Slides
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BKVⓇ BKV Corporation Investor Presentation August 2026
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Important Notice and Disclaimer 2 Forward -Looking Statements. This presentation includes “forward -looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 and objectives of management 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, including financial and operational performance, 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 amount and timing of capital expected to be contributed to our joint ventures by our joint venture partners, the anticipated benefits, opportunities and results with respect to the BKV -BPP Power transaction and the Bedrock acquisition, including any expected value creation from the BKV -BPP Power transaction or the Bedrock acquisition, and any reserves additions, midstream opportunities and other anticipated impacts from the Bedrock acquisition, 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 transaction, as well as guidance, projected or forecasted financial and operating results, future liquidity, leverage, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. All forward -looking statements, expressed or implied, in this presentation are based only on information currently available to BKV and speak only as of the date on which they are made. BKV undertakes no obligation to release publicly any update to any of these forward -looking statements, except as required by federal securities laws. Forward -looking statements are based on management’s current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the significant transaction costs associated with the Company’s acquisitions, including the BKV -BPP Power transaction and the Bedrock acquisition; the risk of litigation and/or regulatory actions related to the Company’s acquisitions, including the BKV -BPP Power transaction and the Bedrock acquisition, as well as our business strategy; our reserves; our financial strategy, liquidity and capital required for our development programs; our relationship with our sponsor Banpu and its affiliates, including future agreements with Banpu; actual and potential conflicts of interest relating to Banpu, its affiliates and other entities in which members of our officers and directors are or may become involved; volatility in natural gas, NGL and oil prices; our dividend policy; our drilling plans and the timing and amount of future production of natural gas, NGL and oil; our hedging strategy and results; competition and government regulation; changes in trade regulation, including tariffs and other market factors; legal, regulatory, or environmental matters; marketing of natural gas, NGL and oil; business or leasehold acquisitions and integration of acquired businesses, including the Bedrock Acquisition, with our business; our ability to develop existing prospects; costs of developing our properties and of conducting our operations; our plans to establish midstream contracts that allow us to supply our own natural gas directly to the Temple Plants; our plan to continue to build out our power generation business and to expand into retail power; our ability to develop, produce and sell Carbon Sequestered Gas; our ability to effectively operate and grow our CCUS business; our ability to forecast annual CO 2 sequestration rates for our CCUS projects; our ability to reach final investment decision and execute and complete any of our pipeline of identified CCUS projects; our ability to identify and complete additional CCUS projects as we expand our upstream operations; our ability to effectively operate and grow our retail power business; our anticipated Scope 1, 2 and 3 emissions from our owned and operated upstream and natural gas midstream businesses and our sustainability plans and goals, including our plans to offset our Scope 1, 2 and 3 emissions from our owned and operated upstream and natural gas midstream businesses; our ESG strategy and initiatives, including those relating to the generation and marketing of environmental attributes or new products seeking to benefit from ESG -related activities, and the continuation of government tax incentives applicable thereto; general economic conditions; cost inflation; credit markets; our ability to service our indebtedness; our ability to expand our business, including through the recruitment and retention of skilled personnel; our future operating results; the remediation of our material weakness; and our plans, objectives, expectations and intentions, including with respect to projected capital expenditures, production volumes, operating costs, pricing differentials and Power Adjusted EBITDAX. For further discussion of risks and uncertainties that could cause actual results to differ from those in such forward -looking statements, please read BKV’s filings with the Securities and Exchange Commission (the “SEC”), including the “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors” sections in BKV’s Form 10 -K for the year ended December 31, 2024 and as may be revised and updated by BKV’s Annual Report on Form 10 -K for the year ended December 31, 2025, Quarterly Reports on Form 10 -Q and Current Reports on Form 8 -K. Reserves. BKV’s proved reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible — from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reservoir engineers. You should not assume that the present values referred to in this presentation represent the actual current market value of our oil, natural gas and NGL reserves. You are urged to consider closely the oil and gas disclosures in BKV’s filings with the SEC, including in the “Cautionary Note Regarding Forward -Looking Statements” and “Risk Factors” sections in BKV’s Annual Report on Form 10 -K for the year ended December 31, 2025, Quarterly Reports on Form 10 -Q and Current Reports on Form 8 -K. Trademarks. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. We do not intend to, and our use of such marks should not, imply any relationship with, or endorsement or sponsorship of us by, these other parties. Non -GAAP Measures. This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Definitions and reconciliations of non -GAAP financial measures to the most directly comparable GAAP measure are provided in the Appendix.
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BKV Corporation BKV’s Closed Loop Strategy Expected to Enable Potential for Enhanced Margins 1 As of December 31, 2025, Barnett base decline rate for all PDP reserves at NYMEX pricing. 6 Tcfe of total proved reserves - NYMEX reserve report from 12/31/20252 Power assets are owned via a joint venture, BKV-BPP Power LLC, in which BKV has a 75% interest and BPPUS has a 25% interest.3 •Largest Barnett Producer: 10.7% 1-year decline rate1 & ~6 Tcfe1 of reserves•1.5 GW of operating CCGT assets2 in Texas with a phased approach to multi-GW scale•Multi-site power project pipeline with 6.2K acres secured in Jack County, TX & existing Temple, TX site•Three operational CCUS projects targeting 1.5 Mtpa injection rate in 2028; CIP JV partner3 •Closed-loop platform connecting gas, power and CCUS to create higher-value energy solutions•Potential long-duration power contracts would create more durable, long-dated earnings Capturing Full Gas Value Chain: Molecules Megawatts Carbon Capture Higher $/Mcfe
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BKV Corporation BKV Delivers Value Beyond the Sum of Its Parts 4 l Natural Gas Upstream 2Q 2026 Avg. Net Production MMcfe/d1 December ’25 NYMEX 1P Reserves Tcfe2 As of June 2026Net AcresTotal978 ~6.0~560K l Operated MidstreamSix Months Ended June2026 Throughput MMcf/d3 Pipeline Miles4 MidstreamCompressorsBarnett-195 ~1,08661 l PowerTemple I & IIOperating~6,925 Btu/kWh~1,500 MWModular5 Ordered2027 delivery~200 MWCCGTs 5 Reserved2028 delivery~1,230 MWJack County6 Site control6.2K acresTemple 6 Site control1.1K acresl CCUSForecasted Annual Sequestration7 (ktpa CO2)Operating8 ~305 ktpaNon-operating8 ~70+ ktpa BKV Assets Offer Unique, Integrated Platform with Significant Growth Potential l Natural Gas Upstreaml Power Barnett AssetsTemple I & II NEPA Assetsl llll DenverHeadquarters l CCUSl Midstream1 Production metrics take the daily average of April – June 2026.2 Reserves and associated PV-10 calculated using 12/31/2025 NYMEX strip based on reserve reports prepared by Ryder Scott Company. These reserves are not presented in accordance with SEC Pricing, but SEC reserves are presented in the Appendix.3 Represents our own gross production volumes gathered and processed on our Barnett midstream system and excludes third-party volumes.4 Includes gathering and water lines in addition to regulated midstream pipelines5 Modular units are Jenbacher J620 units. “CCGTs” represent turbines for which BKV has reservations for delivery in 2028, each unit is ~600 MW.6 BKV purchased 6.2K acres in Jack County for potential power generation development. BKV has site control in Temple for ~1.1K acres, including existing land and ~800 acres represented by Purchase and Sale Agreements, pending due diligence and closing.7 Estimates based on forecasts as of FID. Barnett Zero ~183 ktpa; Cotton Cove ~32 ktpa; Eagle Ford ~90 ktpa. All units for CCUS injection are in metric tons. 8 Operating projects are Barnett Zero, Cotton Cove, and Eagle Ford. Non-operating projects include East Texas and Comstock projects. Forecasted volumes for non-operating projects represent only the East Texas project.
