Slide 1: BKV Corporation Investor Presentation
BKV Corporation Investor Presentation August 12, 2025
Slide 2: Important Notice and Disclaimer
BKV Corporation Important Notice and Disclaimer Forward-Looking Statements. This presentation includes “forward- capital required for our development programs; our relationship with Factors” sections in BKV’s Form 10-K for the year ended December 31, looking statements” within the meaning of the Pri
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 • Largest natural gas producer in the Barnett with 10.8% corporate 1-year decline rate1 • 1,500 MW of low heat rate Power assets2 in the heart of Texas, optimally positioned to capitalize on surging data cen
Slide 4: BKV Delivers Value Beyond the Sum of Its Parts
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts Natural Gas Upstream* As of June BKV Assets Three Months Ended Dec ’24 NYMEX 1P 2025 Offer Unique, Integrated Platform with Significant Growth Potential June 2025 Avg. Net Reserves Tcfe2 Production MMcfe/d1 Net Acres Total 811 4.9 ~480
Slide 5: 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 Forecasted 2025 4 Opportunistic M&A and Shareholder Returns: • Invest in accretive acquisitions Capital Expenditures1: • Upstream $290MM - $350MM • CCUS •
Slide 6: 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 Announced Bedrock acquisition increases BKV’s leadership position in the Barnett4 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly Contiguous Position, Opportunities for Growth 821 ~1.2 Bcf/d of BKV
Slide 7: Pending Bedrock Acquisition: Strategic & Operational Highlights
BKV Corporation Pending Bedrock Acquisition: Strategic & Operational Highlights Announced Bedrock acquisition improves and extends BKV’s industry leading position in the Barnett1 • $370MM purchase price; July 1, 2025, effective date; target close 4Q252 • ~97K net acres; 1,121 gross operated wells Pu
Slide 8: Quarterly Highlights
BKV Corporation Quarterly Highlights 2Q 2025 Stakeholder tour at Barnett Zero 8 Wise County, Texas
Slide 9: Second Quarter Business Highlights
BKV Corporation Second Quarter Business Highlights Category 2Q25 2Q25 FY25 Guidance Company ($ in Millions, except where noted) Guidance Corporate • Low net leverage2 0.63x as of 6/30/25 Combined Adjusted EBITDAX Attributable to BKV1 $88.2 • Progressing significant growth opportunities in each busin
Slide 10: Barnett: Improving Efficiencies Driving YTD Outperformance
BKV Corporation Barnett: Improving Efficiencies Driving YTD Outperformance BKV 2025 New Well Performance D&C Cost Efficiency Cumulative Production vs Time -11% ~17% Outperformance Through First 40 Days of Production On Aggregate $632 $/lateral ft (18 Wells) $560 Avg. ’23 -’24 1H25 Compared to ’23 &
Slide 11: Business Units Overview: Upstream & Midstream
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 11 Denton County, Texas
Slide 12: BKV's Inventory Strength: 500+ Locations, 15+ Years
BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years1 Inventory Summary: NEPA + Barnett3 270 Pre-Bedrock locations below 15+ years of inventory $3.00/MMbtu breakeven (BE); life with low-cost refracs location weighted average BE of and new drills ~$2.85/MMbtu Organically improved
Slide 13: Barnett: The Core of Our Capital Efficient Inventory
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory1 Barnett Upper and Lower Inventory – Large, Contiguous Barnett – Long Laterals and Excellent F&D Acreage3 New Drill D&C Refracs Avg. Royalty 19% 20% Average Lateral Length3 ~8,900’ - Average Cost $560 / lateral ft $435,000 / job Av
Slide 14: Northeast Pennsylvania (NEPA) – Asset Overview
BKV Corporation Northeast Pennsylvania (NEPA) – Asset Overview NEPA Asset Map NEPA Asset Summary • ~19,000 net acres centrally located in the “Super Core” • BKV has lowered LOE by 36% since acquisition1 • Average 5-year PDP decline rate of 12.7% and 10-year of 10.9%2 • Proven Upper Marcellus invento
Slide 15: 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 levels Favorable Barnett gas composition - low nitrogen content vs other basins Potential to sell into ad
Slide 16: Business Units Overview: Power
BKV Corporation Business Units Overview Power Temple Power Plants 16 Bell County, Texas
Slide 17: Strategic JV with Significant Growth Potential in ERCOT
BKV Corporation Strategic JV with Significant Growth Potential in ERCOT Temple I and II Bell County, TX | ERCOT North • 50/50 JV with Banpu Power US (“BPPUS”) leverages expertise and assets of both BPPUS and BKV • Two ~750 MW dispatchable plants; ~7,000 Btu/kWh, below ERCOT average • Well positioned
Slide 18: 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 2 ERCOT Adjusted Forecast1 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 19: Temple, TX: Emerging Hub for Data Center and Industrial Growth
BKV Corporation Temple, TX: Emerging Hub for Data Center and Industrial Growth Meta – 900,000 sq. ft data center; 152 MWs 1 capacity; target completion date of 20261 5 Rowan Moriah – 35-acre data center; 300 2 MWs capacity; completed in 20231 1 3 4 Rowan Temple Green / Longhorn – permit 3 filed/zoni
Slide 20: 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 – 1H25 Additional Generation/CF Available to Market1 7.2 7.4 Potential GWh available to Market1 3.8 11.8 Total Generation (GWh) 2023 2024 2025 7.3 4.5 57% ’23-’24 Avg. Potential Marke
Slide 21: Power JV: Actively Advancing Toward Net Power Growth
BKV Corporation Power JV: Actively Advancing Toward Net Power Growth BKV’s Strategic Advantages Recent Momentum 50% equity share in 1.5 GW CCGT plants Created a task force within our Commercial uncommitted, available for dispatch group to explore all facets of potential power growth Largest na
Slide 22: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 22 Wise County, Texas
Slide 23: CCUS Strategy: Target Natural Gas Processing while Scaling Class VI Projects
BKV Corporation CCUS Strategy1: Target Natural Gas Processing while Scaling Class VI Projects Scaling CCUS Business: Industrial Projects with Point Source Sequestration Today to end of the Decade • Leading Reservoirs and Sinks High West, LA Class VI application submitted 1Q25 3 • Longer Lead Time Do
Slide 24: Carbon Capture. It's On.
