BKV Corporation Investor Presentation February 2026
BKV Corporation BKVs Closed Loop Strategy Expected to Enable Potential for Enhanced Margins Capturing Full Gas Value Chain: Molecules Megawatts Carbon Capture Higher /Mcfe Largest natural gas producer in the Barnett with 10.7%…
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts l Natural Gas Upstream 4Q 2025 Avg. Net December 25 NYMEX 1P As of Dec. 2025 BKV Assets Production MMcfe/d1 Reserves Tcfe2 Net Acres Offer Unique, Integrated Platform…
BKV Corporation Macro Tailwinds Driving Value Across Upstream, Power & CCUS 1 2 3 4 5 AI Data Center Demand Infrastructure Gas + LNG + CCUS Differentiated Supercycle is Real Gap Platform Global data center Amazon, Meta, 2.3+…
BKV Corporation Power Growth: A Key Driver of BKVs Closed Loop Value Chain Operate: Optimize TI & TII to enhance cash flow and capacity utilization Advisor engaged, evaluating PPA1 bids from potential offtakers Active…
BKV Corporation Power JV Transaction: Increasing ownership in a Scarce ERCOT Market Strengthens Power Attractive Relative Market Tailwinds & Growth Platform Value Scarcity Premium Closed Power JV transaction 1/30/26 1,000/kW…
BKV Corporation Financial Highlights & 2026 Guidance 4Q 2025 Stakeholder tour at Barnett Zero 8 Wise County, Texas
BKV Corporation 2025: Delivering on Strategic Commitments1 Secured CCUS JV partner: CIP agreed to fund up to 500MM; 49% share Closed Bedrock Acq.: +1 Tcfe of reserves and 100 MMcfe/d of production Increased Power JV stake to…
BKV Corporation Fourth Quarter Business Highlights Category 4Q25 4Q25 Guidance Company ( in Millions, except where noted) Corporate Net leverage2 0.92x as of 12/31/25 Combined Adjusted EBITDAX Attributable to BKV1 109.3 Total…
1Q26 and FY26 Guidance Accrued Capital Expenditures Q1 2026 2026 and Net Production (MM) Low High Low High Development 70 100 200 280 Guidance Considerations Power - Strategic + Maintenance - 10 120 160 Capital: CCUS and Other 15 30…
Capital Allocation: Disciplined Organic Investment + Strategic Optionality Base 26 spend similar to 25 actuals; incremental spend is strategic 26 Opportunistic 26 Total Opportunistic Strategic Power CAPEX1: CAPEX1 CAPEX…
BKV Corporation Power JV: Summarized Model1 Illustrative Annual Temple Plants Metrics Max Potential Generation2 (MWh) 13,140,000 A Capacity Factor3 55 - 60% B Total Generation (TWh) 7.23 7.89 AxB=C Spark Spread4 (/MWh) 22 - 30…
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 14 Denton County, Texas
BKV Corporation BKV is the Largest Producer in the Barnett with Potential to Expand1 Top Barnett Producers Gross Operated Production (MMcfe/d)1 Highly Contiguous Position, Opportunities for Growth 1.1 Bcf/d of 1,118 production from…
BKV Corporation Upstream Execution Driving Great Returns Through The Cycle BKV 2025 New Well Performance Barnett D&C Cost Efficiency3 Cumulative Production vs Time Positive Offset Wells (POW) Drives Additional Uplift -14% /lateral…
BKV Corporation BKV Continues to Perform on Key Metrics BKV vs Peers Indexed LOE Trend1 BKV vs Peers 1-Yr Base Decline Rate (%)3 BKV Peer Set BKV Peer Set +32% BKV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 1.4 1.2 -3%…
BKV Corporation Barnett: The Core of Our Capital Efcient Inventory1 Barnett Upper and Lower Inventory Barnett Long Laterals and Excellent F&D Large, Contiguous Acreage3 New Drill D&C Refracs Avg. Royalty 19% 20% Average…
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 levels1 Favorable Barnett gas…
BKV Corporation Business Units Overview Power Temple Power Plants 22 Bell County, Texas
BKV Corporation Strategic JV1 with Signicant Growth Potential in ERCOT Temple I and II offer speed to rst power with the ability to secure existing generation capacity, providing near- term power solutions as a bridge to longer-term…
BKV CORPORATION CCUS + CCGT: A Competitive Edge in Supplying Low-Carbon Power1 Natural Gas Power Plant Data Center AI demand is exploding, 7 Bcf/d of gas demand expected to rise 5x by 2035 to associated with power Electricity…
BKV Corporation Temple, TX: Emerging Hub for Data Center and Industrial Growth Data Centers1 Meta, Oppidan & Rowan driving 1 GW of new data center load Meta has announced matching of renewables to electricity use Fiber…
BKV Corporation TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth Actuals: 2023 - 2025 Additional Generation/CF Available to Market1 7.2 7.4 7.6 Potential TWh available to Market1 Total Generation…
BKV Corporation Well-Positioned Power Platform to Capture AI-Driven Growth 75% stake1 in 1.5 GW of dispatchable CCGT capacity uncontracted, ready to support new load Commercial flexibility to structure PPAs fixed, indexed, or…
BKV Corporation Business Units Overview CCUS Barnett Zero compressor facility 28 Wise County, Texas
BKV Corporation Creating a Winning Build, Own, Operate CCS Portfolio Execute quick win, economic Class II projects while developing larger Class VI projects to unlock massive growth Natural Gas Processing (NGP) (including LNG)…
BKV Corporation Operational Performance and CCS Project Execution Highlights Barnett Zero FIDd CCUS Development Projects Progressing Comstock Projects BKVs inaugural CCS project; which began Eagle Ford: On track for 1Q 2026…
BKV Corporation Advancing the High West CCS Project Class VI, Louisiana Strategically positioned near St. Charles, capturing access to 30 MM tons per year of CO2 emissions within a 30-mile radius 2023 2024 2025 2026 2027 2028+…
BKV Corporation 32 Appendix
BKV Corporation Consistent and Methodical Hedging Philosophy BKVs Hedging Philosophy Methodically execute a financial hedge program at targeted prices to manage price volatility Consistently hedge 50%+ of forecasted volumes on a…
BKV Corporation SEC Reserves Overview 12/31/25 SEC Proved Reserves YE24 to YE25 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) (MM) PD 3098 1.8 183 4,207 74% 2,263 PUD 1,248 2.1 76 1714…
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 Pad of the Future Scope 1 & 2 1 Reduction Improve…
BKV Corporation Reductions in Ambient CO2 Quantied 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 36
BKV Corporation Adjusted EBITDAX and Combined Adjusted EBITDAX Attributable to BKV Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income (loss) 71,062 (57,457) 174,844…
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interest Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income attributable to noncontrolling interest…
BKV Corporation Power JV Adjusted EBITDA Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net income (loss) (11,317) (34,119) 29,789 21,085 Add back (subtract):…
Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended December 31, Year Ended December 31, (in thousands, except EPS) 2025 2024 2025 2024 Net income (loss) attributable to BKV 70,376 (57,457) 173,132 (142,870)…
BKV Corporation Adjusted Free Cash Flow & Adjusted Free Cash Flow Attributable to BKV Reconciliation Three Months Ended December 31 Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net cash provided by (used in) operating…
BKV Corporation Non-GAAP & Other Denitions This Presentation includes the following financial measures that are not consolidated power business together and to exclude EBITDAX leasehold costs and acquisitions). We define Adjusted…
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