Bkv's Business Segments

BKV Corporation is an energy company engaged in the development and operation of natural gas producing assets, natural gas-fired power generation assets, and selective acquisitions. Its core businesses include natural gas production, natural gas midstream, power generation, and carbon capture, utilization, and storage (CCUS). BKV operates an integrated model combining these business lines to improve cost efficiency, commercial optimization, and operational reliability. The company maintains control over natural gas production, transportation, and processing to support demand for low carbon natural gas and power. BKV began sequestration operations at its first CCUS project in November 2023 and plans to initiate additional CCUS projects by 2026. The company targets net-zero Scope 1 and 2 emissions in its upstream and midstream operations by the early 2030s and net-zero Scope 1, 2, and 3 emissions by the late 2030s. BKV completed its initial public offering in September 2024, raising net proceeds of $265.7 million, which were primarily used to reduce debt and fund growth initiatives. The company’s strategy focuses on optimizing core businesses through technology and data analytics, pursuing accretive acquisitions, maintaining financial discipline, advancing net-zero objectives, fostering innovation, and delivering stockholder returns. As of December 31, 2025, BKV held approximately 563,000 net acres, primarily in the Barnett Shale, with net daily production averaging 835.5 million cubic feet equivalent per day, consisting of 80% natural gas and 20% natural gas liquids.

The Company operates as a single operating and reportable segment. The Chief Executive Officer, serving as the Chief Operating Decision Maker (CODM), evaluates financial performance on a consolidated basis, primarily using net income from the consolidated statements of operations. The CODM also reviews consolidated revenues, significant segment expenses, and other segment items monthly to allocate resources, manage liquidity, and assess overall performance against the budget. Additionally, the CODM monitors total assets and capital expenditures on a consolidated basis as reported in the consolidated balance sheets and consolidated statements of cash flows.