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BKV Corporation BKV is Positioned in High-Growth Energy Markets 5 +25%21x+>25% 1 ICF, U.S. Natural Gas Outlook (2025) — U.S. natural gas demand projected to increase ~25% by 2030 vs. 20242 ERCOT Preliminary Long-Term Load forecast for Years 2026 – 2032 (April 2026)3 Frost & Sullivan (2024) — CCUS market projected to grow from ~$0.6B in 2024 to ~$34B by 2040 (~29% CAGR) Driven by LNG exports,power demand andindustrial reshoringAI data centers and industrial electrification are driving one of the largest load growth opportunities in the U.S. Net-zero commitments anddecarbonization goals are accelerating demand for low-carbon solutions NATURAL GAS DEMAND GROWTHERCOT POWER DEMAND GROWTHLOW-CARBON SOLUTIONS GROWTH Total U.S. natural gas demand from ~ 110 Bcf/d in 2024 to ~138 Bcf/d by 20301 Potential large-load growth from ~11 GW to ~243 GW by 20322(based on large-load requests) CCUS market CAGRthrough 20303
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BKV Corporation 6 BKV Power Platform: A Phased Approach to Multi-GW Scale 1.5 GW existing capacity + 200 MW modular on order + 1.2 GW CCGT reserved = Potential ~3 GW1 1.7 GW 2.3 GW 2.9 GW 1.5 GW 1.5 1.5 0.2 0.2 0.2 0.2 0.6 0.6 0.6 Existing Phase 1 Phase 2 Phase 3 Phase 4+ ~0.75 ~0.75 ~0.75 ~0.75 ~0.75 ~0.75 1.7 GW TI & TII Modular ordered Potential Temple PUN 600 MW CCGT reservation 1 All capacity additions and power growth beyond existing TI and TII assets are illustrative and subject to significant uncertainties. BKV, through its interest in BKV-BPP Power, currently owns approximately 1.5 GW of uncontracted capacity and is seeking to contract a portion of such capacity; however, there can be no assurance as to the timing, extent, or success of such efforts. Development of modular generation and new CCGT plants is dependent on, among other factors, the execution of long-term power purchase agreements, securing financing, regulatory approvals and commercial negotiations with counterparties. The sequencing, scale and ultimate composition of projects may differ materially from that presented, and there is no guarantee that any specific project or capacity level wil l be achieved. In addition, turbine capacity reservations (approximately 1.2 GW) and committed modular power units (approximately 200 MW) are fungible and may be deployed across multiple potential projects, depending on commerci al outcomes. Actual results may differ materially from the illustrative capacity shown. 600 MW CCGT reservation Potential Generation Growth1
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BKV Corporation Power Strategy Advancing Across Contracting and Development Prospective projects in Temple and Jack County anchor a phased power growth pipeline of up to ~3 GW of total capacity1 7 1 Temple: Advancing PPA Process1 2 Jack County: 2nd Energy Complex1 Focused engagement with a select group of prospective counterparties ü Advancing discussions towards PPA ü Reiterate target PPA execution by ’26 or early ’27 ü Aiming to supply BKV gas and CSG Serious customer engagement driving increased capital allocation ü Potential to bring BKV gas and on-site CCUS ü 6,200-acre development campus ü In proximity to 345-kV transmission and gas pipelines 1 All potential agreements and developments are subject to significant uncertainties. BKV currently owns approximately 1.5 GW o f uncontracted capacity at Temple via the BKV-BPP Power joint venture and is seeking to contract a portion of such capacity; howev er, there can be no assurance as to the timing, extent, or success of such efforts. Development of new CCGT plants is dependent on, among othe r factors, the execution of long-term power purchase agreements, securing financing, regulatory approvals and commercial negotiatio ns with counterparties. There is no guarantee that any specific project will be achieved by the times depicted. Momentum is building across every stage of BKV’s power strategy
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BKV Corporation A “One-Stop-Shop” Across the Energy Value Chain Complementary capabilities create a differentiated advantage 8 One Commercial Relationship Customers can source multiple energy solutions through a single commercial relationship. Commercial Flexibility Tailor gas, power and carbon solutions to meet requirements across a range of structures. Multiple Value Creation Pathways Complementary capabilities create commercial opportunities that extend beyond traditional commodity monetization. Differentiated Positioning Few public companies combine these capabilities within a single platform. Natural Gas Power Midstream Retail Power Carbon Capture Why It Matters
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BKV Corporation Financial Highlights & 3Q and FY 2026 Guidance 9
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BKV Corporation Second Quarter Business Highlights 10 Category ($ in Millions, except where noted) 2Q26 2Q26 Guidance Corporate Adjusted EBITDAX attributable to BKV 1 $142.0 Total Accrued CAPEX including deposits 2 $197.9 $155 - 215 Adjusted Free Cash Flow before Power Growth attributable to BKV 1 $40.0 Net Leverage Ratio 1 1.78x Liquidity 3 $836.7 Natural Gas Development Production (MMcfe/d) 978 925 – 975 Avg. Realized Prices, excluding derivatives (Gas $/Mcf; NGL $/bbl) $2.14 / $23 Average Cash Operating Costs ($/Mcfe) $1.39 Accrued Development CAPEX $38.8 $35- 55 Power Total Generation (GWh) 2,222 Average Capacity Factor (T1 / T2) ~69% /~ 70% Average Spark Spread ($/MWh) $22.31 Power Adjusted EBITDAX $31.9 $30 - 40 CCUS Injected Metric Tons CO 2 QTD ~ 35,900 Accrued CAPEX (CCUS & Other) $26.8 $20 - 40 Corporate • Net leverage1 1.78x as of 6/30/26 Natural Gas Development • Production above the high-end of range: 2Q actuals of 978 MMcfe/d vs guidance of 925 – 975 MMcfe/d • 2Q Accrued Development CAPEX below midpoint of the range at ~$39MM vs. $35– $55MM guide Carbon Capture • Commenced commercial sequestration at the Eagle Ford project in June 2026 and at the Cotton Cove project in April 2026 • Received validation from third party auditor on the certification of our carbon offsets (CSG) Power • In range on Power Adjusted EBITDAX1 at $31.9MM (including G&A and marketing expense allocation) vs $30 - $40MM range • Advancing negotiations toward securing a long-term offtake agreement4 1 Adjusted EBITDAX attributable to BKV, Adjusted Free Cash Flow before Power Growth attributable to BKV, and Net Leverage are not financial measures calculated in accordance with GAAP. Please see definitions and reconciliations to the most directly compa rable GAAP measure in the Appendix. 2 Deposits represent strategic power growth spend ($125.5MM). Specifically, deposits for modular power generation equipment, CC GT turbines, and other long lead time items. 3 As of June 30, 2026, considers RBL draws of $100MM on $800.0MM ECA; $15.5MM of LCs in place (undrawn) and $152.2MM of cash. 4 Execution of a PPA(s) is not guaranteed and remains subject to market, regulatory and negotiation outcomes. We may not enter into PPA(s) on satisfactory terms or at all.
