Summary
BKV agreed to pay about $800 million for gas power equipment, about 34% of its stock market value. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [P02] IEX closing pricesBKV closed at $22.055 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ A data center giant backs about 90% of the first $200 million and is the intended buyer of the power, but it has not signed a deal. [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm If BKV goes ahead, it owes about $600 million more through 2028. Without a power deal by March 31, 2027, it may cancel then and owe nothing more, but the $80.0 million it already paid was generally non-refundable. The filings do not say whether the backstop covers that money. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [Q05] Form 10-Q, commitmentsDuring the six months ended June 30, 2026, the Company paid $60.0 million of the reservation fees. Amounts paid are generally non-refundable and will be credited against the purchase price if a definitive supply agreement is executed.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [E07] Press release, October 7, 2026covers approximately 90% of the payments owed by BKV through March 31, 2027 under the equipment supply contract
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm The deadline for a power deal is March 31, 2027, and the equipment arrives from September 2028 to May 2029. [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
A gas producer building a power business
BKV is the largest natural gas producer by gross operated volume in the Barnett Shale. It also runs pipes, stores carbon dioxide underground and sells power. [E04] Press release, About BKV CorporationAs the largest natural gas producer by gross operated volume in the Barnett Shale, BKV is strategically expanding an end-to-end value chain that leverages its assets in upstream production, midstream infrastructure, natural gas-fired power generation and carbon capture, utilization and storage
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm Banpu, a Thai company, indirectly owned about 63% of BKV's shares on July 31, 2026. That control lets BKV skip some stock exchange rules, such as having a board made up mostly of independent directors. [Q30] Form 10-Q, Note 1a public company listed in the Stock Exchange of Thailand
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q01] Form 10-Q, Note 1As of July 31, 2026, Banpu, the ultimate parent company of BNAC and BPPUS, indirectly owned an aggregate 62.8% of BKV Corp's shares.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [U01] Form 10-K, risk factorsBanpu beneficially controls a significant majority of the voting power of our outstanding voting stock.
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [U02] Form 10-K, risk factorsa majority of the board of directors consist of independent directors
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm BKV's annual report warns that Banpu's interests may conflict with those of other shareholders. [U03] Form 10-K, risk factorsBanpu's interests, including interests in certain corporate opportunities, may conflict with our interests and the interests of our other stockholders.
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm
BKV's power business is the Temple I and Temple II gas plants in Temple, Texas, with about 1.5 gigawatts of capacity. They sell power into the Texas grid, and a retail arm sells power to over 58,000 customers. [R01] Second quarter release, power segmentThe Company's operated power generation assets currently consist of Temple I and Temple II, with a combined generation capacity of approximately 1.5 GW.
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [T04] Form 10-K/A, businesseach power plant delivers power to customers on the ERCOT power network in Texas
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [T10] Form 10-K/A, businessOur Power segment consists of the BKV-BPP Power Joint Venture's electricity generation, wholesale energy sales and purchases, and retail marketing operations.
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [T09] Form 10-K/A, businessAs of December 31, 2025, BKV Energy has a portfolio of over 58,000 customers
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm On January 30, 2026, BKV lifted its stake in the plants' venture from 50% to 75%. It paid Banpu Power US, a Banpu unit, $115.1 million in cash and about 5.3 million new shares. [T05] Form 10-K/A, businessPrior to January 30, 2026, we owned a 50% interest in the BKV-BPP Power Joint Venture. Upon closing, we acquired an additional 25% interest from BPPUS, increasing our ownership to 75%.
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q02] Form 10-Q, Note 2On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q45] Form 10-Q, glossaryrefers to Banpu Power US Corporation, a wholly-owned subsidiary of Banpu Power
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm In the second quarter, the plants sold power for about $32 per megawatt-hour before hedges, up 9% from about $29 a year earlier. Counting hedge gains, they got about $42, down from about $45. [Q38] Form 10-Q, power segment resultsAverage generation price (excluding derivatives) $31.88 $29.13 $2.75 9% Average generation price (including derivatives) $41.59 $45.10
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm The power unit lost $6.8 million, partly on $10.5 million of hedge marks. Before those marks, interest, taxes and wear on assets, it made $31.9 million of adjusted profit. [R05] Second quarter release, summary of power operationsNet income (loss) $ (6.8) $14.9 $13.4 $ (6.5)
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R24] Second quarter release, segment resultsThree Months Ended June 30, 2026 ($ Thousands) Upstream/Midstream Power Corporate and Other Total Net income (loss) $116,762 $ (6,802) $ (32,630) $77,330 Add back (subtract): Depreciation, depletion, amortization, and accretion 44,032 9,552 504 54,088 Exploration and impairment expense - - - - Unrealized (gains) losses on derivatives, net (56,024) 10,537
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R20] Second quarter release, segment resultsAdjusted EBITDAX, non-GAAP 127,882 31,936
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm
BKV has been trying to sign a long-term deal to sell part of the Temple plants' power. In August, it said talks run by an adviser were still going with a small group of possible buyers. [R19] Second quarter release, power segmenttoward securing a long-term power purchase agreement
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R03] Second quarter release, power segmentThrough the previously disclosed advisor-led process, the Company remains engaged in commercial discussions with a select group of prospective counterparties
