Form 8-K/A

8-K/A — BKV Corp

Accession: 0001628280-26-053966

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001838406

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K/A — bkv-20260806.htm (Primary)

EX-99.1 (a2q26pressreleaseamended.htm)

GRAPHIC (bkvlogo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K/A

8-K/A (Primary)

Filename: bkv-20260806.htm · Sequence: 1

bkv-20260806

0001838406TRUE00018384062026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 6, 2026

BKV CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 001-42282 85-0886382

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1200 17th Street, Suite 2100

Denver, Colorado

80202

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (720) 375-9680

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock BKV New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

EXPLANATORY NOTE

This Amendment No. 1 to the Current Report on Form 8-K filed on August 6, 2026 is being filed solely to correct an EDGAR filing error. In the Original Report, the Form 8-K report was inadvertently included as an exhibit, and the exhibit was inadvertently submitted as the primary filing document. This Amendment includes the Current Report on Form 8-K and the exhibit in their proper locations. No other changes have been made to the Original Report.

Item 2.02. Results of Operations and Financial Condition.

Attached as Exhibit 99.1 is the registrant’s earnings release for the second quarter of 2026, issued August 6, 2026. This release is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On August 6, 2026, BKV posted an investor presentation on its website. The presentation may be found on BKV’s website at https://www.bkv.com by selecting “Investors,” “News & Events” and then “Presentations.”

The information in the investor presentation and consolidating statements are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise incorporated by reference into any filing pursuant to the Securities Act, or the Exchange Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release, dated August 6, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BKV Corporation

August 6, 2026 By:

/s/ David R. Tameron

David R. Tameron

Chief Financial Officer

EX-99.1

Filename: a2q26pressreleaseamended.htm · Sequence: 2

Document

Exhibit 99.1

BKV Corporation Reports Second Quarter 2026 Financial and Operational Results and Updated 2026 Guidance

DENVER, Colorado – August 6, 2026 – BKV Corporation (“BKV” or the “Company”) (NYSE: BKV), today reported financial and operational results for the second quarter of 2026 and updated guidance for the third quarter and full year of 2026.

Second Quarter 2026 Highlights

•Net income attributable to BKV of $75.8 million or $0.67 per diluted share

•Adjusted Net Income attributable to BKV of $50.7 million or $0.46 per diluted share

•Adjusted EBITDAX attributable to BKV of $142.0 million

•Net cash provided by operating activities of $109.7 million

•Net cash provided by operating activities before working capital of $117.6 million

•Accrued capital expenditures of $72.4 million

•Adjusted Free Cash Flow before Power Growth attributable to BKV of $40.0 million

•Average net production of 978.3 MMcfe/d

•Total generation from the Power JV’s Temple plants of 2,222 GWh

•CCUS quarterly sequestration of approximately 35,900 metric tons of CO2 equivalent

•Net Leverage Ratio of 1.78x

•Commenced commercial operations at the Cotton Cove and Eagle Ford CCUS projects, which combined are expected to sequester more than 120,000 metric tons of CO₂ waste annually

“Our performance this quarter reflects the consistency of our execution,” said Chris Kalnin, Chief Executive Officer of BKV. “We met or exceeded our operating targets while advancing each of our strategic priorities. During the quarter, we brought two additional carbon capture projects into operation, delivered strong results across our upstream business, and advanced commercial discussions toward a long-term power purchase agreement.”

“Our strategy has always been to build from a position of operational strength. That disciplined approach continues to create new opportunities across our power and carbon capture businesses while reinforcing the strong operational foundation of our upstream operations. Together, these complementary businesses position us to create long-term value for our shareholders.”

Financial Results

Three Months Ended June 30, Six Months Ended June 30,

($ Millions, except EPS)(1)

2026 2025 2026 2025

Net income attributable to BKV $ 75.8 $ 107.8 $ 119.9 $ 25.8

Adjusted Net Income attributable to BKV, non-GAAP $ 50.7 $ 24.1 $ 73.1 $ 61.5

Adjusted EPS attributable to BKV, non-GAAP(2)

$ 0.46 $ 0.28 $ 0.69 $ 0.73

Adjusted EBITDAX attributable to BKV, non-GAAP $ 142.0 $ 96.5 $ 254.0 $ 201.5

Net cash provided by operating activities $ 109.7 $ 89.3 $ 181.7 $ 105.7

Net cash provided by operating activities before working capital, non-GAAP $ 117.6 $ 84.5 $ 226.9 $ 134.5

Adjusted Free Cash Flow before Power Growth attributable to BKV, non-GAAP $ 40.0 $ 17.2 $ 60.1 $ 28.7

Capital expenditures (accrued)

Development (3)

$ 38.8 $ 62.6 $ 120.8 $ 110.5

Power (4)

$ 6.8 $ 0.3 $ 23.5 $ 0.4

CCUS and other $ 26.8 $ 16.1 $ 46.7 $ 26.2

Total capital expenditures (accrued) $ 72.4 $ 79.0 $ 191.0 $ 137.1

Deposits on fixed asset purchases (5)

$ 125.5 $ — $ 158.5 $ —

____________________________________________________

(1) Adjusted Net Income attributable to BKV, Adjusted EPS attributable to BKV, Adjusted EBITDAX attributable to BKV, Net cash provided by operating activities before working capital, and Adjusted Free Cash Flow before Power Growth attributable to BKV are each non-GAAP financial measures. For a definition of each of these non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their most directly comparable GAAP metrics, please see “Supplemental Non-GAAP Financial Measures” below.

(2) Reflects Adjusted EPS attributable to BKV on a diluted basis.

(3) Excludes asset retirement obligation expenditures of $0.3 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.

(4) Power maintenance was $0.5 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.8 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

(5) These deposits are comprised of payments for turbines, modular generation equipment, and other long lead time items in Power included within our Strategic Power Growth capital expenditures and investments guidance.