BKV Corporation Carbon Capture. It’s On. Strategic 51/49 Joint Venture with CIP Copenhagen Infrastructure Partners CIP’s Energy Transition Fund (“CIP”)1 + Global leader in energy infrastructure investments; €32B of + $500MM commitment with potential to expand to investments raised $1B upon mutual ag
Slide 25: Announced Projects and Targets
BKV Corporation Announced Projects and Targets6 5 Forecasted Sequestration Volumes Profile3 Annualized Injection Volumes 4 by Month (MTPA) 3 1 Mtpa target injection rate by 2 2027 1 - 2025 2026 2027 2028 Operating FIDs Potential Class II Potential Class VI Project / Status Partner/ Location Projecte
Slide 26: Flagship Project: Barnett Zero, Injecting Since November 2023
BKV Corporation Flagship Project: Barnett Zero, Injecting Since November 2023 • Barnett Zero is BKV’s inaugural CCUS project, Project Locator Map which began injection operations in November 2023 • Barnett Zero was one of the first purpose drilled, non- EnLink Midstream Processing Plant EOR Class II
Slide 27: CCUS: Positioned to Outcompete in Sustainable Infrastructure After Passage of O3BA
CCUS: Positioned to Outcompete in BKV Corporation Sustainable Infrastructure After Passage of O3BA Active Administration Support Recently Enhanced Project Economics + Low policy risk short AND long-term, support spans + 45Z extension to 2029 significantly enhances revenue parties and administrations
Slide 28: Financial Overview
BKV Corporation Financial Overview 28
Slide 29: 2025 Guidance
BKV Corporation 2025 Guidance (in millions) Q3 2025 FY 2025 Development $50 - $70 $205 - $235 CCUS and other $15 - $35 $85 - $115 Total accrued capital expenditures $65 - $105 $290 - $350 Net production (MMcfe/d) 805 – 835 790 – 810 Per Unit Operating Costs ($/Mcfe) Lease operating and workover $0.4
Slide 30: Power JV: Summarized Model
BKV Corporation Power JV: Summarized Model1 Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor 58% - 62% B Total Forecasted Generation (GWh) 7.62 - 8.15 AxB=C Spark Spread3 ($/MWh) $28 - $33 D Revenue less fuel expense ($ MM) $214 - $261 CxD=E Fixed & Non-Fuel Variabl
Slide 31: Consistent and Methodical Hedging Philosophy
BKV Corporation Consistent and Methodical Hedging Philosophy As of Balance of 2025 Calendar 2026 Calendar 2027 July 28, 2025 BKV’s Hedging Philosophy Price % of Daily Price Daily Price Daily Strategically execute a financial hedge Commodity Forecasted ($)1 Volumes ($)1 Volumes ($)1 Volumes program t
Slide 32: Compelling Investment Throughout the Commodity Cycle
BKV Corporation Compelling Investment Throughout the Commodity Cycle Cash Generating Growth Driven Margin Enhancing Generating Alpha Capital Efficient Fully Operational CCUS Power Exposed to Asymmetric Upside With Business with Deep Project ERCOT/Texas and AI Ability to Mitigate Downside Low Decline
Slide 33: Appendix
BKV Corporation 33 Appendix
Slide 34: Non-GAAP & Other Definitions
BKV Corporation Non‐GAAP & Other Definitions This Presentation includes the following financial measures that are not calculated in noncontrolling interest with our Adjusted EBITDAX. Management uses this measure to more operating activities as determined by GAAP. Adjusted Free Cash Flow and Adjusted
Slide 35: 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 June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $104,735 $(59,697) $26,069 $(98,282) Add back (subtract): Unrealized derivative (gains) losses
Slide 36: Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) attributable to noncontrolling interest $163 $— $163 $— Add back (subtract): Depreciation and amortizatio
Slide 37: Power JV Adjusted EBITDA Reconciliation
BKV Corporation Power JV Adjusted EBITDA Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $18,176 $(30,506) $(994) $(45,920) Add back (subtract): Unrealized derivative (gains) losses (8,181) 28,953 4,868 36,805 Depreciation and
Slide 38: 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) 2025 2024 2025 2024 Net income (loss) attributable to BKV $104,572 $(59,697) $25,906 $(98,282) Adjustment to net income (loss) attributable to B
Slide 39: 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 June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating activities $76,163 $ (9,469) $98,783 $9,782 Cash paid for contingent
Slide 40: SEC Reserves Overview
BKV Corporation SEC Reserves Overview 12/31/24 SEC Proved Reserves YE23 to YE24 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) ($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 41: 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 1 Pad of the Future Scope 1 & 2 Reduction • Improve operations and environmental performance • Asset consolidation and replac
Slide 42: 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 42