BKV on NYSE

BKV Corp

American crude petroleum and natural gas company based in Denver1

In its 2026 annual report the company says: “BKV Corporation is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. Our core businesses are the production of natural gas and the generation of natural gas-fired power from our owned and operated assets, supported by a closed-loop strategy enabled by our upstream, midstream, power, and CCUS businesses.”4

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Last updated Oct 21, 2026.

Overview

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  • TickerBKV on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersDenver, Colorado1
  • Incorporated inDE2
  • Business address1200 17Th St., Ste 2100, Denver, Co 802022
  • Filer category, Emerging growth company2
  • Legal formCorporation

BKV Corporation (“BKV,” the “Company,” “our,” “we,” and “us”) is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. Our core businesses are the production of natural gas and the generation of natural gas-fired power from our owned and operated assets, supported by a closed-loop strategy enabled by our upstream, midstream, power, and CCUS businesses.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.6%Operating margin5
15.7%Net margin5
41.6%Revenue growth, 20255
9.0%Return on equity5
0.47×Debt to equity5
-$24.7MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Merchant Energy Sales And Other brought in 25% of the revenue BKV Corp broke down this way in fiscal 2025.

  1. Merchant Energy Sales And Other$289.0M525%up 23% from 2024
  2. BKV-BPP Power, LLC$248.8M521%up 14% from 2024
  3. Power Revenues$248.8M521%up 14% from 2024
  4. Natural Gas Liquids (NGL)$173.1M515%up 5% from 2024
  5. Energy Retail Sales$154.7M513%up 14% from 2024
  6. Marketing$12.3M51%up 15% from 2024
  7. Other Revenue$11.7M51%up 76% from 2024
  8. Natural Gas, Midstream$10.5M51%down 17% from 2024
  9. Crude Oil, Condensate, and Natural Gas Liquids (NGL)$9.5M51%up 43% from 2024
  10. Related Party Revenues$1.8M60%down 43% from 2024
  11. Solar Revenue$398.0K50%up 211% from 2024
Products and services by year
Products and services202320242025
Merchant Energy Sales And Other$413.9M$234.5M$289.0M
BKV-BPP Power, LLC$274.6M$218.3M$248.8M
Power Revenues$274.6M$218.3M$248.8M
Natural Gas Liquids (NGL)$187.9M$165.5M$173.1M
Energy Retail Sales$40.3M$135.7M$154.7M
Marketing$8.7M$10.7M$12.3M
Other Revenue$4.0M$6.6M$11.7M
Natural Gas, Midstream$16.2M$12.6M$10.5M
Crude Oil, Condensate, and Natural Gas Liquids (NGL)$8.4M$6.6M$9.5M
Related Party Revenues$3.6M$3.1M$1.8M
Solar Revenue$128.0K$398.0K

Business segments

BKV Upstream Midstream, LLC brought in 55% of the revenue BKV Corp broke down this way in fiscal 2024.

  1. BKV Upstream Midstream, LLC$553.2M555%down 43% from 2023
  2. BKV-BPP Power, LLC$459.9M545%up 41% from 2023
Business segments by year
Business segments20232024
BKV Upstream Midstream, LLC$967.2M$553.2M
BKV-BPP Power, LLC$326.6M$459.9M

Regions

TX brought in 94% of the revenue BKV Corp broke down this way in fiscal 2025.

  1. TX$1.1B594%up 40% from 2024
  2. PA$67.7M56%up 66% from 2024
Regions by year
Regions202320242025
TX$947.3M$764.9M$1.1B
PA$62.3M$40.8M$67.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs81¢$924.8M
  • Income tax3¢$36.9M
  • Profit16¢$179.2M