“Our financial strategy is grounded in disciplined capital allocation, a strong balance sheet, and prudent liquidity management,” said David Tameron, Chief Financial Officer of BKV. “During the quarter, we maintained substantial liquidity while continuing to invest in our phased power strategy and expanding our carbon capture platform. Supported by the cash flow generated from our upstream business, we are able to fund these strategic investments while preserving financial flexibility and maintaining a disciplined balance sheet.”

“Our approach to capital deployment remains disciplined and milestone-driven,” continued Tameron. “We will continue to align investment with commercial progress, maintain a prudent leverage profile, and preserve financial flexibility as we execute our growth strategy. This approach allows us to pursue the opportunities we believe will create the greatest long-term value for our shareholders.”

Business Segment Results

Three Months Ended June 30, 2026

($ Thousands) Upstream/Midstream Power Corporate and Other Total

Net income (loss) $ 116,762 $ (6,802) $ (32,630) $ 77,330

Add back (subtract):

Depreciation, depletion, amortization, and accretion 44,032 9,552 504 54,088

Exploration and impairment expense — — — —

Unrealized (gains) losses on derivatives, net (56,024) 10,537 — (45,487)

Forward month gas settlement (1)

4,522 — — 4,522

Interest expense, net 14,575 9,182 (1,074) 22,683

Interest expense, related parties — 3,978 — 3,978

Equity-based compensation expense 3,456 1,158 1,785 6,399

Impairment of asset held for sale — — 3,516 3,516

Income tax expense — — 20,150 20,150

Other nonrecurring transactions 559 4,331 — 4,890

Adjusted EBITDAX, non-GAAP 127,882 31,936 (7,749) 152,069

(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (2)

— (9,083) (990) (10,073)

Adjusted EBITDAX attributable to BKV, non-GAAP

$ 127,882 $ 22,853 $ (8,739) $ 141,996

Three Months Ended June 30, 2025

($ Thousands) Upstream/Midstream Power Corporate and Other Total

Net income (loss) $ 144,938 $ 14,948 $ (47,411) $ 112,475

Add back (subtract):

Depreciation, depletion, amortization, and accretion 37,738 9,536 400 47,674

Exploration and impairment expense — — — —

Unrealized (gains) losses on derivatives, net (102,935) (8,182) — (111,117)

Forward month gas settlement (1)

(7,216) — — (7,216)

Interest expense, net 5,441 10,351 (145) 15,647

Interest expense, related parties — 5,023 — 5,023

Equity-based compensation expense — — 4,069 4,069

Income tax expense — — 29,243 29,243

Other nonrecurring transactions 3,065 — 6,665 9,730

Adjusted EBITDAX, non-GAAP

81,031 31,676 (7,179) 105,528

(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (2)

— (8,726) (305) (9,031)

Adjusted EBITDAX attributable to BKV, non-GAAP

$ 81,031 $ 22,950 $ (7,484) $ 96,497

Six Months Ended June 30, 2026

($ Thousands) Upstream/Midstream Power Corporate and Other Total

Net income (loss) $ 170,548 $ 13,453 $ (54,827) $ 129,174

Add back (subtract):

Depreciation, depletion, amortization, and accretion 85,947 21,356 950 108,253

Exploration and impairment expense — — — —

Unrealized (gains) losses on derivatives, net (39,888) (19,455) — (59,343)

Forward month gas settlement (1)

(18,923) — — (18,923)

Interest expense, net 27,117 18,452 (1,554) 44,015

Interest expense, related parties — 8,247 — 8,247

Equity-based compensation expense 5,431 1,762 3,113 10,306

Impairment of asset held for sale — — 3,516 3,516

Income tax expense — — 31,619 31,619

Other nonrecurring transactions 5,942 8,038 — 13,980

Adjusted EBITDAX, non-GAAP 236,174 51,853 (17,183) 270,844

(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (2)

— (14,960) (1,850) (16,810)

Adjusted EBITDAX attributable to BKV, non-GAAP

$ 236,174 $ 36,893 $ (19,033) $ 254,034

Six Months Ended June 30, 2025

($ Thousands) Upstream/Midstream Power Corporate and Other Total

Net income (loss) $ 59,758 $ (6,481) $ (27,573) $ 25,704

Add back (subtract):

Depreciation, depletion, amortization, and accretion 77,322 19,184 879 97,385

Exploration and impairment expense — — — —

Unrealized (gains) losses on derivatives, net 31,050 4,868 — 35,918

Forward month gas settlement (1)

(3,219) — — (3,219)

Interest expense, net 10,468 20,748 (269) 30,947

Interest expense, related parties — 10,099 — 10,099

Equity-based compensation expense 2,921 1,062 2,153 6,136

Impairment of asset held for sale 2,446 — — 2,446

Income tax benefit — — (1,425) (1,425)

Other nonrecurring transactions 4,165 — 7,120 11,285

Adjusted EBITDAX, non-GAAP

184,911 49,480 (19,115) 215,276

(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (2)

— (13,472) (305) (13,777)

Adjusted EBITDAX attributable to BKV, non-GAAP

$ 184,911 $ 36,008 $ (19,420) $ 201,499

________________________________________________________

(1) Natural gas derivative contracts settle and are realized in the month prior to the production covered by the contract. This adjustment removes the timing difference between the settlement date and the underlying production month that is hedged.

(2) Non-GAAP financial measure, see supplemental non-GAAP financial measures for reconciliations to the most comparable financial measures in accordance with GAAP.

