BKV Corporation Reports Fourth Quarter and Full Year 2024 Results

About this update from Bkv Corporation

[{"type":"text","content":" DENVER, February 26, 2025 --( BUSINESS WIRE )--BKV Corporation (NYSE: BKV) ("BKV" or the "Company"), today reported financial and operational results for the fourth quarter and full year 2024, as well as provided guidance for 2025.","length":248,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2024 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted Net Income of $0.8 million, or $0.01 per diluted share","length":63,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDAX of $71.9 million (excluding Power JV)","length":54,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Implied proportionate share of Power JV Adjusted EBITDA of $0.5 million","length":71,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net cash provided by operating activities of $43.8 million","length":58,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted Free Cash Flow of $5.4 million","length":39,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Barnett Zero quarterly sequestration of 44,437 metric tons of CO 2 equivalent","length":76,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total power generation of 1,228 GWh from the Power JV’s Temple Plants; capacity factor of 37.5%","length":95,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total net production of 774.5 MMcfe/d, well above guidance range of 720 - 750 MMcfe/d","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Capital expenditures of $60.3 million, below the low end of the 4Q guidance range of $65.0 million","length":98,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":639,"olType":false},{"type":"text","content":" Full Year 2024 Highlights ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted Net Loss of $39.5 million, or $(0.55) per diluted share","length":64,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDAX of $231.8 million (excluding Power JV)","length":55,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Implied proportionate share of Power JV Adjusted EBITDA of $33.9 million","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net cash provided by operating activities of $118.5 million","length":59,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted Free Cash Flow of $91.6 million and Adjusted Free Cash Flow Margin of 14.9%","length":84,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"De-levered balance sheet, achieving net debt of $150.1 million and net leverage ratio of 0.65x","length":94,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Barnett Zero annual sequestration of 165,069 metric tons of CO 2 equivalent (and life-to-date sequestration of 173,325 metric tons of CO 2 equivalent through December 31, 2024)","length":174,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total power generation of 7,360 GWh from the Power JV’s Temple Plants; capacity factor of 56.6%","length":95,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total net production of 788.0 MMcfe/d","length":37,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":734,"olType":false},{"type":"text","content":""In the fourth quarter of 2024, BKV continued to demonstrate strong performance in each of our business lines," said Chris Kalnin, Chief Executive Officer of BKV. "With the close of our first fiscal year as a public company we are looking forward to an exciting 2025. We continue to prioritize delivering on our current operations goals for each business line, executing on our ambitious growth strategies, and capitalizing on increased opportunities in the power and energy solutions arenas. Our integrated approach, combining natural gas upstream and midstream, power generation, and CCUS provides a winning formula to meet the expected surge in AI-driven demand. We remain dedicated to advancing our CCUS business, and the recent and projected strength in natural gas prices elevates the core of our business, our natural gas upstream operations. BKV’s financial strength, strong operational performance, and the favorable macroeconomic trends we see across each of our business lines position us for continued success in 2025."","length":1051,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2024 ","length":19,"tagName":"p"},{"type":"text","content":"For the three months ended December 31, 2024, total revenues and other operating income for BKV was $119.8 million (including realized hedging gains of $6.2 million). For the three months ended December 31, 2024, net loss for BKV was $57.5 million, or $(0.68) per diluted share (including unrealized hedging losses of $64.5 million and losses from equity affiliate of $17.2 million). Excluding these items and other non-recurring items, Adjusted Net Income for the three months ended December 31, 2024 was $0.8 million. Adjusted Free Cash Flow for the three months ended December 31, 2024 was $5.4 