Out of $1.1B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$305.1M

Out of $280.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue75$1.1B in 2025−31% since 2022
0$500.0M$1.0B$1.5B$2.0B2022: $1.7B$1.7B20222023: $1.0B$1.0B2023−39%2024: $805.7M$805.7M2024−20%2025: $1.1B$1.1B2025+42%
Operating income75$303.7M in 2025−0% since 2022
-$100.0M0$100.0M$200.0M$300.0M$400.0M2022: $304.6M$304.6M20222023: $241.1M$241.1M2023−21%2024: -$64.2M-$64.2M20242025: $303.7M$303.7M2025
Net income75$179.2M in 2025−56% since 2022
-$200.0M0$200.0M$400.0M$600.0M2022: $410.1M$410.1M20222023: $123.6M$123.6M2023−70%2024: -$138.7M-$138.7M20242025: $179.2M$179.2M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues and other income$1.0B$1.3B
Derivative gains, net$379.9M$207.5M$290.7M
Gain on sale of business$7.1M
Gains (losses) on sales of assets, net-$1.8M$3.5M$2.2M
Total revenues and other operating income$1.5B$1.0B$1.3B
Lease operating and workover$152.9M$137.0M$150.6M
Fuel commodity costs$180.4M$118.7M$94.2M
Purchased power$114.0M$108.3M$27.8M
Taxes other than income$66.4M$47.9M$81.1M
Gathering and transportation$250.8M$222.4M$249.0M
Depreciation, depletion, amortization, and accretion$195.7M$255.5M$255.1M
Power operating and maintenance$78.4M$81.1M$56.4M
General and administrative$131.6M$110.0M$133.6M
Other operating expenses$56.7M$21.2M$14.3M
Total operating expenses$1.2B$1.1B$1.1B
Income (loss) from operations$303.7M-$64.2M$241.1M
Gains on contingent consideration liabilities$9.7M$38.4M
Interest income$4.1M$7.3M$4.7M
Loss on early extinguishment of debt-$13.9M
Other income$9.3M$9.0M$5.4M
Income (loss) before income taxes$225.2M-$175.8M$162.1M
Income tax benefit (expense)-$36.9M$42.4M-$30.1M
Net income (loss)$188.3M-$133.4M$132.0M
Less: net income attributable to noncontrolling interest$9.2M$5.3M$8.5M
Net income (loss) attributable to BKV$179.2M-$138.7M$123.6M
Basic (in USD per share)$2.05-$1.94$2.03
Diluted (in USD per share)$2.05-$1.94$1.92
Basic (in shares)86.6M shares71.3M shares60.7M shares
Diluted (in shares)86.8M shares71.3M shares64.4M shares

Compare BKV Corp with another company

Corporate structure

BKV Corp sits at the top of its group. 19 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BKV Corp

  • BKV Corp Denver, Colorado
    • BKV Barnett II, LLC Subsidiary · Texas, United States
    • BKV Barnett, LLC Subsidiary · Delaware, United States
    • BKV Chelsea, LLC Subsidiary · Delaware, United States
    • BKV dCarbon Barnett Zero, LLC Subsidiary · Delaware, United States
    • BKV dCarbon High West, LLC Subsidiary · Delaware, United States
    • BKV dCarbon Las Tiendas, LLC Subsidiary · Delaware, United States
    • BKV dCarbon Temple, LLC Subsidiary · Delaware, United States
    • BKV dCarbon Ventures, LLC Subsidiary · Delaware, United States
    • BKV Midstream, LLC Subsidiary · Delaware, United States
    • BKV North Texas, LLC Subsidiary · Delaware, United States
    • BKV Operating, LLC Subsidiary · Delaware, United States
    • BKV Upstream Midstream, LLC Subsidiary · Delaware, United States
    • BKV-BPP Cotton Cove, LLC Subsidiary · Delaware, United States
    • BKV-BPP Power, LLC Subsidiary · Delaware, United States
    • BKVerde, LLC Subsidiary · Delaware, United States
    • High West Sequestration, LLC Subsidiary · Louisiana, United States
    • Temple Generation I, LLC Subsidiary · Delaware, United States
    • Temple Generation II, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BKV Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Oil and gas properties$2.4B5 Dec 31, 2025$1.9B5 Dec 31, 2024+27.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$248.4M5 Dec 31, 2025$81.2M5 Dec 31, 2024+205.9%
Stakes in other companies (equity method)$130.1M6 Dec 31, 2025$115.2M6 Dec 31, 2024+12.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$18.4M5 Dec 31, 2025$18.4M5 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$20.0M5 Dec 31, 2025$20.1M5 Dec 31, 2024−0.5%

Properties, in its own words

Information regarding our properties is included in Item 1. “Business” and in Note 20 - Supplemental Oil and Gas Disclosures (unaudited) incorporated herein.