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm In January 2026, it agreed to pay up to $80.0 million to hold factory space for turbines that could make up to about 1,230 megawatts. It had paid $60.0 million by June 30, and the fees were generally non-refundable. [Q04] Form 10-Q, commitmentsOn January 14, 2026, the Company entered into a manufacturing reservation agreement related to a planned power generation project. Under the agreement, the Company is committed to pay up to an aggregate of $80.0 million in reservation fees, scheduled in phases during 2026, to secure future manufacturing capacity through 2028 for turbines with up to approximately 1,230 MW in total generation capacity.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q05] Form 10-Q, commitmentsDuring the six months ended June 30, 2026, the Company paid $60.0 million of the reservation fees. Amounts paid are generally non-refundable and will be credited against the purchase price if a definitive supply agreement is executed.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm It also signed deals for small, modular generators worth up to $248.2 million. Quitting them would cost 60% of the price before manufacturing starts and 100% after. [Q06] Form 10-Q, commitmentsUnder the agreements, the Company is committed to pay up to an aggregate of $248.2 million in purchase payments, scheduled in phases from 2026 through 2027, to secure the manufacture of modular power generation equipment.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q07] Form 10-Q, commitmentsIf the Company terminates the contracts before manufacturing of the equipment begins, the Company would be required to pay 60% of the contract price, and if the Company terminates the contracts after manufacturing of the equipment begins, the Company would be required to pay 100% of the contract price.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
Big turbines are scarce because data centers want more power. In December 2025, Reuters reported that GE Vernova, a top turbine maker, had sold out of gas turbines through 2028. [W02] Reuters, December 9, 2025demand for turbines and other equipment to produce electricity from natural gas has increased
Reuters · Read October 7, 2026Open source ↗https://www.reuters.com/business/energy/ge-vernova-expects-80-gigawatts-gas-turbine-contracts-by-years-end-2025-12-09/ [W01] Reuters, December 9, 2025GE Vernova has sold out of its gas turbines through 2028 and has less than 10% left to sell the following year
Reuters · Read October 7, 2026Open source ↗https://www.reuters.com/business/energy/ge-vernova-expects-80-gigawatts-gas-turbine-contracts-by-years-end-2025-12-09/ In April 2026, Bloomberg reported that Banpu planned to invest at least $1.5 billion in American power. It said BKV was looking at adding about 1,000 megawatts of gas plants. [W03] Bloomberg, April 6, 2026Thai energy company Banpu Pcl plans to invest at least $1.5 billion in a US expansion to tap surging electricity demand driven by data centers.
Bloomberg · Read October 7, 2026Open source ↗https://www.bloomberg.com/news/articles/2026-04-07/banpu-plans-1-5-billion-us-power-investment-on-data-center-boom [W04] Bloomberg, April 6, 2026is considering greenfield construction and acquisitions of gas-fired power plants to add about 1,000 megawatts of power generating capacity
Bloomberg · Read October 7, 2026Open source ↗https://www.bloomberg.com/news/articles/2026-04-07/banpu-plans-1-5-billion-us-power-investment-on-data-center-boom
What BKV signed, and who carries the risk
On October 2, a BKV unit signed a contract with an unnamed top-tier supplier. It covers two turbines, other plant gear and related services for a planned gas power plant in Texas. [K01] Form 8-K, Item 1.01On October 2, 2026, a wholly owned subsidiary of BKV Corporation
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K10] Form 8-K, Item 1.01with a Tier 1 supplier
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K02] Form 8-K, Item 1.01for the purchase of power generation equipment, including two turbines, certain balance of plant equipment and related services
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K11] Form 8-K, Item 1.01for the Company's prospective power generation project in Texas
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm The price is about $800 million for about 1,200 megawatts of gear. It arrives between September 2028 and May 2029. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [E02] Press release, October 7, 2026the supplier will supply approximately 1,200 megawatts of power generation equipment, with deliveries beginning in September 2028
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm The $80.0 million in fees already paid counts toward the price. The rest is paid in steps from October 2026 through December 2028. [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
About $200 million is due by March 31, 2027, counting the fees already paid. So about $120 million of new payments fall due by then. [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm A hyperscaler, a company that runs giant data centers, backs about 90% of that $200 million. It has an investment-grade credit rating, which means lenders see it as a strong borrower. [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm BKV says the hyperscaler agreed to repay part of BKV's costs for the gear and related project work. On the filing's wording, that covers about $180 million and leaves about $20 million with BKV. [E01] Press release, October 7, 2026under which the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm The press release instead says the backstop covers about 90% of payments owed through that date, which may not include the fees already paid. [E07] Press release, October 7, 2026covers approximately 90% of the payments owed by BKV through March 31, 2027 under the equipment supply contract
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm The filings say only that the hyperscaler agreed to repay part of BKV's costs and is the intended buyer, not what else it gets in return. [E01] Press release, October 7, 2026under which the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
The hyperscaler is also the intended buyer of the plant's power. But no power deal is signed yet. [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm If the two sides do not agree on one by March 31, 2027, BKV may cancel the equipment contract then and owe nothing more under it. The filing says BKV may cancel at such time, so the right seems tied to that date. [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm If BKV keeps the contract, it still owes about $600 million more through 2028, on top of whatever the rest of the plant costs. The full contract will be filed with BKV's annual report for 2026. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K09] Form 8-K, Item 1.01a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ending December 31, 2026
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
The whole order equals about 34% of BKV's stock market value of about $2.4 billion at the October 6 close. That value uses about 108 million shares, after a September buyback. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [P02] IEX closing pricesBKV closed at $22.055 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ The order is also about 72% of BKV's 2025 sales of gas, oil and power. The new gear would add about 80% to the 1.5 gigawatts BKV runs today. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [T11] Form 10-K/A, income statementNatural gas, NGL, and oil sales $857,597
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [T12] Form 10-K/A, income statementPower revenues 248,752
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [E02] Press release, October 7, 2026the supplier will supply approximately 1,200 megawatts of power generation equipment, with deliveries beginning in September 2028
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm [R01] Second quarter release, power segmentThe Company's operated power generation assets currently consist of Temple I and Temple II, with a combined generation capacity of approximately 1.5 GW.
