BKV (BKV) Company Report

BKV Corporation completed an offering of 6,900,000 shares of common stock, including the full exercise of an option for 900,000 additional shares, at a public price of $26.00 per share.
The offering, finalized on December 3, 2025, generated approximately $170.3 million in net proceeds for the company.
The proceeds are primarily intended to fund the acquisition of a controlling interest in BKV-BPP Power, LLC and related expenses.
A 90-day lock-up period applies to certain individuals and entities, including officers and directors, restricting the sale of BKV Corporation's securities.

1 day ago

8-K

BKV Corporation Announces Pricing of Public Offering of Common Stock

BKV

M&A

New Projects/Investments

BKV Corporation announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock at $26.00 per share on December 1, 2025.
The offering is expected to generate $156.0 million in total gross proceeds before deductions, with underwriters having a 30-day option to purchase up to an additional 900,000 shares.
The net proceeds are intended to fund the cash consideration for the acquisition of a controlling interest in BKV-BPP Power, LLC and related expenses.
The offering is expected to close on December 3, 2025.

3 days ago

8-K

BKV Corporation Files Updated Pro Forma Financials Following Bedrock Acquisition

BKV

M&A

Debt Issuance

New Projects/Investments

BKV Corporation filed an 8-K on November 17, 2025, to provide updated unaudited pro forma condensed combined financial information for the nine months ended September 30, 2025, reflecting the Bedrock Acquisition.
The acquisition of 100% of the equity interests of Bedrock Production, LLC was completed on September 29, 2025, for an aggregate consideration of $397.7 million.
The consideration included approximately $179.5 million in cash and the issuance of 5,233,957 shares of BKV common stock, valued at approximately $124.2 million as of September 29, 2025.
The acquisition was funded, in part, by proceeds from the offering of $500,000,000 in 7.500% senior unsecured notes due 2030.
The unaudited pro forma net income attributable to BKV for the nine months ended September 30, 2025, was $96,414 thousand, with pro forma basic and diluted EPS of $1.06.

Nov 17, 2025, 9:00 PM

8-K

BKV Announces Q3 2025 Results, Increased Power JV Ownership, and Operational Progress

BKV

M&A

Earnings

New Projects/Investments

BKV entered into a definitive agreement to acquire an additional stake in its power joint venture, which will increase its overall ownership to 75%, representing over 1.1 gigawatts of generation capacity in the ERCOT market. The transaction is valued at approximately $376 million and is expected to close in Q1 2026.
For Q3 2025, BKV reported a net income of $76.9 million and adjusted earnings of $0.50 per diluted share. Combined adjusted EBITDA contributable to BKV, including its proportionate share of the Power JV, was $91.8 million, marking a 50% increase from Q3 2024.
The upstream business delivered strong Q3 2025 results, with production up 9% year-over-year and 2% sequentially, and successfully integrated the Bedrock acquisition, which adds at least 50 new drilling locations and 80 refract opportunities.
BKV's carbon capture (CCUS) business is progressing towards its goal of a 1 million tons per annum injection rate by year-end 2027, with two more operational projects anticipated in H1 2026. The company also strengthened its balance sheet by issuing $500 million of 7.5% senior notes and expanding its RBL elective commitments to $800 million, resulting in a net leverage ratio of 1.3 times as of September 30th.

Nov 10, 2025, 3:00 PM

Transcript

BKV Reports Strong Q3 2025 Results, Announces Majority Stake Acquisition in Power JV, and Strengthens Capital Structure

BKV

M&A

Earnings

Debt Issuance

BKV announced an agreement to acquire 50% of Banpu Power's interest in their Power Joint Venture, increasing BKV's ownership to 75% and giving them over 1.1 GW of low-heat rate equity power generation in the ERCOT market. The transaction, valued at approximately $1,000 per kW of generation capacity, is expected to close in Q1 2026, with a total purchase price of $376 million (including $145 million of assumed debt).
For Q3 2025, BKV reported a net income of $76.9 million, or $0.90 per diluted share, and adjusted earnings of $0.50 per diluted share. Combined adjusted EBITDA attributable to BKV increased 50% from Q3 2024 to $91.8 million.
The company strengthened its capital structure by issuing $500 million of 7.5% senior notes and increasing its RBL elective commitments from $665 million to $800 million. As of September 30, BKV had $868 million in total liquidity and a net leverage ratio of 1.3 times.
The upstream business delivered strong operational results, with production volumes up 9% year-over-year and 2% sequentially, and full-year 2025 production guidance was raised by approximately 4%.
BKV is making significant progress in its carbon capture business, aiming for an injection rate of 1 million tons per annum by year-end 2027, with two more operational projects expected within the first half of 2026.

Nov 10, 2025, 3:00 PM

Transcript

BKV to Acquire Control Position in Power Joint Venture

BKV

M&A

New Projects/Investments

BKV Corporation announced it will acquire one-half of Banpu Power US Corporation's (BPPUS) interest in BKV-BPP Power, LLC, which will increase BKV's ownership to 75%.
The aggregate consideration for the acquisition is $376.0 million less 25% of the net indebtedness of BKV-BPP Power at closing.
As of September 30, 2025, the net indebtedness of BKV-BPP Power was approximately $581.8 million.
The consideration will be paid 50% in cash and 50% in BKV common stock, with the stock issued at a price of $21.6609 per share.
BKV expects the transaction to close in the first quarter of 2026 and will consolidate the financial results of BKV-BPP Power post-closing.

Oct 29, 2025, 12:53 PM

8-K

BKV Corporation to acquire Bedrock Production, LLC

BKV

M&A

New Projects/Investments

BKV Corporation entered into a Membership Interest Purchase Agreement (MIPA) on August 7, 2025, to acquire 100% of the equity interests of Bedrock Production, LLC for approximately $370 million. The transaction is expected to close in the second half of 2025, subject to customary closing conditions.
As of June 30, 2025, the estimated total consideration transferred for the acquisition was $395,234 thousand, comprising $260,000 thousand in cash, $9,000 thousand for early extinguishment of Bedrock debt, $2,000 thousand for derivative contract settlements, and $124,234 thousand in stock consideration.
The pro forma combined natural gas proved developed and undeveloped reserves for BKV Corporation and Bedrock Energy Partners, LLC were 2,596,977 MMcf as of December 31, 2024.
The pro forma combined standardized measure of discounted future net cash flows related to proved reserves was $833,110 thousand as of December 31, 2024.

Oct 1, 2025, 9:01 PM

8-K

BKV Announces Offering of Senior Notes Due 2030

BKV

Debt Issuance

M&A

New Projects/Investments

BKV Upstream Midstream, LLC, a wholly owned subsidiary of BKV Corporation, announced an offering of $500 million aggregate principal of senior notes due 2030 in a private placement.
The net proceeds from this offering are intended to fund the cash portion of the purchase price for the Bedrock Acquisition and repay a portion of outstanding borrowings under the RBL Credit Agreement.
The Bedrock Acquisition involves BKV Upstream Midstream acquiring 100% of the equity interests of Bedrock Production, LLC.
The BKV 2030 Notes will be subject to a special mandatory redemption if the Bedrock Acquisition is not completed by November 1, 2025, or if the purchase agreement is terminated.
After giving effect to the Bedrock Acquisition and the Notes Offering, BKV's total proved reserves as of June 30, 2025, would have been 5.2 Tcfe based on SEC pricing.

Sep 22, 2025, 11:53 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for BKV.

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