Item 2 of the 10-K filed Mar 6, 2026.4

Leadership

Who has led BKV Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (25)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerBrid Kealey named Oct 10, 202339
  • Director, PromoterJoseph Davis named Oct 10, 202339

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BKV Barnett II, LLC Texas3
  • BKV Barnett, LLC Delaware3
  • BKV Chelsea, LLC Delaware3
  • BKV Midstream, LLC Delaware3
  • BKV North Texas, LLC Delaware3
  • BKV Operating, LLC Delaware3
  • BKV Upstream Midstream, LLC Delaware3
  • BKV dCarbon Barnett Zero, LLC Delaware3
  • BKV dCarbon High West, LLC Delaware3
  • BKV dCarbon Las Tiendas, LLC Delaware3
  • BKV dCarbon Temple, LLC Delaware3
  • BKV dCarbon Ventures, LLC Delaware3
  • BKV-BPP Cotton Cove, LLC Delaware3
  • BKV-BPP Power, LLC Delaware3
  • BKVerde, LLC Delaware3
  • High West Sequestration, LLC Louisiana3
  • Temple Generation I, LLC Delaware3
  • Temple Generation II, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 7, 20268-K Entered a material agreement; Regulation FD disclosure40
  2. Sep 25, 20268-K Executive or director change41
  3. Sep 14, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares42
  4. Sep 10, 20268-K Other events43
  5. Aug 6, 20268-K Results of operations; Regulation FD disclosure44
  6. Aug 6, 20268-K Results of operations; Regulation FD disclosure45
  7. Jun 12, 20268-K Shareholder vote46
  8. May 22, 20268-K Entered a material agreement47
  9. May 7, 20268-K Results of operations; Regulation FD disclosure48
  10. Mar 12, 20268-K Entered a material agreement; Other events49
  11. Mar 11, 20268-K Regulation FD disclosure50
  12. Feb 25, 20268-K Results of operations; Regulation FD disclosure51
  13. Sep 25, 2024New chief executive Christopher P. Kalnin becomes CEO10

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.50 a share, on Nov 10, 2025.52

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results44
  2. Aug 6, 2026Reported quarterly or annual results45
  3. May 7, 2026Reported quarterly or annual results48
  4. Feb 25, 2026Reported quarterly or annual results51
  5. Nov 10, 2025Reported quarterly or annual results53
  6. Sep 22, 2025Reported quarterly or annual results54
  7. Aug 12, 2025Reported quarterly or annual results55
  8. May 9, 2025Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

306 filings to the SEC since October 2021: 3 annual reports, 6 quarterly reports, 35 major events, 158 insider forms, 4 large holders, 1 private raises, 99 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Sep 29, 20264 EDGAR
  3. Sep 25, 20268-K EDGAR
  4. Sep 14, 20268-K EDGAR
  5. Sep 10, 20268-K EDGAR
  6. Aug 21, 2026144 EDGAR
  7. Aug 21, 20264 EDGAR
  8. Aug 21, 20264 EDGAR
  9. Aug 21, 20264 EDGAR
  10. Aug 20, 2026144 EDGAR
  11. Aug 20, 2026S-3ASR EDGAR
  12. Aug 19, 202610-K/A EDGAR
  13. Aug 17, 20264 EDGAR
  14. Aug 14, 2026144 EDGAR
  15. Aug 6, 202610-Q EDGAR
  16. Aug 6, 20268-K/A EDGAR
  17. Aug 6, 20268-K EDGAR
  18. Jul 1, 20264 EDGAR
  19. Jul 1, 20264 EDGAR
  20. Jul 1, 20264 EDGAR

