BKV

Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at BKV (NYSE:BKV) and its peers. Natural gas-focused E&P companies explore, develop, and produce natural gas resources serving power generation, industrial, and export markets. Natural gas is often positioned as a transition fuel given lower carbon intensity versus coal and oil. Tailwinds include growing LNG (liquefied natural gas) export demand, power generation switching from coal, and industrial consumption growth. Headwinds include natural gas price volatility driven by weather, storage levels, and competing supply sources. Infrastructure constraints may limit market access, while long-term demand faces uncertainty from renewable energy expansion and electrification trends potentially reducing gas consumption. The 6 upstream natural gas E&P stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.3%. Thankfully, share prices of the companies have been resilient as they are up 8.9% on average since the latest earnings results. Operating a "closed-loop" model linking gas production to carbon capture, BKV (NYSE:BKV) produces natural gas from shale formations in Texas and Pennsylvania, selling it to utilities, industrial users, and exporters. BKV reported revenues of $465.5 million, up 44.6% year on year. This print exceeded analysts’ expectations by 27.4%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates. BKV pulled off the biggest analyst estimate beat and fastest revenue growth among its peers. Unsurprisingly, the stock is up 5.3% since reporting and currently trades at $24.21. Is now the time to buy BKV? Access our full analysis of the earnings results here, it’s free. Focused almost entirely on the Marcellus Shale beneath Pennsylvania's forests and farmland, Range Resources (NYSE:RRC) drills for and produces natural gas, natural gas liquids, and oil from shale formations. Range Resources reported revenues of $736.7 million, up 5.4% year on year, outperforming analysts’ expectations by 1.8%. The business had an exceptional quarter with a beat of analysts’ EPS estimates. The market seems happy with the results as the stock is up 8.7% since reporting. It currently trades at $41.05. Is now the time to buy Range Resources? Access our full analysis of the earnings results here, it’s free. Holding roughly 521,000 net acres across West Virginia, Ohio, and Pennsylvania, Antero Resources (NYSE:AR) drills and produces natural gas, natural gas liquids, and oil from underground rock formations in the Appalachian Basin. Antero Resources reported revenues of $1.48 billion, up 22.7% year on year, falling short of analysts’ expectations by 3%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates. Interestingly, the stock is up 9.7% since the results and currently trades at $38.56. Read our full analysis of Antero Resources’s results here. The largest natural gas producer in the United States by daily volume, EQT (NYSE:EQT) produces natural gas and natural gas liquids from wells drilled in the Appalachian Basin. EQT reported revenues of $1.81 billion, up 13.2% year on year. This print topped analysts’ expectations by 4%. It was a very strong quarter as it also put up an impressive beat of analysts’ EBITDA estimates. The stock is up 9.7% since reporting and currently trades at $54.63. Read our full, actionable report on EQT here, it’s free. Tracing back to operations that began in 1860, CNX Resources (NYSE:CNX) drills for and produces natural gas from underground shale formations in Pennsylvania, Ohio, and West Virginia. CNX Resources reported revenues of $461.2 million, down 3.7% year on year. This number missed analysts’ expectations by 3.6%. Taking a step back, it was still a satisfactory quarter as it put up a beat of analysts’ EPS estimates. The stock is up 4.9% since reporting and currently trades at $36.41. Read our full, actionable report on CNX Resources here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

BKV’s second quarter was marked by strong operational execution across its integrated natural gas, power, and carbon capture platform. The market responded positively to results that exceeded Wall Street’s revenue expectations, underpinned by higher upstream production, disciplined capital efficiency, and new carbon capture projects coming online. CEO Christopher Kalnin highlighted that “production was at the high end of guidance, development capital at the low end, [and] two carbon capture projects [were] commissioned as committed,” pointing to the company’s ability to deliver consistent outcomes across business lines. Is now the time to buy BKV? Find out in our full research report (it’s free). Revenue: $465.5 million vs analyst estimates of $365.5 million (44.6% year-on-year growth, 27.4% beat) EPS (GAAP): $0.67 vs analyst estimates of $0.29 (significant beat) Operating Margin: 26.1%, down from 39.9% in the same quarter last year Oil production per day: up 27.3% year on year Market Capitalization: $2.85 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jonathan Mardini (KeyBanc): asked about the configuration preferences for the Jack County site and the impact of regulatory review on development. CEO Christopher Kalnin explained the integrated approach would mirror the Temple complex and noted close engagement with regulators to ensure project viability. Chris Baker (Evercore): questioned the conservatism in second-half upstream guidance and sought clarity on strategic shareholder Banpu’s involvement. President Eric Jacobsen said operational advances are incorporated into guidance, while Kalnin described Banpu as a long-term, supportive partner. Wei Jiang (Barclays): inquired about Jack County’s accelerated capital spending and the timing of PPAs. Kalnin attributed faster development to strong commercial interest, and CFO David Tameron outlined a conservative financing approach leveraging a mix of cash, liquidity, and equipment financing. Michael Furrow (Pickering Energy Partners): asked whether the Northeast Pennsylvania asset could be monetized to fund power growth. Kalnin responded BKV remains open to offers but is content with current cash generation from the asset. Scott Gruber (Citigroup): sought details on Upper Barnett performance and cost improvements. Jacobsen credited advanced completions, geologic advantages, and infrastructure synergies for achieving lower breakevens and strong early well results. Looking ahead, the StockStory team will be focused on (1) progress toward signing power purchase agreements at Temple and Jack County, (2) continued operational efficiency and production growth in the Barnett shale, and (3) milestones in carbon capture project certification and commercialization, including the uptake of carbon sequestered gas products. The evolution of Texas’ power market and BKV’s ability to secure long-term contracts will also be pivotal. BKV currently trades at $26.11, up from $23 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. BKV (BKV) is back in focus after second quarter 2026 results showed higher sales and revenue alongside lower quarterly earnings per share. Management also issued fresh production guidance for the coming quarter and full year. See our latest analysis for BKV. At a share price of $26.11, BKV has seen a 13.52% 7 day share price return, while the 90 day share price return is down 8.67%, and the 1 year total shareholder return is 20.10%, which suggests longer term momentum despite recent volatility around earnings and new production guidance. If you are comparing BKV with other energy related ideas, this could be a useful moment to scan 90 nuclear energy infrastructure stocks The recent swing in BKV appears tied to strong production figures and softer quarterly earnings, along with changing sentiment around its updated 2026 guidance. How does that combination compare with where the stock is priced today? On the most followed narrative, BKV screens as undervalued, with a fair value of $35.36 set against the recent $26.11 close, which highlights the growth and carbon capture story behind that gap. Read the complete narrative. Want to see what sits behind that valuation gap for BKV? The narrative leans on a detailed path for revenue, margins and a much higher future earnings multiple. Result: Fair Value of $35.36 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the BKV story also carries execution risks, including lower margin assumptions and questions about how quickly carbon capture projects and ERCOT power exposure translate into earnings. Find out about the key risks to this BKV narrative. The fair value narrative for BKV leans on future earnings and a higher P/E in 2029. Today, the stock trades on a P/E of 10.8x, which is below the US Oil and Gas industry at 12.5x and below peer averages at 12x, yet above the fair ratio of 8.4x. That mix points to both value arguments and valuation risk. Which side do you lean toward? See what the numbers say about this price — find out in our valuation breakdown. With mixed signals around BKV so far, it makes sense to move quickly and weigh both sides of the story for yourself using the 3 key rewards and 4 important warning signs. If BKV has your attention, this is a smart time to broaden your watchlist with other clear setups that match different goals, income needs and risk preferences. Boost your income focus by scanning reliable payers in the 9 dividend fortresses that combine higher yields with analysts' expectations of sturdier balance sheets. Hunt for potential mispriced opportunities using the 49 high quality undervalued stocks, which filters for companies with solid fundamentals trading below fair value estimates. Prioritize capital preservation by reviewing companies in the 85 resilient stocks with low risk scores, which screen for stronger financial health and lower overall risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BKV. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in BKV Corporation? Here are five stocks we like better. BKV reported record second-quarter results, including $142 million in adjusted EBITDAX, $51 million in adjusted net income and $40 million in adjusted free cash flow. The company raised its 2026 strategic power-capital guidance to $400 million–$475 million while maintaining strong liquidity. The company raised its 2026 production outlook to a midpoint of 950 million cubic feet equivalent per day, citing production above guidance, lower costs and strong well performance. Results in the Upper Barnett also unlocked a 114-well inventory and lowered break-even economics for much of the acreage. BKV advanced its integrated growth strategy by progressing Temple and Jack County power projects, which could add 1.4 gigawatts of dispatchable capacity, and commissioning two carbon-capture facilities. Its three operating capture projects had injected about 400,000 tons of carbon dioxide by quarter-end. 3 Top-Rated Energy Companies Staging Strong Recoveries BKV (NYSE:BKV) reported its strongest financial quarter since going public, citing record adjusted EBITDAX and adjusted net income, higher-than-guided upstream production, the commissioning of two carbon capture projects and progress on its Texas power-development strategy. Chief Executive Officer Chris Kalnin said the company’s integrated model—combining Barnett shale natural gas production, ERCOT power generation and carbon capture operations—continued to perform at or above plan during the second quarter of 2026. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth “Across every business line, the quarter came in at or above plan,” Kalnin said, describing the results as evidence that the company’s “closed-loop” gas, power and carbon-capture strategy is working. Chief Financial Officer David Tameron said BKV generated record adjusted EBITDAX of $142 million and record adjusted net income of $51 million during the quarter. Adjusted net income was more than double the first-quarter result, despite lower natural gas prices, he said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High The company generated $40 million of adjusted free cash flow and spent $198 million on total capital expenditures, within its guided range. Upstream capital spending was at the low end of guidance, while power spending was modestly above expectations because BKV accelerated purchases of long-lead equipment, according to Tameron. BKV ended the quarter with $1.1 billion of net debt, net leverage of 1.8 times and total liquidity of $840 million. Tameron said the company held $170 million of cash entering the second half and expected year-end liquidity to be unchanged or potentially higher even with higher strategic power spending. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The company increased its 2026 strategic power capital guidance, subject to board approval, to a range of $400 million to $475 million. The midpoint represents a $128 million increase, primarily related to long-lead equipment orders associated with the Jack County project. BKV said it expects to finance its power build-out through liquidity, free cash flow, equipment financing, a refinancing of existing power joint-venture debt and, after power-purchase agreements are signed, project financing. Remaining 2026 natural gas production was 66% hedged at an average price of $3.88 per MMBtu. For 2027, BKV had nearly 500 million cubic feet per day of natural gas hedged, with more than half swapped at about $4 per MMBtu and the remainder protected by collars. The company had 700 megawatts of 2026 power generation hedged and about 400 megawatts of 2027 spark-spread swaps in place. President of Upstream Eric Jacobsen said production exceeded the high end of the company’s guidance range while capital expenditures and lease operating expenses came in below their midpoints. Total cash costs declined 10% from the first quarter, he said. BKV raised its full-year production outlook to a midpoint of 950 million cubic feet equivalent per day, a 1.6% increase from its previous midpoint. The updated forecast implies 3% to 4% year-over-year production growth, according to Jacobsen, while the company maintained its original upstream development capital budget. Jacobsen said BKV achieved an all-in drilling, completion and facilities cost of $525 per lateral foot, which he described as the lowest cost per lateral foot among major U.S. shale gas basins. The company brought online two wells that ranked among the best drilled in Barnett history, including a pad with the second-highest 30-day production rate in the basin’s history. BKV said its advanced-completions program, across 22 wells, has delivered production 20% above its base type curve. Combined with what the company calls Positive Offset Well effects and operating efficiencies, well performance was 25% above type curve after 180 days. In the Upper Barnett, the Yarbrough 8H appraisal well produced at approximately twice its type curve over its first 30 days while meeting expected development costs. The results lowered the break-even price for nearly half of BKV’s Upper Barnett inventory to $3.25 per MMBtu and unlocked its 114-well Upper Barnett inventory, Jacobsen said. The company plans to drill another Upper Barnett well in the first half of 2027. BKV’s Temple power facilities generated more than 2,200 gigawatt-hours in the second quarter, up 16% from a year earlier, with a 70% capacity factor. On a hedged basis, power prices averaged $42 per megawatt-hour and the average spark spread was $22 per megawatt-hour. Gross power adjusted EBITDA was $36 million before corporate expense allocations. Kalnin said commercial talks at the Temple Energy Complex had narrowed to a select group of counterparties and were advancing. The company maintained its expectation to sign a power-purchase agreement between 2026 and early 2027. BKV is pursuing a three-phase development plan at Temple: Approximately 200 megawatts of modular generation that can begin operating without a load interconnection. Activation of a grid-connected Private Use Network to supply behind-the-meter power and utilize capacity at Temple I and II. Development of a proposed Temple III combined-cycle gas turbine facility to serve additional customer demand and provide ERCOT generation. The company received air permits during the second quarter for up to 400 megawatts of modular generation at Temple. Kalnin said the permits preserve flexibility, while BKV has identified 200 megawatts as a firm initial amount and will determine final capacity based on customer design and load requirements. BKV also expanded its North Central Texas development footprint through a potential second energy complex in Jack County. The company has 6,200 acres under site control, visibility to 345-kilovolt grid access, and submitted generation and interconnection applications. BKV intends to develop gas-fired generation supported by commercial arrangements, with an option for carbon capture and use of BKV-supplied gas through company-owned midstream infrastructure. The combined Temple and Jack County developments could add 1.4 gigawatts of dispatchable capacity, bringing BKV’s total generation capacity to nearly 3 gigawatts within the next few years, the company said. BKV commissioned the Cotton Cove and Eagle Ford carbon-capture projects in the first half of 2026, joining the existing Barnett Zero facility. The three operating projects are injecting carbon dioxide and generating Section 45Q tax credits, according to management. Combined injection at the facilities reached approximately 400,000 tons of carbon dioxide through the end of the second quarter. BKV said Cotton Cove and Eagle Ford are expected to have financial characteristics consistent with Barnett Zero. The company is advancing additional projects in East Texas, with Comstock and at High West in Louisiana, along with other opportunities. These projects are intended to support a targeted carbon dioxide injection run rate of 1.5 million tons per year in 2028. During the quarter, BKV drilled two additional carbon-capture wells—one at High West and one in East Texas—ahead of schedule and under budget, with reservoir quality exceeding expectations, Jacobsen said. The company also advanced pre-FEED engineering work for post-combustion capture projects and expects to move into FEED during the second half of 2026. Separately, BKV received independent-auditor validation related to certification of carbon offsets for its Carbon Sequestered Gas initiative. Management said the validation was a key step toward commercialization in the second half of the year and could provide an additional monetization layer beyond 45Q tax-credit economics. BKV Corporation engages in the acquisition, operation, and development of natural gas and NGL properties. It is also involved in the gathering, processing, and transportation of natural gas. The company was founded in 2015 and is based in Denver, Colorado with additional offices in Tunkhannock, Pennsylvania and Fort Worth, Texas. BKV Corporation, LLC operates as a subsidiary of Banpu North America Corporation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BKV Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 10:00 a.m. ET Chief Executive Officer - Chris Kalnin President of Upstream - Eric Jacobsen Chief Financial Officer - David Tameron Vice President of Investor Relations - Michael Hall Operator: Good morning, everyone, and welcome to BKV's Second Quarter 2026 Earnings Conference Call. As a reminder, today's call is being recorded. [Operator Instructions] I would now like to turn the call over to Mr. Michael Hall, Vice President of Investor Relations. Please go ahead. Michael Hall: Thank you, operator, and good morning, everyone. Thank you for joining BKV Corporation's Second Quarter 2026 Earnings Conference Call. With me today are Chris Kalnin, Chief Executive Officer; Eric Jacobsen, President of Upstream; and David Tameron, Chief Financial Officer. Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks, uncertainties and assumptions. Actual results could differ materially from those in any forward-looking statements. In addition, we may refer to non-GAAP measures. For a more detailed discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements as well as reconciliations of non-GAAP financial measures, please see the company's public filings, including the Form 8-K filed today. I would also point listeners to the updated investor presentation posted this morning on our Investor Relations website. We encourage everyone listening to review those slides and our forthcoming quarterly report to be filed with the SEC for further information on our business, operations, results from the quarter and details on our updated 2026 guidance. I'd now like to turn the call over to our CEO, Chris Kalnin. Christopher Kalnin: Thank you, Michael, and good morning, everyone. The second quarter was BKV's strongest financial quarter since going public. Record adjusted EBITDAX, record adjusted net income, Upstream production at the high end of guidance with capital at the low end, 2 carbon capture projects commissioned as we committed and continued progress in our power growth strategy. Across every business line, the quarter came in at or above plan. That consistency reflects a deliberate, systematic approach to running the company in line with our said-did culture, and it's one of the most important things we will demonstrate to you as investors. What makes these results particularly meaningful is the strategic platform that generates them. BKV is a differentiated company, combining high-quality Barnett upstream production, existing power generation assets in ERCOT, and revenue-generating carbon capture facilities into a single integrated platform. The closed-loop strategy of gas, power, and carbon capture creates competitive advantages that are difficult to replicate and increasingly valuable in today's energy markets. The results this quarter are evidence that the strategy is working, and as you will hear this morning, the momentum behind each of those businesses continues to build. With that, let me walk you through where we stand. I will begin with our power business. ERCOT's power needs are accelerating, and we are seeing it clearly in the market today. AI infrastructure, data centers, and broad industrial load growth are all converging on the grid at the same time. ERCOT recently reached a record load level in July of more than 91 gigawatts. The scale of this market signal is striking. Further, ERCOT currently has over 470 gigawatts of load in its interconnection queue, and several analyst reports project ERCOT to be one of the fastest-growing power demand markets in the country. BKV is actively engaged with ERCOT, the PUCT, legislators, and local communities as the frameworks evolve, and we believe we are well-positioned within them. We have submitted both load and generation interconnect applications across our development projects, and a number of our prospective customers are participating in the batch process as well. We believe our integrated platform, development readiness, and track record as a responsible operator and committed community partner position us well to help meet Texas' growing power needs as ERCOT establishes the path forward. The macro backdrop has continued to strengthen, and BKV is operating at the center of it, with our existing power generation fleet demonstrating strong operational performance. Our Temple facilities posted high availability and increased capacity factors both year-over-year and quarter-over-quarter. Our structured commercial process has matured meaningfully since our last earnings call. At Temple, we have narrowed our focus to a select set of counterparties with whom our discussions have advanced significantly. This progress reinforces our confidence in our original expectation of signing a PPA within 2026 to early 2027. As part of these customer engagements, we are implementing a 3-phase development program at our Temple Energy Complex. Phase 1 is our modular generation units of approximately 200 megawatts, which can be implemented with date-certain energization time frames as no load interconnection is required to commence commercial operations. Phase 2 involves activating our grid-connected private use network, or PUN, unlocking the full use of our existing spinning reserves and capacity at Temple 1 and 2 through supplying behind-the-meter power to potential customers. Phase 3 involves developing an additional CCGT facility, called Temple 3, to support additional potential customer load ramps and supply incremental dispatchable generation through the ERCOT grid. We have made substantive progress in all our phases and, in particular, in Phase 1, we received our air permits for modular generation in the second quarter for up to 400 megawatts, reinforcing our confidence in our near-term energization timelines. We are now extending our power strategy to Jack County, where we are expanding our North Central Texas footprint for the potential development of a second energy complex. This development targets replicating the same integrated platform that has made Temple compelling. In Jack, we aim to develop natural gas-fired generation backed by commercial arrangements with the option for carbon capture. We also intend to supply BKV's own natural gas to the site using BKV-owned midstream infrastructure. In Jack County, we have 6,200 acres of site control, line of sight to 345 kV grid access, and submitted generation and interconnect applications. We are pleased by the progress on commercial discussions we are having related to the project and excited to mature the project toward