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm BKV said its plans could take it to about 3 gigawatts, but that depends on long-term power deals, financing and approvals. [R02] Second quarter release, power segmentIf developed as planned, these projects would increase the Company's operated generation capacity to approximately 3 GW. Development remains subject to, among other things, execution of long-term power purchase agreements, financing, regulatory approvals
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm Chief executive Chris Kalnin called the deal an important step that fits a disciplined approach to spending. [E03] Press release, chief executive's statementSecuring long-lead-time generation equipment is an important step in advancing power projects on the scale and timelines customers require and is consistent with our disciplined approach to capital deployment
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm
In September, BKV sold $575 million of convertible notes due in October 2031. They pay 1.625% a year, or about $9.3 million. Its $500 million of older notes, due 2030, pay 7.50%. [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C3] Form 8-K, Item 1.01The Notes will mature on October 15, 2031, unless earlier repurchased, redeemed or converted. Before July 15, 2031, noteholders will have the right to convert their Notes only upon the occurrence of certain events.
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [Q14] Form 10-Q, debt table2030 Senior Notes (7.50%) 500,000
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Net proceeds were about $554.7 million. BKV spent $64.7 million on capped calls, which are trades that limit dilution if the stock rises. It spent another $35.0 million to buy back about 1.45 million shares at $24.10. [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm That left about $455 million for general uses, including paying debt and capital spending. [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C5] Form 8-K, Item 1.01general corporate purposes, including the repayment of outstanding indebtedness and capital expenditures
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm
Each $1,000 note can turn into about 31.3 shares, a price of about $31.93 a share. The notes cover about 18 million shares at that price. BKV must pay at least the face value in cash, and it can pay any excess in shares. [C6] Form 8-K, Item 1.01The initial conversion rate is 31.3161 shares of the Company's common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $31.93 per share of the Company's common stock.
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C7] Form 8-K, Item 1.01cash, up to at least the proportional amount of the principal amount being converted, and any excess of the proportional conversion value for that VWAP trading day that will not be settled in cash will be settled in shares of the Company's common stock
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm The capped calls offset that excess up to a stock price of $48.20. Before July 15, 2031, holders can convert only if certain events happen. [C8] Form 8-K, capped callsThe cap price of the Capped Call Transactions is initially $48.20 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C3] Form 8-K, Item 1.01The Notes will mature on October 15, 2031, unless earlier repurchased, redeemed or converted. Before July 15, 2031, noteholders will have the right to convert their Notes only upon the occurrence of certain events.
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm
On June 30, BKV had $152.2 million in cash and about $1.26 billion of debt. Adding the new notes, and nothing else, gives about $1.84 billion. [R17] Second quarter release, liquiditytotal liquidity for BKV was $836.7 million, which consisted of $152.2 million in cash and cash equivalents
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q13] Form 10-Q, debt tableTotal debt, net 1,263,998 1,249,841
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm The next loan to come due in full is $176.0 million owed by the Temple plants' venture to Banpu's units, on November 1, 2026. Those loans are unsecured, and the lenders have no claim on BKV itself. [R18] Second quarter release, liquidity and debtPower segment debt included $176.0 million of borrowings under the Temple I Loan Agreements
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q15] Form 10-Q, debt notethe loans will mature on November 1, 2026
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q33] Form 10-Q, debt notepayment obligations under the Temple I Loan Agreements are senior unsecured
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q16] Form 10-Q, debt noteBNAC and BPPUS have no recourse to BKV Corporation with respect to any amounts owed to them thereunder
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm BKV's main bank credit line had $664.5 million unused on August 6, and it runs to June 12, 2028. [Q17] Form 10-Q, liquidityAs of August 6, 2026, $120.0 million of borrowings and $15.5 million of letters of credit were outstanding under the RBL Credit Agreement, leaving $664.5 million of available capacity thereunder for future borrowings and letters of credit.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q18] Form 10-Q, liquidityThe RBL Credit Agreement will mature on June 12, 2028.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
BKV's own debt measure was 1.78 times on June 30. It divides debt minus cash by second-quarter adjusted profit times four. [R06] Second quarter release as first filed, highlightsNet Leverage Ratio of 1.78x
BKV Form 8-K with the second quarter 2026 results release as filed before its same-day correction, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053820/a2q26pressrelease.htm [R07] Second quarter release, non-GAAP definitionsNet Leverage Ratio as total debt less cash and cash equivalents, and restricted cash, divided by Adjusted EBITDAX for the most recent quarter's annualized Adjusted EBITDAX (the quarter's Adjusted EBITDAX multiplied by four).
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm That profit leaves out interest, taxes, wear on assets, hedge gains or losses not yet settled and other items. Adding the new notes and the cash kept from them lifts the ratio to about 2.0 times. [R09] Second quarter release, non-GAAP definitionsThe Company defines Adjusted EBITDAX as net income (loss) before (i) depreciation, depletion, amortization, and accretion, (ii) exploration and impairment expense, (iii) net unrealized gains (losses) on derivatives, (iv) gains (losses) on contingent consideration liabilities, (v) net interest expense, (vi) interest expense, related parties, (vii) equity-based compensation expense, (viii) income tax benefit (expense), and (ix) other nonrecurring transactions.