The 306 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

50 open-market trades by officers, directors and large owners since October 2021: 14 buys and 36 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Hinojosa JavierSenior Vice President of PowerSale7,428$22.66$168.3KForm 4
Aug 21, 2026Tameron DavidChief Financial OfficerSale1,500$25.63$38.4KForm 4
Aug 21, 2026Hinojosa JavierSenior Vice President of PowerSale12,377$25.73$318.5KForm 4
Aug 20, 2026Tameron DavidChief Financial OfficerSale4,321$26.56$114.8KForm 4
Aug 14, 2026Larrick Lindsay BChief Legal and Admin OfficerSale10,000$26.16$261.6KForm 4
Jun 1, 2026Jacobsen Eric SPresident, UpstreamSale25,000$26.89$672.2KForm 4
May 1, 2026Jacobsen Eric SPresident, UpstreamSale25,000$30.96$774.0KForm 4
Mar 27, 2026Tameron DavidChief Financial OfficerSale7,300$29.71$216.9KForm 4
Mar 25, 2026Kalnin Christopher PChief Executive OfficerSale100,000$30.06$3.0MForm 4
Nov 17, 2025Kalnin Christopher PChief Executive OfficerSale78,281$28.04$2.2MForm 4
Nov 14, 2025Kalnin Christopher PChief Executive OfficerSale21,719$28.00$608.1KForm 4
Nov 11, 2025Kalnin Christopher PChief Executive OfficerSale100,000$27.13$2.7MForm 4
Nov 10, 2025Kalnin Christopher PChief Executive OfficerSale100,000$26.16$2.6MForm 4
Nov 6, 2025Larrick Lindsay BChief Legal and Admin OfficerSale6,518$25.00$162.9KForm 4
Nov 5, 2025Larrick Lindsay BChief Legal and Admin OfficerSale22,669$25.00$566.7KForm 4
Nov 3, 2025Larrick Lindsay BChief Legal and Admin OfficerSale10,000$23.37$233.7KForm 4
Oct 1, 2025Larrick Lindsay BChief Legal and Admin OfficerSale15,000$23.20$348.0KForm 4
Sep 2, 2025Larrick Lindsay BChief Legal and Admin OfficerSale9,187$23.18$213.0KForm 4
Aug 12, 2025Larrick Lindsay BChief Legal and Admin OfficerSale10,000$21.62$216.2KForm 4
Jul 1, 2025Larrick Lindsay BChief Legal and Admin OfficerSale10,000$23.13$231.3KForm 4

All 50 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Christopher P. KalninChief Executive Officer$795.4K$5.9M60
2025Eric S. JacobsenPresident — Upstream$520.4K$4.3M60
2025Dilanka Seimon Chief Commercial Officer$364.0K$3.4M60
2024Christopher P. KalninChief Executive Officer$700.0K$4.5M60
2024Eric S. JacobsenPresident — Upstream$425.0K$2.3M60

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$150.0M 2023–2023
Money received by yearMoney received by year, 2023–2023: $150.0M in all. Private raises (Form D) $150.0M.$0$50M$100M$150M$200M2023 · Private raises (Form D): $150.0M2023
Figures by year
YearPrivate raises (Form D)Total
2023$150.0M$150.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 26, 2023Raised $150 million in a private offering of equity39 Form D: 8 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
DME Capital Management, LP3,095,173$84.7M2.2%+399,630
Yaupon Capital Management LP2,768,719$75.8M2.5%+728,364
BlackRock, Inc.2,713,477$74.2M0.0%+632,709
Boston Partners2,552,101$69.8M0.1%+344,916
Goldman Sachs Group Inc1,959,187$53.6M0.0%−263,909
Fmr LLC1,844,033$50.5M0.0%+1,842,193
Citadel Advisors LLC1,800,958$49.3M0.0%+1,292,795
State Street Corp1,763,029$48.2M0.0%+388,395
Vanguard Capital Management LLC1,682,242$46.0M0.0%+213,675
Merewether Investment Management, LP1,673,695$45.8M0.9%+26,922
Zimmer Partners, LP1,673,167$45.8M1.1%−273,147
Covalis Capital LLP1,414,178$38.7M2.2%+809,967
Aventail Capital Group, LP1,343,790$36.8M2.1%+598,206
Dimensional Fund Advisors LP1,305,648$35.7M0.0%+651,519
William Blair Investment Management, LLC1,194,790$32.7M0.1%+41,023
HITE Hedge Asset Management LLC905,541$24.8M1.4%+50,060
Geode Capital Management, LLC873,304$23.9M0.0%+129,857
American Century Companies Inc704,707$19.3M0.0%+389,815
Value Aligned Research Advisors, LLC679,899$18.6M0.1%+356,848
Bank Of America Corp /de/591,282$16.2M0.0%−245,999
GeoSphere Capital Management, LLC581,689$15.9M8.2%+40,000
Bank of New York Mellon Corp557,786$15.3M0.0%+12,854
First Trust Advisors LP557,356$15.2M0.0%+124,105
Russell Investments Group, Ltd.543,609$14.9M0.0%+26,201
UBS Group AG520,593$14.2M0.0%−902,933