commercialization. The integrated BKV platform is designed to rinse and repeat across Texas and potentially beyond. BKV's one-stop shop offering is a differentiated end-to-end solution that has the potential to add significant value to the bottom line. The combination of our Temple and Jack County developments have the potential to organically add an incremental 1.4 gigawatts of dispatchable generation, approximately doubling our total generation capacity to nearly 3 gigawatts within the next few years. Turning to our Upstream business, the second quarter once again demonstrated the strength and consistency of our operating model. Production at the high end of our guidance range, capital expenditures at the low end, continuing a track record of execution that demonstrates our excellence in Upstream. Upstream remains a powerful financial engine for BKV. It generates the cash flow and operational excellence that helps drive everything else we do, and the contributions of the Upstream business are a key driver of our strong financial performance this quarter. BKV continues to innovate in unlocking the full potential of the Barnett. Our teams have developed leading approaches to manage market-leading base decline while adding significant potential inventory to our reserve base, resulting in substantive production capacity for years to come. I'm incredibly excited about the continued potential of the Barnett. We are also realizing the benefits of bringing our natural gas marketing fully in-house. BKV now controls 100% of its natural gas marketing with a significant number of customers engaged and creating exposure to premium Gulf Coast markets. Our second quarter results reflect early evidence of the incremental margins this marketing capability has the potential to generate. BKV is now positioned to continue to capture incremental margin through the value chain and from end customers. Turning to our carbon capture business, the first half of 2026 was defined by delivery. We commissioned Cotton Cove and Eagle Ford, as we promised to do in the first half of the year. Our portfolio now stands at three operating projects, Barnett Zero, Cotton Cove, and Eagle Ford, actively sequestering CO2 and generating 45Q tax credits. Combined, these facilities have injected approximately 400,000 tons of CO2 through the end of the second quarter. And going forward, we expect Cotton Cove and Eagle Ford to demonstrate financial characteristics consistent with what we've established at Barnett Zero. Our development pipeline beyond those operating projects is equally active. East Texas, our projects with Comstock, [ iWest ], and additional opportunities we are evaluating all continue to advance, providing multiple pathways towards our targeted 1.5 million tons per annum injection run rate in 2028. A significant near-term commercial milestone is the progress in our carbon sequestered gas, or CSG, initiative. We have received validation from our independent auditor on the certification for our carbon offsets, a critical step in the broader certification process that positions us to advance commercialization in the second half of the year. CSG gives customers a differentiated low-carbon natural gas solution and gives BKV an incremental monetization layer on top of our existing 45Q economics. It is a direct expression of what our closed-loop strategy is designed to produce. With that, I will turn it over to our President of Upstream, Eric Jacobsen, to walk through our operating results in more detail. Eric Jacobsen: Thanks, Chris. The second quarter was another exceptional quarter for our Upstream business, as we demonstrated once again that operational excellence translates directly into stronger financial performance. We delivered production above the high end of our guidance, while spending below the midpoint of both our capital and LOE guidance ranges. Additionally, total cash costs for the quarter were down 10% compared with the first quarter of 2026. Our strong first half performance gives us the confidence to raise our production outlook for the year while maintaining our originally guided development CapEx. We are increasing our full year production guidance to a midpoint of 950 million cubic feet equivalent per day, a 1.6% increase. Our first half performance and updated guidance lead to an increased expectation of 3% to 4% year-over-year production growth. The significance of these results extends well beyond higher production. We're producing more gas with greater capital efficiency, lower costs, and stronger well performance. And those operational improvements are translating directly into stronger cash flow generation and increased confidence in our outlook. This performance reflects the compounding benefits of our relentless focus on operational excellence across our business. We continue to find efficiencies that allow us to drill wells faster and more cost efficiently than ever. Achieving the lowest cost per lateral foot of any major U.S. shale gas basin at $525 per lateral foot all-in DC&F, while simultaneously delivering better well performance. In fact, among the very best in Barnett history, through our subsurface acumen and the continued refinement of our advanced completions program. The results of our development program are rewriting the record books in the Barnett. During the quarter, our operations team brought online 2 additional wells that rank amongst the best ever drilled in the Barnett, including a pad that achieved the second-best 30-day production rate in Barnett history. In fact, BKV has now delivered the 5 best performing pads in the history of the Barnett, all of which have come online over the past 5 quarters. These production records are only part of the story. We also drilled the 2 longest laterals in the Barnett, with one approaching 3 miles in lateral length. Beyond new development, we continued to execute the base production optimization blitzes we discussed last quarter, as well as continuing to leverage AI tools and initiatives, further flattening what was already one of the industry's lowest PDP base decline rates, while adding approximately 12 million cubic feet per day to our production run rate. These projects continue to demonstrate the value we can unlock across our existing asset base. These are not isolated successes. Across 22 wells, our advanced completions program has consistently outperformed expectations, delivering sustained production 20% above our base type curve. Combined with the benefits of our positive offset wells, or POW effects, and continued operating efficiencies, overall well performance now exceeds type curve by 25% after 180 days. These results reinforce what we continue to say. Not only is the Barnett back, but through disciplined execution, continuous innovation, and relentless operational excellence, we believe it is better than ever. One of the most exciting developments this quarter came from our Upper Barnett appraisal program with the Yarbrough 8H. The well delivered production approximately 2x above type curve over its first 30 days while coming in at expected development costs. The stellar Upper Barnett well results from this quarter confirm our confidence in Upper Barnett performance. It lowers break even for nearly half of the inventory to $3.25 per MMBtu and unlocks the entire 114 well Upper Barnett inventory. The results further validate our technical understanding of the Upper Barnett and strengthen our confidence in its potential as a long-duration, largely untapped inventory opportunity within our existing footprint. Importantly, they also reinforce our long-term development runway. We continue to believe the combined Upper and Lower Barnett provide more than 15 years of highly economic inventory capable of supporting a flat-to-modest growth production profile. It's the quality of that inventory, not simply the quantity, that gives us confidence in the long-term outlook for our Upstream business. Given these encouraging results, we plan to drill another Upper Barnett well in the first half of 2027, while continuing to identify opportunities to incorporate additional Upper Barnett locations into our long-term development program. Overall, we view the performance this quarter and sustained development success as further evidence that the Barnett continues to compete favorably with any shale gas basin in the country. Turning to carbon capture, our platform continues to scale, and more importantly, we're continuing to demonstrate our ability to execute. As Chris mentioned, we now have 3 active CCUS projects that are injecting CO2 and receiving 45Q tax credits, demonstrating our ability to consistently move projects from development into commercial operation. We are also continuing to see strong progress across the broader growing portfolio. During the quarter, we drilled 2 additional CCUS wells ahead of schedule and under budget with reservoir quality that exceeded our expectations. One well was drilled on our premier High West acreage in Louisiana and the second in East Texas with the same major midstream company as our recently commissioned Eagle Ford project. These results continue to validate the quality of our carbon storage pore space, while reinforcing our confidence that High West and East Texas represent 2 significant long-term growth opportunities for the business. In addition, our Class 6 well permit applications in Louisiana continue to progress through regulatory review, representing another potential important milestone as we advance our broader carbon capture portfolio. We're also making meaningful progress on our post-combustion capture initiatives. During the quarter, we advanced pre-FEED engineering work and based on the results we've seen, expect to move into FEED during the second half of the year. These projects have the potential to become an important component of our long-term strategy by capturing CO2 from future natural gas-fired power generation and permanently storing it within our own sequestration sites. As we continue to advance both our power and carbon capture businesses, we believe these capabilities have the potential to support our full-cycle closed-loop strategy and further differentiate BKV. Taken together, these milestones reinforce something we've consistently said. BKV isn't simply developing carbon capture projects. We're building a scalable carbon capture business with secure and meaningful long-term cash flow. With that, I will turn the call over to our Chief Financial Officer, David Tameron. David Tameron: Thank you, Eric. Before I get into the financials, I'd like to begin with the results of our power business. Power remains a key driver of BKV's current financial performance and an important pillar of our long-term growth strategy. Our power business delivered strong results and consistent operational performance during the quarter. Our Temple facilities generated over 2,200 gigawatt hours, up 16% year-over-year, resulting in a 70% capacity factor. On a hedge basis, power prices averaged $42 per megawatt hour and generated an average spark spread of $22 per megawatt hour. The results drove gross power adjusted EBITDA of $36 million before corporate expense allocations, providing a meaningful contribution to BKV's overall cash flow. Moving to our financial results, the second quarter is the first period to fully reflect the sustainable earnings power of our consolidated closed-loop business. The results demonstrate the strength of our integrated business model and our ability to execute consistently across the enterprise. That execution translated into another outstanding financial quarter, including record adjusted EBITDAX of $142 million, and record adjusted net income of $51 million, more than twice our first quarter result despite lower natural gas prices. These results were driven by outstanding performance across the platform. In Upstream, higher production, tighter differentials, and lower cash operating costs more than offset lower natural gas prices. In power, seasonally stronger generation and improved unit costs further strengthened our performance. Turning to capital allocation, total capital expenditures were $198 million within our guided range. Upstream CapEx was at the lower end of our guidance, reflecting continued capital efficiency improvements. At the same time, power spending was modestly above expectations as we accelerated the purchase of long lead time equipment. This was a deliberate decision to preserve schedule certainty and protect our speed to power advantage. Finally, we generated strong adjusted free cash flow of $40 million, helping fund $126 million in strategic power growth capital. That investment consisted primarily of reservation payments and deposits, supporting our increasingly derisked 1.4 gigawatt