BKV (BKV) EnerCom Denver – The Energy Investment Conference summary

Strategy and business model

• Pursues a closed-loop, vertically integrated energy strategy combining upstream gas, power generation, and carbon capture.

• Largest producer in the Barnett with additional Marcellus position, producing 1 BCF/day with low decline rates and strong free cash flow.

• Power assets in ERCOT total 1.5 GW, with a plan to nearly double capacity through a phased, modular approach.

• Three operational carbon capture projects, targeting 1.5 million tons injection by 2028 and a major Louisiana storage project by 2029-2030.

• Strategy aims to optimize margins, de-risk cash flows via contracting, and capitalize on energy mega trends like LNG and low-carbon solutions.

Power and growth projects

• Multi-phase plan to expand power generation from 1.5 GW to 2.9 GW, with modular additions and new CCGT builds contingent on PPAs.

• Temple site features two efficient plants with excess land for a third; Jack County project to replicate this model with potential for multiple plants.

• Recent air permit for 400 MW modular at Temple; commercial announcements expected late this year or early next.

• Jack County acquisition of 6,200 acres near Dallas, with plans for a CCGT plant and future multi-site expansion.

• Power strategy targets AI/data center customers and leverages proximity to major Texas cities and infrastructure.

Upstream operations and efficiency

• Barnett position expanded through acquisitions, now producing 1.1 BCF/day with contiguous acreage.

• Operational improvements include advanced completions, 20% higher type curves, and industry-leading drilling costs.

• Five consecutive quarters of record Barnett wells, with 300 locations averaging $2.67 break-even.

• Successful upper Barnett test doubled type curve, lowering break-even to $3.25 and de-risking future development.

• Inventory supports 15 years of drilling, with further upside from refracs and blended development.