Segment Operational Results - Second Quarter 2026

Power Segment

BKV continues to make meaningful progress toward securing a long-term power purchase agreement ("PPA") for a portion of the capacity of its existing Temple I and II combined-cycle facilities. Through the previously disclosed advisor-led process, the Company remains engaged in commercial discussions with a select group of prospective counterparties as it advances opportunities to establish long-term contracted cash flows to enhance revenue visibility and optimize generation from its existing generation assets. During the quarter, BKV secured additional acreage adjacent to the Temple Energy Complex, expanding its site control to approximately 1,100 acres. The Company also received Phase 1 air permits for its planned modular generation, representing another key milestone in advancing the phased development of the Temple Energy Complex.

BKV continued advancing development of its planned North Texas Energy Complex in Jack County. With approximately 6,200 acres under site control and generation and load applications submitted, the project represents an opportunity to replicate the Company's closed-loop strategy by combining natural gas production, power generation, and carbon capture capabilities to serve growing power demand in ERCOT.

The Company's operated power generation assets currently consist of Temple I and Temple II, with a combined generation capacity of approximately 1.5 GW. BKV has also entered into equipment supply agreements for approximately 200 MW of modular generation and secured turbine reservations supporting up to 1.2 GW of future combined-cycle generation. If developed as planned, these projects would increase the Company's operated generation capacity to approximately 3 GW. Development remains subject to, among other things, execution of long-term power purchase agreements, financing, regulatory approvals, and commercial negotiations with counterparties. The timing, sequencing, scale, and ultimate composition of these projects may differ materially from those presented, and there can be no assurance that any specific project or generation capacity will be achieved.

The second quarter of 2026 was characterized by strong power demand across ERCOT, which supported higher than expected dispatch at the Temple plants. Total power generation increased ~16% year over year, with the plants operating reliably throughout the quarter and experiencing no forced outages. Wholesale power prices, however, were below expectations, partially offsetting the higher generation.

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Temple I capacity factor 69.2 % 64.0 % 66.9 % 54.7 %

Temple II capacity factor 69.9 % 54.8 % 65.1 % 54.5 %

Total power generation (GWh) 2,222 1,913 4,203 3,500

Average power price ($/MWh) $ 41.59 $ 45.10 $ 46.04 $ 48.63

Average natural gas cost $ 2.68 $ 2.93 $ 3.33 $ 3.47

Average spark spread $ 22.31 $ 24.27 $ 22.26 $ 24.00

Summary of Power Operations

($ Millions)

Total revenues, net $ 122.3 $ 136.7 $ 286.9 $ 234.4

Depreciation and amortization $ 9.5 $ 9.5 $ 21.4 $ 19.2

Operating expenses $ 107.0 $ 97.5 $ 226.8 $ 194.2

Income from operations $ 5.8 $ 29.7 $ 38.7 $ 21.0

Interest expense, net $ (13.2) $ (15.4) $ (26.7) $ (30.8)

Other income $ 0.6 $ 0.6 $ 1.4 $ 3.3

Net income (loss) $ (6.8) $ 14.9 $ 13.4 $ (6.5)

Net income (loss) attributable to BKV $ (7.6) $ 10.4 $ 5.6 $ (6.2)

Upstream/Midstream Segment

BKV delivered another quarter of strong operational performance, with production exceeding the high end of its guidance range while development capital expenditures remained below the midpoint of guidance. The upstream business continues to generate strong cash flow while improvements in capital efficiency support disciplined investment across the Company's broader platform.

Operational results benefited from improvements in drilling and completions execution, including the success of advanced completion designs and positive offset well effects in the Barnett, where modern completion techniques are increasing production from both new and existing wells. Together with continued application of data and analytics to optimize base production, these initiatives are driving capital-efficient production growth and further enhancing BKV's industry-leading low base decline.

During the quarter, the Company also drilled and completed an Upper Barnett well that exceeded expectations. These results significantly de-risk ~50% of Upper Barnett development locations and reduce the expected breakeven price from $3.75/MMBtu to $3.25/MMBtu, further enhancing the quality and returns of its development inventory.

During the second quarter, the Company completed the transition to internally market all of its natural gas production. This provides greater commercial flexibility and is expected to improve margins over time while enhancing BKV's ability to deliver energy solutions across natural gas, power, carbon sequestered gas, and LNG-related arrangements.

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Production

Net production per day (MMcfe/d) 978.3 811.0 951.8 786.2

Natural gas (MMcf) 72,785 58,328 140,863 112,451

NGL (MBbls) 2,650 2,535 5,139 4,877

Oil (MBbls) 56 44 96 97

Total (MMcfe) 89,021 73,802 172,273 142,295

Natural Gas ($/Mcf)

Average NYMEX Henry Hub price $ 2.90 $ 3.44 $ 3.97 $ 3.55

Differential $ (0.76) $ (0.77) $ (1.16) $ (0.67)

Average realized prices, excluding derivatives $ 2.14 $ 2.67 $ 2.81 $ 2.88

Average realized prices, including derivatives $ 2.60 $ 2.83 $ 2.85 $ 2.84

NGLs ($/Bbl)

Average realized prices, excluding derivatives $ 23.00 $ 16.42 $ 20.57 $ 17.70

Average realized prices, including derivatives $ 25.21 $ 16.41 $ 22.17 $ 16.64

Oil ($/Bbl)

Average realized prices $ 86.91 $ 57.66 $ 79.49 $ 61.82

Average Operating Cash Costs per Mcfe

Lease operating and workover $ 0.50 $ 0.46 $ 0.52 $ 0.49

Taxes other than income $ 0.13 $ 0.18 $ 0.16 $ 0.17

Gathering and transportation costs $ 0.76 $ 0.85 $ 0.79 $ 0.84

Total

$ 1.39 $ 1.49 $ 1.47 $ 1.50

Carbon Capture Utilization and Sequestration (“CCUS”)

BKV successfully commenced commercial operations at its Cotton Cove and Eagle Ford CCUS projects during the second quarter of 2026 as planned. The Eagle Ford project is expected to sequester approximately 90,000 metric tons of CO₂ per year, while the Cotton Cove project is expected to sequester approximately 32,000 metric tons of CO₂ per year.