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R08] Second quarter release, net leverage tableNet debt $1,081,582 Divided by annualized Adjusted EBITDAX (1) $608,276 Net Leverage Ratio 1.78x
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm The bank line caps its gas unit's ratio at 3.25 times, and the unit met that test on June 30. [Q19] Form 10-Q, debt notea Net Leverage Ratio (as defined in the RBL Credit Agreement) of no greater than 3.25 to 1.00
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q20] Form 10-Q, liquidityAs of June 30, 2026, BKV Upstream Midstream was in compliance with such covenants in the RBL Credit Agreement.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Reported results give a higher ratio. For the year to June 30, operating profit plus wear on assets, minus unsettled hedge gains, was about $441 million. [T01] Form 10-K/A, income statementIncome (loss) from operations 303,710
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q21] Form 10-Q, income statementIncome from operations 121,656 161,348 207,682 61,251
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T02] Form 10-K/A, income statementDepreciation, depletion, amortization, and accretion 195,737
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q22] Form 10-Q, income statementDepreciation, depletion, amortization, and accretion 52,877 47,580 105,818 97,177
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T03] Form 10-K/A, cash flow statementUnrealized (gains) losses on derivatives, net (117,974)
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q23] Form 10-Q, cash flow statementUnrealized (gains) losses on derivatives, net (59,343) 35,918
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm June 30 net debt of about $1.08 billion was about 2.5 times that. After the new notes and the cash kept from them, net debt of about $1.2 billion is about 2.7 times. [R08] Second quarter release, net leverage tableNet debt $1,081,582 Divided by annualized Adjusted EBITDAX (1) $608,276 Net Leverage Ratio 1.78x
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [T01] Form 10-K/A, income statementIncome (loss) from operations 303,710
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q21] Form 10-Q, income statementIncome from operations 121,656 161,348 207,682 61,251
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T02] Form 10-K/A, income statementDepreciation, depletion, amortization, and accretion 195,737
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q22] Form 10-Q, income statementDepreciation, depletion, amortization, and accretion 52,877 47,580 105,818 97,177
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T03] Form 10-K/A, cash flow statementUnrealized (gains) losses on derivatives, net (117,974)
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q23] Form 10-Q, cash flow statementUnrealized (gains) losses on derivatives, net (59,343) 35,918
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Interest over that year was about $105 million, so that profit covered it about 4.2 times. Second-quarter net profit was $75.8 million, or $50.7 million without hedge marks and one-time items. [T13] Form 10-K/A, income statementInterest expense (72,316) (96,221) (95,472) Interest expense, related parties (19,669)
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q32] Form 10-Q, income statementInterest expense (24,881) (16,384) (47,711) (32,433) Interest expense, related parties (3,978) (5,023) (8,247) (10,099)
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T01] Form 10-K/A, income statementIncome (loss) from operations 303,710
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q21] Form 10-Q, income statementIncome from operations 121,656 161,348 207,682 61,251
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T02] Form 10-K/A, income statementDepreciation, depletion, amortization, and accretion 195,737
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q22] Form 10-Q, income statementDepreciation, depletion, amortization, and accretion 52,877 47,580 105,818 97,177
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [T03] Form 10-K/A, cash flow statementUnrealized (gains) losses on derivatives, net (117,974)
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [Q23] Form 10-Q, cash flow statementUnrealized (gains) losses on derivatives, net (59,343) 35,918
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [R22] Second quarter release, highlightsNet income attributable to BKV of $75.8 million
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R23] Second quarter release, highlightsAdjusted Net Income attributable to BKV of $50.7 million
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm
The gas business makes cash, but the power push uses more. In the first half of 2026, operations brought in $181.7 million. [Q08] Form 10-Q, cash flow statementNet cash provided by operating activities 181,731 105,748
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Capital spending took $193.4 million. Deposits on equipment took $158.5 million more, which left a gap of about $170 million. [Q09] Form 10-Q, cash flow statementDeposits on fixed asset purchases (158,507) (7,500) Capital expenditures (193,365) (124,102)
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q08] Form 10-Q, cash flow statementNet cash provided by operating activities 181,731 105,748
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm In the same half, BKV also paid $118.7 million for land and $115.1 million for the larger Temple stake. To pay for all of it, BKV sold about 7.0 million new shares in March for $186.2 million and borrowed a net $100 million on its main bank line. [Q34] Form 10-Q, cash flows discussion$118.7 million of cash paid for land
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q02] Form 10-Q, Note 2On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q11] Form 10-Q, glossary7,003,813 shares of our common stock offered by the Company and 4,142,089 shares of our common stock offered by Bedrock as the selling stockholder completed on March 12, 2026 for net proceeds to the Company of $186.2 million
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q31] Form 10-Q, liquidity$100.0 million in net borrowings on the RBL Credit Agreement
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm It also got a $46.0 million advance on a land deal and repaid $34.9 million of Temple loans. Cash still fell by $96.0 million. [Q37] Form 10-Q, liquidityreceived $46.0 million, representing an advance of a portion of the purchase price set forth in the real estate option agreement
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q35] Form 10-Q, cash flow statementPayments on Temple Term Loan Facility (19,885) (5,000) Proceeds from Promissory Note 46,000 - Payments on Temple I Loan Agreements (15,000)
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q36] Form 10-Q, cash flow statementNet increase (decrease) in cash, cash equivalents, and restricted cash (96,014)
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm By its own measure, which leaves out power growth spending, free cash flow for shareholders was $60.1 million in the half. In 2025, operations brought in about $280 million, while capital spending was about $305 million. [R10] Second quarter release, financial results tableAdjusted Free Cash Flow before Power Growth attributable to BKV, non-GAAP $40.0 $17.2 $60.1 $28.7
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R11] Second quarter release, non-GAAP definitionsless total cash paid for capital expenditures (excluding leasehold costs and acquisitions), excluding strategic power growth capital expenditures
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [T07] Form 10-K/A, liquidityNet cash provided by operating activities was $280.4 million for the year ended December 31, 2025
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm [T08] Form 10-K/A, liquiditycash paid for capital expenditures was $305.1 million
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926098821/bkv-20251231x10ka.htm
