BKV Corp

Listed Company

BKVCIK 0001838406NYSEEmerging GrowthCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$173.13M

Total Assets

$3.13B

Equity

$2.04B

Shares Out

109.39M

Op. Cash Flow

$242.70M

BKV$25.99+19.17% · past yearDBEQ Basic

Daily closing prices

Business

BKV Corporation is an integrated energy company engaged in natural gas production, natural gas midstream services, power generation, and carbon capture, utilization, and sequestration (CCUS). The company operates a closed-loop business model connecting upstream natural gas assets in the Barnett Shale and Northeast Pennsylvania with midstream gathering and processing systems, a significant stake in combined-cycle power plants in Texas, and growing CCUS projects. BKV markets natural gas to utilities, LNG producers, and industrial consumers and generates electricity for regional markets, while developing carbon-neutral gas products and sequestration infrastructure.

Summary from 10-K filed 2026-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Derivative gains (losses), net	105	−34	239	−630
Gain on sale of business	0	7	0	0
Gains (losses) on sales of assets, net	−2	4	2	0
Total revenues and other operating income	1,009	581	980	1,031
Lease operating and workover	153	137	151	131
Taxes other than income	51	35	72	115
Gathering and transportation	251	222	249	209
Depreciation, depletion, amortization, and accretion	157	218	223	119
General and administrative	124	104	115	149
Other	55	19	13	4
Total operating expenses	791	736	823	726
Income (loss) from operations	218	−155	158	305
Gains on contingent consideration liabilities	0	10	38	7
Earnings (losses) from equity affiliate	15	10	17	9
Loss on early extinguishment of debt	0	−14	0	0
Interest income	2	4	3	1
Other income	5	9	6	1
Income (loss) before income taxes	210	−186	145	473
Income tax benefit (expense)	−35	44	−28	−63
Net income (loss)	175	−143	117	—
Less: net income attributable to noncontrolling interest	2	0	0	—
Net income (loss) attributable to BKV	173	−143	117	410
Basic (in USD per share)	1.98	−2	1.93	6.99
Diluted (in USD per share)	1.98	−2	1.82	6.62
Basic (in shares)	87	71	61	59
Diluted (in shares)	87	71	64	62