The Barnett Zero project sequestered approximately 28,300 and 64,200 metric tons of CO2 during the three and six months ended June 30, 2026, respectively, bringing total sequestered volumes since initial injection in 2023 to approximately 375,800 metric tons of CO2.

Development activities continued across the Company's broader CCUS portfolio during the quarter. BKV successfully drilled the injection well for its East Texas project and a test well at its High West project, further advancing development of these projects.

Liquidity and Debt

As of June 30, 2026, BKV had cash and cash equivalents of $152.2 million and restricted cash of $16.1 million related to the Power segment Temple Term Loan Facility. Total debt as of June 30, 2026 was $1.3 billion, which was made up of the 2030 Senior Notes of $500.0 million, RBL balance of $100.0 million, a promissory note of $46.0 million, and Power segment debt of $618.0 million. Power segment debt included $176.0 million of borrowings under the Temple I Loan Agreements, $382.0 million of borrowings under the Temple Term Loan Facility, and a Temple Revolving Facility balance of $60.0 million.

As of June 30, 2026, total liquidity for BKV was $836.7 million, which consisted of $152.2 million in cash and cash equivalents and $684.5 million available capacity under the Company’s RBL. RBL availability as of June 30, 2026, was based on the elected commitment amount of $800.0 million, less an outstanding balance of $100.0 million and $15.5 million of letters of credit.

Third Quarter and Full Year 2026 Guidance

Q3 2026 FY 2026

Accrued Capital Expenditures and Net Production ($ Millions)

Development (1)

$55 - $75 $200 - $280

Power - Strategic Capital & Investments + Maintenance (1), (2)

$125 - $175 $400 - $475

CCUS and other (2)

$20 - $35 $90 - $120

Total capital expenditures $200 - $285 $690 - $875

Net production (MMcfe/d)

935 - 965 940 - 960

Per Unit Operating Costs ($/Mcfe)

Lease operating and workover $0.49 - $0.53 $0.49 - $0.53

Gathering, compression, processing, and transport (GCPT) $0.80 - $0.84 $0.80 - $0.84

Upstream general and administrative (excl. stock comp) $0.20 - $0.25 $0.20 - $0.25

Other General and Administrative Costs

General and administrative (Power, CCUS, & Other) $14 - $16 $53 - $63

General and administrative (stock comp) $4 - $6 $15 - $25

Commodity Prices

Average natural gas differential (3), (4)

$(0.70) - $(0.80) $(0.90) - $(1.00)

NGL % of WTI ~ 27% ~ 26%

Power ($ Millions)

Power Adjusted EBITDAX $45 - $65 $135 - $175

____________________________________________

(1) 2026 maintenance capital: Upstream ~$200 million; Power ~$5 million

(2) Expecting $120 million - $150 million in JV partner capital contributions

(3) Differential includes $0.15/Mcfe - $0.20/Mcfe of gathering, compression, processing, and transport

(4) Differential includes $0.15/Mcfe - $0.25/Mcfe of ethane rejection impacts

Second Quarter 2026 Earnings Conference Call

The Company plans to host a conference call to discuss results today, August 6, 2026 at 10 AM ET. To access the conference call, participants may dial (800) 420-1459 (US) or (203) 518-9861 (international). Participants can also listen to a live webcast of the call by going to the Investors section on the BKV website at www.ir.bkv.com. A replay will be available shortly after the live conference call and can be accessed on the Company’s website or by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 11162101. The replay will be available for 60 days after the call.

About BKV Corporation

Headquartered in Denver, Colorado, BKV Corporation is a forward-thinking, growth-driven energy company focused on creating value for its stockholders. BKV's core business is to produce natural gas from its owned and operated upstream assets. BKV’s overall business is organized into four business lines: natural gas production; natural gas gathering, processing and transportation; power generation; and carbon capture, utilization and sequestration. BKV (and its predecessor entity) was founded in 2015, and BKV and its employees are committed to building a different kind of energy company. BKV is one of the top 15 gas-weighted natural gas producers in the United States and the largest natural gas producer by gross operated volume in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies. For more information, visit the BKV website at www.bkv.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are not historical facts, include statements regarding BKV’s strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans, objectives of management and dividend policy, and often contain words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “budget,” “plan,” “seek,” “aspire,” “envision,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” “will,” and similar expressions. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits, opportunities and results with respect to the BKV-BPP Power Joint Venture Transaction, including any expected value creation from the BKV-BPP Power Joint Venture Transaction, anticipated efficiencies, power plant reliability, and strategic growth and power purchase agreement opportunities relating to the BKV-BPP Power Joint Venture and the BKV-BPP Power Joint Venture Transaction, as well as guidance, projected or forecasted financial and operating results, future liquidity, leverage, results in certain basins, objectives, project timing, utility of reporting segment changes, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. All forward-looking statements, expressed or implied, in this press release are based only on information currently available to BKV and speak only as of the date on which they are made. Forward-looking statements are not guarantees of future performance, and BKV cannot assure any reader that those statements will be realized or that the forward-looking events and circumstances will occur. Undue reliance should not be placed on any forward-looking statement, which is based on predictions of future results that may not occur as anticipated. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to assumptions, risks and uncertainties regarding the BKV-BPP Power Joint Venture Transaction and the anticipated benefits thereof, as well as our ability to effectively operate and grow our CCUS business, expected increase in demand for power generation and our ability to serve that demand from our power business, our ability to develop, market and sell our carbon sequestered gas product, and management's outlook guidance or forecasts of future events, including projected capital expenditures, production volumes, operating costs, pricing differentials, and Adjusted EBITDAX. For further discussions of risks and uncertainties applicable to forward-looking statements, you should refer to BKV’s filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section of BKV’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