In August, BKV said its cash, cash flow, bank line, the March stock sale, partner money and hedges should fund its 2026 spending, apart from carbon storage. [Q24] Form 10-Q, liquidityWe currently believe that our cash flows from operations, cash on hand, borrowings under our RBL Credit Agreement, proceeds from the issuance of the 2026 Equity Offering, contributions from our joint venture partners, and our commodity and power hedges in place will provide sufficient liquidity to fund our operations and our capital expenditures for the remainder of 2026
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Its average share count in the second quarter was 29% higher than a year earlier. Besides the March sale, it gave the Banpu unit about 5.3 million shares for the plant stake. That unit can now resell them. [R14] Second quarter release, income statementWeighted average number of common shares outstanding: Basic 109,395 84,710
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q02] Form 10-Q, Note 2On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [S9B] Form S-3ASR, coverThis prospectus relates to the offering and resale by the selling stockholder
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm BKV had about 109.4 million shares on July 31, or about 108 million after the buyback. Banpu's main holding company has also registered about 63.9 million of its shares for resale. As of the annual report in March, it had sold none. [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [U04] Form 10-K, market for common equityIn accordance with the registration rights granted to BNAC, on October 1, 2025, we filed a resale registration statement on Form S-3 to register the offer and sale of 63,877,614 shares of common stock owned by BNAC
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [U05] Form 10-K, market for common equityAs of the date of this Annual Report on Form 10-K, no shares of our common stock have been sold by BNAC pursuant to that resale registration statement.
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm Such sales would not add shares but could weigh on the price. BKV itself has no preferred stock. [U04] Form 10-K, market for common equityIn accordance with the registration rights granted to BNAC, on October 1, 2025, we filed a resale registration statement on Form S-3 to register the offer and sale of 63,877,614 shares of common stock owned by BNAC
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm But an outside investor in BKV's carbon storage venture can demand to be bought out from May 8, 2027, at 1.65 times its money. That was an estimated $50.4 million on June 30. [Q47] Form 10-Q, noncontrolling interestsC Squared Solutions, Inc. (the"Class B Member"), a subsidiary of the Energy Transition Fund managed by Copenhagen Infrastructure Partners (CIP), and for the limited purposes specified therein, BKV Corporation, entered into the BKV-CIP JV Agreement forming BKV dCarbon Project, LLC (the"BKV-CIP Joint Venture") for the purpose of developing CCUS projects
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q39] Form 10-Q, noncontrolling interestsPursuant to the BKV-CIP JV Agreement, the Class B Units are not mandatorily redeemable or currently redeemable, but become exercisable by the Class B Member with the passage of time beginning on May 8, 2027.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q41] Form 10-Q, noncontrolling interestsThe redemption value of the Class B Units is based on a 1.65 x multiple of invested capital
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q40] Form 10-Q, noncontrolling interestsAs of June 30, 2026, the carrying value of the Class B Units was $30.2 million, compared to an estimated redemption value of approximately $50.4 million.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
The main bank line is guaranteed by BKV Corporation and secured by nearly all of BKV's and the gas unit's assets. So it ranks ahead of the new convertible notes, even at the parent. The Temple plants' bank loans are secured by the plants. [Q49] Form 10-Q, debt noteBKV Corporation, as a guarantor, and BKV Upstream Midstream, as borrower, entered into the RBL Credit Agreement
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [U06] Form 10-K, risk factorsOur obligations under the RBL Credit Agreement are secured by liens on substantially all of BKV's and BKV Upstream Midstream's assets and those of BKV Upstream Midstream's restricted subsidiaries that guarantee our obligations under the RBL Credit Agreement
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [Q27] Form 10-Q, debt noteThe obligations under the Temple Credit Facilities are secured by (i) all of the assets of Temple Intermediate II
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm Next come the 2030 notes, issued by the gas unit and guaranteed on an unsecured basis by BKV and the gas unit's subsidiaries. The $176.0 million of unsecured Banpu loans sit at the power venture and have no claim on BKV Corporation. BKV Corporation also owes a $46.0 million note secured by land. [Q43] Form 10-Q, glossaryof 7.50% senior unsecured notes due 2030 issued by BKV Upstream Midstream
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q44] Form 10-Q, liquidityThe 2030 Senior Notes are guaranteed on a senior unsecured basis by us and all of BKV Upstream Midstream's existing restricted subsidiaries and certain future subsidiaries.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [R18] Second quarter release, liquidity and debtPower segment debt included $176.0 million of borrowings under the Temple I Loan Agreements
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q33] Form 10-Q, debt notepayment obligations under the Temple I Loan Agreements are senior unsecured
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q16] Form 10-Q, debt noteBNAC and BPPUS have no recourse to BKV Corporation with respect to any amounts owed to them thereunder
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q50] Form 10-Q, debt noteBKV Corporation, as borrower, received $46.0 million
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q51] Form 10-Q, debt notesecured by a first-priority security interest in the real property that is the subject of the real estate option agreement
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm The new convertible notes are senior, unsecured obligations of BKV Corporation. At the parent, they rank equally with BKV's guarantee of the 2030 notes, but behind the bank line and the land-secured note. On the units' assets, they rank behind all of the units' lenders, and shareholders come last. [C10] Pricing release, September 9, 2026senior, unsecured obligations of BKV
BKV press release on pricing of the convertible notes, Exhibit 99.2 to Form 8-K, September 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926106560/tm2625092d1_ex99-2.htm [C11] Form 8-K, Item 1.01On September 14, 2026, BKV Corporation ("BKV"or the"Company") issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [Q44] Form 10-Q, liquidityThe 2030 Senior Notes are guaranteed on a senior unsecured basis by us and all of BKV Upstream Midstream's existing restricted subsidiaries and certain future subsidiaries.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [U06] Form 10-K, risk factorsOur obligations under the RBL Credit Agreement are secured by liens on substantially all of BKV's and BKV Upstream Midstream's assets and those of BKV Upstream Midstream's restricted subsidiaries that guarantee our obligations under the RBL Credit Agreement
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [Q51] Form 10-Q, debt notesecured by a first-priority security interest in the real property that is the subject of the real estate option agreement
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
Insiders sold small amounts. The finance chief, the legal chief and the head of power each reported their sales as made under pre-set trading plans adopted in May 2026. [F08] Form 4, footnote 1The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 15, 2026.
