BKV Corporation Investor Presentation August 12, 2025
BKV Corporation BKVs Closed Loop Strategy Expected to Enable Potential for Enhanced Margins Largest natural gas producer in the Barnett with 10.8% corporate 1-year decline rate1 1,500 MW of low heat rate Power assets2 in the…
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts Natural Gas Upstream* As of June BKV Assets Three Months Ended Dec 24 NYMEX 1P 2025 Offer Unique, Integrated Platform with Significant Growth Potential June 2025 Avg.…
BKV Corporation Disciplined Growth, Financial Strategy and Shareholder Returns Principled Capital Allocation with Focus on Value Added Investment Forecasted 2025 4 Opportunistic M&A and Shareholder Returns: Invest in accretive…
BKV Corporation BKV is the Largest Producer in the Barnett with Potential to Expand1 Announced Bedrock acquisition increases BKVs leadership position in the Barnett4 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly…
BKV Corporation Pending Bedrock Acquisition: Strategic & Operational Highlights Announced Bedrock acquisition improves and extends BKVs industry leading position in the Barnett1 370MM purchase price; July 1, 2025, effective date;…
BKV Corporation Quarterly Highlights 2Q 2025 Stakeholder tour at Barnett Zero 8 Wise County, Texas
BKV Corporation Second Quarter Business Highlights Category 2Q25 2Q25 FY25 Guidance Company ( in Millions, except where noted) Guidance Corporate Low net leverage2 0.63x as of 6/30/25 Combined Adjusted EBITDAX Attributable to…
BKV Corporation Barnett: Improving Efficiencies Driving YTD Outperformance BKV 2025 New Well Performance D&C Cost Efficiency Cumulative Production vs Time -11% 17% Outperformance Through First 40 Days of Production On Aggregate 632…
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 11 Denton County, Texas
BKV Corporation BKVs Inventory Strength: 500+ locations, 15+ Years1 Inventory Summary: NEPA + Barnett3 270 Pre-Bedrock locations below 15+ years of inventory 3.00/MMbtu breakeven (BE); life with low-cost refracs location weighted…
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory1 Barnett Upper and Lower Inventory Large, Contiguous Barnett Long Laterals and Excellent F&D Acreage3 New Drill D&C Refracs Avg. Royalty 19% 20% Average…
BKV Corporation Northeast Pennsylvania (NEPA) Asset Overview NEPA Asset Map NEPA Asset Summary 19,000 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 BKVs Position Presents Multiple Market Opportunities Barnett 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 Business Units Overview Power Temple Power Plants 16 Bell County, Texas
BKV Corporation Strategic JV with Significant Growth Potential in ERCOT Temple I and II Bell County, TX ERCOT North 50/50 JV with Banpu Power US (BPPUS) leverages expertise and assets of both BPPUS and BKV Two 750 MW…
BKV Corporation BKVBPP Power JV Supports Rapid ERCOT Market Growth Today. Annual Energy Vs. Peak Demand 2 ERCOT Adjusted Forecast1 ERCOT is projected to experience among the highest load growth in the U.S., primarily driven by…
BKV Corporation Temple, TX: Emerging Hub for Data Center and Industrial Growth Meta 900,000 sq. ft data center; 152 MWs 1 capacity; target completion date of 20261 5 Rowan Moriah 35-acre data center; 300 2 MWs capacity;…
BKV Corporation TI & TII: TrackRecord of Operational Consistency Supports Potential for Future Growth Actuals: 2023 1H25 Additional Generation/CF Available to Market1 7.2 7.4 Potential GWh available to Market1 3.8 11.8 Total…
BKV Corporation Power JV: Actively Advancing Toward Net Power Growth BKVs Strategic Advantages Recent Momentum 50% equity share in 1.5 GW CCGT plants Created a task force within our Commercial uncommitted, available for dispatch…
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 22 Wise County, Texas
BKV Corporation CCUS Strategy1: Target Natural Gas Processing while Scaling Class VI Projects Scaling CCUS Business: Industrial Projects with Point Source Sequestration Today to end of the Decade Leading Reservoirs and Sinks High…
BKV Corporation Carbon Capture. Its On. Strategic 51/49 Joint Venture with CIP Copenhagen Infrastructure Partners CIPs Energy Transition Fund (CIP)1 + Global leader in energy infrastructure investments; 32B of + 500MM…
BKV Corporation Announced Projects and Targets6 5 Forecasted Sequestration Volumes Profile3 Annualized Injection Volumes 4 by Month (MTPA) 3 1 Mtpa target injection rate by 2 2027 1 - 2025 2026 2027 2028 Operating…
BKV Corporation Flagship Project: Barnett Zero, Injecting Since November 2023 Barnett Zero is BKVs inaugural CCUS project, Project Locator Map which began injection operations in November 2023 Barnett Zero was one of the first…
CCUS: Positioned to Outcompete in BKV Corporation Sustainable Infrastructure After Passage of O3BA Active Administration Support Recently Enhanced Project Economics + Low policy risk short AND long-term, support spans + 45Z…
BKV Corporation Financial Overview 28
BKV Corporation 2025 Guidance (in millions) Q3 2025 FY 2025 Development 50 - 70 205 - 235 CCUS and other 15 - 35 85 - 115 Total accrued capital expenditures 65 - 105 290 - 350 Net production (MMcfe/d) 805 835 790 810 Per…
BKV Corporation Power JV: Summarized Model1 Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor 58% - 62% B Total Forecasted Generation (GWh) 7.62 - 8.15 AxB=C Spark Spread3 (/MWh) 28 - 33 D…
BKV Corporation Consistent and Methodical Hedging Philosophy As of Balance of 2025 Calendar 2026 Calendar 2027 July 28, 2025 BKVs Hedging Philosophy Price % of Daily Price Daily Price Daily Strategically execute a financial…
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 33 Appendix
BKV Corporation NonGAAP & Other Definitions This Presentation includes the following financial measures that are not calculated in noncontrolling interest with our Adjusted EBITDAX. Management uses this measure to more operating…
BKV Corporation Adjusted EBITDAX and Combined Adjusted EBITDAX Attributable to BKV Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) 104,735 (59,697) 26,069…
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) attributable to noncontrolling…
BKV Corporation Power JV Adjusted EBITDA Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) 18,176 (30,506) (994) (45,920) Add back (subtract): Unrealized…
BKV Corporation Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands, except EPS) 2025 2024 2025 2024 Net income (loss) attributable to BKV 104,572 (59,697)…
BKV Corporation Adjusted Free Cash Flow & Adjusted Free Cash Flow Attributable to BKV Reconciliation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating…
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%…
BKV Corporation BKVs Planned Path to Net Zero (Scope 1, 2, & 3): Barnett and NEPA Based off total BKV emission estimates in the Barnett and NEPA for Production and Midstream 1 Pad of the Future Scope 1 & 2 Reduction Improve…
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…
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