Investor Contacts:

Michael Hall

BKV Corporation

Vice President, Investor Relations

InvestorRelations@bkvcorp.com

Patrick Freeman

BKV Corporation

Senior Director, Investor Relations

InvestorRelations@bkvcorp.com

BKV Corporation

Condensed Consolidated Balance Sheets

($ thousands, except par value)

(Unaudited)

June 30, 2026

December 31, 2025 (1)

Assets

Current assets

Cash and cash equivalents $ 152,192 $ 248,427

Restricted cash 16,067 15,846

Accounts receivable, net 141,125 129,077

Accounts receivable, related parties 10,328 11,196

Prepaid expenses 10,030 14,720

Inventory 17,967 20,039

Commodity derivative assets, current 99,388 63,900

Other current assets 10,736 8,150

Total current assets 457,833 511,355

Natural gas properties and equipment

Developed properties 3,057,987 2,965,638

Undeveloped properties 13,361 13,182

Midstream assets 279,554 277,974

Accumulated depreciation, depletion, and amortization (922,083) (849,464)

Total natural gas properties, net 2,428,819 2,407,330

Other property, plant, and equipment, net 1,096,116 944,412

Deposits 171,867 14,247

Goodwill 18,417 18,417

Commodity derivative assets 45,749 26,432

Other noncurrent assets 16,379 17,064

Total assets $ 4,235,180 $ 3,939,257

Liabilities, mezzanine equity, and equity

Current liabilities

Accounts payable and accrued liabilities $ 194,823 $ 229,487

Commodity derivative liabilities, current 9,698 8,469

Income taxes payable to related party — 810

Payable to BPPUS for the BKV-BPP Power Joint Venture Transaction — 115,136

Current portion of Temple I Loan Agreements 176,000 191,000

Current portion of long-term debt, net 9,387 9,387

Other current liabilities 8,797 10,302

Total current liabilities 398,705 564,591

Asset retirement obligations 200,604 230,372

Commodity derivative liabilities — 5,767

Deferred tax liability, net 160,290 128,839

Long-term debt, net 1,064,454 937,724

Other noncurrent liabilities 7,857 5,223

Total liabilities 1,831,910 1,872,516

Commitments and contingencies

Mezzanine equity

Noncontrolling interest 30,224 12,951

Stockholders' equity

Common stock, $0.01 par value; 500,000 authorized shares; 109,417 and 96,872 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

1,760 1,635

Treasury stock, shares at cost; 214 shares as of June 30, 2026 and December 31, 2025

(6,663) (6,663)

Additional paid-in capital 1,875,615 1,681,785

Retained earnings 426,391 309,051

Total stockholders' equity 2,297,103 1,985,808

Noncontrolling interest 75,943 67,982

Total equity 2,373,046 2,053,790

Total liabilities, mezzanine equity, and equity $ 4,235,180 $ 3,939,257

_________________________________________________

(1) The financial information presented in the condensed consolidated financial statements has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. For additional information, see Note 2 - Acquisition to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the period ended June 30, 2026.

BKV Corporation

Condensed Consolidated Statements of Income

($ thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026

2025 (1)

Revenues and other operating income

Natural gas, NGL, and oil sales $ 221,928 $ 199,729 $ 509,603 $ 415,855

Power revenues 74,362 61,924 143,352 105,788

Derivative gains, net 143,255 187,026 196,364 88,643

Marketing revenues 26,162 6,968 46,043 19,425

Section 45Q tax credits 3,048 2,574 6,108 5,881

Other (3,220) 140 (3,088) (1,165)

Total revenues and other operating income 465,535 458,361 898,382 634,427

Operating expenses

Lease operating and workover 44,482 34,176 89,557 69,231

Fuel commodity costs 42,832 39,852 99,953 86,215

Purchased power 29,502 29,494 56,857 48,161

Marketing expense 23,262 4,868 29,310 8,788

Taxes other than income 15,900 18,042 36,102 32,832

Gathering and transportation 68,095 63,026 135,897 118,819

Depreciation, depletion, amortization, and accretion 52,877 47,580 105,818 97,177

Power operating and maintenance 17,185 18,252 36,864 38,465

General and administrative 42,125 30,479 82,236 58,778

Other operating expenses

7,619 11,244 18,106 14,710

Total operating expenses 343,879 297,013 690,700 573,176

Income from operations 121,656 161,348 207,682 61,251

Other income (expense)

Interest expense (24,881) (16,384) (47,711) (32,433)

Interest expense, related parties (3,978) (5,023) (8,247) (10,099)

Interest income 2,198 737 3,696 1,486

Other income 2,485 1,040 5,373 4,074

Income before income taxes 97,480 141,718 160,793 24,279

Income tax benefit (expense) (20,150) (29,243) (31,619) 1,425

Net income 77,330 112,475 129,174 25,704

Less: net income (loss) attributable to noncontrolling interest 1,524 4,707 9,293 (85)

Net income attributable to BKV $ 75,806 $ 107,768 $ 119,881 $ 25,789

Net income per common share attributable to BKV:

Basic $ 0.68 $ 1.27 $ 1.11 $ 0.30

Diluted $ 0.67 $ 1.27 $ 1.11 $ 0.30

Weighted average number of common shares outstanding:

Basic 109,395 84,710 105,727 84,708

Diluted 109,772 84,834 106,058 84,789

_________________________________________________

BKV Corporation

Condensed Consolidated Statements of Cash Flows

($ thousands)

(Unaudited)

Six Months Ended June 30,

2026

2025(1)

Cash flows from operating activities:

Net income $ 129,174 $ 25,704

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion, amortization, and accretion 108,253 97,385

Equity-based compensation expense 10,306 6,136

Deferred income tax expense (benefit) 31,619 (2,255)