Form 4 for David Tameron, chief financial officer, sale on August 20, 2026, filed August 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026058337/xslF345X06/wk-form4_1787321181.xml [F09] Form 4, footnote 1The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 15, 2026.
Form 4 for David Tameron, chief financial officer, sale on August 21, 2026, filed August 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026058400/xslF345X06/wk-form4_1787337314.xml [F10] Form 4, footnote 1The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 12, 2026.
Form 4 for Lindsay Larrick, chief legal and administrative officer, filed August 17, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026057266/xslF345X06/wk-form4_1786980251.xml [F11] Form 4, footnote 1The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 15, 2026.
Form 4 for Javier Hinojosa, senior vice president of power, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026063784/xslF345X06/wk-form4_1790697998.xml The finance chief sold about 5,800 shares in late August at $25.63 to $26.56. In mid-August, the legal chief sold 10,000 shares at about $26. [F01] Form 4, Table ICommon Stock 08/20/2026 S (1) 4,321 D $26.56
Form 4 for David Tameron, chief financial officer, sale on August 20, 2026, filed August 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026058337/xslF345X06/wk-form4_1787321181.xml [F02] Form 4, Table ICommon Stock 08/21/2026 S (1) 1,500 D $25.63
Form 4 for David Tameron, chief financial officer, sale on August 21, 2026, filed August 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026058400/xslF345X06/wk-form4_1787337314.xml [F05] Form 4, Table ICommon Stock 08/14/2026 S (1) 10,000 D $26.1613
Form 4 for Lindsay Larrick, chief legal and administrative officer, filed August 17, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026057266/xslF345X06/wk-form4_1786980251.xml
In late September, the head of power sold 7,428 shares at about $22.66. [F03] Form 4, Table ICommon Stock 09/25/2026 S (1) 7,428 D $22.6604
Form 4 for Javier Hinojosa, senior vice president of power, filed September 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026063784/xslF345X06/wk-form4_1790697998.xml On September 24, the board adopted a severance plan. If the chief executive loses his job during the two-year period after a change in control, he gets three times his salary plus target bonus. [V01] Form 8-K, Item 5.02On September 24, 2026, the Board of Directors
BKV Form 8-K on the executive severance plan, filed September 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926110966/tm2626119d1_8k.htm [V03] Form 8-K, Item 5.02during the two-year period following a
BKV Form 8-K on the executive severance plan, filed September 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926110966/tm2626119d1_8k.htm [V02] Form 8-K, Item 5.02multiplied by 3.0 for the CEO and 2.0 for other participants
BKV Form 8-K on the executive severance plan, filed September 25, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926110966/tm2626119d1_8k.htm
BKV's goals for 2026, set in August, include $400 million to $475 million of spending on power growth and upkeep. It also aims for $135 million to $175 million of adjusted profit from power. These are goals, not results. [R12] Second quarter release, 2026 guidancePower - Strategic Capital & Investments + Maintenance (1), (2) $125 - $175 $400 - $475
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [R13] Second quarter release, 2026 guidancePower Adjusted EBITDAX $45 - $65 $135 - $175
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm
The case for: a big data center company with a strong credit rating has agreed to cover most of the early equipment bills before it signs a power deal. That is a costly sign of intent. [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [E01] Press release, October 7, 2026under which the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm BKV now holds a delivery slot for 2028 and 2029. If talks fail, it can cancel at March 31, 2027, with most early bills backed. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm BKV also produces the gas a plant would burn, which fits its plan to link gas, power and carbon storage. [E04] Press release, About BKV CorporationAs the largest natural gas producer by gross operated volume in the Barnett Shale, BKV is strategically expanding an end-to-end value chain that leverages its assets in upstream production, midstream infrastructure, natural gas-fired power generation and carbon capture, utilization and storage
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm
The case against, strongest first. The power deal is not signed, and the buyer, price, length and exact site are not named. BKV's talks to sell power from its existing Temple plants, a different deal from this new plant, were still going with a small group of possible buyers in August. [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K11] Form 8-K, Item 1.01for the Company's prospective power generation project in Texas
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [R03] Second quarter release, power segmentThrough the previously disclosed advisor-led process, the Company remains engaged in commercial discussions with a select group of prospective counterparties
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm A deal would commit BKV to about $600 million more through 2028, plus building costs, while its spending already outruns its cash flow. That could mean more debt or stock sales, after a 29% rise in its share count in a year. [K03] Form 8-K, Item 1.01the Supplier will supply and deliver the Equipment between September 2028 and May 2029 for an aggregate purchase price of approximately $800.0 million
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [K05] Form 8-K, Item 1.01Inclusive of the $80.0 million reservation fee credit, approximately $200.0 million of the Contract Price is due on or before March 31, 2027.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [Q08] Form 10-Q, cash flow statementNet cash provided by operating activities 181,731 105,748
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q09] Form 10-Q, cash flow statementDeposits on fixed asset purchases (158,507) (7,500) Capital expenditures (193,365) (124,102)
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [R14] Second quarter release, income statementWeighted average number of common shares outstanding: Basic 109,395 84,710
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm Banpu controls BKV, and its units are lenders to the power plants, so conflicts are possible. And the $80.0 million it paid to hold turbines was generally non-refundable under the January deal, so walking away may not be free. [U03] Form 10-K, risk factorsBanpu's interests, including interests in certain corporate opportunities, may conflict with our interests and the interests of our other stockholders.
