Highlights
Quarterly Highlights 1Q 2025 Stakeholder tour at Barnett Zero 12 Wise County, Texas
Slide 13: First Quarter Business Highlights
First Quarter Business Highlights Company Upstream Midstream Carbon Capture Power • • • • • • • • • • • • • 13
Slide 14: Business Units Overview: Upstream & Midstream
Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 14 Denton County, Texas
Slide 15: BKV's Inventory Strength and Low PDP Decline
BKV’s Inventory Strength and Low PDP Decline Gas Oil NGLs Total % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) 613 ✓ ✓ 2,077 1-year Decline (%) 5-year Decline (%) 10-year Decline (%) 7/1/2022 1/1/2023 7/1/2023 1/1/2024 7/1/2024 1/1/2025 ✓ 15
Slide 16: Barnett: 15+ Years of Capital Efficient Inventory
Barnett: 15+ Years of Capital Efficient Inventory1 Barnett Upper and Lower Inventory – Large, Contiguous Barnett – Long Laterals and Excellent F&D Acreage BKV’s Competitive Edge for Barnett Development • • • • • 16
Slide 17: Barnett Position Presents Multiple Market Opportunities
Barnett Position Presents Multiple Market Opportunities Well Positioned for LNG nfrastructure Attractive DFW Market Carbon Sequestered Gas 17
Slide 18: Northeast Pennsylvania (NEPA) – Asset Overview
Northeast Pennsylvania (NEPA) – Asset Overview NEPA Asset Map NEPA Asset Summary • • • • Strategic Rationale • • • • 18
Slide 19: BKV Midstream - Differentiated Access to End Customers
BKV Midstream - Differentiated Access to End Customers BKV Midstream Asset Overview • • • Strategic Rationale • • Key Asset Metrics • 19
Slide 20: Business Units Overview: CCUS
Business Units Overview CCUS Barnett Zero compressor facility 20 Wise County, Texas
Slide 21: CCUS Strategy: Target Quick Wins on NGP while Scaling Class VI Projects
CCUS Strategy1: Target Quick Wins on NGP while Scaling Class VI Projects Scaling CCUS Business: Industrial Projects with Point Source Sequestration Today to end of the Decade • • • High Concentration, Class VI, Ethanol & Other Natural Gas Processing Projects • • • • High Concentration, Class II, Nat
Slide 22: BKV's CCUS Competitive Advantages
BKV’s CCUS Competitive Advantages We know who we are… Category And we know who we are NOT… + x + x + x + x + x + x + x 22
Slide 23: Natural Gas Processing Plants
Natural Gas Processing Plants BKV's near-term focus area for Class II CCUS projects There are 438 NGPs in the lower 48 emitting 54MM tpy CO2, with 12MM tpy of that being high-concentration acid gas removal unit emissions1 Key Points: Lower 48 Natural Gas Processing Plants • • • • Of these natural ga
Slide 24: Flagship Project: Barnett Zero, Injecting Since November 2023
Flagship Project: Barnett Zero, Injecting Since November 2023 Project Locator Map • inaugural CCUS project • one of the first • + geologically sequester CO2 waste • FID in June 2022 and initiated first injection 18 months later Project Summary + 24
Slide 25: Reductions in Ambient CO2 Quantified by Monitoring at Barnett Zero
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 + + + 25
Slide 26: Business Units Overview: Power
Business Units Overview Power Temple Power Plants 26 Bell County, Texas
Slide 27: Robust Power Portfolio in Texas: CCGT Plants & Solar
Robust Power Portfolio in Texas: CCGT Plants & Solar TI & TII CCGT Power Plants – Temple, TX Ponder Solar Farm 2.5MWac solar facility jointly owned through a JV with Banpu Power US • • • • • 27
Slide 28: Strategic JV with Significant Growth Potential in ERCOT
Strategic JV with Significant Growth Potential in ERCOT Temple I and II • • • • • • • 28
Slide 29: ERCOT Continues to Forecast Substantial Demand Growth
ERCOT Continues to Forecast Substantial Demand Growth 2025 ERCOT Adjusted Load forecast Breakdown by Type1 218 +132% 208 200 197 173 +67% 145 150 138 138 129 Oil and Gas 122 Industrial/Hydrogen GW 104 109 Crypto 100 95 87 94 Data Centers Base 50 TSP Forecast 0 2025 2026 2027 2028 2029 2030 2031 Year
Slide 30: Data Center Demand & Growth in Texas is Accelerating
Data Center Demand & Growth in Texas is Accelerating PJM 6,733 ERCOT (Texas) 6,082 Southwest 6,048 CAISO 5,331 Southeast 2,143 MISO 2,054 Pacific Northwest 410 NYSIO 74 30
Slide 31: Power JV Strategically Positioned to Supply Power to Hyperscalers
Power JV Strategically Positioned to Supply Power to Hyperscalers Data Center Market Highlights BKV’s Strategic Advantages • • • • • • 31
Slide 32: Financial Overview
Financial Overview 32
Slide 33: 1Q25 Financial Highlights
1Q25 Financial Highlights Category 1Q25 QTD ($ in Millions) $689.8 $653.6 -71% $200.0 33
Slide 34: 2025 Guidance
2025 Guidance Accrued Capital Expenditures and Net Production 34
Slide 35: Disciplined Growth, Financial Strategy and Shareholder Returns
Disciplined Growth, Financial Strategy and Shareholder Returns Capital Use Prioritization 1 2 3 4 5 6 Near-term focus: • • • Next up: ($/Mcfe) • $2.50 - $3.00 $3.00 - $3.50 $3.50+ • • 35
Slide 36: Compelling Investment Throughout the Commodity Cycle
Compelling Investment Throughout the Commodity Cycle Cash Generating Growth Driven Margin Enhancing Generating Alpha 36
Slide 37: Thank you. Questions?
Thank you. Questions? 37
Slide 38: Appendix
Appendix 38
Slide 39: Non-GAAP & Other Definitions
Non-GAAP & Other Definitions 39
Slide 40: Adjusted EBITDAX Reconciliation
Adjusted EBITDAX Reconciliation Three Months Ended March 31, — — — 40
Slide 41: Combined Adjusted EBITDAX Reconciliation
Combined Adjusted EBITDAX Reconciliation Three Months Ended March 31, 41
Slide 42: Power JV Adjusted EBITDA Reconciliation
Power JV Adjusted EBITDA Reconciliation Three Months Ended March 31, 42
Slide 43: Adjusted Net Income (Loss) Reconciliation
Adjusted Net Income (Loss) Reconciliation Three Months Ended March 31, — — — — — — 1 Net losses are prohibited from including potential common shares in the computation of diluted per share amounts. Therefore, we have utilized the basic shares outstanding to calculate both basic and diluted Adjusted
Slide 44: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended March 31, 44
Slide 45: Improve operations and environmental performance
1 • Improve operations and environmental performance • Asset consolidation and replacement • Emissions elimination • Highly economic program 2 • 4-tiered air monitoring plan: flyover, satellite, continuous monitoring, and LDAR • Up to 5 MW solar 3 • CCUS projects to achieve emission offsets • Balanc
Slide 46: Consistent and Methodical Hedging Philosophy
Consistent and Methodical Hedging Philosophy As of BKV’s Hedging Philosophy Balance of 2025 Calendar 2026 Calendar 2027 May 6, 2025 46
Slide 47: SEC Reserves Overview
SEC Reserves Overview Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) ($MM) 2,091 % Decline NEPA Barnett Total Corp 1-year 5-year 10-year 47