Unrealized (gains) losses on derivatives, net (59,343) 35,918

Impairment of asset held for sale 3,516 2,446

Settlement of contingent consideration — (20,000)

Payments for the purchase of put options — (16,206)

Other, net 3,348 5,390

Changes in operating assets and liabilities:

Accounts receivable, net (13,001) (14,617)

Accounts receivable, related party 868 3,624

Accounts payable and accrued liabilities (32,479) (19,831)

Other changes in operating assets and liabilities (530) 2,054

Net cash provided by operating activities 181,731 105,748

Cash flows from investing activities:

Asset acquisition (118,746) —

Deposits on fixed asset purchases (158,507) (7,500)

Capital expenditures (193,365) (124,102)

Proceeds from sales of assets 473 1,258

Other investing activities, net 264 257

Net cash used in investing activities (469,881) (130,087)

Cash flows from financing activities:

Proceeds from issuance of common stock, net of underwriting discounts and commissions 185,504 —

Acquisition of additional interest in BKV-BPP Power (115,136) —

Payment of debt issuance costs (892) (720)

Payments on Temple Term Loan Facility

(19,885) (5,000)

Proceeds from Promissory Note 46,000 —

Payments on Temple I Loan Agreements (15,000) —

Proceeds under RBL Credit Agreement 570,000 355,000

Payments on RBL Credit Agreement (470,000) (320,000)

Net share settlements, equity-based compensation (2,132) (1,204)

Cash contributions from noncontrolling interest 13,400 4,353

Common stock issued from employee purchase plan 277 —

Net cash provided by financing activities 192,136 32,429

Net increase (decrease) in cash, cash equivalents, and restricted cash (96,014) 8,090

Cash, cash equivalents, and restricted cash, beginning of period 264,273 96,998

Cash, cash equivalents, and restricted cash, end of period

$ 168,259 $ 105,088

_________________________________________________

Derivative Contract Volumes and Fair Values

The following tables summarize the Company’s outstanding derivative positions as of June 30, 2026 by commodity and contract type, including volume, pricing indices, or reference points, and associated fair values.

The following table summarizes the Company's power derivatives:

Instrument Units Quantity

Pricing Index

Fair Value as of

June 30, 2026 ($ thousands)

2026

Swap MMBtu 3,066,000 HSC Gas Daily $ (2,752)

Power forwards - sales MWh 438,000 ERCOT North $ 5,959

Heat rate call option MMBtu 2,628,000 Various $ 13,891

Power forwards - purchases MWh 344,030 Various $ (6,145)

2027

Swap MMBtu 12,264,000 HSC Gas Daily $ 507

Power forwards - sales MWh 1,752,000 ERCOT North $ 2,378

Power forwards - purchases MWh 87,600 Various $ (735)

The following table represents natural gas commodity derivatives indexed to NYMEX Henry Hub pricing:

Instrument MMBtu Weighted Average Price (USD) Weighted Average Price Floor Weighted Average Price Ceiling

Fair Value as of June 30, 2026

($ thousands)

2026

Swap 75,768,006 $ 3.88 $ 34,725

2027

Swap 98,958,854 $ 3.99 $ 49,421

Collars 37,662,319 $ 3.57 $ 4.00 $ 9,378

Call options 36,500,000 $ 5.00 $ (6,038)

Put options 36,500,000 $ 3.00 $ 10,398

2028

Swap 94,085,323 $ 3.79 $ 12,469

2029

Swap 35,587,500 $ 3.60 $ (29)

The following table represents natural gas basis derivatives by reference price listed below:

Instrument Basis Reference Price MMBtu Weighted Average Basis Differential

Fair Value as of June 30, 2026 ($ thousands)

2026

Swap Transco Leidy Basis 25,526,433 $ (0.79) $ 132

Swap HSC Basis 27,600,000 $ (0.32) $ 5,796

Swap Transco St 85 (Z4) Basis 18,400,000 $ 0.62 $ (2,384)

Swap NGPL TXOK Basis 23,943,741 $ (0.40) $ 2,463

2027

Swap Transco Leidy Basis 10,950,000 $ (0.76) $ (1,308)

Swap HSC Basis 7,300,000 $ (0.25) $ 1,194

Swap NGPL TXOK Basis 16,965,270 $ (0.31) $ 1,593

2028

Swap Transco Leidy Basis 7,320,000 $ (0.76) $ (693)

Swap HSC Basis 10,980,000 $ (0.17) $ 1,229

The following table summarizes the Company's natural gas liquids derivatives position by product and reference price:

Instrument Commodity Reference Price Gallons Weighted Average Price (USD)

Fair Value as of June 30, 2026 ($ thousands)

2026

Swap OPIS Purity Ethane Mont Belvieu 68,220,796 $ 0.25 $ 591

Swap OPIS IsoButane Mont Belvieu Non-TET 7,128,934 $ 0.86 $ (497)

Swap OPIS Normal Butane Mont Belvieu Non-TET 11,719,147 $ 0.83 $ (938)

Swap OPIS Propane Mont Belvieu Non-TET 40,975,148 $ 0.70 $ (586)

Swap OPIS Natural Gasoline Mont Belvieu Non-TET 18,268,618 $ 1.39 $ (1,563)

2027

Swap OPIS Purity Ethane Mont Belvieu 79,965,970 $ 0.28 $ 3,841

Swap OPIS IsoButane Mont Belvieu Non-TET 13,846,327 $ 0.87 $ 324

Swap OPIS Normal Butane Mont Belvieu Non-TET 20,203,274 $ 0.83 $ 246

Swap OPIS Propane Mont Belvieu Non-TET 76,415,634 $ 0.70 $ 1,412

Swap OPIS Natural Gasoline Mont Belvieu Non-TET 34,754,781 $ 1.39 $ 1,160

Supplemental Non-GAAP Financial Measures

This release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income (loss) attributable to BKV, basic and diluted EPS, net income (loss), net cash provided by operating activities, or any other measure calculated in accordance with GAAP.

