BKV Corporation Investor Presentation February 26, 2025
03 Disclaimer 04 About BKV 10 Quarterly Highlights 12 Business Units Overview: Upstream & Midstream 18 Business Units Overview: CCUS 25 Business Units Overview: Power 31 Financial Overview 37 Appendix 2
Important Notice and Disclaimer Forward-Looking Statements. This presentation includes may become involved; volatility in natural gas, NGL and oil Reserves. BKVs proved reserves are those quantities of oil forward-looking statements…
BKV Corporation About BKV Natural gas production location 4 Wyoming County, Pennsylvania
BKV Corporation BKV is an Energy Solutions Leader Closed Loop Strategy Largest natural gas producer in the Barnett with complimentary assets in Northeast Pennsylvania (NEPA) Energy solutions market growth potential at the…
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts Natural Gas Upstream BKV Assets Twelve Months Ended As of Dec. 2024 Offer Unique, Integrated Platform with Significant Growth Potential Dec 24 NYMEX 1P Dec. 2024 Avg.…
BKV Corporation BKV is the Largest Producer in the Barnett and a Top 5 Gas Producer in Texas1 Top 10 Barnett Producers Gross Operated Production (MMcfe/d)2 BKV Barnett: Highly Contiguous Position, Opportunities for Growth 778 1.3…
BKV Corporation BKV Has Taken an Early Lead in the CCUS Space Strategic White Space Niche & First Mover Advantage in Class II Well Opportunities P7 P8 Proven technology and project playbook to quickly deliver HIGH P9 CCUS…
BKV Corporation BKV-BPP Power Joint Venture Supplies Power to ERCOT Market ERCOT Generation4, TWh +16% 446 383 2019 2023 Data Center Growth by Region5, MW N. Virginia 6,502 Texas6 4,958 Texass Rising Tide Phoenix…
BKV Corporation Quarterly Highlights 4Q 2024 Stakeholder tour at Barnett Zero 10 Wise County, Texas
BKV Corporation Fourth Quarter Business Highlights Company Upstream Midstream Carbon Capture Power Continued de-leveraging to Production outperformance: Continued safe operations 44k tons of CO2 injected at Completed planned major…
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 12 Denton County, Texas
BKV Corporation BKVs Inventory Strength and Low PDP Decline 12/31/24 NYMEX Proved Reserves1 Inventory Summary: NEPA + Barnett Gas Oil NGLS Total Refrac Locations2 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) Horizontal Locations3 621 PD…
BKV Corporation Barnett: 15+ Years of Capital Efficient Inventory Barnett Upper and Lower Inventory Large, Contiguous Barnett Robust Reserves Life and Solid Returns1 Acreage New Drill D&C Refracs Avg. Royalty 82% 82% Type Curve…
BKV Corporation Barnett Position Presents Multiple Market Opportunities Well Positioned for LNG U.S. Gulf Coast LNG expected to exceed 20 Bcf/d by 2028, representing 2.0x compared to 2020 levels Favorable Barnett gas composition…
BKV Corporation Northeast Pennsylvania (NEPA) Asset Overview NEPA Asset Map NEPA Asset Summary 19,096 net acres centrally located in the Super Core BKV has lowered LOE by 36% since acquisition1 Average 5-year PDP decline rate of…
BKV Corporation BKV Midstream - Differentiated Access to End Customers BKV Midstream Asset Overview Supports BKV upstream assets Generates incremental revenue via gathering, processing, and transportation of third-party production…
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 18 Wise County, Texas
BKV Corporation CCUS Strategy1: Target Quick Wins on NGP while Scaling Class VI Projects Scaling CCS Business: Industrial Projects with Point Source Sequestration Today to End of The Decade 3 Leading Reservoirs and Sinks High…
BKV Corporation BKVs CCUS Competitive Advantages We know who we are Category And we know who we are NOT Point-Source Focused on utilizing proven technology to Hub and Spoke Majors have leaned towards single + quickly deliver…
Natural Gas Processing Plants BKV Corporation BKV's near-term focus area for Class II CCUS projects There are 435 NGPs in the lower 48 emitting 50MM tpy CO2, with 12MM tpy of that being high-concentration acid gas removal unit…
BKV Corporation Carbon Capture Offers High Quality and Value Carbon Credits Carbon Credits - Pricing vs. Quality per CCQI BKV-modeled pricing Recent Pricing Datapoint 35 Ethanol CCS Direct Air Capture (DAC) 30 Assessment…