power development pipeline. Across the board, we met or beat guidance consistent with our said-did culture, and our core value of delivering on promises. Outside of power, our capital budget is unchanged. Within our power business, subject to Board approval, we are increasing our 2026 strategic power capital full year guidance to $400 million to $475 million, an increase of $128 million at the midpoint. This increase is primarily driven by our decision to move forward on long lead time equipment orders, primarily associated with our Jack County project. Combined with progress in our Temple Energy Complex negotiations, we are increasingly confident in securing commercial agreements that support the deployment of this capital. Our 2026 strategic power capital plans are focused on one priority: maintaining and derisking our time to power competitive advantage, which is central to unlocking the significant value creation opportunities we see in the market today. From a funding perspective, we remain in a position of considerable strength. We expect to fund these investments through a combination of our strong liquidity, free cash flow, and anticipated financing vehicles. These include, first, near-term utilization of equipment financing arrangements for a portion of our power build-out, preserving capital while securing critical long lead time equipment, and as previously discussed, refinancing our existing power JV debt. Subject to market conditions, we believe there's potential to improve both pricing and terms, further enhancing liquidity and supporting cash flow as we continue to scale the platform. Looking ahead, as we execute power purchase agreements, we expect project finance markets to remain highly supportive. As a reminder, our financing strategy is centered on ring-fenced and project-level financing with an approximate 70 to 30 debt-to-equity mix structure well-suited to the long-duration contracted cash flows we expect these assets to generate. Moving on to the balance sheet. We ended the quarter with net debt of $1.1 billion, net leverage of 1.8x, and total liquidity of $840 million. Our overall approach to our capital structure remains consistent with prior messaging. At the corporate level, we will maintain a flexible and conservative capital structure appropriate to the financial capacity and maturity at each of our business units. With respect to hedging, our program is designed to protect downside risk while preserving upside participation. On the Upstream side, we currently have 66% of our remaining 2026 natural gas production hedged at an average price of $3.88 per MMBtu, and 56% of NGLs hedged at an average of roughly $25 per barrel. For 2027, we have nearly 500 million cubic feet per day of natural gas hedged, with more than half of that swapped at approximately $4 per MMBtu and the rest protected by collars. In power, we have 700 megawatts of 2026 power generation hedged, with 600 megawatts under ERCOT contracts and the rest utilizing spark spread swaps. We have entered into approximately 400 megawatts of spark spread swaps for 2027 and will continue to opportunistically hedge additional generation. We have updated our 2026 guidance to reflect our latest views on our business. Key changes include: First, an increase in our Upstream production guidance to a midpoint of 950 million cubic feet equivalent per day; second, slightly wider gas differentials to reflect our latest market outlook and our plans to reject ethane through the remainder of the year, offset by higher associated NGL realizations given the increased exposure to the heavier ends of our NGL barrel; and lastly, as previously discussed, an increase in our full year strategic power CapEx to $400 million to $475 million. For additional detail, including our updated full year 2026 and third quarter outlook, please see the guidance tables in today's earnings release and investor presentation. With that, I will turn the call back to Chris. Christopher Kalnin: Thanks, David. Before we turn to questions, I'd like to leave you with a few key takeaways from the quarter. First, we had strong, repeatable execution this quarter. Our production was at the high end of guidance, development capital at the low end, 2 carbon capture projects commissioned as committed, and record EBITDAX. This quarter was a clear demonstration of the discipline and consistency that underpins our operating model. Second, our power business has made substantive progress across our 2 development sites. Customer commercial engagement is strong. The equipment is secure, the sites are controlled, and the projects are advancing. Third, our strategy is working. Natural gas, power, and carbon capture are connected into a platform that generates cash today while funding growth for tomorrow and offers potential customers unique solutions that very few companies can replicate. We remain confident in our ability to deliver our strategy and create long-term value for our shareholders. Operator, we are now ready to take questions. Operator: [Operator Instructions] We'll take our first question from Jonathan Mardini with KeyBanc. Jonathan Mardini: Just as conversations with potential customers progressing at your Jack County site, how are you thinking about maybe just the ultimate configuration there? Are your discussions focused more on the behind-the-meter solutions? Or is grid connectivity an important part of the opportunity, just given access to the transmission infrastructure there? Christopher Kalnin: Yes, Jonathan, it's Chris here. I think, number one, the configuration, as we mentioned on the prepared remarks, will look and feel a lot like what we have at our Temple Energy Complex. So, obviously, anchoring a private use network with behind-the-meter combined cycle generation as the core to generate the electricity that's needed for the development. And then clearly, grid connection is the preference, and the reason for that, as you know, is it creates a lot more reliability. And importantly, it allows us to sell excess power back into the grid. And I think that's really where the market wants to go, which is these private use networks that have kind of an ability to upload a lot of power back into the grid and actually be additive to the grid instead of cannibalizing the grid. So I think you could imagine the Jack County setup being very much like the Temple setup, which is exactly how we're designing it. Jonathan Mardini: Okay. That makes sense. And just to go off that, I know there's been some discussion recently around the effect this review of some of these interconnection requests and just the batching process. How do you think about that potential impact, if any, on your development plans? And do you view the behind-the-meter opportunities more favorable as a result, or kind of not much of an impact that you're foreseeing from that? Christopher Kalnin: That's a good question. Obviously, as I mentioned, we're closely engaged with the regulators, ERCOT, PUCT, the political stakeholders as well as the communities. And I believe we built a strategy which is exactly in line with where policymakers want to take Texas, which is high-quality projects that are added to the grid, are responsibly done, and create jobs, create investment, while ensuring that the grid is reliable and the costs don't get passed to consumers. I mean, that's exactly how we've designed the Temple project. And I think ultimately you're going to see a number of the sort of more speculative projects fall off, and the projects that are real and material and designed exactly the way the BKV projects are designed rise to the high-graded position. And so, I think this is actually quite bullish for us. Operator: We'll take our next question from Chris Baker with Evercore. Christopher Baker: Yes, just in terms of the release, obviously, great quarter. Maybe just to start on the Upstream. Eric, just in terms of the operational execution in the quarter, can you just help square that up with expectations for the back half? It looks like the guide is a little bit conservative, but would love to get any thoughts there. Eric Jacobsen: Yes. Thanks for the question, Chris, and for your nod on the quarter results. Yes, I think we've baked in to the back half some of the many advancements we've made in our Barnett development. The longest laterals in the history of the basin. Some of the best well performance in the history, including the 5 very best pads. POW and advanced completions, which in combination have yielded 25% performance improvement over 180 days, as you've seen in our deck. Lowest costs on a DC&F all-in basis of any of the gas shale plays at $525. So a lot of that is incorporated into the second half of 2026. So hopefully we can continue to outperform what we've done virtually every quarter since we've gone public. But some of that is baked into '26, and we expect that to cascade into '27 as well, Chris, and continue to further other advancements. Christopher Baker: That's great. And just as a follow-up, Chris, would love to get a sense of how you're thinking about the Banpu ownership here. Obviously, the power story has evolved pretty significantly, obviously, in a positive way since the IPO. Just how to think about their involvement and I guess maybe any potential to see ownership in the Temple facility sort of creep up from the 75% to 100% over time. Love to get your strategic perspective there, and their involvement. Christopher Kalnin: Yes, well, first of all, Banpu's been an incredible shareholder and supporter of BKV. They're very long-term focused, as you've seen since almost 24 months of going public. They held their position in the company and continued to really believe in the strategy. So I think you can expect Banpu to be 100% behind the strategy and the plans of BKV. With regards to kind of longer term, I think their view, as I've said, is to kind of be a long-term anchored shareholder. They're going to look for continued momentum. They're obviously excited about the progress on the power business, and that's a really key part of what they're continuing to back us for. With regard to the joint venture or the interest there, I think they're going to kind of watch and see what's happening in the market, right? I think at the end of the day, Banpu's public in Thailand. They're economically rational and they function very rationally when it comes to economics. So we're going to look at that and see if there's a win-win opportunity, and if there is, we can progress in that direction. But right now, we're very pleased with the setup. It allows us to diversify some capital with a partner as we develop both Temple and ultimately in the future, potentially Jack County as well. And they've been supportive through a number of measures, including in the past with shareholder loans, which have helped develop the power asset. So we're excited about it, and I believe that they'll continue very solidly as they have in the past. Operator: We'll move next to Betty Jiang with Barclays. Wei Jiang: Congrats on the strong quarter. I want to go back to the Jack County opportunity. Clearly, the increasing CapEx is sign of a confidence in the advancement in commercial conversations that you are having on that project. Could you just shed a bit more light on what you're seeing in that progress -- the progression in that conversation? What are the uses of this CapEx for Jack County site, and how you are thinking about the timing of potential PPA for the Jack County site against the Temple timing? Christopher Kalnin: Yes. Betty, good to hear from you again. I think in terms of Jack County, the first thing is it's accelerated faster than we thought. We mentioned in the first quarter that we acquired site control in North Central Texas. That was the Jack County site, 6,200 acres. And we had aligned a party that wanted to provide us with these financing vehicles to allow us to purchase that property, which was exciting for us. And I think what you see is that, the Jack County site -- Jack County as a strategic location is ideal because it's very close to the Dallas-Fort Worth metroplex. It's got major 345 kV lines and pretty significant grid infrastructure expansion coming in the encore regions that are operating. And it's, by the way, 20, 30 miles from our gas fields in the Barnett. So we found that this was a perfect setup for a second energy complex. And as I mentioned earlier, the design will be very similar. I would say typically, construction of a combined cycle plant, you're talking about 48, 60 months type of window. And I would say what we're seeing in the market today is that, this idea of bring your own generation is becoming critical to development of data centers and other industrial load. And so, I think the folks that have credible