BKV Corp. (BKV)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.2B

Revenue growth

35.5%

Net income, last twelve months

$267.1M

Earnings per share

$2.74

Operating margin

33.8%

Net margin

23.1%

Free cash flow

-$160.4M

Return on equity

11.6%

Market value

$2.3B

Price to earnings

7.7x

Cash

$152.2M

Debt

$1.2B

Debt to equity

0.54

Shares outstanding

109.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Net income and diluted EPS. Net income attributable to BKV was $75.8 million, or $0.67 per diluted share, against $107.8 million a year earlier. Adjusted EPS attributable to BKV was $0.46, against $0.28.
• Adjusted EBITDAX attributable to BKV. Adjusted EBITDAX attributable to BKV was $142.0 million, against $96.5 million a year earlier. The six-month figure was $254.0 million, against $201.5 million.
• Operating cash flow before working capital. Net cash provided by operating activities was $109.7 million, or $117.6 million before working capital changes, against $89.3 million and $84.5 million a year earlier.
• Production above guidance high end. Average net production was 978.3 MMcfe/d, against 811.0 a year earlier. Management said production exceeded the high end of its guidance range.
• Upper Barnett well lowers breakeven. An Upper Barnett well exceeded expectations. Management said it de-risks about 50% of Upper Barnett development locations and lowers breakeven from $3.75 to $3.25/MMBtu.
• Gas realized price lower. Natural gas realized $2.14/Mcf excluding derivatives, against $2.67, and $2.60 including derivatives, against $2.83. NYMEX Henry Hub averaged $2.90, against $3.44.
• Temple generation up about 16%. Total generation rose about 16% year over year to 2,222 GWh, with no forced outages. Management said wholesale power prices were below expectations, partly offsetting the higher generation.
• Power price and spark spread lower. Average power price was $41.59/MWh, against $45.10. Average spark spread was $22.31, against $24.27, and average natural gas cost was $2.68, against $2.93.
• Power segment revenue and EBITDAX. Power segment total revenues, net were $122.3 million, against $136.7 million. Power Adjusted EBITDAX attributable to BKV was $22.9 million, against $23.0 million.
• Two CCUS projects began operating. The Cotton Cove and Eagle Ford CCUS projects began commercial operations. Combined, they are expected to sequester more than 120,000 metric tons of CO2 waste annually.
• Quarterly sequestration volume. The company reported quarterly sequestration of about 35,900 metric tons of CO2 equivalent.
• Barnett Zero cumulative volumes. Barnett Zero sequestered about 28,300 metric tons in the quarter and 64,200 in six months. Cumulative volume since 2023 is about 375,800 metric tons.
• Operating cash cost per Mcfe. Total average operating cash costs were $1.39 per Mcfe, against $1.49. Lease operating and workover cost was $0.50, against $0.46.
• Unrealized derivative gains. Net unrealized derivative gains were $45.5 million in the quarter, against $111.1 million a year earlier. Derivative gains, net were $143.3 million.

Company events

The newest 8-K filings of 34 held.

Every filing

The newest filings with the SEC of 110 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

202 funds held it at 30 Jun 2026: 110 added and 31 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Shell plc (SHEL): revenue $266.9B, market value $299.0B
• TotalEnergies SE (TTE): revenue $201.2B, market value $205.1B
• Petróleo Brasileiro S.A. (Petrobras) (PBR): revenue $89.2B, market value $142.0B
• Canadian Natural Resources Limited (CNQ): revenue $27.8B, market value $114.1B
• Eni S.p.A. (E): revenue $92.9B, market value $88.3B
• EOG Resources Inc. (EOG): revenue $27.0B, market value $84.4B
• Occidental Petroleum Corp. (OXY): revenue –, market value $62.8B
• Diamondback Energy, Inc. (FANG): revenue $17.1B, market value $57.9B
• Devon Energy Corp. (DVN): revenue $19.7B, market value $56.4B
• Woodside Energy Group Ltd. (WDS): revenue $13.0B, market value $43.5B

What the company does

BKV Corporation is a natural gas company based in Denver, Colorado, with four business lines: natural gas production, natural gas midstream, power generation and carbon capture, utilization and sequestration (CCUS). Its production comes mainly from the Barnett Shale in Texas and from northeast Pennsylvania (NEPA). Net daily production averaged 835.5 MMcfe/d, made up of approximately 80% natural gas and approximately 20% natural gas liquids (NGLs). The company holds approximately 563,000 net acres and had 452 employees at 31 December 2025. It describes its model as "closed-loop", meaning it keeps operational control of producing, transporting and processing its gas, and links those activities to its power and CCUS businesses.