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BKV Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBKV Corp1
  • CIK0001838406
  • Employer ID (EIN)85-08863824
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1200 17Th St., Ste 2100, Denver, CO 802021
  • Phone(720) 375-96801
  • Shares outstanding109,437,830 as of Jul 31, 20269
  • Public float$424.9M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Dallas, Texas PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 30, 20201
  • Filings307 in all: 4 (124), 8-K (34), 3 (33), 144 (28), S-1/A (15), CORRESP (13), UPLOAD (10), 10-Q (6)1
    All 39 form types

    424B2 (3), 424B5 (3), 10-K (2), ARS (2), D (2), DEF 14A (2), DRS/A (2), EFFECT (2), S-3ASR (2), S-8 (2), SEC STAFF LETTER (2), 10-K/A (1), 4/A (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DEF 14C (1), DEFA14A (1), DEFM14C (1), DRS (1), DRSLTR (1), PRE 14C (1), PREM14C (1), S-1 (1), S-3 (1), S-3/A (1), SC 13G (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 Par ValueBKVNew York Stock Exchange

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks BKV Corp names in Item 1A of its 10-K filed Mar 6, 2026: 73 risks under these headings, as written.4

  • Risks Related to Our Upstream Business and Industry
  • The volatility of natural gas and NGL prices due to factors beyond our control may materially and adversely affect our business, financial condition, or results of operations and our ability to make capital expenditures and meet our debt service obligations.
  • A substantial percentage of our natural gas and NGL production is gathered, processed, and transported by a single third party and all of our natural gas production is marketed by a single third party.
  • Our estimated natural gas, NGL, and oil reserves quantities and future production rates are based on many assumptions that may prove to be inaccurate. Any material inaccuracies in the reserves estimates or the underlying assumptions will materially affect the quantities and present value of our reserves.
  • The present value of future net revenues from our proved natural gas, NGL, and oil reserves, or PV-10, will not necessarily be the same as the current market value of our estimated proved natural gas, NGL and oil reserves.
  • The development of our estimated proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate.
  • Unless we replace our reserves with new reserves and develop those reserves, our reserves and production will decline, which would adversely affect our future cash flows and results of operations.
  • If natural gas and NGL prices become depressed for extended periods of time or decline materially from current levels, we may be required to record write-downs of the carrying value of our proved natural gas and NGL properties.
  • We periodically evaluate our unproved natural gas, NGL, and oil properties to determine recoverability of our costs and could be required to recognize non-cash charges in the earnings of future periods.
  • Properties that we have acquired or which we may acquire in the future may not produce as projected, and we may be unable to determine reserves potential, identify liabilities associated with such properties, or obtain protection from sellers against such liabilities.
  • Market conditions or operational impediments may hinder our access to natural gas and NGL markets or delay or curtail our natural gas and NGL production.
  • Our firm transportation and storage agreements require us to pay demand charges for firm transportation and storage capacities that we do not utilize. If we fail to utilize our firm transportation and storage capacities due to production shortfalls or otherwise, then our margins, results of operations, and financial performance could be adversely affected.
The other 62 risks
  • Drilling for natural gas wells is a high-risk activity with many uncertainties that could adversely affect our business, financial condition or results of operations.
  • Drilling, completions, workover, and hydraulic fracturing operations are operationally complex activities which present certain risks that could adversely affect our business, financial condition, or results of operations.
  • We may incur losses as a result of title defects in the properties in which we invest.
  • Our identified drilling locations are scheduled to be drilled over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling. In addition, we may not be able to raise the substantial amount of capital that would be necessary to drill such locations.
  • Part of our strategy involves drilling using the latest available horizontal drilling and completion techniques, which involves risks and uncertainties in their application.
  • Our operations are substantially dependent on the availability of water. Restrictions on our ability to obtain water may have an adverse effect on our financial condition, results of operations, and cash flows.
  • The unavailability or high cost of equipment, supplies, personnel, and oilfield services could adversely affect our ability to execute our development and exploitation plans on a timely basis and within budget, and consequently could adversely affect our anticipated cash flow.
