NYSE: BKV Investor Presentation November 12, 2024 Barnett Zero CCUS Compression Facility
Important Notice and Disclaimer Forward Looking Statements. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are not…
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 Closed Loop the confluence of…
BKV Delivers Value Beyond the Sum of Its Parts Natural Gas BKV Assets Nine Months Ended Offer Unique, Integrated Platform with Significant Growth Potential Dec 23 Sept. 2024 As of Sept 2024 SEC 1P Reserves Avg. Net Production Net…
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 768 1.3 Bcf/d of…
BKV Has Taken an Early Lead in the CCUS Space P7 Strategic White Space Niche & First P8 Mover Advantage in Class II Well Opportunities High P9 CO2 Concentration1 Proven technology and project playbook P10 to quickly…
BKV-BPP Power Joint Venture Supplies Power to ERCOT Market ERCOT Generation4, TWh +16% 446 383 DFW 2019 2023 0 Data 2,000 Center 4,000 Growth by 6,000 Region5, MW Temple I & II HOU ATX / SA N. Virginia 7,195 Texas6…
Quarterly Highlights 3Q 2024
Third Quarter Business Highlights Made public market debut on NYSE September 26, 2024 IPO proceeds used to pay down 250MM of debt Significant investment opportunities being evaluated in each business vertical Production…
Business Units Overview Upstream & Midstream
BKVs Inventory Strength and Low PDP Decline 12/31/23 SEC Proved Reserves Net Production from July 2022 Through September 2024 Base Development Wedge Gas Oil NGLS Total Production increased between July 2022 % Gas and March 2023…
Barnett: 15+ Years of Capital Efficient Inventory Barnett Robust Reserves Life and Solid Returns1 Barnett Upper and Lower Inventory Large, Contiguous Acreage New Drill D&C Refracs BKV Acreage Lower Barnett Drilling Inventory Avg.…
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 Infrastructure Access to strong basis pricing and…
Northeast Pennsylvania (NEPA) Asset Overview NEPA Asset Map NEPA Asset Summary 19,480 net acres centrally located in the Super Core BKV has lowered LOE by 35%1 on a run-rate basis Average 5-year PDP decline rate of 12.2% and 10-year…
BKV Midstream - Differentiated Access to End Customers Asset Overview BKV Midstream Supports BKV upstream assets Generates incremental revenue via gathering, processing, and transportation of third-party production (50% utilization…
Business Units Overview CCUS
BKV CCUS Strategy1: Path to Scale to Near-Term Positive Cash Flows On the Road to Net Zero 3 Industrial Projects with Point Source Sequestration Leading Reservoirs and Sinks Industrial Emitters near Prime Pore Space Leased by BKV…
Flagship Project: Barnett Zero, Injecting Since November 2023 Barnett Zero is BKVs inaugural CCUS project, which began injection Project Locator Map operations in November 2023 EnLink Midstream Processing Barnett Zero was one of the…
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 19
Business Units Overview Power
Power JV - Significant Growth Potential Driven By ERCOT/Texas Demand Temple I and II 50/50 JV with Banpu Power (BPP) leverages expertise and assets of both Banpu and BKV Baseload design heat rates below the CCGT average in ERCOT…
Temple I & II Facilities Overview Facilities Overview Location Bell County, TX Market Area ERCOT North Observed Capacity (MW) Temple I Temple II Summer Winter Summer Winter Baseload 613 650 603 646 Duct 96 96 96 96 Wet Compression 37…
Financial Overview
3Q24 Financial Highlights Category ( in Millions) 3Q QTD 3Q24 delivered (i) better results than forecasted on production, (ii) robust Adj. FCF Production (Mmcfe/d) 762.6 generation, (iii) and continued debt reduction. Adjusted…
Disciplined Growth, Financial Strategy and Shareholder Returns Capital Use Prioritization Illustrative Uses of Cash Base Business: 1 2 3 4 5 6 1. 1 Maintain low net leverage targeting total a net leverage ratio1…
Compelling Investment Throughout the Commodity Cycle Cash Growth Margin Generating Generating Driven Enhancing Premium Capital Efficient, Low Power Exposed to Decline Asset Base Fully Operational CCUS ERCOT/Texas and AI Multiple…
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Appendix
Non-GAAP & Other Definitions This Presentation includes the following financial measures that are not calculated in accordance with GAAP: (i) Adjusted EBITDAX and (ii) Adjusted Free Cash Flow and (iii) Adjusted Free Cash Flow Margin.…
Adjusted EBITDAX Reconciliation Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Net income (loss) 12,869 18,564 (85,413) 79,378 Add back (subtract): Unrealized derivative (gains)…
Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Net cash provided by operating 64,994 activities 34,507 74,776 115,431 20,000 65,000 Cash…
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 NEPA1,2 1 Pad of the Future Scope 1 & 2 Reduction Improve…
Consistent and Methodical Hedging Philosophy BKVs Hedging Philosophy As of Oct. 31, 2024 Balance 2024 Calendar 2025 Calendar 2026 Strategically execute a financial hedge program Commodity Price % of Daily Price % of Daily Price % of…
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