viable ways to add generation, like BKV, with operating history, with proven assets, with capable teams, are starting to really win in the marketplace, and I think you're seeing the hyperscalers, the data center companies gravitate to those folks where once you put a price and a time line on the table, you're able to execute on that, and that's actually becoming a real big thematic right now because what we've heard is a number of projects have kind of been delayed or the prices have gone up, and BKV has a reputation of said debt. So if we put a number on the table, for the potential customers, it's money good. Wei Jiang: This is a follow-up for Dave probably on just how to think about the financing trajectory as power CapEx ramps up ahead of a PPA agreement here. So is the expectation just to keep using the revolver? And if you could just play it out for us, with the PPA, how should we be thinking about timing of project financing, et cetera, just financing this increasing growth investment here? David Tameron: Yes. Betty, thanks for the question. I'm going to cover the near-term increase first, and then I can talk about longer-term. But first, just let me clear the decks up front. This increased amount of spending is not going to be an issue for BKV. It's not going to be a challenge for us. And if you think about, you know this because you've been with us from the beginning, but if you think about financially and philosophically, the way we run our finance organization, it's one, right, maintain a conservative balance sheet. Two, focus on disciplined capital allocation, and then three, maintain financial flexibility. So if you think about where we're at today, as we enter the second half of the year, we have today $170 million of cash and $840 million of liquidity, right? Taking that one step further, if you project out to the end of the year, we expect that even with that increase in capital spending, our liquidity will be unchanged, if not potentially higher come the end of the year. So that's as far as it relates to '26. And if I start thinking about '27 and beyond, and fundamentally, if you look at the business, and you can see this in the numbers, for the first half of the year, we generated $60 million of free cash flow before these strategic investments, first and second quarter. And within that, if you look at the second quarter, our margins are actually accelerating, and we generated more cash in the second quarter than the first. And as you heard from Eric, cash operating costs were down 10% versus the first quarter. There's some sustainable changes in our cost structure, and we think that's going to show up in the margins going forward. So if you remember a year ago, we talked about, I guess it was third quarter of last year, we talked about as we come into '26, you're going to start to see the cash generation piece accelerate, and that's exactly what you're seeing in the numbers right now. So as you think about going forward, just keep that in mind. And lastly, and then I'll get to your financing question, but as you think about what we've spent to date, you know us, we're being prudent. We're being capital disciplined, and most of the procurement we've done of long lead time items today are on items that have a lot of resale marketability, if you will. In addition to that, as you can imagine, we have some commercial arrangements that also help us on a cost recovery mode if it doesn't go as planned as we proceed forward. So just want to set the framework upfront for what we're spending this year. If you think about going forward, again, the 70-30 equity financing is still our plan. We have some near-term financing vehicles, as I talked about in the script, right? We have one on equipment financing. We expect that to be done in the third quarter. We have the power refi I addressed again. Obviously, the markets are strong. That market's available for us. So those are 2 near-term items I would look toward that should happen in the next -- before the end of the year. And then as we think about '27, once we get the PPA signed, keep in mind we'll get some cost recovery on that, right? So that'll be another influx of capital on money we've already spent. And then 70% to 30% with our partner taking 25% of that, ultimately, again, 70% debt, 30% equity. Of the 30%, Banpu picks up 25% of that number. So we could sit down and run through the math, when you do the math, we think our call of our 75% of that 30% will be funded with Upstream cash flow and cash flow from the power business if we look out to the next 4 to 5 years. Does that answer your question, Betty? Wei Jiang: Yes. Operator: [Operator Instructions] We'll take our next question from Gabe Daoud with Truist. Gabe Daoud: Follow-up for me. David Tameron: Gabe, we're having a hard time. Can you speak up, Gabe, or maybe get to the -- we can't quite hear you. Gabe Daoud: Talk about what else you're doing on the line. Christopher Kalnin: Operator, is Gabe on? Gabe Daoud: From year-over-year, particularly with all the new assets. Operator: Gabe is on. His line is very low. Gabe Daoud: I'd say, there's a long list of things you're doing in the... Operator: And we will then move next to Michael Furlow (sic) [ Michael Furrow ] with Pickering Energy Partners. Michael Furrow: I'd like to follow-up on the long-term financing needs question from earlier, but maybe from a slightly different angle. Look, appreciate the commentary, David, and we recognize that the company's in a healthy position, has several options at its disposal. But it does seem, at least to us, that the Northeast P.A. position is kind of losing its relevance moving forward. So does that asset seem better off in someone else's hands that the proceeds can be utilized to fund power growth or sort of a win-win situation? Christopher Kalnin: Yes. Mike, it's Chris here. I think, with regards to Northeast Pennsylvania, I'll stick with kind of the line that I've always shared, which is, if someone wants to make us an offer that's compelling, we would certainly entertain monetizing that. It's a great asset. It provides us access to a market which diversifies some of our gas sales, particularly in the wintertime, into some of the Northeast. We really love the quality of the rock there. We're in some of the best neighborhoods when it comes to shale plays up in the Northeast Marcellus. So our base plan is to manage for cash, and just keep running that. But we're opportunistic if there's opportunities to monetize. I think one of the things I would point out is gas prices have come off since the beginning of the year where there was some frothiness there. So I think it's probably going to require some catalysts around gas prices sort of rebounding pretty substantively, and I think you probably get some market interest. But I would say we'll remain open, but the base plan is as is, and we're very happy with the cash flow being generated from that asset. Michael Furrow: Yes, understood. Appreciate the detail there. I'd like to hit on a comment in the prepared remarks about the air permits that received this quarter for 400 megawatts. Does this mean the company is moving towards a target of 400 megawatts of capacity for the first phase? Or is this more of a situation where the regulatory process takes some time and as a result, the company just wants to keep that upside potential open? Christopher Kalnin: It's more of the latter. I think when you look at what we ultimately deploy, we for sure have 200 and then there's a question of the potential customers' designs. You could imagine this, every potential customer has a different test fit and design and load ramp. And so, you're keeping optionality so that you can satisfy the broadest spectrum of what these customers need and when. And so, what's very nice as you know about the modular is it's not reliant on anything interconnection related. So you can build that and have that up and running with 3 9s of reliability as soon as you're ready to construct it. So it's something that I think gives an anchoring position in Temple that is not reliant on any sort of grid or regulatory frameworks that can move very quickly. And then as we've said before, that allows us into scale, into the use of the pond, which ultimately monetizes the existing capacity from Temple 1 and 2. So, again, we're keeping that optionality open, but it's really going to be dependent on the final customer and what their final designs are. Operator: We will go next to Gabe Daoud with Truist. Gabe Daoud: Sorry about that. I was hoping, guys, we could maybe get an update on the CCUS projects that commenced recently, and maybe if that's giving you and even potential counterparties in a PPA increased confidence around carbon sequestered gas. Eric Jacobsen: Yes, sure. Gabe, this is Eric, and thanks for your question. I'll take that on the CCUS. Yes, we're very pleased, of course, to have started up the 2 additional projects in the second quarter. If we're not the only, we're certainly among the first to have 3 actively injecting CCUS projects receiving 45Q tax credits with some nice economics behind them. Those projects started up as promised in the second quarter. They're right on track with volumes. And so, they're performing very nicely, and I think those projects give us the up and to the right ramp, along with the other announced projects in East Texas with our major midstream provider, same as Eagle Ford, along with the Comstock projects, to continue up and to the right towards the 1.5 million tons per year run rate by the end of 2028. So pleased with where those projects came in, pleased with the up and to the right ramp of the volumes and the nice economics. Also pleased, as mentioned in the report or the script, I might add, with the 2 wells we drilled on our East Texas project and High West project that were both ahead of schedule, under budget, and better-than-expected reservoir conditions. And with that performance, Gabe, to the second part of your question, yes. There are a number of off-takers who are quite interested in our ability to capture carbon off power plants, for example, and/or have expressed interest in our carbon sequestered gas product that's offset by CO2 volumes in some of these other projects. So not everybody's interested in it, but there are certainly a number of off-takers who are interested in that and recognize BKV as a distinctive leader that once again, as Chris talks about on this one-stop shopping has continued to -- who has continued to show that we can demonstrate all aspects of what off-takers are looking for in a one-stop shopping sort of routine. And then, of course, we have that CSG certification we mentioned too in the script that even further adds to prospective interest, I'd say, for CSG and/or other carbon sequestration opportunities. Gabe Daoud: That's great to hear and great color. And then I guess as a follow-up, maybe sticking to the PPA and the efforts there, continuing to make progress it seems. And I guess, Chris, it seems like progress continues to be made despite some near-term maybe uncertainty with the Bat Zero process being a bit delayed. It still seems like that won't preclude you from signing a PPA pretty soon. Is that fair? Christopher Kalnin: Yes, I mean, I think you've obviously seen announcements in the market where things have moved forward. I think, if you're a hyperscaler or you're a large data center developer, you're looking at what is a multiyear program. And so, you can't be kind of playing off of near-term press releases and whatever is happening in the near-term. I think all these plans are multiyear and require commitments early and often. And so, our view of what's happening in the market is actually the momentum, as we've shared on the prepared remarks, is accelerating. So I'm very optimistic. I see the level of activity in the marketplace. I see the uniqueness of the BKV asset base and the capabilities that we are a one-stop shop. And that seems to be really resonating with potential customers. So very exciting times. This is, I think, one of the most exciting times to be in energy, and I think if you're going to pick a company to be betting on, I'd bet on BKV. Operator: We'll take our next question from Scott Gruber with Citigroup. Scott Gruber: Yes, I wanted to ask about the Upstream business, and the Upper Barnett results. Can you just unpack the results there? They sounded really good. You guys mentioned breakeven coming down from $3.75 to $3.25. Is that mainly driven by unexpectedly strong IPs? Are you looking at any kind of advanced completions that are helping to drive the IP and the economic improvement? Maybe just unpack that a little bit more in terms of what's driving the surprise, and how repeatable do you think those results are across