  • We have limited control over activities on properties we do not operate, which could reduce our production and revenues.
  • Even though the Bedrock Acquisition is completed, we may be unable to successfully integrate the assets held by BKV Barnett II into our business or achieve the anticipated benefits of the Bedrock Acquisition.
  • Risks Related to Our Power Generation Business
  • We incurred significant costs in connection with the BKV-BPP Power Joint Venture Transaction.
  • We operate our power generation business through a joint venture that requires the consent of BPPUS for certain material actions.
  • Operation of electric generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
  • Maintenance, expansion and refurbishment of electric generation facilities involve significant risks that could result in unplanned power outages or reduced output.
  • The Temple Plants may operate, wholly or partially, without long-term power sales agreements.
  • We do not currently supply our own natural gas directly to the Temple Plants or their firm natural gas storage service at the Bammel storage facility. We cannot ensure that we will be successful in the future in obtaining the commercial contracts necessary to facilitate direct delivery of our natural gas production to the Temple Plants on commercially reasonable terms or at all.
  • BKV-BPP Power may enter into financially settled HRCOs that may expose it to basis and buyback risk in its operations.
  • Our costs, results of operations, financial condition, and cash flows could be adversely impacted by the disruption of the fuel supplies necessary to generate power at Temple I or Temple II, whether as a result of failure of contractual counterparties, disruption in fuel delivery infrastructure, or otherwise.
  • Risks Related to Our Retail Power Business
  • We operate our retail power business through a joint venture which we share control.
  • Our retail power business operates in a highly competitive environment, which may make it difficult to grow without reducing prices or incurring additional costs.
  • Our retail power business is subject to market price risk.
  • Our retail power business is vulnerable to changes in law, regulation, or market structure resulting in unanticipated costs that cannot be passed through to customers.
  • Our retail business, including our relationship with our supplier, is dependent on access to capital and liquidity.
  • Our retail business depends on our ability to attract and retain personnel with retail market experience.
  • Our retail business depends on maintaining regulated permits and any loss of these permits would adversely affect our business.
  • Risks Related to Our CCUS Business
  • Our ability to establish and operate large scale CCUS projects is subject to numerous risks and uncertainties. We may be unsuccessful in developing our CCUS business as currently anticipated, either wholly or in significant measure.
  • The development of our CCUS business is expected to require material capital investments.
  • We operate the Barnett Zero Project through a joint venture that requires the consent of CIP for certain material actions.
  • We operate the Cotton Cove Project through a joint venture that requires the consent of BPPUS for certain material actions.
  • The commercial viability of our CCUS projects depends, in part, on certain financial and tax incentives provided by the U.S. federal government.
  • Risks Related to Our Midstream Business
  • Midstream operations are complex activities which present certain risks that could adversely affect our business, financial condition, or results of operations.
  • We depend on our natural gas midstream system for the gathering and processing of a substantial percentage of our natural gas production.
  • Construction of midstream projects subjects us to risks of construction delays, cost over-runs, limitations on our growth and negative effects on our financial condition, results of operations, cash flows and liquidity.
  • We do not own all of the land on which our pipelines and other midstream facilities are located, which could disrupt our operations.
  • Risks Related to Our Business Generally
  • Substantially all of our oil, gas, and midstream properties are concentrated in Texas and Northeast Pennsylvania, making us vulnerable to risks associated with operating in only two geographic areas.
  • A financial crisis, armed conflict, or deterioration in general economic, business, or industry conditions could materially adversely affect our results of operations and financial condition.
  • Events outside of our control, including an epidemic or outbreak of an infectious disease, could have a material adverse effect on our business, liquidity, financial condition, results of operations and cash flows.
  • The success of our business plan depends, in part, on achieving our near-term and long-term net zero goals on our anticipated time frame.
