BKV Corporation · NYSE:BKV
BKV — Q3 2026 Earnings Presentation
48 slides from BKV's earnings presentation, November 2026
Slide 1: BKV Corporation Investor Presentation November 2026
BKV Corporation Investor Presentation November 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Forward-Looking Statements. This presentation includes “forward- drilling plans and the timing and amount of future production of natural from a given date forward, from known reservoirs, and under existing looking statements” within the meaning of the Private Securit
Slide 3: BKV's Closed Loop Strategy Expected to Enable Potential for Enhanced Margins
BKV’s Closed Loop Strategy Expected to Enable BKV Corporation Potential for Enhanced Margins Capturing Full Gas Value Chain: Molecules Megawatts Carbon Capture Higher $/Mcfe • Largest Barnett Producer: 10.7% 1-year decline rate1 & ~6 Tcfe1 of reserves • 1.5 GW of operating CCGT assets2 in Texas with
Slide 4: BKV Delivers Value Beyond the Sum of Its Parts
BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts l Natural Gas Upstream 3Q 2026 Avg. Net December ’25 NYMEX 1P As of Sept. 2026 BKV Assets Production MMcfe/d1 Reserves Tcfe2 Net Acres Offer Unique, Integrated Platform with Significant Growth Potential Total 981 ~6.0 ~675K l Operated Mi
Slide 5: BKV is Positioned in Key Energy Megatrends
BKV Corporation BKV is Positioned in Key Energy Megatrends NATURAL GAS DEMAND ERCOT POWER DEMAND LOW-CARBON SOLUTIONS GROWTH GROWTH GROWTH +25% 21x+ >25% Total U.S. natural gas Potential large-load CCUS market CAGR demand from ~110 Bcf/d in growth from ~11 GW to through 20303 2024 to ~138 Bcf/d by 2
Slide 6: BKV's One-Stop-Shop Platform: From Molecules to Electrons
BKV’s One - Stop - Shop Platform: From Molecules to BKV Corporation Electrons Natural Gas Power & Carbon Customer Supply optimization Solutions Solutions • ~1 Bcf/d of natural • 1.5 GW of existing • Multi-asset operating • Potential to source gas, gas supply generation with CCUS platform power and C
Slide 7: BKV Power Platform: A Phased Approach to Multi-GW Scale
BKV Corporation BKV Power Platform: A Phased Approach to Multi - GW Scale 1.5 GW existing capacity + 600 MW modular on order + 1.2 GW CCGT contracted = > 3 GW 1potential Potential Generation Growth 1 3.3 GW 1.2 1.9 GW 1.9 GW 1.5 GW 0.6 0.4 0.4 ~0.75 ~0.75 1.5 1.5 ~0.75 ~0.75 Existing Temple Phase 1
Slide 8: Commercial Momentum and Capital De-Risking
Commercial Momentum and Capital De - Risking BKV Corporation Recent agreements support power development while long - term PPA discussions continue 1 1: Modular CRA 1: 1 CCGT Turbine Backstop 2 Investment-grade hyperscaler Leading Frontier AI Lab ✓ Covers ~90% of equipment ✓ Cost recovery agreement
Slide 9: Financial Highlights & 4Q26 Guidance
BKV Corporation Financial Highlights & 4Q26 Guidance 9
Slide 10: Disciplined Capital Management Supports BKV's Growth
BKV Corporation Disciplined Capital Management Supports BKV’s Growth Recently secured customer support via CCGT backstop & modular cost recovery agreement Liquidity1 Financing Levers Customer Backing • Equipment Financing2 • Credit support ~$636MM Backstop agreement with an Cash & Cash Equivalents,
Slide 11: Third Quarter Business Highlights
BKV Corporation Third Quarter Business Highlights Category 3Q26 3Q26 Guidance Corporate ($ in Millions, except where noted) • Net leverage1 2.41x as of 9/30/2026 Corporate Natural Gas Development Adjusted EBITDAX attributable to BKV 1 $132.7 • Production above the high-end of range: Total Accrued CA
Slide 12: 4Q26 Guidance
BKV Corporation 4Q26 Guidance Accrued Capital Expenditures and Net Production (in millions) Low High Guidance Considerations Development $55 $75 • Capital: Power - Strategic Capital & Investments + Maintenance $240 $270 • Increase in Strategic Power CAPEX due to increased modular equipment partially