As a result of the Company’s acquisition of an additional 25% ownership interest in and consolidation of the BKV-BPP Power JV as of January 30, 2026, the Company changed the presentation of its non-GAAP measures of Combined Adjusted EBITDAX, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin beginning in the first quarter of 2026. The Company now discloses Adjusted Net Income (Loss) attributable to BKV, Adjusted EPS attributable to BKV, Adjusted EBITDAX, Adjusted EBITDAX attributable to BKV, Adjusted EBITDAX attributable to Noncontrolling Interests, Adjusted Free Cash Flow before Power Growth, and Adjusted Free Cash Flow before Power Growth attributable to BKV. Such non-GAAP measures have been presented in this release for the comparative period and have been calculated based on the definitions below.

Net Leverage Ratio

The Company defines Net Leverage Ratio as total debt less cash and cash equivalents, and restricted cash, divided by Adjusted EBITDAX for the most recent quarter’s annualized Adjusted EBITDAX (the quarter’s Adjusted EBITDAX multiplied by four). The Company uses this metric to evaluate total debt relative to the Company’s ability to generate cash through Adjusted EBITDAX. This metric also provides management with a benchmark of debt levels while considering growth opportunities and the Company’s ability to manage periods of commodity price volatility.

The table below presents a calculation of the Company’s Net Leverage Ratio:

($ thousands, except Net Leverage Ratio) As of June 30, 2026

Total debt $ 1,249,841

Less: Cash and cash equivalents $ 168,259

Net debt $ 1,081,582

Divided by annualized Adjusted EBITDAX (1)

$ 608,276

Net Leverage Ratio 1.78x

_______________________________

(1) Adjusted EBITDAX for the three months ended June 30, 2026 multiplied by four.

Adjusted Net Income (Loss) Attributable to BKV and Adjusted EPS Attributable to BKV

The Company defines Adjusted Net Income (Loss) attributable to BKV as net income (loss) attributable to BKV before (i) net unrealized derivative (gains) losses, (ii) forward month gas settlements, (iii) impairment of assets held for sale, (iv) other nonrecurring transactions, and (v) the tax impact of these adjustments calculated using a 23% statutory rate. The Company defines Adjusted EPS attributable to BKV as Adjusted Net Income (Loss) attributable to BKV divided by diluted weighted average common shares outstanding.

The Company believes Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV are useful performance measures because they allow the Company to effectively evaluate its operating performance and results of operations from period to period and against its peers, without regard to financing methods, corporate form, capital structure, or one-time events. The Company excludes the items listed above from net income (loss) attributable to BKV in arriving at Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV because these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. The Company's presentation of Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Other companies, including other companies in the industry, may not use Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV or may calculate these measures differently than as presented in this release, limiting their usefulness as comparative measures.

The table below presents a reconciliation of Adjusted Net Income (Loss) attributable to BKV to net income (loss) attributable to BKV, the Company's most directly comparable GAAP financial measure, for the periods indicated.

Three Months Ended June 30, Six Months Ended June 30,

($ Thousands, except EPS) 2026 2025 2026 2025

Net income attributable to BKV $ 75,806 $ 107,768 $ 119,881 $ 25,789

Adjustment to net income attributable to BKV:

Net unrealized derivative (gains) losses (45,487) (111,117) (59,343) 35,918

Forward month gas settlement (1)

4,522 (7,216) (18,923) (3,219)

Impairment of asset held for sale 3,516 — 3,516 2,446

Other nonrecurring transactions 4,890 9,730 13,980 11,285

Total adjustments before taxes (32,559) (108,603) (60,770) 46,430

Tax effect of adjustments 7,488 24,979 13,977 (10,679)

Total adjustments after taxes (25,071) (83,624) (46,793) 35,751

Adjusted Net Income attributable to BKV $ 50,735 $ 24,144 $ 73,088 $ 61,540

Adjusted EPS attributable to BKV:

Basic $ 0.46 $ 0.29 $ 0.69 $ 0.73

Diluted $ 0.46 $ 0.28 $ 0.69 $ 0.73

Basic weighted-average shares of common stock outstanding 109,395 84,710 105,727 84,708

Add dilutive effects of TRSUs 187 124 170 81

Add dilutive effects of PRSUs 190 — 161 —

Diluted weighted-average shares of common stock outstanding 109,772 84,834 106,058 84,789

_________________________________________________

Adjusted EBITDAX, Adjusted EBITDAX Attributable to BKV, and Adjusted EBITDAX Attributable to Noncontrolling Interests

The Company defines Adjusted EBITDAX as net income (loss) before (i) depreciation, depletion, amortization, and accretion, (ii) exploration and impairment expense, (iii) net unrealized gains (losses) on derivatives, (iv) gains (losses) on contingent consideration liabilities, (v) net interest expense, (vi) interest expense, related parties, (vii) equity-based compensation expense, (viii) income tax benefit (expense), and (ix) other nonrecurring transactions. Adjusted EBITDAX attributable to BKV is defined as Adjusted EBITDAX less Adjusted EBITDAX attributable to Noncontrolling Interests.

The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. The Company’s presentation of Adjusted EBITDAX should not be construed

as an inference that its results will be unaffected by unusual or non-recurring items. Other companies, including other companies in the industry, may not use Adjusted EBITDAX or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure.

Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by the Company’s management and external users of its consolidated financial statements, such as industry analysts, investors, lenders, rating agencies, and others to more effectively evaluate the Company’s operating performance and results of operations from period to period and against industry peers. The Company believes Adjusted EBITDAX is a useful performance measure because it allows the Company to effectively evaluate its operating performance and results of operations from period to period and against industry peers, without regard to its financing methods, corporate form, or capital structure.

