BKV (BKV) Q3 2026 earnings summary

Executive summary

• Integrated gas, power and CCUS strategy targets higher-value energy sales across natural gas supply, generation, carbon solutions and retail power.

• Q3 production was 981.2 MMcfe/d, above guidance, and Adjusted EBITDAX attributable to shareholders was $132.7M.

• The September Barnett acquisition added ~65 MMcfe/d, ~0.35 Tcfe of PDP reserves, ~117,000 net acres, midstream assets and an operating CCUS project.

Financial highlights

• Q3 Adjusted EBITDAX was $142.1M versus $112.3M YoY; attributable Adjusted EBITDAX was $132.7M versus $101.3M.

• Adjusted net income attributable to shareholders was $39.9M, or $0.36 diluted EPS, versus $23.1M and $0.27 YoY.

• Q3 revenue was $478.4M versus $456.3M; operating income was $67.2M versus $139.1M, and net income attributable to shareholders was $29.4M versus $83.5M.

• Adjusted Free Cash Flow before Power Growth attributable to shareholders was $31.2M versus $15.0M YoY; Q3 operating cash flow was $164.5M, or $112.7M before working capital.

• Accrued Q3 capex including deposits was $187.5M; $109.7M of deposits related to strategic power growth equipment and long-lead items.

Outlook and guidance

• Q4 2026 production guidance is 1,010–1,030 MMcfe/d, assuming ethane rejection and a full quarter of Barnett production.

• Q4 gross capex guidance is $315M–$385M, including $240M–$270M for strategic power growth and maintenance; Power Adjusted EBITDAX guidance is $10M–$30M.

• Expected Q4 Power and CCUS JV partner contributions are $80M–$100M, subject to spend and approvals.

• CCUS targets a 1.5 Mtpa injection run rate in 2028; the 2029+ project funnel is ~17 Mtpa, subject to development, financing, permits and CO2 supply.