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BKV Corporation 3Q26 and FY26 Guidance 11 1 BKV owns a 75% interest in the Power JV. 2 Power JV Adjusted EBITDAX is not a financial measure calculated in accordance with GAAP. Please see a definition in the Appen dix. 3 Partner capital contributions are forecasted; contributions will depend on actual spend and will be subject to the various ap provals required under the Power JV and CCUS JV. For CCUS this includes bringing projects to a “qualified” state that are accept ed into the JV . Guidance Considerations • Capital: • Increase in Power CAPEX primarily reflects commercial momentum in Jack County • Development, CCUS and other CAPEX remain unchanged from original guide • Expect CCUS & Power JV partner contributions of up to $120-150MM 3 • 2026 maintenance capital: • Upstream ~$200MM • Power ~$5MM • Production: • Assumes ethane rejection in 2026 • Costs and differentials: • G&A range includes $0.04/Mcfe overhead reallocation • Differential includes $0.15-$0.20/Mcfe of GCPT • Differential includes $0.15-$0.25/Mcfe of ethane rejection impacts Accrued Capital Expenditures Q3 2026 2026 and Net Production ($MM) Low High Low High Development $55 $75 $200 $280 Power - Strategic Capital & Investments + Maintenance $125 $175 $400 $475 CCUS and Other $20 $35 $90 $120 Total Capital Expenditures (Gross) $200 $285 $690 $875 Net production (MMcfe/d) 935 965 940 960 Per Unit Operating Costs ($/Mcfe) Lease operating and workover $0.49 $0.53 $0.49 $0.53 Gathering, compression, processing, and transport (GCPT) $0.80 $0.84 $0.80 $0.84 Upstream G&A, excl. stock comp $0.20 $0.25 $0.20 $0.25 Other G&A Costs ($MM) Cash General & administrative, Power, CCUS & Other $14 $16 $53 $63 General & administrative, stock comp $4 $6 $15 $25 Commodity Prices Average natural gas differential ($0.70) ($0.80) ($0.90) ($1.00) NGL % of WTI ~27% ~26% Power ($MM)1 Power Adjusted EBITDAX $45 $65 $135 $175
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BKV Corporation Capital Allocation: Disciplined Organic Investment + Strategic Optionality 12 Upstream Development Capital:•Targeting 3-4% YoY growth, strong FCF•Advanced Completions, Upper Barnett appraisal, Bedrock integrationCCUS CAPEX (100%):•Cotton Cove, Eagle Ford and East Texas•High West test well, Comstock projectsCorporate & Other:•Software, systems, vehicles, safety•Midstream, Compression, & Surface CAPEX•Land & Leasing Strategic Power CAPEX (including deposits)1:•Aligned with commercial progress•Advances power platform readiness for PPAs•Maintains optionality for post-contract growth•Turbines, modular units, PUN long-leads $74 $245 ’25 Actual CAPEXUnchanged Base ’26 CAPEX1: ’26 Strategic CAPEX1’26 Total CAPEX $290MM - $400MM $400MM - $475MM$690MM - $875MM $319MM Principles: Fund organic investments via free cash flow; maintain resilient balance sheet; maintain or grow production; strategic spend = commercial progress Base ’26 spend similar to ’25 actuals; incremental spend is strategicBASESTRATEGIC 1 Strategic Power CAPEX (including deposits) represents potential capital expenditures and deposits during 2026 dependent upon Management’s assessment of commercial progress and viability of certain projects. The potential spend primarily relates to power focused growth. This category maps to “Power – strategic + Investments + Maintenance” for ’26 guidance and includes ~$5MM of maintenance CAPEX.2Partner capital contributions are forecasted; contributions will depend on actual spend and subject to the various approvals required under the Power JV and CCUS JV. For CCUS this includes bringing projects to a “qualified” state that are accepted into the JV. 3Total capital sources for 2026 include Company forecasted operating cash flow, JV partner capital contributions, the Promissory Note as disclosed in the 10-Q, previously completed capital markets transactions, potential equipment financing, and cash on hand as of 1/1/2026. CAPEX partially offset by expected Power & CCUS partner contributions of up to $120-$150MM2 ’26 Total Capital Sources3
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BKV Corporation Power JV: Summarized Model1 13 Temple PlantsIllustrative Annual MetricsMax Potential Generation2 (MWh)13,140,000ACapacity Factor3 55 - 60% BTotal Generation (TWh)7.23 – 7.89 A x B = CSpark Spread4 ($/MWh)$22 - $30DRevenue less fuel expense ($ MM)$159 - $237C x D = EFixed & Non-Fuel Variable expenses5 ($ MM)($110 - $98)FOther (hedging, HRCO, retail, solar)6 ($ MM)$86 - $36GIllustrative Power Adjusted EBITDAX7 ($ MM)$135 - $175MME + F + G1 The table above includes a summarized model to outline major inputs and is provided for illustrative purposes only. The above summarized model does not contain all detailed inputs, assumptions, or factors that BKV or BKV-BPP Power, LLC consider when preparing financial projections. For example, the summarized model does not utilize detailed dispatch assumptions, pricing by peak and off-peak, detailed hedge gains/losses including an underlying model for HRCO positions and other items not specified. The guided Power Adjusted EBITDAX range on the slide labeled “3Q26 and FY26 Guidance” is based on more detailed internal financial models and various sensitivity analysis. 2 Approximates a max output of ~750 MW for each of TI and TII. 1,500 MW x 24 hours x 365 days.3 Capacity factor represents the percentage of maximum potential generation produced over the year. Actual generation may vary with market conditions, plant availability and dispatch economics. 4 Spark spread assumes a heat rate of 7,000 Btu/KW based on the approximate technical specifications of TI and TII. Actual heat rate varies based on ambient conditions and operational characteristics.5 Fixed and non-fuel variable expenses fluctuate based on actual run-time and unplanned maintenance. Expenses include major maintenance, G&A and operating expenses common for CCGT plants. 6 Includes forecasted realized hedging gains/losses on power and gas contracts, HRCO items including premiums, generation revenue, start revenue, retail revenue and power purchases, solar revenue, retail business margin and other smaller miscellaneous items. Our hedge positions are inclusive of derivatives covering 700 MW, around the clock, for the full calendar year. Such derivatives include heat rate call options and synthetic spark spread hedges (combination of power and gas contracts). Using a 1/27/2026 spark spread of $28.13/MW, our HRCO and hedge positions have a +$6.79/MW uplift.7 Illustrative Power Adjusted EBITDAX is not a financial measure calculated in accordance with GAAP and is presented for illustrative purposes only. Please see definitions of the non-GAAP measures disclosed by BKV and reconciliations of each such non-GAAP measure.