The table below presents a reconciliation of Adjusted EBITDAX to net income, the Company’s most directly comparable GAAP financial measure, for the periods indicated.

Three Months Ended June 30, Six Months Ended June 30,

($ Thousands) 2026 2025 2026 2025

Net income $ 77,330 $ 112,475 $ 129,174 $ 25,704

Add back (subtract):

Depreciation, depletion, amortization, and accretion 54,088 47,674 108,253 97,385

Exploration and impairment expense — — — —

Unrealized (gains) losses on derivatives, net (45,487) (111,117) (59,343) 35,918

Forward month gas settlement (1)

4,522 (7,216) (18,923) (3,219)

Interest expense, net 22,683 15,647 44,015 30,947

Interest expense, related parties 3,978 5,023 8,247 10,099

Equity-based compensation expense 6,399 4,069 10,306 6,136

Impairment of asset held for sale 3,516 — 3,516 2,446

Income tax expense 20,150 29,243 31,619 (1,425)

Other nonrecurring transactions 4,890 9,730 13,980 11,285

Adjusted EBITDAX 152,069 105,528 270,844 215,276

(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (2)

(10,073) (9,031) (16,810) (13,777)

Adjusted EBITDAX attributable to BKV $ 141,996 $ 96,497 $ 254,034 $ 201,499

_________________________________________

(2) Non-GAAP financial measure, see below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure in accordance with GAAP.

The Company defines Adjusted EBITDAX attributable to Noncontrolling Interests as the proportionate share of Adjusted EBITDAX attributable to Noncontrolling Interests in the BKV-BPP Power JV, BKV-CIP JV, and BKV-BPP Cotton Cove JV, our non-wholly owned consolidated subsidiaries. The table below reconciles Adjusted EBITDAX attributable to Noncontrolling Interests to net income (loss) attributable to Noncontrolling Interest, the most comparable financial measure in accordance with GAAP.

Three Months Ended June 30, Six Months Ended June 30,

($ Thousands) 2026 2025 2026 2025

Net income (loss) attributable to noncontrolling interest $ 1,524 $ 4,707 $ 9,293 $ (85)

Add back (subtract):

Interest expense, net 3,290 3,844 6,675 7,712

Depreciation and amortization 2,625 2,526 5,706 4,933

EBITDAX before adjustments 7,439 11,077 21,674 12,560

Net unrealized derivative (gains) losses 2,634 (2,046) (4,864) 1,217

Adjusted EBITDAX attributable to Noncontrolling Interests

$ 10,073 $ 9,031 $ 16,810 $ 13,777

Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth Attributable to BKV

The Company defines Adjusted Free Cash Flow before Power Growth as net cash provided by operating activities, excluding cash paid for contingent consideration and changes in operating assets and liabilities, less total cash paid for capital expenditures (excluding leasehold costs and acquisitions), excluding strategic power growth capital expenditures. Adjusted Free Cash Flow before Power Growth attributable to BKV is defined as Adjusted Free Cash Flow before Power Growth, less Adjusted EBITDAX attributable to noncontrolling interests, with net interest expense attributable to noncontrolling interests added back, plus net contributions from noncontrolling interests.

Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV are not measures of net cash provided by or used in operating activities as determined in accordance with GAAP. These measures are supplemental non-GAAP financial measures used by management and external users of the Company's financial statements, including industry analysts, investors, lenders and rating agencies, to assess the Company's ability to internally fund its capital program, service or incur additional debt and pay dividends. Adjusted Free Cash Flow before Power Growth reflects cash flow available to fund the Company's capital program, excluding strategic power growth capital expenditures, while Adjusted Free Cash Flow before Power Growth attributable to BKV further adjusts for noncontrolling interests to reflect amounts attributable to the Company's common shareholders. The Company believes these measures are useful indicators of liquidity because they facilitate period-over-period comparisons of cash flow provided by operating activities and the Company's ability to internally fund its capital program (including acquisitions), reduce leverage, fund acquisitions and return capital to shareholders. Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV should not be considered alternatives to, or more meaningful than, net income (loss) or net cash provided by (used in) operating activities determined in accordance with GAAP. Other companies, including other companies in the industry, may define these measures differently, limiting their usefulness as comparative measures.

The table below presents a reconciliation of Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV to net cash provided by operating activities, the Company's most directly comparable GAAP financial measure, for the periods indicated.

Three Months Ended June 30, Six Months Ended June 30,

($ Thousands) 2026 2025 2026 2025

Net cash provided by operating activities $ 109,742 $ 89,295 $ 181,731 $ 105,748

Change in operating assets and liabilities 7,866 (4,811) 45,142 28,770

Net cash provided by operating activities before change in working capital 117,608 84,484 226,873 134,518

Cash paid for contingent consideration (1)

— — — 20,000

Cash paid for capital expenditures (excl. leasehold costs, acquisitions) (86,838) (66,490) (193,365) (124,102)

Strategic Power Growth capital expenditures 6,822 — 23,279 —

Adjusted Free Cash Flow before Power Growth $ 37,592 $ 17,994 $ 56,787 $ 30,416

Add back (subtract):

Adjusted EBITDAX attributable to Noncontrolling Interests (10,073) (9,031) (16,810) (13,777)

Net interest expense attributable to noncontrolling interests 3,290 3,844 6,675 7,712

Net contributions from noncontrolling interests 9,200 4,353 13,400 4,353

Adjusted Free Cash Flow before Power Growth attributable to BKV $ 40,009 $ 17,160 $ 60,052 $ 28,704

__________________________________________

(1) Cash paid for contingent consideration is included as a deduction to arrive at net cash provided by operating activities and therefore, is added back for the purpose of computing Adjusted Free Cash Flow before Power Growth.

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Aug. 06, 2026

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Registrant Name

BKV CORPORATION

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1200 17th Street,

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duration

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

dei_EntityExTransitionPeriod

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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