the Upper Barnett acreage? Eric Jacobsen: Yes, super question. Thanks so much, Scott. I think there are a number of proof points that are leading us to lower the breakeven for roughly half that inventory down to $3.25. For one, we've long held the belief, and it's proven now, that the geo and reservoir properties in that particular hot spot of Upper Barnett are distinctive, and we show that distinctive hot spot on our investor deck with 114 total wells. We've also had some legacy results of verticals and zonally isolated horizontal refracs within that same hot spot area that have shown us prospectivity in Upper Barnett performance. And of course, the most compelling of all is the recent result from our nice Upper Barnett appraisal well, where I think several things were proven out. One is, we proved that we can drill, complete, and build facilities all in Upper Barnett wells at the same cost trajectory and the same cost curve as our Lower Barnett. We've been able to apply those learnings from the Lower to the Upper successfully. So our costs are right in line, and again, the lowest of any gas shale based on the cost per foot basis all in. And then secondly, Scott, you mentioned advanced completions, and yes, we've applied our advanced completion formula to the Upper Barnett, and that, coupled with our subsurface acumen, have resulted in the performance you saw in the well, kind of 2x expectation the first 30 days, 8 million cubic feet equivalent peak month, and the well's hanging in there very nicely. So when you put all that together, coupled with the fact that the roughly half of those Upper Barnett wells we moved from $3.75 to $3.25 breakeven are in an area with the absence of any legacy development. That's what gives us confidence to declare that Upper Barnett breakeven for roughly half that inventory to the $3.25 and gives us confidence to declare another Upper Barnett well we'll drill in the first half of 2027. And we'll look for synergistic opportunities to blend in Upper Barnett wells with our Lower Barnett pads as the years go on. So really nice. It confirms, we believe it strongly confirms our 15-plus years of stay flat to modest growth inventory, and we couldn't be more excited about the results from the Upper. Scott Gruber: And the $3.25 breakeven, that contemplates leveraging installed infrastructure from development of the Lower? Eric Jacobsen: It does. That's correct. It kind of contemplates everything. I must admit, it's probably a bit conservative, but it contemplates the synergies we expect to realize. Operator: At this time, there are no further questions in the queue. I will now turn the meeting back to Chris Kalnin. Christopher Kalnin: Thank you, operator. And thank you, everyone, for your interest in BKV. We're excited to continue to deliver the next few quarters ahead, and we'll stay tuned on future announcements. Thank you for your time. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Bkv, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bkv wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,155!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,345,502!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. BKV (BKV) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

BKV (BKV) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +43.75%. A quarter ago, it was expected that this natural gas producer would post earnings of $0.36 per share when it actually produced earnings of $0.22, delivering a surprise of -38.89%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. BKV, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $322.28 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.95%. This compares to year-ago revenues of $322.04 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BKV shares have lost about 15.3% since the beginning of the year versus the S&P 500's gain of 12.8%. While BKV has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for BKV was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $379.8 million in revenues for the coming quarter and $1.48 on $1.45 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Energy Vault Holdings, Inc. (NRGV), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of +9.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Energy Vault Holdings, Inc.'s revenues are expected to be $17.3 million, up 103.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BKV Corporation (BKV) : Free Stock Analysis Report Energy Vault Holdings, Inc. (NRGV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record adjusted EBITDACs of $142 million and record adjusted net income of $51 million, more than double Q1 results despite lower natural gas prices. Upstream production at the high end of guidance with capital at the low end, leading to an increased full-year production guidance midpoint of 950 MMcfe/d (1.6% increase). Commissioned two carbon capture projects (Cotton Cove and Eagleford) as promised, bringing the total to three operating projects actively sequestering CO2 and generating 45Q tax credits. Advanced completions program continues to outperform, with 22 wells delivering production 20% above base type curve and overall well performance exceeding type curve by 25% after 180 days. Upper Barnett appraisal well (Yarbrough 8H) delivered production approximately 2x above type curve, lowering breakeven for nearly half of the inventory to $3.25/MMBtu and unlocking the entire 114-well inventory. Power business delivered strong results with Temple facilities generating over 2,200 GWh (up 16% YoY) at a 70% capacity factor, contributing $36 million in gross power adjusted EBITDA. Progress in power development: received air permits for up to 400 MW of modular generation at Temple, and expanded to Jack County with 6,200 acres of site control and submitted interconnect applications. Strong balance sheet with net leverage of 1.8x and total liquidity of $840 million, with expectations to maintain or improve liquidity by year-end despite increased capital spending. Natural gas marketing brought fully in-house, controlling 100% of marketing and capturing incremental margins from premium Gulf Coast markets. Carbon sequestered gas (CSG) initiative received independent auditor validation for carbon offsets, positioning for commercialization in H2 2026. Increased 2026 strategic power capital guidance to $400-$475 million (up $128 million at midpoint) primarily for long lead time equipment, ahead of securing PPAs. Power spending modestly above expectations due to accelerated purchase of long lead time equipment, which may pressure near-term cash flow. Natural gas prices remain lower, which could impact upstream revenue despite operational efficiencies. Wider gas differentials expected in 2026 due to ethane rejection plans, partially offset by higher NGL realizations. Northeast Pennsylvania asset may be less relevant to the company's future strategy, with potential monetization dependent on gas price rebound. Dependence on securing PPAs for Temple and Jack County projects; any delays could affect capital deployment and returns. ERCOT interconnection queue and regulatory processes (e.g., Batch Zero) introduce uncertainty for grid-connected projects, though behind-the-meter options mitigate some risk. Carbon capture projects are still ramping up; only 400,000 tons of CO2 injected through Q2, with a target of 1.5 million tons per annum by 2028, indicating significant execution risk. Financing for power growth relies on project-level debt and equipment financing, which may be subject to market conditions and counterparty availability. The company's growth strategy is capital-intensive, and any cost overruns or delays in power projects could strain free cash flow. Warning! GuruFocus has detected 5 Warning Signs with BKV. Is BKV fairly valued? Test your thesis with our free DCF calculator. Q: How are conversations with potential customers progressing at your Jack County site, and what is the ultimate configuration there? Are discussions focused more on behind-the-meter solutions or grid connectivity given the transmission infrastructure access?A: Chris Kalnan, CEO: The configuration will look and feel a lot like our Temple Energy Complex, anchoring a private use network with behind-the-meter combined cycle generation as the core. Grid connection is the preference because it creates more reliability and allows us to sell excess power back into the grid, which is where the market wants to go. We're designing Jack County to be exactly like Temple. Q: Can you shed more light on the progress of commercial conversations for the Jack County opportunity, the use of the increased CapEx, and how you're thinking about the timing of a potential PPA for Jack County versus Temple?A: Chris Kalnan, CEO: Jack County has accelerated faster than we thought. It's an ideal strategic location, close to the Dallas-Fort Worth Metroplex, with major 345 kV lines and significant grid infrastructure expansion, and it's only 20-30 miles from our Barnett gas fields. The design will be very similar to Temple. The market is gravitating toward credible players like BKV who can execute on price and timeline, and our "set-dead" reputation is resonating with potential customers. Q: How should we think about the financing trajectory as CapEx ramps up ahead of a PPA agreement? Is the expectation to keep drawing on the revolver, and how should we think about project financing timing?A: David Tamrin, CFO: This increased spending will not be an issue for BKV. We have $170 million of cash and $840 million of liquidity today, and we expect liquidity to be unchanged or higher by year-end. We're being prudent with procurement on items with resale marketability. Near-term, we have equipment financing expected in Q3 and a power refi before year-end. Once PPAs are signed, we'll get cost recovery, and then we'll use the 70-30 debt-to-equity project financing structure, with our partner funding 25% of the equity portion. Q: Does the Northeast PA position seem better off in someone else's hands, with proceeds utilized to fund power growth?A: Chris Kalnan, CEO: If someone wants to make us a compelling offer, we would entertain monetizing it. It's a great asset that provides access to a market diversifying our gas sales, particularly in winter. Our base plan is to manage for cash, but we're opportunistic. Gas prices have come off since the beginning of the year, so it would likely require a catalyst around gas prices rebounding substantively to generate market interest. Q: Does receiving air permits for 400 megawatts mean the company is moving toward a target of 400 megawatts for the first phase, or is it more about keeping upside potential open?A: Chris Kalnan, CEO: It's more of the latter. We for sure have 200 megawatts, but every potential customer has a different test fit and load ramp, so we're keeping optionality to satisfy the broadest spectrum of customer needs. The modular generation isn't reliant on interconnection, so it can be up and running with three nines of reliability quickly, anchoring our position at Temple and allowing us to scale into the PUN. Q: Can you unpack the Upper Barnett results? Is the breakeven reduction from $3.75 to $3.25 mainly driven by unexpectedly strong IPs, and how repeatable are these results across the acreage?A: Eric Jacobson, President of Upstream: Several proof points are leading us to lower the breakeven for roughly half that inventory to $3.25. The geo and reservoir properties in that hotspot are distinctive, and we've applied our advanced completion formula to the Upper Barnett, resulting in performance 2x expectation in the first 30 days. We proved we can drill, complete, and build facilities at the same cost trajectory as the Lower Barnett. This confirms our 15-plus years of flat to modest growth inventory. Q: Does the $3.25 breakeven contemplate leveraging installed infrastructure from Lower Barnett development?A: Eric Jacobson, President of Upstream: Yes, it does. It contemplates everything, including the synergies we expect to realize. I must admit, it's probably a bit conservative. Q: Can you provide an update on the CCUS projects that commenced recently, and is that giving potential counterparties increased confidence around carbon sequestered gas?A: Eric Jacobson, President of Upstream: We're very pleased to have started up two additional projects in Q2, making us among the first to have three actively injecting CCUS projects receiving 45Q tax credits. They're right on track with volumes and performing nicely. We drilled two wells on our East Texas and High West projects that were ahead of schedule, under budget, and with better than expected reservoir conditions. There are a number of off-takers interested in our carbon sequestered gas product, and our CSG certification further adds to prospective interest. Q: Despite near-term uncertainty with the Batch Zero process being delayed, does it seem like progress on PPAs won't be precluded?A: Chris Kalnan, CEO: If you're a hyperscaler or large data center developer, you're looking at a multi-year program and can't play off near-term press releases. All these plans require commitments early and often. The momentum in the market is actually accelerating. The uniqueness of the BKV asset base and our one-stop shop capabilities are resonating with potential customers. This is one of the most exciting times to be in energy. Q: How are you thinking about Banpu's ownership and potential for their interest in the Temple facility to creep up from 75% to 100% over time?A: Chris Kalnan, CEO: Banpu has been an incredible shareholder and supporter of BKV, holding their position for 24 months since going public. They're long-term focused and 100% behind our strategy. Regarding the joint venture, they're economically rational, so we'll look for win-win opportunities. Right now, we're pleased with the setup as it allows us to diversify capital with a partner as we develop Temple and potentially Jack County. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