million.","length":606,"tagName":"p"},{"type":"text","content":"Average realized natural gas price for the fourth quarter of 2024 was $2.10/MMBtu, excluding the impact of derivatives. Including the impact of hedges, average realized price was $2.23/MMBtu.","length":191,"tagName":"p"},{"type":"text","content":" Full Year 2024 ","length":14,"tagName":"p"},{"type":"text","content":"For the year ended December 31, 2024, total revenues and other operating income for BKV was $581.0 million (including realized hedging gains of $112.5 million). For the year ended December 31, 2024, net loss for BKV was $142.9 million, or $(2.00) per diluted share (including unrealized hedging losses of $146.7 million and earnings from equity affiliate of $10.4 million). Excluding these items and other non-recurring items, Adjusted Net Loss for the year ended December 31, 2024 was $39.5 million. Adjusted Free Cash Flow for the year ended December 31, 2024 was $91.6 million resulting in an Adjusted Free Cash Flow margin of 14.9%.","length":636,"tagName":"p"},{"type":"text","content":"Average realized natural gas price for the year ended December 31, 2024 was $1.69/MMBtu, excluding the impact of hedges. Including the impact of hedges, average realized price was $2.10/MMBtu.","length":192,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","val":[]},{"colspan":"7","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended December 31, ","length":31,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[]},{"colspan":"7","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Year Ended December 31, ","length":23,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:49%;","val":[{"type":"text","content":" ($ Millions, except EPS) (1) 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Amounts are obtained from its unaudited financial statements for the three months ended December 31, 2023 or the three months or year ended December 31, 2024, or from its audited financial statements for the year ended December 31, 2023, as applicable. BKV owns a 50% interest in the BKV-BPP Power Joint Venture. Amounts are based on BKV-BPP Power's unaudited financial statements.","length":471,"tagName":"p"},{"type":"text","content":"John Jimenez, BKV’s Chief Financial Officer stated, "Our fourth quarter results underscore BKV’s ongoing operational excellence, highlighted by increased natural gas production volumes and efficient capital spending. The fourth quarter also marked our return to more robust development in anticipation of stronger overall pricing in 2025, a trend we’ve already seen in the early weeks of the year. During 2024, the Company generated positive Adjusted Free Cash Flow, driven by lower capital spend, disciplined execution, and a balanced hedging strategy. While maintaining strong performance in our core upstream business, management remains focused on positioning BKV for growth across all pillars of our energy solutions business, capitalizing on key macroeconomic tailwinds."","length":787,"tagName":"p"},{"type":"text","content":" Operational Results ","length":19,"tagName":"p"},{"type":"text","content":" Fourth Quarter and Year-to-Date 2024 ","length":36,"tagName":"p"},{"type":"text","content":" Power JV ","length":8,"tagName":"p"},{"type":"text","content":"For the fourth quarter 2024 and the full year ended December 31, 2024, the Temple I and II power plants (the "Temple Plants") reported a capacity factor of 37.5% and 56.6%, respectively, with total power generation of 1,228 GWh for the quarter and 7,360 GWh for the year. Average power pricing was $36.90/MWh for the quarter and $37.76/MWh for the year. The average natural gas cost was $2.50/MMBtu in the fourth quarter and $2.26 MMBtu for the year, resulting in an average spark spread of $19.37/MWh and $21.96/MWh, respectively.","length":541,"tagName":"p"},{"type":"text","content":"The fourth quarter 2024 was characterized by moderate power demand and pricing, as expected during the shoulder season, as well as lower generation and capacity factor due to planned seasonal readiness and scheduled major maintenance on the Temple Plants.","length":255,"tagName":"p"},{"type":"text","content":"BKV’s implied proportionate share of Power JV net loss for the three months ended December 31, 2024 was $17.2 million, compared to $17.9 million for the three months ended December 31, 2023. BKV’s implied proportionate share of net income from the Power JV was $10.4 million for the year ended December 31, 2024, compared to $16.9 million for the year ended December 31, 2023.","length":376,"tagName":"p"},{"type":"text","content":"BKV’s implied proportionate share of Power JV Adjusted EBITDA was $0.5 million for the three months ended December 31, 2024 compared to $0.2 million for the three months ended December 31, 2023. BKV’s implied proportionate share of Power JV Adjusted EBITDA was $33.9 million for the year ended December 31, 2024, compared to $94.9 million for the year