Slide 13: Business Units Overview: Upstream & Midstream
BKV Corporation Business Units Overview Upstream & Midstream Drilling rig in the Barnett Shale 13 Denton County, Texas
Slide 14: 3Q Barnett Acquisition: Expanding BKV's Leading Barnett Position
BKV Corporation 3Q Barnett Acquisition 1: Expanding BKV’s Leading Barnett Position Adds liquids - rich production, owned infrastructure, and an operating CCUS facility ~65 0.35 ~117K >100K MMcfe/d Tcfe Acres Tpa Net Production PDP Reserves Net Acres CCUS Injection Rate2 Asset Footprint Strategic Opp
Slide 15: BKV is the Largest Producer in the Barnett with Potential to Expand
BKV is the Largest Producer in the Barnett with Potential BKV Corporation to Expand 1 Top Barnett Producers Gross Operated Production Highly Contiguous Position, Opportunities for Growth (MMcfe/d)1 BKV Acreage 1,183 ~1 .1Bcf/d of production from other smaller 9/15 BKV ACQ North Peer 1 operators in p
Slide 16: BKV Reinventing The Barnett, Driving Exceptional Returns
BKV Corporation BKV Reinventing The Barnett, Driving Exceptional Returns Advanced Completions Drive Material Uplift Barnett DC&F Cost Efficiency3 2025-2026 Advanced Completions Performance $/lateral ft Cumulative Production vs Time Advanced Completions applicable to 30-40% of future inventory Greate
Slide 17: BKV Continues to Perform on Key Metrics
BKV Corporation BKV Continues to Perform on Key Metrics BKV’s Leading Growth Efficiency: Organic and Inorganic1 BKV vs Peers 1-Yr Base Decline Rate (%)3 (YOY Production Growth % - YOY D&C CAPEX Growth %) BKV Peers BKV Peers 16% BKV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 7% 1% 11% -6% -11%
Slide 18: BKV's Inventory Strength: 500+ Locations, 15+ Years
BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years 1 Inventory Summary: NEPA + Barnett • 300 locations <$3.00/MMBtu 15+ years of inventory breakeven (BE); location weighted life with low-cost average BE of ~$2.67/MMBtu2 refracs and new drills • 2026 Upper Barnett trial displaying st
Slide 19: Barnett: The Core of Our Capital Efficient Inventory
BKV Corporation Barnett: The Core of Our Capital Efficient Inventory 1 Barnett Upper and Lower Inventory – Barnett – Long Laterals and Excellent F&D Large, Contiguous Acreage3 BKV Acreage New Drill Refracs Lower Barnett Drilling Inventory Upper Barnett Drilling Inventory (Tier I) Upper Barnett Drill
Slide 20: BKV's Position Presents Multiple Market Opportunities
BKV Corporation BKV’s Position Presents Multiple Market Opportunities Full Control of Gas Marketing • Assumed full control of gas marketing in 2Q, expanding commercial flexibility and potential price capture Barnett Well Positioned for LNG • U.S. Gulf Coast LNG expected to exceed 20 Bcf/d by 2028, r
Slide 21: In-House Gas Marketing Expands Margin Capture + Power Optionality
In- House Gas Marketing Expands Margin Capture + Power BKV Corporation Optionality 1 Illustrative Current Barnett and Temple Transportation BKV acreage BARNETT Temple-Held Transport 1 Marketing Margin NTX-Held Transport BKV B Balancing location MIDSTREAM Retain economics previously BKV 30-inch gas l
Slide 22: NYMEX Reserves Overview
BKV Corporation NYMEX Reserves Overview 12/31/25 NYMEX Proved Reserves Gas Oil NGLs Total PV-10 % Gas (Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM) PDP 2,973 2 163 3,961 75% 2,354 PDNP 184 0 20 308 60% 128 PUD 1,244 2 75 1,705 2,091 73% 600 Total Proved 4,401 4 258 5,974 74% 3,082 PDP Operated Decline
Slide 23: Business Units Overview: Power
BKV Corporation Business Units Overview Power 23
Slide 24: Strategic JV with Significant Growth Potential in ERCOT