  • We may not be able to generate enough cash flow to meet our debt obligations or fund our other liquidity needs.
  • We may be unable to achieve or maintain a low target level of indebtedness, which may limit our liquidity, financial flexibility, and future operations.
  • The agreements governing our indebtedness contain restrictive covenants that may limit our ability to respond to changes in market conditions, pursue business opportunities or pay dividends to our stockholders.
  • If we are unable to comply with the restrictions and covenants in our debt agreements, there could be an event of default under the terms of such agreements, which could result in an acceleration of repayment and the foreclosure of liens on our assets.
  • As a result of cross-default provisions in our debt agreements, we may be unable to satisfy all of our outstanding obligations in the event of a default on our part.
  • Our borrowings under the RBL Credit Agreement expose us to interest rate risk.
  • Our hedging activities do not provide downside protection for all of our production and could result in financial losses or could reduce our net income. Further, our derivative contracts contain certain restrictions and covenants.
  • Our hedging transactions could expose us to counterparty credit risk.
  • We may experience difficulty in achieving and managing future growth.
  • We are a holding company with no operations of our own, and we depend on our subsidiaries and our joint venture for cash to fund all of our operations, taxes and other expenses, and any dividends that we may pay.
  • We may be unable to make accretive acquisitions or successfully integrate acquired businesses or assets, and any inability to do so may disrupt our business and hinder our ability to grow.
  • Our business requires substantial capital expenditures. We may be unable to obtain required capital or financing on satisfactory terms or be able to fund our working capital needs from cash flow from operations, which could lead to a decline in our reserves.
  • We may be unable to dispose of nonstrategic assets on attractive terms and may be required to retain liabilities for certain matters.
  • We may be unable to compete effectively with larger companies, which may adversely affect our ability to generate sufficient revenues.
  • The inability of one or more of our significant counterparties to meet their payment or performance obligations may adversely affect our financial results.
  • Our business could be negatively affected by security threats and disruptions, including electronic, cybersecurity or physical security threats and other disruptions.
  • We may face various risks associated with the long-term trend toward increased activism against natural gas, NGL, and oil exploration and development activities.
  • Prolonged negative investor sentiment toward upstream natural gas, NGL, and oil focused companies could limit our access to capital funding, which would constrain liquidity.
  • We may be involved in legal proceedings that could result in substantial liabilities.
  • Loss of our information and computer systems could adversely affect our business.
  • We are highly dependent on our executive officers and technical personnel, the loss of any of whom could adversely affect our operations. Additionally, the continued success of our business depends on our ability to attract and retain experienced technical personnel.
  • For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including disclosure about our executive compensation, that apply to other public companies.
  • Risks Related to Environmental, Legal Compliance, and Regulatory Matters
  • We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner, or feasibility of conducting our operations.
  • Changing sentiments towards ESG matters and environmental conservation measures may adversely impact our business.
  • Energy conservation measures and technological advances could reduce demand for natural gas, NGLs, and oil.

Legal proceedings

From time to time, we may be subject to various claims, title matters, and legal proceedings arising in the ordinary course of business, including environmental contamination claims, personal injury and property damage claims, claims related to joint interest billings and other matters under natural gas operating agreements, and other contractual disputes. While the outcome and impact on the Company cannot be predicted with certainty, we believe that our ultimate liability with respect to any such matters will not have a significant impact or material adverse effect on our financial positions, results of operations or cash flows. Our results of operations and cash flows, however, could be significantly impacted in the reporting periods in which such matters are resolved.

The information with respect to this Item 3. “Legal Proceedings” is set forth in Item 8 of Part II, Financial Statements and Supplementary Data, in Note 16 - Commitments and Contingencies incorporated herein.

The opening of Item 3, Legal Proceedings.4

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