ended December 31, 2023.","length":376,"tagName":"p"},{"type":"text","content":"BKV sees substantial growth potential in its Power JV, fueled by macroeconomic trends such as rising power demand in ERCOT, the rapid expansion of the data center market, and the accelerated adoption of AI.","length":206,"tagName":"p"},{"type":"text","content":" Carbon Capture Utilization and Sequestration ("CCUS") ","length":63,"tagName":"p"},{"type":"text","content":"The Company’s Barnett Zero project has now been in operation for more than a year. The Barnett Zero project sequestered 44,437 metric tons of CO 2 equivalent during the three months ended December 31, 2024. The Barnett Zero facility has sequestered approximately 173,325 metric tons of CO 2 equivalent since project start up in November 2023 through December 31, 2024.","length":366,"tagName":"p"},{"type":"text","content":"BKV’s Cotton Cove project remains on track for first injection in the first half of 2026, subject to the receipt of all required permits. During the fourth quarter of 2024, a Monitoring, Reporting, and Verification Plan ("MRV") for the project was submitted to the EPA for approval and the Texas Railroad Commission approved the project’s injection permit for a Class II well with drilling expected to commence in the third quarter of 2025.","length":450,"tagName":"p"},{"type":"text","content":"During the fourth quarter, BKV also reached final investment decision on a new CCUS project to be developed in partnership with a leading diversified midstream energy company that is currently operating a natural gas plant in south Texas. The natural gas processing plant, located near the city of Freer, processes natural gas produced in the Eagle Ford Shale. In connection with this new CCUS project, BKV expects to purchase the plant’s CO 2 waste stream, which will then be compressed, transported, and permanently sequestered via BKV’s Class II injection well at an adjacent site. BKV expects to receive 100% of the environmental attributes associated with the CCUS project and Section 45Q tax credits. The Texas Railroad Commission has approved the project’s Class II injection well and an MRV plan has been submitted to the EPA for approval. The project is expected to commence sequestration operations in the first quarter of 2026 (subject to receipt of all required permits), and the facility is forecasted to achieve an average sequestration rate of approximately 90,000 metric tons per year of CO 2 equivalent.","length":1118,"tagName":"p"},{"type":"text","content":"BKV’s de-levered balance sheet and operating cash flow enable the Company to self-fund its near-term CCUS projects. The Company is in active negotiations with a large, global energy transition investor, to support BKV’s long-term vision for its CCUS business and the execution of its closed-loop strategy.","length":305,"tagName":"p"},{"type":"text","content":" Upstream & Midstream ","length":24,"tagName":"p"},{"type":"text","content":"Total hydrocarbon production for the three months ended December 31, 2024 was 774.5 MMcfe/d, which consisted of 79% natural gas and 21% NGLs. This is compared to total production for the three months ended December 31, 2023 of 838.4 MMcfe/d, which consisted of 79% natural gas and 21% NGLs. Fourth quarter production exceeded the previously guided range of 720-750 MMcfe/d due to several factors, including better than forecasted well performance on new development, effective base decline management, and accelerated pace of new development.","length":542,"tagName":"p"},{"type":"text","content":"For the year ended December 31, 2024, total hydrocarbon production was 788.0 MMcfe/d, which consisted of 79% natural gas and 21% NGLs. This is compared to total hydrocarbon production of 859.7 MMcfe/d for the year ended December 31, 2023, which consisted of 80% natural gas and 20% NGLs.","length":287,"tagName":"p"},{"type":"text","content":"The decrease in production volumes for the fourth quarter compared to the same period in 2023 is primarily attributable to the sale of the Company’s non-operated upstream assets in the Marcellus Shale in the Appalachian Basin of Northeastern Pennsylvania ("NEPA") in the second quarter of 2024. This impacted fourth quarter volumes by approximately 28 MMcfe/d. For the full year, the decrease in production volumes compared to the prior year was partially due to base decline resulting from lower capital spending and was further impacted by the sale of these non-operated upstream assets, which reduced volumes by approximately 14 MMcfe.","length":648,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:28%;","val":[]},{"colspan":"7","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended December 31, ","length":31,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[]},{"colspan":"7","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Year Ended December 31, 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