BKV annual report on Form 10-K for 2025, filed March 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026015661/bkv-20251231.htm [Q16] Form 10-Q, debt noteBNAC and BPPUS have no recourse to BKV Corporation with respect to any amounts owed to them thereunder
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q05] Form 10-Q, commitmentsDuring the six months ended June 30, 2026, the Company paid $60.0 million of the reservation fees. Amounts paid are generally non-refundable and will be credited against the purchase price if a definitive supply agreement is executed.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
BKV closed at $22.055 on October 6, the last close before the news. That was down about 10% from $24.38 on September 15. [P02] IEX closing pricesBKV closed at $22.055 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P01] IEX closing pricesBKV closed at $24.38 on September 15, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ Gas stocks fell too. Over the same days, a natural gas stock fund, FCG, fell about 9%, Antero Resources about 8% and EQT about 1%. [P03] IEX closing pricesFCG closed at $32.53 on September 15, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P04] IEX closing pricesFCG closed at $29.655 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P05] IEX closing pricesAR closed at $38.825 on September 15, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P06] IEX closing pricesAR closed at $35.73 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P07] IEX closing pricesEQT closed at $53.125 on September 15, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [P08] IEX closing pricesEQT closed at $52.48 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ BKV's close was below the $24.10 it paid in the buyback and far below the $31.93 conversion price. The news came out on October 7, and we could not get that day's close in time for this report. [P02] IEX closing pricesBKV closed at $22.055 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C6] Form 8-K, Item 1.01The initial conversion rate is 31.3161 shares of the Company's common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $31.93 per share of the Company's common stock.
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [E06] Press release datelineDENVER - (October 7, 2026)
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm
At that close, BKV's stock was worth about $2.4 billion. Adding net debt of about $1.2 billion after the notes gives a total value of about $3.6 billion. That is about 5.9 times second-quarter adjusted profit times four. [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [P02] IEX closing pricesBKV closed at $22.055 on October 6, 2026 (IEX)
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026Open source ↗https://iextrading.com/trading/market-data/ [R08] Second quarter release, net leverage tableNet debt $1,081,582 Divided by annualized Adjusted EBITDAX (1) $608,276 Net Leverage Ratio 1.78x
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [C1] Form 8-K, Item 1.01issued $575,000,000 aggregate principal amount of its 1.625% Convertible Senior Notes due 2031
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm
Dates to watch: the first new payments start this month, and the Temple loans are due November 1, 2026. Third-quarter results will show how much of the note cash is left. [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [Q15] Form 10-Q, debt notethe loans will mature on November 1, 2026
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm The big date is March 31, 2027, the deadline for a power deal. A signed deal with a named buyer and price would back the case for. A cancellation, or a stock sale to pay for the plant, would back the case against. [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Our question is about dilution. BKV had about 108 million shares after the buyback, and stock awards added only about 0.2 million shares in the first half. [S9A] Form S-3ASR, description of capital stockAs of July 31, 2026, there were 109,437,830 shares of common stock issued and outstanding and no preferred stock issued and outstanding.
BKV Form S-3ASR registering the resale of 5,315,390 shares by Banpu Power US Corporation, filed August 20, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926099236/tm2622879-1_s3asr.htm [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [R15] Second quarter release, balance sheet109,417 and 96,872 shares issued and outstanding as of June 30, 2026 and December 31, 2025
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q02] Form 10-Q, Note 2On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q11] Form 10-Q, glossary7,003,813 shares of our common stock offered by the Company and 4,142,089 shares of our common stock offered by Bedrock as the selling stockholder completed on March 12, 2026 for net proceeds to the Company of $186.2 million
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm The new notes left about $455 million for spending and debt, and they pay face value in cash when converted. So BKV would need to sell new stock to pass the line in our question by year end. [C4] Form 8-K, Item 1.01The net proceeds from the offering of the Notes were approximately $554.7 million after deducting the Initial Purchasers' discounts and commissions and the Company's estimated offering expenses. The Company used (i) approximately $64.7 million of the net proceeds to fund the cost of entering into the Capped Call Transactions (as defined below) and (ii) approximately $35.0 million to purchase 1,452,282 shares of the Company's common stock in connection with this offering at a price of $24.10 per share
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm [C7] Form 8-K, Item 1.01cash, up to at least the proportional amount of the principal amount being converted, and any excess of the proportional conversion value for that VWAP trading day that will not be settled in cash will be settled in shares of the Company's common stock
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm It sold stock in March and paid for the plant stake in shares in January, so it is willing. But with fresh cash in hand, we think it waits. [Q11] Form 10-Q, glossary7,003,813 shares of our common stock offered by the Company and 4,142,089 shares of our common stock offered by Bedrock as the selling stockholder completed on March 12, 2026 for net proceeds to the Company of $186.2 million
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm [Q02] Form 10-Q, Note 2On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock.