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BKV Corporation 14 Business Units OverviewUpstream & Midstream Drilling rig in the Barnett Shale Denton County, Texas
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BKV Corporation BKV is the Largest Producer in the Barnett with Potential to Expand1 15 1 Based on April/May 2026 gas production information from Enverus (latest available). BKV production is per company data through June 2026. Peers include Total, Eagle Ridge, Formentera Partners, UPP Operating, Diversified, EOG, Lime Rock, GHA Barnett. The ~1.1Bcf/d includes smaller producers’ volumes not shown on graph.2 Purchase price does not include earnouts and other contingent payments or adjustments as a part of the purchase agreements related to the Bedrock, Exxon and Devon acquisitions. 3 Metric adjusted for midstream valuation, mark to market hedge value and closing purchase price adjustments. Track Record of Consistent and Accretive AcquisitionsAnnouncement DatePurchase Price2($MM)Net Acres$/Mcfe/d 8/12/2025$370~96,000$2,9103 5/19/2022$620~165,000$1,5963 12/17/2019$570~289,000$955 Highly Contiguous Position, Opportunities for Growth~1.1 Bcf/d of production from other smaller operators in play P1P2P3P4P5P6P7P8 BKV AcreagePeer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8BKV Midstream 1,101 42816210910394795746 Top Barnett Producers Gross Operated Production (MMcfe/d)1
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BKV Corporation 020406080100120140160180 Ty pe Curv eNe w We llsNe w We lls + POW 0306090120150180 Base Completion DesignAdvanced Completions Barnett DC&F Cost Efficiency3 Advanced Completions applicable to 30-40% of future inventory Based on accretive results to date and future development plans BKV Reinventing The Barnett, Driving Exceptional Returns 161Sample size of 22 wells with advanced completions with an average of 200 producing days. Includes 2 wells with advanced completions from pre-2025 D&C program. 2Source: Enverus Prism and company data. Peer well performance based on reported gas and oil production; NGL volumes not publicly disclosed. Peer wells mapped to BKV type curve areas and adjusted using internal yield and shrink assumptions for comparability. Top pad data is measured by average per well peak month production.3Includes completed full cycle wells only. TTM costs exclude Upper Barnett appraisal well. BKV’s Exceptional New Well Performance2’25/’26 program delivered 7 of the top 10 Barnett wells in the last decade, including the top 5 Barnett well pads of all time $/lateral ft Positive Offset Wells (“POW”) Drives Additional Uplift2025-2026 New Well PerformanceCumulative Production vs Time~25% Outperformance Through First 180 Days of Production in Aggregate (48 Wells + Offsets) Advanced Completions Drive Material Uplift 2025-2026 Advanced Completions PerformanceCumulative Production vs TimeGreater than 20% Outperformance Through First 180 Days of Production Compared to base completions design1 $27 D&C Avg. ’23/’24D&C ’Avg. ’25TTM Base D&C CostTTM Inc. Adv. Completions $632 $545$525 Peak Month (MMcfed) BKV ’25/’26 VintageBKV ’23 VintagePeers ’24 Vintage Avg Well Peak Month (MMcfed) TOP WELLSTOP PADS
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BKV Corporation BKV Continues to Perform on Key Metrics 17 1 Production and D&C CAPEX growth reflect year-over-year change from FY 2025 reported results to FY2026 guidance midpoints. Production and D&C CAPEX growth may include the impact of acquisitions and divestitures. Peer data reflects publicly available data and may not be directly comparable due to differences in reporting practices. Peer set includes AR, CNX, CRK, EQT, EXE, GPOR and RRC. 2 BKV FWB reflects TTM base DC&F costs excluding incremental costs for advanced completions. FWB peer data is based on 2025 AFE budgets from non-operated partners. Peer basin data includes a mix of FY2025 reported results and 2026 budget estimates and/or actuals from multiple operators. Comparability may be limited as peer-reported costs may include different cost scopes. Peer basins include Eagle Ford, Southwest Appalachia, Northeast Appalachia and Haynesville. Peer set includes: CRGY, SM, EOG, RRC, CNX, AR, EXE, EQT, CTRA, NFG, CRK and TEP Barnett. 3 Decline rates from Q1 2026 Enverus NAV reports for peers. For BKV, company-wide December 31, 2025, NYMEX base decline rate for all PDP reserves. 4 OPEX (ex. G&A) based on TTM reported financials. Maintenance capex defined as the capital expenditures needed to keep production flat. Production data from Enverus and Capital Expenditures from public financials. Production from 4Q24 – 4Q25 utilized for decline rate; FY25 reported production and CAPEX utilized for calculation of peers’ maintenance CAPEX rates. Peer set includes AR, CNX, CRK, EQT, EXE, GPOR, RRC. Peer data reflects publicly available data and may not be directly comparable due to differences in reporting practices. BKV’s Development Costs Lead Across Major Gas Basins2 BKV vs Peers 1-Yr Base Decline Rate (%)3 Maintenance Cash Costs ($/Mcfe)4 $0.40 $0.96 $1.51 $1.30 BKV Peer Avg. OPEX (ex. G&A) Maintenance CAPEX $1.91$2.26 BKV’s Leading Growth Efficiency: Organic and Inorganic1(YOY Production Growth % - YOY D&C CAPEX Growth %) BKV ($/ft)Peer ($/ft) 21%24%24%25%29%30%31% BKVPeer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7 11% BKVPeers7%1%-6%-18%-22%-25% -44%BKVPeer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7 14% BKVPeers BKV FWBPeer Basin 1FWB PeersPeer Basin2Peer Basin 3Peer Basin 4 $525$745$749$845$895 $1,345
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BKV Corporation BKV’s Inventory Strength: 500+ locations, 15+ Years1 18 15+ years of inventory life with low-cost refracs and new drills Inventory Summary: NEPA + Barnett Barnett Inventory CountProved3 UnprovedTotalLower Barnett190197387Upper Barnett (Appraisal)0 114114Total 190311501 •300 locations <$3.00/MMBtu breakeven (BE); location weighted average BE of ~$2.67/MMBtu2 •Average BE price trending downward from capital efficiency, and Upper Barnett outperformance•2026 Upper Barnett trial displaying strong IP30 performance, significantly de-risking nearly 50% of Upper Barnett inventory – moved breakeven pricing from $3.75 to $3.25/MMBtu•Continued type curve outperformance with completion enhancements•Inventory accretion opportunities - well spacing, leasing, staggering, zonal delineation, M&A•Total BKV Resource of ~540 new drill locations, ~2,060 Refracs and ~8.5 Tcfe of total resource1 at $3.75/MMBtu Henry Hub gas price 1 Based on internal estimate. These resource volumes are not presented in accordance with SEC Pricing, but SEC reserves are presented in the Appendix.2 NGL price assumed in the breakeven and 2026 development analysis is $23/Bbl. Breakeven metrics do not include 49 prospective locations.3 Based on YE25 SEC Reserve report BKV Corporation
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BKV Corporation Barnett: The Core of Our Capital Efficient Inventory1 19 Barnett – Long Laterals and Excellent F&D New Drill Refracs Avg. Royalty 19% 20% Average Lateral Length2 ~9,300’ - Average Cost3 $525/ lateral ft $448,000 / job Average 1st Year Decline 53% 62% Liquids Content2 36% 25% Development Cost4 $0.49 / Mcfe $0.47 / Mcfe Inventory1, 2 ~500 ~2,060 Barnett Upper and Lower Inventory – Large, Contiguous Acreage3 BKV’s Competitive Edge for Barnett Development • Midstream assets sized for higher production levels • “Bought and paid for” infrastructure across Barnett • Optimal well spacing and modern frac designs • Strong reservoir recovery factors • Niche service sector within Barnett • Leveraging premier data set with modern analytics BKV Corporation BKV Acreage 1 Of the total refrac locations, 320 are proved locations. Of the total New Drill D&C locations, 190 are proved locations based on YE25 SEC Reserve report. 2 Based on internal full inventory (proved + unproved) estimates. These reserves are not presented in accordance with SEC Pricing, but SEC reserves are presented in the Appendix. 3 New drill reflects TTM base DC&F cost excluding incremental cost for advanced completions. 4 Based on YE25 SEC Reserve report. Metric utilizes gross future development cost divided by gross undeveloped reserves. 5. Reflects production from the Yarbrough 8H, the sole Upper Barnett appraisal well brought online in 2026 vs internal Upper Barnett type curve. Early time results may not be indicative of long -term performance. Upper Barnett Appraisal Early Performance Cumulative Production vs. Time5 Lower Barnett Drilling Inventory Upper Barnett Drilling Inventory (Tier I) Upper Barnett Drilling Inventory (Appraisal) 0 5 10 15 20 25 30 Type Curve Actual Production 100% Outperformance to type curve in first 30 days of production (IP30 of ~8 mmcfed)