BKV Corporation Flagship Project: Barnett Zero, Injecting Since November 2023 Project Locator Map Barnett Zero is BKVs inaugural CCUS project, which began injection operations in November 2023 EnLink Midstream Processing Plant…
BKV Corporation Reductions in Ambient CO2 Quantified by Monitoring at Barnett Zero Pre Start-up October 2023 Post Start-up May 2024 Lines depict the drone monitoring path + + Bridgeport Gas Plant + Sequestration Site…
Business Units Overview Power Temple Power Plants 25 Bell County, Texas
BKV Corporation Robust Power Portfolio in Texas: CCGT Plants & Solar TI & TII CCGT Power Plants Temple, TX Ponder Solar Farm Location / Market Bell County, TX / ERCOT North 1 Capacity / Heat rate Temple I & II: 750 MW each; 7,000…
BKV Corporation Strategic JV with Significant Growth Potential in ERCOT Temple I and II 50/50 JV with Banpu Power (BPP) leverages expertise and assets of both Banpu and BKV Low heat rates 7,000; below ERCOT avg. Well positioned…
BKV Corporation ERCOT Forecasts Substantial Demand Growth through 2030 ERCOT Contract and Officer Letter Growth Breakdown 160 148 GW 140 120 100 Oil & Gas Hydrogen/Industrial GW 80 Data Center Crypto 60 2024…
BKV Corporation Data Center Demand & Growth in Texas is Accelerating Data Center Capacity Growth, MW As of 1H 2024; Under Construction & Planned1 0 1,0002,0003,0004,0005,0006,0007,000 Northern Virginia 6,502 (24%) Phoenix 4,523…
BKV Corporation Power JV Strategically Positioned to Supply Power to Hyperscalers Data Center Market Highlights BKVs Strategic Advantages As of 2024 hyperscalers accounted for 40% of Largest natural gas producer in the Barnett…
BKV Corporation Financial Overview 31
BKV Corporation 4Q24 Financial Highlights Category Gross Debt Reduction from 2022 - Present ( in Millions) 4Q QTD FY 2024 Production (Mmcfe/d) 774.5 788.0 729.0 Adjusted EBITDAX1 71.9 231.8 654.0 Total Accrued CAPEX 60.3…
BKV Corporation Disciplined Growth, Financial Strategy and Shareholder Returns Capital Use Prioritization Base Business: Opportunistic Investments: Illustrative Uses of Cash 1. Maintain low net leverage 3. Upstream/Midstream Strategic…
BKV Corporation Compelling Investment Throughout the Commodity Cycle Cash Generating Growth Driven Margin Enhancing Generating Alpha Capital Efficient Fully Operational CCUS Power Exposed to Asymmetric Upside With Business with…
BKV Corporation Thank you. Questions 36
BKV Corporation 37 Appendix
Non-GAAP & Other Definitions This Presentation includes the following financial measures that are company's financial performance, such as a company's cost of Adjusted Free Cash Flow Margin: We define Adjusted Free not calculated in…
BKV Corporation Adjusted EBITDAX Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2024 2023 2024 2023 Net income (loss) (57,457) 37,540 (142,870) 116,918 Add back (subtract): Unrealized…
BKV Corporation Adjusted Net Income (Loss) Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands, except EPS) 2024 2023 2024 2023 Net income (loss) (57,457) 37,540 (142,870) 116,918 Adjustment to net…
BKV Corporation Adjusted Free Cash Flow Reconciliation Three Months Ended December Year Ended December 31, 31, (in thousands) 2024 2023 2024 2023 Net cash provided by operating activities 43,762 7,868 118,538 123,299 Cash paid…
BKV Corporation 2025 Guidance Accrued Capital Expenditures and Net Production (in millions) Q1 2025 FY 2025 Development 60 - 70 205 - 235 CCUS and other 15 - 20 115 - 145 Total capital expenditures 75 - 90 320 - 380 Net…
BKV Corporation BKVs Planned Path To Net Zero (Scope 1, 2 & 3): Barnett and NEPA Based on BKV owned and operated upstream and natural gas midstream emissions estimates in the Barnett and NEPA as of 12/31/23 1 Pad of the Future Scope…
BKV Corporation Consistent and Methodical Hedging Philosophy As of BKVs Hedging Philosophy Balance of 2025 Calendar 2026 Calendar 2027 Feb. 21, 2025 Strategically execute a financial hedge % of program to support natural gas and…
BKV Corporation SEC Reserves Overview 12/31/24 SEC Proved Reserves YE23 to YE24 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) (MM) PD 2,060 0.9 134 2,869 72% 645 PUD 176 0.8 14 263 67%…
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