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	199	15	25	—	—
Prepaid expenses	6	8	4	—	—
Inventory	6	6	10	—	—
Commodity derivative assets, current	62	0	84	—	—
Other current assets	2	0	218,000	—	—
Current assets	388	95	312	—	—
Developed properties	2,966	2,315	2,370	—	—
Undeveloped properties	13	11	16	—	—
Midstream assets	278	277	319	—	—
Accumulated depreciation, depletion, and amortization	−849	−714	−579	—	—
Total natural gas properties, net	2,407	1,888	2,125	—	—
Other property and equipment, net	138	97	84	—	—
Goodwill	18	18	18	—	—
Investment in BKV-BPP Power	130	115	105	—	—
Commodity derivative assets	26	0	19	—	—
Other noncurrent assets	22	17	20	—	—
Total assets	3,130	2,231	2,683	—	—
Accounts payable and accrued liabilities	207	121	149	—	—
Contingent consideration payable	0	20	20	—	—
Commodity derivative liabilities, current	0	20	0	—	—
Income taxes payable to related party	810,000	1	864,000	—	—
Other current liabilities	10	3	3	—	—
Total current liabilities	218	166	412	—	—
Asset retirement obligations	230	199	193	181	—
Commodity derivative liabilities	6	47	0	—	—
Deferred tax liability, net	123	89	144	—	—
Long-term debt, net	487	165	340	—	—
Other noncurrent liabilities	5	5	12	—	—
Total liabilities	1,069	672	1,205	—	—
Commitments and contingencies (Note 16)	—	—	—	—	—
Noncontrolling interest	13	0	—	—	—
Common stock	2	2	1	—	—
Treasury stock	−7	−7	−5	—	—
Additional paid-in capital	1,755	1,448	1,034	—	—
Retained earnings	289	117	260	—	—
Total stockholders' equity	2,039	1,560	1,291	1,037	664
Noncontrolling interest	9	0	—	—	—
Total equity	2,047	1,560	1,291	1,037	—
Total liabilities, mezzanine equity, and equity	3,130	2,231	2,683	—	—
Treasury stock, at cost (in shares)	214,000	214,000	213,000	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation, depletion, amortization, and accretion	159	218	224	130
Equity-based compensation	13	16	26	32
Deferred income tax (benefit) expense	36	−45	32	89
Unrealized (gains) losses on derivatives, net	−113	147	−149	−59
Settlement of contingent consideration	−20	−20	−65	−45
Proceeds from the sale of call options	0	24	0	0
Payments for the purchase of put options	−16	0	0	—
Write-off of capitalized software costs	6	0	0	—
Transaction costs from sale of business	0	−3	0	0
Distribution from equity affiliate	0	0	10	0
Other, net	4	−4	3	911,000
Accounts receivable, net	−35	−5	86	−39
Accounts receivable, related party	4	−15	−143,000	3
Accounts payable and accrued liabilities	47	−32	−98	63
Other changes in operating assets and liabilities	−2	−2	−7	−49
Net cash provided by operating activities	243	119	123	349
Asset acquisition	−272	0	−5	−248
Cash acquired in consolidation of BKV-BPP Cotton Cove	2	0	0	—
Capital expenditures	−300	−101	−188	—
Proceeds from sale of business	0	133	0	0
Proceeds from sales of assets	7	5	7	0
Loan advanced to equity affiliate	0	0	−8	0
Loan repayment from equity affiliate	0	0	8	0
Other investing activities, net	−2	−649,000	8	2
Net cash provided by (used in) investing activities	−565	36	−178	−866
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions	0	266	0	0
Proceeds from the issuance of common stock, net of underwriting discounts and commissions	171	0	150	0
Proceeds on long-term debt	500	0	0	—
Proceeds from notes payable from related party	0	0	17	75
Payments on notes payable to related party	0	−75	−17	−166
Proceeds under RBL Credit Agreement	577	580	0	0
Payments on RBL Credit Agreement	−742	−415	0	0
Payment on term loan agreement	0	−456	−114	0
Payment of debt issuance costs	−16	−8	0	−8
Proceeds from draws on credit facilities	0	44	376	190
Payments on credit facilities	0	−171	−339	−100
Payments of deferred offering costs	0	−4	−3	−6
Debt extinguishment costs	0	−10	0	0
Cash distributions to noncontrolling interest	−1	0	0	—
Cash contributions from noncontrolling interest	20	0	0	—
Net share settlements, equity-based compensation	−2	−53	−3	−1
Other financing activities	0	−2	−430,000	74,000
Net cash provided by (used in) financing activities	507	−305	67	535
Net increase (decrease) in cash, cash equivalents, and restricted cash	185	−150	12	18
Interest	16	60	68	32
Income tax	232,000	6,000	2	400,000
Equity issued as consideration for acquisition	124	0	0	—
Conversion of mezzanine equity to common stock upon initial public offering	0	43	0	0
Conversion of equity-based compensation to common stock upon initial public offering	0	75	0	0
Income tax deconsolidation	2	10	0	0
Reclassification of deferred offering costs to common stock upon initial public offering	0	12	0	0
Increase (decrease) in accrued capital expenditures	18	17	−24	19
Additions to asset retirement obligations	226,000	42,000	89,000	302,000
Lease liabilities arising from obtaining right-of-use assets	23,000	494,000	3	1
Increase (decrease) in accrued equity transaction costs	501,000	−341,000	−604,000	945,000
Adjustment of minority ownership puttable shares to redemption value	0	17	3	13
Adjustment of equity-based compensation to redemption value	0	9	16	24
Impact of redemption of shares issued in settlement of equity-based compensation and other on additional paid-in capital, common stock, and treasury stock	0	2	781,000	4,000
Accretion of Class B Units to redemption value	1	0	0	—

Filings

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Frequently asked questions

What is BKV Corp's CIK number?

BKV Corp's SEC CIK number is 0001838406 (1838406). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find BKV Corp's SEC filings?

All of BKV Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did BKV Corp last report earnings?

BKV Corp (BKV) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-031672). This is BKV Corp's most recent earnings filing of record — not a forecast of its next earnings date.

What is BKV Corp's most recent earnings 8-K?

BKV Corp's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-031672. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View BKV Corp's latest earnings 8-K →
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