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BKV Corporation BKV’s Position Presents Multiple Market Opportunities 20 Full Control of Gas Marketing • Assumed full control of gas marketing in 2Q, expanding commercial flexibility and potential price capture Barnett Well Positioned for LNG • U.S. Gulf Coast LNG expected to exceed 20 Bcf/d by 2028, representing >2x compared to 2020 levels1 • Favorable Barnett gas composition - low nitrogen content vs other basins Attractive DFW & ERCOT Market • Customers in DFW and ERCOT, including power plants, data centers and industrial users, provide enhanced margin opportunities Carbon Sequestered Gas • Developing market with initial CSG deal with Gunvor of up to ~10 MMcf/d • Received validation from third party auditor on the certification of our carbon offsets Barnett Natural Gas Delivery Points2 Delivery Point % of Production Houston Ship Channel 29% NGPL TXOK 46% Transco St 85 (Z4) 25% NEPA Natural Gas Delivery Points2 Delivery Point % of Production Transco Leidy 58% Millenium East 18% TGP Z4-300L 24% 1 EIA.gov; “North America’s LNG export capacity is on track to more than double by 2028 2 Delivery percentages are based on actual delivered volumes for June 2026 and consider Barnett and NEPA production separately. Percentages are not fixed and are subject to change.
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BKV Corporation NYMEX Reserves Overview 21 PDP Operated Decline Rates – 12/31/2025 NYMEX Reserves% DeclineNEPABarnettTotal Corp1-year15.0%10.7%11.3%3-year12.4%9.3%9.6%5-year10.9%8.3%8.6%10-year 8.9%7.3%7.4% 2,091 12/31/25 NYMEX Proved ReservesGasOilNGLsTotal% GasPV-10(Bcf)(MMBbls)(MMBbls) (Bcfe) ($MM)PDP 2,9732 1633,96175%2,354PDNP1840 2030860%128PUD 1,2442 75 1,70573%600Total Proved4,4014 2585,97474%3,082 1 Full RSC reserves reports using SEC and NYMEX pricing as of YE25 filed as exhibits to BKV's Annual Report for FY 2025.
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BKV Corporation Business Units Overview 22 Power
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BKV Corporation Strategic JV1 with Significant Growth Potential in ERCOT 23 752 MW 747 MW Te mple I Te mple II Temple I and II offer speed to first power with the ability to secure existing generation capacity, providing near-term power solutions as a bridge to longer-term growth Temple AssetsTemple Generation Capacity Key Statistics • The Temple assets sit on 309 acres of land and provide power to the ERCOT North market • Proximate to fiber networks • The assets sit within a 175-mile radius of the five most populous cities in Texas Plant COD Temple I: July 2014 Temple II: May 2015 Configuration Two Flex-Plant 30 2x1 Power Island Baseload Heat Rate Temple I: 6,904 Btu/kWh Temple II: 6,950 Btu/kWh Firm Gas Supply Atmos Pipeline & Energy Transfer Speed to power leveraging existing generation assets Reduces pre-construction risk of greenfield projects Ability to increase reliability by leveraging existing assets for backup generation (up to 50% of total generation contracted) Unused land affords ability to add modular power as phased solution to boost capacity offered Grid connected to 345 kV power transmission 1 BKV owns a 75% interest in the Power JV.
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BKV Corporation U.S. Power Demand is Entering a Step-Change1 AI and data center growth driving significant incremental load Demand concentrated in a few key regions Power availability – not demand – is the constraint 2025 year-end leased data center + hyper-scaler owned capacity 8.24.35.6 3.87.25.4 024681012 Virginia 12 11.511 TexasOther Markets2 Under ConstructionExisting Demand is concentrated in a few regions. Texas is scaling fastest and on track to lead by 2030 Texas has the land, energy and business environment to meet surging power demand and lead the next decade.1 JLL North America Data Center Report 2025 2 Includes Pacific Northwest, Ohio, Georgia, Arizona, Tennessee, Illinois, Wisconsin and California GW U.S. Power Demand is Accelerating – Texas Emerges as the Primary Growth Market1 24 U.S. Data Center Capacity By Market (GW)
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BKV Corporation Temple Complex: 1.5 GW of Existing Capacity Positioned for GrowthExisting generation & infrastructure, transmission access, and 1.1K acres of site control 25 Private Use Network1 Potential PUN SwitchyardPotential TI-TII SwitchyardOncor Substation Point ofInterconnect Dedicated Power (PUN)Grid PowerTemple asset generated power ERCOT Transmission System ModularPotentialUp to ~400 MWTemple IIIPotentialUp to ~600 MWTemple IIPotentialUp to ~750 MWTemple IPotentialUp to ~750 MW 1Schematic shown for illustrative purposes only and does not represent final design. Infrastructure configuration, routing flexibility, and operational capability are subject to detailed engineering, regulatory approval, and contractual terms. Modular and T III expansion are optional, subject to needs, and dependent upon commercial agreements, financing, and other factors. 200 MW of modular units have been ordered. Additional modular to get to 400 MW total is subject to procurement risks, availability, and is not guaranteed. Graphic does not represent actual scale, electron flow, or equipment type. Development of potential modular generation, the potential “Temple III” expansion, or any other additional sites is dependent on, among other factors, the execution of long-term power purchase agreements, securing financing, regulatory approvals, and commercial negotiations with counterparties. The sequencing, scale, and ultimate composition of projects may differ materially from that presented, and there is no guarantee that any specific project or capacity level will be achieved on the timeline we anticipate, on terms acceptable to us or at all. Actual results may differ materially from the illustrative model shown. Dedicated, Dispatchable PowerDelivers near-term speed to power versus greenfield Scalable CapacityPhased expansion from TI & TII to possible T III Flexible & Reliable RoutingImport, export, isolate, or prioritize onsite generation reduced grid congestion Capital Efficient ExpansionExisting infrastructure reduces capital costs materially vs greenfield Potential
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BKV Corporation Building a Multi-Site Texas Power Platform1 6,200-acre development campus supporting long-term power growth 26 Strategic Location • 6.2K acres in Jack County • ~30 miles from BKV’s Barnett assets • 345-kV transmission on-site Development Advantages • Flexible configuration for phased development • Outside of nonattainment zone • Nat. gas transmission infrastructure in proximity Strategic Growth Platform • Applications submitted for generation & load • Opportunity to develop second strategic power generation complex (in addition to the Temple Energy Complex) 1 All capacity additions and power growth opportunities are subject to significant uncertainties. BKV has secured 6.2K acres of land for potential power development; however, there can be no assurance as to the timing, extent, or success of such efforts. Development of power generation is dependent on, among other factors, the execution of long-term power purchase agreements, securing financing, regulatory approvals and commercial negotiations with counterparties. There can be no assurance as to the timing, extent, or success of such efforts.
