BKV Corp (NYSE: BKV) is a natural gas exploration and production company that produces natural gas, natural gas liquids (NGLs), and oil primarily from the Barnett Shale and the northeastern Pennsylvania (NEPA) basin. Revenue is generated through the sale of produced volumes at market prices, with realized natural gas prices averaging $2.78/Mcf (excluding derivatives) and $2.75/Mcf (including derivatives) in FY2025. BKV also operates midstream assets and holds an equity interest in BKV-BPP Power, a power generation joint venture. Total production reached 304,975 MMcfe in FY2025, up from 288,406 MMcfe in FY2024, averaging 835.5 MMcfe/d. Proved total reserves stood at 5,920,986 MMcfe as of December 31, 2025, with a PV-10 of $3,082 million. The company is developing a Carbon Sequestered Gas product that bundles low-carbon-intensity natural gas with third-party certified carbon credits. Concord Energy, LLC serves as marketing agent for all upstream marketed volumes. BKV is headquartered in the United States and was incorporated as BKV Corporation, with Banpu Power US Corporation as a significant related party as of January 30, 2026.

Revenue model

Transactional commodity sales: natural gas, NGLs, and oil sold at market prices with derivative hedges layered on top. Average realized natural gas price was $2.75/Mcf including derivatives in FY2025 versus $2.10/Mcf in FY2024. The company also pays reservation fees under firm gathering and transportation agreements regardless of usage, representing minimum aggregate payments of $70.2 million in 2026 and $62.1 million in 2027 (as of December 31, 2025).

Products and services

Natural gas (primary product, 242,935 MMcf produced in FY2025), natural gas liquids (10,181 MBbls in FY2025), oil (159 MBbls in FY2025), midstream gathering and transportation assets, power generation through BKV-BPP Power joint venture, and a developing Carbon Sequestered Gas product bundling certified carbon credits with low-carbon-intensity natural gas.

Customers and end markets

Natural gas and NGL end markets; volumes marketed through Concord Energy, LLC as exclusive marketing agent. Power generation end market served through the BKV-BPP Power joint venture, which includes the Temple Plants with firm transport contracts to the Temple Facility via Atmos and Energy Transfer. Specific customer names and concentration data are not disclosed in the filing excerpts.

Value-chain role

Upstream exploration and production operator with midstream gathering assets. Concord Energy, LLC manages marketing and economic optimization of firm transportation contracts for NEPA, the Barnett, and the Temple Plants. Ryder Scott Company, L.P. serves as independent reserves engineer. The company holds firm transportation and storage contracts with Atmos Pipeline and Energy Transfer, including 2,812,500 MMBtu of storage at Energy Transfer's Bammel facility expiring December 2027.

Geographic exposure

Operations concentrated in the Barnett Shale (Texas) and northeastern Pennsylvania (NEPA) basin, with power generation assets at the Temple Facility (Temple Plants) in Texas. Specific revenue breakdowns by geography are not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-06

Industry: Crude Petroleum & Natural Gas