Natural gas production

The company held approximately 544,000 net acres there, substantially all held by production, and Barnett output averaged approximately 742.0 MMcfe/d, about 77% natural gas and 23% NGLs. Its average working interest in operated Barnett wells was approximately 96.5%. In NEPA it held approximately 19,100 net acres, and output was 93.6 MMcfe/d, all natural gas, with an average working interest of 87.8% in operated wells.

On 29 September 2025 the company bought Bedrock Production, LLC, now BKV Barnett II, LLC. That added approximately 96,000 net acres and 1,121 producing locations. It also runs a restimulation program in the Barnett, completing 56 restimulations during 2025. Total proved reserves were 5,921 Bcfe, estimated by the independent engineering firm Ryder Scott.

Midstream

The company gathers, processes and transports gas for its own wells and for third-party producers. In the Barnett it owns approximately 870 miles of gathering pipeline, 61 compressors and one amine processing unit. That system handled approximately 202 MMcf/d, about 20% of gross Barnett production. Most of the rest is gathered and processed under an agreement with ONEOK. The owned system has over 200 MMcf/d of unused pipeline and processing capacity.

In NEPA it owns approximately 16 miles of gas gathering pipeline, 14 miles of freshwater pipeline and ten gas compression units. Its operated NEPA volumes go mainly through three third-party systems: UGI Energy Services Midstream Services (52%), Williams Companies (41%) and Energy Transfer (7%).

Power generation

At 31 December 2025 the company owned 50% of the BKV-BPP Power Joint Venture. The other 50% belonged to BPPUS, a subsidiary of Banpu Power and an affiliate of the company's sponsor, Banpu. The venture owns the Temple Plants, combined cycle gas and steam turbine plants in Temple, Texas, in the ERCOT North Zone. Temple I has an annual average generation capacity of 752 MW and Temple II has 747 MW.

Through BKV-BPP Retail, under the brand name BKV Energy, the venture sells electricity to commercial, industrial and residential customers. It had over 58,000 customers and is licensed to serve the deregulated parts of Texas.

Carbon capture and storage

The CCUS business captures CO2, compresses it and moves it by pipeline to injection wells for underground storage. The first project, Barnett Zero, began sequestering in November 2023 CO2 waste from ONEOK's Bridgeport gas processing plant. The company's operating projects sequestered approximately 138,000 metric tons of CO2 during 2025.

The Eagle Ford Project is sized for up to approximately 90,000 metric tons a year, the Cotton Cove Project for up to approximately 32,000, and the East Texas Project for up to approximately 70,000. Cotton Cove is held 51% by BKV dCarbon Ventures and 49% by BPPUS.

The company has storage rights on over 42,000 acres of leased pore space across seven projects in three states. These include the High West Project on approximately 21,000 acres of state-owned land in Louisiana. The company says its CCUS projects are in early development and need financing, permits and agreements. It says it expects to reach net-zero Scope 1 and Scope 2 emissions from its owned and operated upstream and midstream businesses in the early 2030s.

Customers and competition

An unaffiliated third party markets all of the company's natural gas. Its buyers include utilities, LNG producers, industrial consumers, major corporations and super majors. Concord Energy, LLC acts as marketing agent for the upstream firm transportation contracts. The company says the loss of any one customer would not have a material adverse effect.

The company also sells "Carbon Sequestered Gas", which it describes as natural gas bundled with carbon credits from its CCUS projects. Kiewit has a contract for up to 100 MMBtu/d, and Gunvor Group, Ltd. has an agreement covering up to 10,000 MMBtu/d.

The company competes with many oil and gas companies, including several onshore unconventional gas producers. Many are larger and have greater financial and operational resources. It also competes for properties, drilling rigs, equipment and staff.

People and ownership

The company had 452 employees and no collective bargaining agreements, and it hires independent contractors as needed. BNAC is its majority stockholder. The filing says most non-independent directors own, or other officers and directors may own, stock or options in Banpu or its related companies.

*From BKV's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm)*

From the company's 10-K.