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BKV Corporation ERCOT Data Center Growth Is Concentrated Where BKV Operates Data center-driven load growth and time-to-power constraints create a premium for existing power 27 2023 2024 2025 2026 2027 2028 2029 2030 1,036 716 791 9,044 10,036 7,000 500 171 Announced Operating Under Construction ERCOT New Large Load Center 1(MW) BKV’s assets are uniquely positioned to deliver near-term power in a constrained, high-growth ERCOT market ERCOT New Large Load Center1 (MW) TI & TII Why This Matters: • Demand is accelerating across ERCOT, driven by data centers • New supply faces multi-year development timelines • Existing assets with speed to power command a premium • BKV’s upstream assets are in the heart of DFW demand 1 Map derived from Enverus; chart data from Enverus. DALLAS TEMPLE AUSTIN
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BKV Corporation TI & TII: Track-Record of Operational Consistency Supports Potential for Future Growth 28 Capacity Factor (%) ’23-’25 Avg. 33% Potential Increase if Contracted Total 57% 90% Equivalent Availability Factor (%) Spark Spread ($/MWh) Total Generation (TWh) 56% 57% 59% 85% 88% 89% $43.65 7.4 11.8 4.4 ’23-’25 Avg. Potential Market Availability Total $21.95 $25.36 Potential TWh available to Market1 Potential CF% Increase if Contracted1 Additional Generation/CF Available to Market1 1 Additional generation and capacity factor is theoretical, BKV nor BKV-BPP, LLC, currently have power purchase agreements that wo uld warrant running our plants to a 90% capacity factor and we cannot be certain that our plants could maintain a 90% capacity factor. According to U.S. Department of Energy & NETL Baseline report (April 2024), well- operated, baseload, CCGT facilities under firm contracts have historically achieved CFs in the 85 -90% range. The bar charts represent the theoretical potential generation and capacity factor of our plants if a long-term firm contract was executed. Ability to contract is also subject to regulations and other factors. 7.2 7.4 7.6 2023 2024 2025 Actuals: 2023 - 2025 > 4 TWh of incremental generation potential1
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BKV Corporation One-Stop-Shop: BKV Aims to Bring Gas, Power & Carbon Capture Expertise to Future Power Customers 29 BKV aims to provide multi-pronged solutions for low-carbon power in Texas Natural Gas Supply Carbon Capture Power Generation Potential Customers • ~ 1 Bcf/d of production in the DFW area supported by owned midstream assets • Potential to deliver gas directly to power plants1 • 1.5 GW of uncontracted, low-heat rate, modern CCGT plants • Temple and N. Central TX sites and equipment reservations provide optionality for additional generation 2 • Multi-asset, operational CCUS business provides optionality for low– carbon power via CSG or carbon credits • Potential for direct capture on future CCGT plants (FEED studies in progress) • Potential to source gas, power and CCUS needs from BKV, streamlining commercial arrangements • Leverage expertise from BKV’s retail power business (~60K customers) 1 Natural gas supply subject to separate upstream and midstream agreements or new pipeline development. Any transaction would b e subject to negotiation and regulatory approvals and other factors. 2 All capacity additions and power growth beyond existing TI and TII assets are subject to significant uncertainties. BKV, thro ugh its interest in BKV-BPP Power LLC, currently owns an interest in approximately 1.5 GW of uncontracted capacity and is seeking t o contract a portion of such capacity; however, there can be no assurance as to the timing, extent, or success of such efforts. Developmen t of modular generation and new CCGT plants is dependent on, among other factors, the execution of long -term power purchase agreements, securing financing, regulatory approvals and commercial negotiations with counterparties. The sequencing, scale a nd ultimate composition of projects may differ materially from that presented, and there is no guarantee that any specific proje ct or capacity level will be achieved. One Partner delivering gas, power and carbon solutions – enabling faster, lower-carbon power in Texas
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BKV Corporation Business Units Overview 30 CCUS
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BKV Corporation From Proof of Concept to Commercial Scale Three Operational Projects Demonstrate Repeatable CCUS Platform 31 Note: ktpa = thousand tonnes per annum. 1 Barnett Zero and Eagle Ford projects are in a joint venture with CIP. 2 Cotton Cove is in a joint venture with BPPUS. 3 Forecasted annual injection capacity represents the aggregate target capacity across project once operating at full capacity. • Operating since 2023 • ~375 kt CO2 sequestered (historic) • First operational project Barnett Zero1 PROOF OF CONCEPT Cotton Cove2 REPLICATION • Operating since April 2026 • 32 ktpa target3 • Utilizes BKV-owned emissions source • Demonstrates ability to replicate platform Eagle Ford1 THIRD-PARTY COMMERCIALIZATION • Operating since June 2026 • 90 ktpa target3 • First project with large midstream partner THREE OPERATIONAL PROJECTS Eagle Ford is our first third-party project validating the ability to deploy CCUS beyond BKV-owned assets and supports a repeatable commercial business model ~305 ktpa Forecasted Annual Injection Capacity 3
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BKV Corporation Path to 1.5 Mtpa Injection Rate in 20281 2029+ Pipeline of ~17 Mtpa 32 Operational Announced - In Development Unannounced - In Development 2028 Run Rate Potential Class II Other Potential Class VI Potential High West & Donaldsonville ~11 Mtpa ~1 Mtpa ~6 Mtpa ~1.5 Mtpa ~0.3 Mtpa Operating + In-development Projects = 1.5 Mtpa Target • BZ operating since ’23 as first proof of concept • Cotton Cove and Eagle Ford startup reached in 1H26 • 2Q26 – drilled High West test well, and East Texas injection well • 2 projects with Comstock progressing towards FID ~17 Mtpa Total Funnel • Meaningful upside from our highly attractive High West and Donaldsonville Class VI projects in Louisiana 2029+ Project FunnelProject Funnel to Target 1.5 Mtpa in 2028 1 We are pursuing CCUS projects we believe are commercially viable; however, not all have secured external financing, reached F ID , or entered into definitive agreements. Forecasted injection volumes reflect BKV’s internal estimates of annual sequestration from these potential projects. There can be no assurance that any project will be executed or operated as plann ed, or that sufficient CO ₂ volumes will be secured to achieve targeted injection rates on expected timelines. Actual projects, injection volumes and timing may vary materially from those presented. Projects are at various stages, including “Announced – In Development” and “Unannounced – In Development,” and may lack binding development agreements. Forecasted volumes are presented as annual averages ( kilotonnes per year) over each project’s planned life. Certain projects have been contributed to the CIP JV, and additional projects ma y be contributed in the future.