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
What is still unknown
Which company the hyperscaler is. The filings call it only a leading investment grade hyperscaler. [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
The price, length and size of any power deal, and whether it would cover all of the new plant's output. [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
How the backstop works: when the hyperscaler pays, whether BKV must pay it back if a deal is signed, and whether it covers the fees already paid. [K06] Form 8-K, Item 1.01Approximately 90% of the portion of the Contract Price due on or before March 31, 2027 is covered by way of a backstop agreement with a leading investment grade hyperscaler.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm [E01] Press release, October 7, 2026under which the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm [K04] Form 8-K, Item 1.01$80.0 million in reservation fees previously paid by the Company are credited against the Contract Price. The remainder of the Contract Price is payable in installments from October 2026 through December 2028.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Whether BKV gets back any of its payments if it cancels on March 31, 2027. [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
What the hyperscaler gets in return for the backstop, such as first rights to the plant's power or to the gear if no power deal is signed. The filings say only that it agreed to repay part of BKV's costs and is the intended buyer. [E01] Press release, October 7, 2026under which the hyperscaler has agreed to reimburse a portion of BKV's costs associated with the equipment and related project work
BKV press release on the equipment supply contract and hyperscaler backstop, Exhibit 99.1 to Form 8-K, October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_ex99-1.htm [K07] Form 8-K, Item 1.01This hyperscaler is also the intended offtaker for the Company's prospective power generation project.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Whether BKV's right to cancel ends on March 31, 2027 or extends if talks run on, and what quitting after that date would cost. [K08] Form 8-K, Item 1.01If we have not reached mutually agreeable offtake arrangements by March 31, 2027, then BKV may at such time terminate the Supply Contract for convenience and have no further payment obligations thereunder.
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Whether this hyperscaler is one of the possible buyers in the talks over the Temple plants' power. [R03] Second quarter release, power segmentThrough the previously disclosed advisor-led process, the Company remains engaged in commercial discussions with a select group of prospective counterparties
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm
Which BKV unit signed the contract, whether BKV itself guarantees the payments, and whether they count under the bank line's tests. [K01] Form 8-K, Item 1.01On October 2, 2026, a wholly owned subsidiary of BKV Corporation
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Which company makes the equipment. The filing names it only as a Tier 1 supplier. [K10] Form 8-K, Item 1.01with a Tier 1 supplier
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
Where in Texas the plant will be built, and whether it sits next to the Temple plants. [K11] Form 8-K, Item 1.01for the Company's prospective power generation project in Texas
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926114193/tm2626974d1_8k.htm
What the whole plant will cost to build and how BKV will pay for it.
Whether the Temple loans due November 1, 2026 will be repaid, extended or refinanced, and with whose money. [R18] Second quarter release, liquidity and debtPower segment debt included $176.0 million of borrowings under the Temple I Loan Agreements
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026053966/a2q26pressreleaseamended.htm [Q15] Form 10-Q, debt notethe loans will mature on November 1, 2026
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000162828026054162/bkv-20260630.htm
How much of the convertible note cash has gone to paying down the bank line since September. [C5] Form 8-K, Item 1.01general corporate purposes, including the repayment of outstanding indebtedness and capital expenditures
BKV Form 8-K on the 1.625% convertible senior notes due 2031 and capped calls, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1838406/000110465926107535/tm2625333d1_8k.htm
When BKV will report third-quarter results.
The stock's high and low over the past year, and its close on October 7. Our price data starts in mid-September.
The question that remains
Will BKV have fewer than 112 million shares outstanding at the end of 2026?
Our call: We say YES
We find out by March 31, 2027.
Sources
BKV Form 8-K on the power generation equipment supply contract, filed October 7, 2026 ↗
BKV quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026 ↗
BKV second quarter 2026 results release, Exhibit 99.1 to Form 8-K/A, August 6, 2026 ↗
BKV press release on pricing of the convertible notes, Exhibit 99.2 to Form 8-K, September 9, 2026 ↗
BKV annual report for 2025 on Form 10-K/A, recast for the power plant stake, filed August 19, 2026 ↗
BKV annual report on Form 10-K for 2025, filed March 6, 2026 ↗
BKV Form 8-K on the executive severance plan, filed September 25, 2026 ↗
Form 4 for David Tameron, chief financial officer, sale on August 20, 2026, filed August 21, 2026 ↗
Form 4 for David Tameron, chief financial officer, sale on August 21, 2026, filed August 21, 2026 ↗
Form 4 for Javier Hinojosa, senior vice president of power, filed September 29, 2026 ↗
Form 4 for Lindsay Larrick, chief legal and administrative officer, filed August 17, 2026 ↗
IEX closing prices for BKV, FCG, AR and EQT, September 15 and October 6, 2026 ↗
GE Vernova expects 80 gigawatts of gas turbine contracts by year's end | Reuters ↗
Banpu Plans $1.5 Billion US Power Investment on Data Center Boom - Bloomberg ↗
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