DENVER, August 06, 2026--(BUSINESS WIRE)--BKV Corporation ("BKV" or the "Company") (NYSE: BKV), today reported financial and operational results for the second quarter of 2026 and updated guidance for the third quarter and full year of 2026. Second Quarter 2026 Highlights Net income attributable to BKV of $75.8 million or $0.67 per diluted share Adjusted Net Income attributable to BKV of $50.7 million or $0.46 per diluted share Adjusted EBITDAX attributable to BKV of $142.0 million Net cash provided by operating activities of $109.7 million Net cash provided by operating activities before working capital of $117.6 million Accrued capital expenditures of $72.4 million Adjusted Free Cash Flow before Power Growth attributable to BKV of $40.0 million Average net production of 978.3 MMcfe/d Total generation from the Power JV’s Temple plants of 2,222 GWh CCUS quarterly sequestration of approximately 35,900 metric tons of CO2 equivalent Net Leverage Ratio of 1.78x Commenced commercial operations at the Cotton Cove and Eagle Ford CCUS projects, which combined are expected to sequester more than 120,000 metric tons of CO₂ waste annually "Our performance this quarter reflects the consistency of our execution," said Chris Kalnin, Chief Executive Officer of BKV. "We met or exceeded our operating targets while advancing each of our strategic priorities. During the quarter, we brought two additional carbon capture projects into operation, delivered strong results across our upstream business, and advanced commercial discussions toward a long-term power purchase agreement." "Our strategy has always been to build from a position of operational strength. That disciplined approach continues to create new opportunities across our power and carbon capture businesses while reinforcing the strong operational foundation of our upstream operations. Together, these complementary businesses position us to create long-term value for our shareholders." Financial Results "Our financial strategy is grounded in disciplined capital allocation, a strong balance sheet, and prudent liquidity management," said David Tameron, Chief Financial Officer of BKV. "During the quarter, we maintained substantial liquidity while continuing to invest in our phased power strategy and expanding our carbon capture platform. Supported by the cash flow generated from our upstream business, we are able to fund these strategic investments while preserving financial flexibility and maintaining a disciplined balance sheet." "Our approach to capital deployment remains disciplined and milestone-driven," continued Tameron. "We will continue to align investment with commercial progress, maintain a prudent leverage profile, and preserve financial flexibility as we execute our growth strategy. This approach allows us to pursue the opportunities we believe will create the greatest long-term value for our shareholders." Business Segment Results Segment Operational Results - Second Quarter 2026 Power Segment BKV continues to make meaningful progress toward securing a long-term power purchase agreement ("PPA") for a portion of the capacity of its existing Temple I and II combined-cycle facilities. Through the previously disclosed advisor-led process, the Company remains engaged in commercial discussions with a select group of prospective counterparties as it advances opportunities to establish long-term contracted cash flows to enhance revenue visibility and optimize generation from its existing generation assets. During the quarter, BKV secured additional acreage adjacent to the Temple Energy Complex, expanding its site control to approximately 1,100 acres. The Company also received Phase 1 air permits for its planned modular generation, representing another key milestone in advancing the phased development of the Temple Energy Complex. BKV continued advancing development of its planned North Texas Energy Complex in Jack County. With approximately 6,200 acres under site control and generation and load applications submitted, the project represents an opportunity to replicate the Company's closed-loop strategy by combining natural gas production, power generation, and carbon capture capabilities to serve growing power demand in ERCOT. The Company's operated power generation assets currently consist of Temple I and Temple II, which have a combined generation capacity of approximately 1.5 GW. BKV has also entered into equipment supply agreements for approximately 200 MW of modular generation equipment and secured turbine reservations supporting up to 1.2 GW of future combined-cycle generation. If these assets are developed as planned, the projects would increase the Company's operated generation capacity to approximately 3 GW. Development of these projects remains subject to, among other things, execution of long-term power purchase agreements, financing, regulatory approvals, and commercial negotiations with counterparties. The timing, sequencing, scale, and ultimate composition of these projects may differ materially from those presented, and there can be no assurance that any specific project or generation capacity will be achieved. The second quarter of 2026 was characterized by strong power demand across ERCOT, which supported higher than expected dispatch at the Temple plants. Total power generation increased ~16% year over year, with the plants operating reliably throughout the quarter and experiencing no forced outages. Wholesale power prices, however, were below expectations, partially offsetting the higher generation. Upstream/Midstream Segment BKV delivered another quarter of strong operational performance, with production exceeding the high end of its guidance range while development capital expenditures remained below the midpoint of guidance. The upstream business continues to generate strong cash flow while improvements in capital efficiency support disciplined investment across the Company's broader platform. Operational results benefited from improvements in drilling and completions execution, including the success of advanced completion designs and positive offset well effects in the Barnett, where modern completion techniques are increasing production from both new and existing wells. Together with continued application of data and analytics to optimize base production, these initiatives are driving capital-efficient production growth and further enhancing BKV's industry-leading low base decline. During the quarter, the Company also drilled and completed an Upper Barnett well that exceeded expectations. These results significantly de-risk ~50% of Upper Barnett development locations and reduce the expected breakeven price from $3.75/MMBtu to $3.25/MMBtu, further enhancing the quality and returns of its development inventory. During the second quarter, the Company completed the transition to internally market all of its natural gas production. This provides greater commercial flexibility and is expected to improve margins over time while enhancing BKV's ability to deliver energy solutions across natural gas, power, carbon sequestered gas, and LNG-related arrangements. Carbon Capture Utilization and Sequestration ("CCUS") BKV successfully commenced commercial operations at its Cotton Cove and Eagle Ford CCUS projects during the second quarter of 2026 as planned. The Eagle Ford project is expected to sequester approximately 90,000 metric tons of CO₂ per year, while the Cotton Cove project is expected to sequester approximately 32,000 metric tons of CO₂ per year. The Barnett Zero project sequestered approximately 28,300 and 64,200 metric tons of CO2 during the three and six months ended June 30, 2026, respectively, bringing total sequestered volumes since initial injection in 2023 to approximately 375,800 metric tons of CO2. Development activities continued across the Company's broader CCUS portfolio during the quarter. BKV successfully drilled the injection well for its East Texas project and a test well at its High West project, further advancing development of these projects. Liquidity and Debt As of June 30, 2026, BKV had cash and cash equivalents of $152.2 million and restricted cash of $16.1 million related to the Power segment Temple Term Loan Facility. Total debt as of June 30, 2026 was $1.3 billion, which was made up of the 2030 Senior Notes of $500.0 million, RBL balance of $100.0 million, a promissory note of $46.0 million, and Power segment debt of $618.0 million. Power segment debt included $176.0 million of borrowings under the Temple I Loan Agreements, $382.0 million of borrowings under the Temple Term Loan Facility, and a Temple Revolving Facility balance of $60.0 million. As of June 30, 2026, total liquidity for BKV was $836.7 million, which consisted of $152.2 million in cash and cash equivalents and $684.5 million available capacity under the Company’s RBL. RBL availability as of June 30, 2026, was based on the elected commitment amount of $800.0 million, less an outstanding balance of $100.0 million and $15.5 million of letters of credit. Third Quarter and Full Year 2026 Guidance Second Quarter 2026 Earnings Conference Call The Company plans to host a conference call to discuss results today, August 6, 2026 at 10 AM ET. To access the conference call, participants may dial (800) 420-1459 (US) or (203) 518-9861 (international). Participants can also listen to a live webcast of the call by going to the Investors section on the BKV website at ir.bkv.com. A replay will be available shortly after the live conference call and can be accessed on the Company’s website or by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 11162101. The replay will be available for 60 days after the call. About BKV Corporation Headquartered in Denver, Colorado, BKV Corporation is a forward-thinking, growth-driven energy company focused on creating value for its stockholders. BKV's core business is to produce natural gas from its owned and operated upstream assets. BKV’s overall business is organized into four business lines: natural gas production; natural gas gathering, processing and transportation; power generation; and carbon capture, utilization and sequestration. BKV (and its predecessor entity) was founded in 2015, and BKV and its employees are committed to building a different kind of energy company. BKV is one of the top 15 gas-weighted natural gas producers in the United States and the largest natural gas producer by gross operated volume in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies. For more information, visit the BKV website at www.bkv.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are not historical facts, include statements regarding BKV’s strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans, objectives of management and dividend policy, and often contain words such as "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "seek," "aspire," "envision," "forecast," "target," "predict," "may," "should," "would," "could," "will," and similar expressions. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits, opportunities and results with respect to the BKV-BPP Power Joint Venture Transaction, including any expected value creation from the BKV-BPP Power Joint Venture Transaction, anticipated efficiencies, power plant reliability, and strategic growth and power purchase agreement opportunities relating to the BKV-BPP Power Joint Venture and the BKV-BPP Power Joint Venture Transaction, as well as guidance, projected or forecasted financial and operating results, future liquidity, leverage, results in certain basins, objectives, project timing, utility of reporting segment changes, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. All forward-looking statements, expressed or implied, in this press release are based only on information currently available to BKV and speak only as of the date on which they are made. Forward-looking statements are not guarantees of future performance, and BKV cannot assure any reader that those statements will be realized or that the forward-looking events and circumstances will occur. Undue reliance should not be placed on any forward-looking statement, which is based on predictions of future results that may not occur as anticipated. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to assumptions, risks and uncertainties regarding the BKV-BPP Power Joint Venture Transaction and the anticipated benefits thereof, as well as our ability to effectively operate and grow our CCUS business, expected increase in demand for power generation and our ability to serve that demand from our power business, our ability to develop, market and sell our carbon sequestered gas product, and management's outlook guidance or forecasts of future events, including projected capital expenditures, production volumes, operating costs, pricing differentials, and Adjusted EBITDAX. For further discussions of risks and uncertainties applicable to forward-looking statements, you should refer to BKV’s filings with the Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of BKV’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Derivative Contract Volumes and Fair Values The following tables summarize the Company’s outstanding derivative positions as of June 30, 2026 by commodity and contract type, including volume, pricing indices, or reference points, and associated fair values. The following table summarizes the Company's power derivatives: The following table represents natural gas commodity derivatives indexed to NYMEX Henry Hub pricing: The following table represents natural gas basis derivatives by reference price listed below: The following table summarizes the Company's natural gas liquids derivatives position by product and reference price: Supplemental Non-GAAP Financial Measures This release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income (loss) attributable to BKV, basic and diluted EPS, net income (loss), net cash provided by operating activities, or any other measure calculated in accordance with GAAP. As a result of the Company’s acquisition of an additional 25% ownership interest in and consolidation of the BKV-BPP Power JV as of January 30, 2026, the Company changed the presentation of its non-GAAP measures of Combined Adjusted EBITDAX, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin beginning in the first quarter of 2026. The Company now discloses Adjusted Net Income (Loss) attributable to BKV, Adjusted EPS attributable to BKV, Adjusted EBITDAX, Adjusted EBITDAX attributable to BKV, Adjusted EBITDAX attributable to Noncontrolling Interests, Adjusted Free Cash Flow before Power Growth, and Adjusted Free Cash Flow before Power Growth attributable to BKV. Such non-GAAP measures have been presented in this release for the comparative period and have been calculated based on the definitions below. Net Leverage Ratio The Company defines Net 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). The Company uses this metric to evaluate total debt relative to the Company’s ability to generate cash through Adjusted EBITDAX. This metric also provides management with a benchmark of debt levels while considering growth opportunities and the Company’s ability to manage periods of commodity price volatility. ​ The table below presents a calculation of the Company’s Net Leverage Ratio: Adjusted Net Income (Loss) Attributable to BKV and Adjusted EPS Attributable to BKV The Company defines Adjusted Net Income (Loss) attributable to BKV as net income (loss) attributable to BKV before (i) net unrealized derivative (gains) losses, (ii) forward month gas settlements, (iii) impairment of assets held for sale, (iv) other nonrecurring transactions, and (v) the tax impact of these adjustments calculated using a 23% statutory rate. The Company defines Adjusted EPS attributable to BKV as Adjusted Net Income (Loss) attributable to BKV divided by diluted weighted average common shares outstanding. The Company believes Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV are useful performance measures because they allow the Company to effectively evaluate its operating performance and results of operations from period to period and against its peers, without regard to financing methods, corporate form, capital structure, or one-time events. The Company excludes the items listed above from net income (loss) attributable to BKV in arriving at Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV because these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. The Company's presentation of Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Other companies, including other companies in the industry, may not use Adjusted Net Income (Loss) attributable to BKV and Adjusted EPS attributable to BKV or may calculate these measures differently than as presented in this release, limiting their usefulness as comparative measures. The table below presents a reconciliation of Adjusted Net Income (Loss) attributable to BKV to net income (loss) attributable to BKV, the Company's most directly comparable GAAP financial measure, for the periods indicated. Adjusted EBITDAX, Adjusted EBITDAX Attributable to BKV, and Adjusted EBITDAX Attributable to Noncontrolling Interests The 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. Adjusted EBITDAX attributable to BKV is defined as Adjusted EBITDAX less Adjusted EBITDAX attributable to Noncontrolling Interests. The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. The Company’s presentation of Adjusted EBITDAX should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Other companies, including other companies in the industry, may not use Adjusted EBITDAX or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by the Company’s management and external users of its consolidated financial statements, such as industry analysts, investors, lenders, rating agencies, and others to more effectively evaluate the Company’s operating performance and results of operations from period to period and against industry peers. The Company believes Adjusted EBITDAX is a useful performance measure because it allows the Company to effectively evaluate its operating performance and results of operations from period to period and against industry peers, without regard to its financing methods, corporate form, or capital structure. The table below presents a reconciliation of Adjusted EBITDAX to net income, the Company’s most directly comparable GAAP financial measure, for the periods indicated. The Company defines Adjusted EBITDAX attributable to Noncontrolling Interests as the proportionate share of Adjusted EBITDAX attributable to Noncontrolling Interests in the BKV-BPP Power JV, BKV-CIP JV, and BKV-BPP Cotton Cove JV, our non-wholly owned consolidated subsidiaries. The table below reconciles Adjusted EBITDAX attributable to Noncontrolling Interests to net income (loss) attributable to Noncontrolling Interest, the most comparable financial measure in accordance with GAAP. Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth Attributable to BKV The Company defines Adjusted Free Cash Flow before Power Growth as net cash provided by operating activities, excluding cash paid for contingent consideration and changes in operating assets and liabilities, less total cash paid for capital expenditures (excluding leasehold costs and acquisitions), excluding strategic power growth capital expenditures. Adjusted Free Cash Flow before Power Growth attributable to BKV is defined as Adjusted Free Cash Flow before Power Growth, less Adjusted EBITDAX attributable to noncontrolling interests, with net interest expense attributable to noncontrolling interests added back, plus net contributions from noncontrolling interests. Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV are not measures of net cash provided by or used in operating activities as determined in accordance with GAAP. These measures are supplemental non-GAAP financial measures used by management and external users of the Company's financial statements, including industry analysts, investors, lenders and rating agencies, to assess the Company's ability to internally fund its capital program, service or incur additional debt and pay dividends. Adjusted Free Cash Flow before Power Growth reflects cash flow available to fund the Company's capital program, excluding strategic power growth capital expenditures, while Adjusted Free Cash Flow before Power Growth attributable to BKV further adjusts for noncontrolling interests to reflect amounts attributable to the Company's common shareholders. The Company believes these measures are useful indicators of liquidity because they facilitate period-over-period comparisons of cash flow provided by operating activities and the Company's ability to internally fund its capital program (including acquisitions), reduce leverage, fund acquisitions and return capital to shareholders. Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV should not be considered alternatives to, or more meaningful than, net income (loss) or net cash provided by (used in) operating activities determined in accordance with GAAP. Other companies, including other companies in the industry, may define these measures differently, limiting their usefulness as comparative measures. The table below presents a reconciliation of Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth attributable to BKV to net cash provided by operating activities, the Company's most directly comparable GAAP financial measure, for the periods indicated. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806003123/en/ Contacts Investor Contacts: Michael HallBKV CorporationVice President, Investor [email protected] Patrick FreemanBKV CorporationSenior Director, Investor [email protected]

Ormat Technologies (ORA) came out with quarterly earnings of $0.5 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +72.41%. A quarter ago, it was expected that this geothermal company would post earnings of $0.92 per share when it actually produced earnings of $1.3, delivering a surprise of +41.3%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Ormat Technologies, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $258.76 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.70%. This compares to year-ago revenues of $234.02 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ormat Technologies shares have lost about 9.4% since the beginning of the year versus the S&P 500's gain of 13%. While Ormat Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ormat Technologies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.32 on $245.52 million in revenues for the coming quarter and $2.35 on $1.15 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, BKV (BKV), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This natural gas producer is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of -18%. The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level. BKV's revenues are expected to be $319.25 million, down 0.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report BKV Corporation (BKV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cameco (CCJ) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -50.00%. A quarter ago, it was expected that this uranium producer would post earnings of $0.29 per share when it actually produced earnings of $0.34, delivering a surprise of +17.24%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Cameco, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $588.02 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $633.83 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Cameco shares have lost about 3.6% since the beginning of the year versus the S&P 500's gain of 8.7%. While Cameco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Cameco was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $494.94 million in revenues for the coming quarter and $1.34 on $2.39 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, BKV (BKV), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This natural gas producer is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of -18%. The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level. BKV's revenues are expected to be $319.25 million, down 0.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cameco Corporation (CCJ) : Free Stock Analysis Report BKV Corporation (BKV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research