BKV (BKV) investor relations material

Strategic platform and market positioning

• Integrated closed-loop strategy spans natural gas production, power generation, midstream, and CCUS, enabling margin enhancement across the value chain.

• Largest natural gas producer in the Barnett with low decline rates and significant contiguous acreage, supporting long-term growth.

• Power platform includes 1,500 MW of CCGT assets in Texas, positioned to benefit from surging data center and industrial demand.

• Rapidly scaling CCUS business leverages 45Q incentives and bipartisan support, with operational and FID'd projects in multiple basins.

• Retail power and midstream assets provide additional market access and execution flexibility.

Financial performance and guidance

• 4Q25 net production averaged 940 MMcfe/d, above guidance, with accrued CAPEX of $102.1MM and net leverage at 0.92x.

• Power JV Adjusted EBITDA for 4Q25 was $30.6MM, exceeding guidance; liquidity stood at $984.4MM.

• FY26 guidance targets net production of 915–955 MMcfe/d and total capital expenditures of $410–$560MM.

• Strategic capital allocation prioritizes organic investment, disciplined leverage, and opportunistic power growth aligned with commercial progress.

• Consistent hedging program covers 50%+ of forecasted volumes, managing price volatility.

Power platform and growth initiatives

• Increased Power JV ownership to 75%, consolidating 1.1 GW of equity capacity and enhancing operational control.

• Actively pursuing PPAs and new generation projects, with site control on 6,200 acres for potential next-gen power and data center campuses.

• Temple I & II plants offer speed to power, grid connectivity, and proximity to major Texas cities and data centers.

• Power platform is uncontracted, providing flexibility to structure fixed, indexed, or hybrid PPAs for hyperscaler and industrial customers.

• Retail platform with ~60K customers enhances market access and execution capability.