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BKV Corporation Turning Natural Gas into a Premium, Low-Carbon Product1 CCUS enables differentiated value through permanent carbon sequestration 33 Natural Gas Production Produced from upstream assets, transported via midstream pipe Carbon Capture at Plant Concentrated CO2 waste stream from amine towers captured, compressed and injected Carbon Sequestered Gas1,2 • “CSG” = Scope 1, 2 and 3 carbon-neutral; with natural gas reliability • 3rd party verified; environmental attribute stapled to gas molecules via blockchain token2 Commercialization Underway • ~10 MMcf/d of CSG to Gunvor3 • Agreement with Gunvor to purchase, market and sell CSG under a NAESB3 • Received validation from third party auditor on the certification of our carbon offsets Lower emissions. Higher Value. Potential CSG uses: LNG, industrial and power gen. feedstock 1 BKV has previously marketed “CSG” to Kiewit and Gunvor at a premium to Henry Hub natural gas pricing. The marketability and any potential premium for future sales beyond our contract with Gunvor are unknown and dependent on multiple uncontrollable marke t factors. The future quantity of CSG available to sell is dependent on BKV’s ability to execute CCUS projects successfully. We expect that production of "CSG" will be achieved by bundling our natural gas with carbon credits sufficient to offset the estimated e missions associated with the production, gathering and boosting of such natural gas, as well as the estimated emissions from its transmission, distribution (if applicable) and ultimate combustion, with the quantified emissions and the requisite volume of CCUS offsets being thir d-party certified. 2 BKV is engaged with a third party to measure and assign tokens via blockchain technology to injected CO 2. The tokenization allows BKV to track environmental attributes associated with the injected volumes. 3 Contracted volumes have not yet commenced delivery and remain subject to verification and token transfer. Permanently Stored Metered & Verified Third-party verification of emissions reductions, backed by continuous metering systems
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BKV Corporation Advancing the High West CCS Project1 – Class VI, Louisiana Strategically positioned near St. Charles, capturing access to ~30 Mtpa of CO2 emissions within a 30-mile radius 34 Project Overview • Strategically located near St. Charles, within 30 miles > 30 Mtpa of CO 2 emissions • Phase 1: five Class VI wells with ~10 Mtpa storage capacity and expansion potential Class VI Permitting • Louisiana regulators initiated the technical review process for the Class VI applications in April 2026, key regulatory milestone • Test well completed in 1H26 – preliminary reservoir data exceeds expectations Community Support • $75 MM/year estimated revenue share to LA Department of Wildlife & Fisheries; 30% allocated to local parishes • Formal community plan and site visits to Barnett Zero CCUS facility strengthen transparency and public confidence Lease agreement signed with State of LA Estimated CODClass VI Permit Applications Administratively Complete Class VI Permit Applications Filed Estimated FID 2023 2024 2025 2026 2027 2028+ 1 We are pursuing CCUS projects we believe are commercially viable; however, not all have secured external financing, reached F ID, or entered into definitive agreements. There can be no assurance that any project will be executed or operated as planned, or that sufficient CO₂ volumes will be secured to achieve targeted injection rates on expected timelines.
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BKV Corporation Appendix 35
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BKV Corporation Consistent and Methodical Hedging Philosophy 36 1 Hedge positions are as of July 22, 2026. Positions shown are not all inclusive. See the latest 10-Q filing for a full detail of hedging positions. Options Only1 Calendar 2027 Natural Gas Price Daily ($) Volumes Purchased Puts $3.29 203,187 Sold Calls $4.49 203,187 NYMEX Swaps Only1 August - December 2026 Calendar 2027 Calendar 2028 Commodity Price Daily Volumes Price Daily Price Daily ($) ($) Volumes ($) Volumes Natural Gas $3.88 495,216 $3.99 266,304 $3.79 257,067(MMBtu) NGLs $24.99 18,918 $28.48 14,701 N/A N/A(Bbl) Calendar 2029 Price Daily ($) Volumes $3.60 97,500 N/A N/A BKV’s Hedging Philosophy • Methodically execute a financial hedge program at targeted prices to manage price volatility • Consistently hedge 50%+ of forecasted volumes on a rolling quarterly basis for 24 to 48 -months • Financial contracts placed with investment grade counterparties • Power hedges include 700 MW of around-the-clock calendar year positions (for 2026) • 600 MW of heat rate call options (HRCOs) and 100 MW of physical fixed power sales and gas swaps
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BKV Corporation SEC Reserves Overview 37 12/31/25 SEC Proved ReservesYE24 to YE25 SEC Total Proved (Tcfe) % DeclineNEPABarnettTotal Corp1-year15.2%11.1%11.6%5-year10.9%8.4%8.6%10-year 8.8%7.3%7.5% Gas(Bcf)Oil (MMBbl)NGLS(MMBbl)Total(Bcfe)% GasPV-10 ($MM)PD30981.81834,20774%2,263 PUD1,2482.1761,71473%525Total Proved Reserves4,3463.92595,92173%2,7882,091 Note: Reserves and associated PV-10 calculated based on 12/31/2025 SEC pricing - $3.387 gas, $65.34 Oil, 34.4% of WTI NGL. Based on reserve reports prepared by Ryder Scott Company. PDP Operated Decline Rates - YE25 SEC Reserves
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BKV Corporation Barnett Zero: Economic Proof of Concept 38 BKV’s CCUS business aims to develop CCUS projects1 where project-level cash contribution, defined as project-level revenue, taking into account Section 45Q tax incentives, less operating expense, inclusive of allocated project G&A and excluding corporate overhead, would generally be expected to be between $40 and $50 per metric ton of sequestered CO2 for the first six years of commercial operations Barnett Zero Demonstrated 2024-2025 Project-Level Economics Metric (Project-Level) FY 2024FY 2025Revenue2 $85/ton$85/tonOperating Expense3 $37/ton$43/ton Project-level Cash Contribution 4 $48 per metric ton of CO2 $42 per metric ton of CO2 The Barnett Zero project has performed within this range in its first two years of commercial operations 1 Our Barnett Zero, Cotton Cove, and Eagle Ford projects are operational. We are pursuing additional potential CCUS projects that we believe are commercially viable. However, we have not reached FID or entered into the definitive agreements necessary to execute any of these additional potential projects.2 Project-level revenue for the Barnett Zero project consists of accrued Section 45Q tax incentives. 3 Project-level operating expense for the Barnett Zero project is inclusive of allocated project G&A and excludes corporate overhead.4 “Project-level Cash Contribution” for the Barnett Zero project is defined as project-level revenue, taking into account Section 45Q tax incentives, less operating expense, inclusive of allocated project G&A and excluding corporate overhead.
