BKV Corporation

NYSE•BKV

CEO: Mr. Christopher Pungya Kalnin

Sector: Energy

Industry: Oil & Gas Exploration & Production

Listing Date: 2014-07-24

BKV Corporation engages in the acquisition, development, and operation of natural gas and natural gas liquid properties located in the Barnett Shale in the Fort Worth Basin of Texas and in the Marcellus Shale in the Appalachian Basin of Northeastern Pennsylvania. It is also involved in the gathering, processing, and transportation of natural gas; power generation; and carbon capture, utilization, and sequestration. The company was founded in 2015 and is headquartered in Denver, Colorado. BKV Corporation is a subsidiary of Banpu North America Corporation.

Contact Information

1200 17th Street, Suite 2100, Denver, CO, 80202, United States

720-375-9680

bkv.com

Market Cap

$2.92B

P/E (TTM)

15.2

20.5

Dividend Yield

52W High

$32.81

52W Low

$15.00

52W Range

76%

Rank63Top 94.0%

1.8

F-Score

Modified Piotroski Analysis

Based on 5-year fundamentals

Weak • 1.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2021-2025

Financial Dashboard

Q4 2025 Data

Revenue

$241.07M+0.00%

4-Quarter Trend

EPS

$0.76+0.00%

4-Quarter Trend

FCF

-$21.81M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Jumps 75% Total revenues reached $1.01 B in 2025, up 75% from $581.0 M in 2024, driven by higher commodity prices.

Net Income Returns Strongly Net income attributable to BKV was $173.1 M in 2025, reversing the $142.9 M net loss reported in 2024.

Reserves Grow Via Acquisition Total proved reserves increased to 5,921 Bcfe by year-end 2025, boosted by the September Bedrock Acquisition adding 743 Bcfe.

Operating Cash Flow Strong Net cash provided by operating activities was $242.7 M in 2025, significantly higher than $118.5 M generated in 2024.

Risk Factors

Commodity Price Volatility Risk Revenues highly dependent on volatile natural gas and NGL prices; sustained lower prices could impair asset values and cash flows.

Integration and Acquisition Risks Successfully integrating Bedrock Acquisition assets and realizing anticipated synergies presents material operational and financial challenges.

CCUS Project Execution Uncertainty Future CCUS revenue and net zero goals depend on securing external funding and achieving timely FID for multiple identified projects.

Debt Covenants Limit Flexibility Existing debt agreements contain restrictive covenants limiting ability to incur additional debt, pay dividends, or react to market changes.

Outlook

CCUS Project Timelines Ahead Expect second and third CCUS projects to commence sequestration operations during the first and second quarters of 2026.

Net Zero Goals Targeted Aiming for net-zero Scope 1 and 2 emissions from upstream/midstream by early 2030s via Pad of the Future and CCUS.

2026 Capital Expenditures Planned Total accrued capital expenditures budgeted for 2026 range from $410 M to $560 M company-wide, partially offset by JV contributions.

Pursuing Synergistic Acquisitions Strategy remains focused on gaining scale through opportunistic, synergistic acquisitions across upstream, midstream, power, and CCUS.

Peer Comparison

Revenue (TTM)

CSAN

$7.46B

+2.0%

PARR

$7.46B

-6.4%

CLMT

$4.14B

-1.2%

Gross Margin (Latest Quarter)

DHT

51.2%

-0.2pp

TNK

38.6%

-4.6pp

TRMD

38.0%

-22.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CSAN	$4.51B	-1.5	-147.9%	53.5%
CRGY	$3.92B	29.5	3.1%	44.5%
BTE	$3.15B	-7.1	-16.2%	3.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

2.2%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 8, 2026

EPS:$0.38

Revenue:$330.80M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data