BKV Corporation Strategic JV 1 with Significant Growth Potential in ERCOT Temple I and II offer speed to first power with the ability to secure existing generation capacity, providing near- term power solutions as a bridge to longer - term growth Speed to power leveraging existing generation assets
Slide 25: U.S. Power Demand is Accelerating – Texas Emerges as the Primary Growth Market
U.S. Power Demand is Accelerating – BKV Corporation Texas Emerges as the Primary Growth Market 1 U.S. Power Demand is Entering a North America Data Center Inventory (GW)1 Step - Change 1 Texas is the largest data center market in the country AI and data center growth driving significant incremental
Slide 26: Temple Complex: 1.5 GW of Existing Capacity Positioned for Growth
Temple Complex: 1.5 GW of Existing BKV Corporation Capacity Positioned for Growth Existing generation & infrastructure, transmission access, and ~1K acres of site control Illustrative Private Use Network1 Point of Interconnect Potential Potential Customer PUN Switchyard TI-TII Switchyard Oncor Subst
Slide 27: Modular Generation Extends Potential Margin Capture
BKV Corporation Modular Generation Extends Potential Margin Capture Power Offtake Gas Supply & Midstream Customer-specific capacity Potential physical delivery to and energy arrangements, Temple, supported by BKV’s supported by BKV’s retail midstream and gas- power capabilities. management capabilit
Slide 28: TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth
TI & TII: Track - Record of Operational Consistency Supports BKV Corporation Potential for Future Growth Actuals: 2023 - 2025 Additional Generation/CF Available to Market 1 7.2 7.4 7.6 Potential TWh available to Market1 Total Generation 11.8 (TWh) 2023 2024 2025 7.4 4.4 59% 57% ’23-’25 Avg. Potentia
Slide 29: Building a Multi-Site Texas Power Platform
Building a Multi- Site Texas Power Platform 1 BKV Corporation 6,200 - acre development campus supporting long - term power growth Strategic Location • 6.2K acres in Jack County • ~30 miles from BKV’s Barnett assets • 345-kV transmission on-site Development Advantages • Flexible configuration for pha
Slide 30: Business Units Overview: CCUS
BKV Corporation Business Units Overview CCUS 30
Slide 31: From Proof of Concept to Commercial Scale
BKV Corporation From Proof of Concept to Commercial Scale Four Operational Projects Demonstrate a Scalable CCUS Platform Barnett Zero 1 Cotton Cove 2 Eagle Ford 1 PROOF OF CONCEPT REPLICATION THIRD-PARTY COMMERCIALIZATION • Operating since 2023 • Operating since April 2026 • Operating since June 202
Slide 32: Path to 1.5 Mtpa Injection Rate in 2028
Path to 1.5 Mtpa Injection Rate in 2028 1 BKV Corporation 2029+ Pipeline of ~17 Mtpa Project Funnel to Target 1.5 Mtpa in 2028 2029+ Project Funnel ~1.5 Mtpa ~11 Mtpa ~6 Mtpa ~0.4 Mtpa ~1 Mtpa Operational Announced - In Unannounced - In 2028 Run Rate Potential Other Potential High Development Develo
Slide 33: Turning Natural Gas into a Premium, Low-Carbon Product
Turning Natural Gas into a Premium, Low - Carbon Product 1 BKV Corporation CCUS enables differentiated value through permanent carbon sequestration Natural Gas Production Carbon Capture at Plant Produced from upstream assets, Concentrated CO2 waste stream transported via midstream pipe from amine to
Slide 34: Advancing the High West CCS Project – Class VI, Louisiana
Advancing the High West CCS Project1 – Class VI, Louisiana BKV Corporation Strategically positioned near St. Charles, capturing access to ~30 Mtpa of CO 2 emissions within a 30 - mile radius 2023 2024 2025 2026 2027 2028+ Lease agreement Class VI Permit Class VI Permit Applications Estimated FID Est
Slide 35: Appendix
BKV Corporation 35 Appendix
Slide 36: Consistent and Methodical Hedging Philosophy
BKV Corporation Consistent and Methodical Hedging Philosophy BKV’s Hedging Philosophy • Methodically execute a financial hedge program at targeted prices to manage price volatility • Consistently hedge 50%+ of forecasted volumes on a rolling quarterly basis for 24 to 48-months • Financial contracts