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BKV Corporation Adjusted Net Income (Loss) and Adjusted EPS Reconciliation 39 Three Months Ended June 30, Six Months Ended June 30, (in thousands, except EPS) 2026 2025 2026 2025 Net income attributable to BKV $75,806 $107,768 $119,881 $25,789 Adjustment to net income attributable to BKV: Net unrealized derivative (gains) losses (45,487) (111,117) (59,343) 35,918 Forward month gas settlement 1 4,522 (7,216) (18,923) (3,219) Impairment of asset held for sale 3,516 — 3,516 2,446 Other nonrecurring transactions 4,890 9,730 13,980 11,285 Total adjustments before taxes (32,559) (108,603) (60,770) 46,430 Tax effect of adjustments 7,488 24,979 13,977 (10,679) Total adjustments after taxes (25,071) (83,624) (46,793) 35,751 Adjusted Net Income attributable to BKV $50,735 $24,144 $73,088 $61,540 Adjusted EPS attributable to BKV - Basic $0.46 $0.29 $0.69 $0.73 Adjusted EPS attributable to BKV - Diluted $0.46 $0.28 $0.69 $0.73 Basic weighted-average shares of common stock outstanding 109,395 84,710 105,727 84,708 Add dilutive effects of TRSUs 187 124 170 81 Add dilutive effects of PRSUs 190 — 161 — Diluted weighted-average common shares outstanding 109,772 84,834 106,058 84,789 1 Natural gas derivative contracts settle and are realized in the month prior to the production covered by the contract. This a djustment removes the timing difference between the settlement date and the underlying production month that is hedged.
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BKV Corporation Adjusted EBITDAX Reconciliation 40 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income $77,330 $112,475 $129,174 $25,704 Add back (subtract): Depreciation, depletion, amortization and accretion 54,088 47,674 108,253 97,385 Exploration and impairment expense — — — — Net unrealized derivative (gains) losses (45,487) (111,117) (59,343) 35,918 Forward month gas settlement1 4,522 (7,216) (18,923) (3,219) Interest expense, net 22,683 15,647 44,015 30,947 Interest expense, related parties 3,978 5,023 8,247 10,099 Equity-based compensation expense 6,399 4,069 10,306 6,136 Impairment of asset held for sale 3,516 — 3,516 2,446 Income tax expense 20,150 29,243 31,619 (1,425) Other nonrecurring transactions 4,890 9,730 13,980 11,285 Adjusted EBITDAX 152,069 105,528 270,844 215,276 (Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests (10,073) (9,031) (16,810) (13,777) Adjusted EBITDAX attributable to BKV $141,996 $96,497 $254,034 $201,499 1 Natural gas derivative contracts settle and are realized in the month prior to the production covered by the contract. This a djustment removes the timing difference between the settlement date and the underlying production month that is hedged.
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BKV Corporation Adjusted EBITDAX (Segments) Reconciliation 41 Three Months Ended June 30, 2026(in thousands)Upstream/MidstreamPowerCorporate and OtherTotalNet income (loss)$116,762$(6,802)$(32,630)$77,330Add back (subtract):Depreciation, depletion, amortization and accretion44,0329,55250454,088Exploration and impairment expense— — — —Net unrealized derivative (gains) losses (56,024)10,537— (45,487)Forward month gas settlement1 4,522— — 4,522Interest expense, net14,5759,182(1,074)22,683Interest expense, related parties— 3,978 — 3,978Equity-based compensation expense 3,4561,1581,7856,399Impairment of asset held for sale— — 3,5163,516Income tax expense— — 20,15020,150Other nonrecurring transactions5594,331 — 4,890Adjusted EBITDAX127,88231,936(7,749)152,069(Deduct) add: Adjusted EBITDAX attributable to Noncontrolling Interests — (9,083)(990)(10,073)Adjusted EBITDAX attributable to BKV$127,882$22,853$(8,739)$141,9961 Natural gas derivative contracts settle and are realized in the month prior to the production covered by the contract. This adjustment removes the timing difference between the settlement date and the underlying production month that is hedged.
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BKV Corporation Adjusted EBITDAX Attributable to Noncontrolling Interests Reconciliation 42 Three Months Ended June 30,Six Months Ended June 30,(in thousands)2026202520262025Net income (loss) attributable to noncontrolling interests$1,524$ 4,707$9,293$(85)Add back (subtract):Interest expense, net3,2903,8446,6757,712Depreciation and amortization 2,6252,5265,7064,933 EBITDAX before adjustments7,43911,07721,67412,560Net unrealized derivative (gains) losses 2,634(2,046)(4,864)1,217Adjusted EBITDAX attributable to Noncontrolling Interests$10,073$ 9,031$16,810$13,777
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BKV Corporation Adjusted Free Cash Flow before Power Growth & Adjusted Free Cash Flow before Power Growth Attributable to BKV Reconciliation 43 Three Months Ended June 30,Six Months Ended June 30,(in thousands)2026202520262025Net cash provided by operating activities$109,742$ 89,295$181,731$105,748Change in operating assets and liabilities7,866(4,811)45,14228,770Net cash provided by operating activities before change in working capital 117,60884,484226,873134,518Cash paid for contingent consideration— — — 20,000Cash paid for capital expenditures (excl. leasehold costs, acquisitions)(86,838)(66,490)(193,365)(124,102)Strategic Power Growth capital expenditures6,822— 23,279—Adjusted Free Cash Flow before Power Growth $37,592$17,994$56,787$30,416Add back (subtract):Adjusted EBITDAX attributable to Noncontrolling Interests(10,073)(9,031)(16,810)(13,777)Net interest expense attributable to Noncontrolling Interests3,2903,8446,6757,712Net contributions from Noncontrolling Interests 9,2004,35313,4004,353Adjusted Free before Power Growth attributable to BKV $40,009$17,160$60,052$28,704
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BKV Corporation 441 Adjusted EBITDAX for the three months ended June 30, 2026, multiplied by four Net Leverage Ratio Reconciliation As of June 30, (in thousands, except Net Leverage Ratio)2026Total debt $1,249,841Less: Cash and cash equivalents$168,259Net debt $1,081,582Divided by annualized Adjusted EBITDAX1 $608,276Net Leverage Ratio1.78x
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Non-GAAP & Other Definitions 45 •This Presentation includes the following financial measures that are not calculated in accordance with GAAP: (i) Adjusted EBITDAX, (ii) Adjusted EBITDAX Attributable to BKV Corporation, (iii) Adjusted EBITDAX Attributable to Noncontrolling Interest ("NCI"), (iv) Power JV Adjusted EBITDAX, (v) Adjusted Net Income (Loss) and Adjusted EPS and (vi) Adjusted Free Cash Flow before Power Growth and Adjusted Free Cash Flow before Power Growth Attributable to BKV. These non-GAAP financial measures are defined below and reconciled in the appendix to this presentation.•Adjusted EBITDAX and Adjusted EBITDAX attributable to BKV: 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. •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 our operating performance and results of operations from period to period and against industry peers. We believe Adjusted EBITDAX is a useful performance measure because it allows us to effectively evaluate our operating performance and results of operations from period to period and against industry peers, without regard to our financing methods, corporate form or capital structure. •Adjusted EBITDAX attributable to NCI: 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, its non-wholly owned consolidated subsidiaries. •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.•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 BKVfurther adjusts for noncontrolling interests to reflect amounts attributable to 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 our 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 attributable to BKV before Power Growth 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. •Other Definitions: •Production Volume: Production Volume for any period is defined as the volume of natural gas, NGLs, or oil the Company extracts from its Barnett and NEPA natural gas properties. The Company uses this metric to monitor the efficiency and effectiveness of its upstream operations. •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.