Slide 37: Power JV: Summarized Model
BKV Corporation Power JV: Summarized Model 1 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 - $30 D Revenue less fuel expense ($ MM) $159 - $237 CxD=E Fixed & Non-Fu
Slide 38: SEC Reserves Overview
BKV Corporation SEC Reserves Overview 12/31/25 SEC Proved Reserves YE24 to YE25 SEC Total Proved (Tcfe) Gas Oil NGLS Total PV-10 % Gas (Bcf) (MMBbl) (MMBbl) (Bcfe) ($MM) PD 3,098 1.8 183 4,207 74% 2,263 PUD 1,248 2.1 76 1,714 73% 525 2,091 Total Proved 4,346 3.9 259 5,921 73% 2,788 Reserves PDP Oper
Slide 39: Barnett Zero: Economic Proof of Concept
BKV Corporation Barnett Zero: Economic Proof of Concept BKV’s CCUS business aims to develop CCUS projects 1 where project - level cash contribution, defined as project - level revenue, taking into account Section 45Q tax incentives, less operating expense, inclusive of allocated project G&A and excl
Slide 40: Adjusted Net Income (Loss) and Adjusted EPS Reconciliation
BKV Corporation Adjusted Net Income (Loss) and Adjusted EPS Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except EPS) 2026 2025 2026 2025 Net income attributable to BKV $ 29,430 $ 83,503 $ 149,311 $ 109,292 Adjustment to net income attributable to BKV
Slide 41: Adjusted EBITDAX Reconciliation
BKV Corporation Adjusted EBITDAX Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net income $ 38,386 $ 94,891 $ 167,560 $ 120,595 Add back (subtract): Depreciation, depletion, amortization 54,741 47,428 160,559 144,605 and accretion
Slide 42: Adjusted EBITDAX (Segments) Reconciliation
BKV Corporation Adjusted EBITDAX (Segments) Reconciliation Three Months Ended September 30, 2026 Corporate and (in thousands) Upstream/Midstream Power Total Other Net income (loss) $ 25,736 $ 26,673 $ (14,023) $ 38,386 Add back (subtract): Depreciation, depletion, amortization 44,604 9,482 655 54,74
Slide 43: Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation
BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net income (loss) attributable to $ 8,956 $ 11,388 $ 18,249 $ 11,303 noncontrolling interests Add back (subtrac
Slide 44: Adjusted Free Cash Flow before Power Growth Reconciliation
BKV Corporation Adjusted Free Cash Flow before Power Growth & Adjusted Free Cash Flow before Power Growth Attributable to BKV Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net cash provided by operating activities $ 164,480 $ 109,0
Slide 45: Net Leverage Ratio Reconciliation
BKV Corporation Net Leverage Ratio Reconciliation As of September 30, (in thousands, except Net Leverage Ratio) 2026 Total debt $ 2,006,454 Less: Cash and cash equivalents, and restricted $ 635,812 cash Net debt $ 1,370,642 Divided by annualized Adjusted EBITDAX 1 $ 568,536 Net Leverage Ratio 2.41x
Slide 46: Reconciliation of Standardized Measure to PV-10 (NYMEX)
BKV Corporation Reconciliation of Standardized Measure to PV -10 (applying NYMEX Strip Pricing) As of December 31, (in millions) 2025 Standardized Measure $ 2,574 Present value of future income taxes discounted at 508 10% PV-10 $ 3,082
Slide 47: Reconciliation of Standardized Measure to PV-10 (SEC)
BKV Corporation Reconciliation of Standardized Measure to PV -10 (applying SEC Strip Pricing) As of December 31, (in millions) 2025 Standardized Measure $ 2,345 Present value of future income taxes discounted at 443 10% PV-10 $ 2,788
Slide 48: Non-GAAP & Other Definitions
Non- GAAP & Other Definitions • This Presentation includes the following financial measures that are not performance measures because they allow the Company to comparisons of cash flow provided by operating activities and the calculated in accordance with GAAP: (i) Adjusted EBITDAX, (ii) Adjusted ef