olivLaw · US equity research
BKV Corporation BKV
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
BKV is an energy company producing natural gas in the Barnett and NEPA basins, operating midstream assets and holding an interest in combined-cycle power plants in Texas. Its relevance now comes from the Bedrock expansion, the start of its first CCUS projects and the integration of its power business, consolidated since January 2026 after it became the 75% owner of the joint venture with BPPUS. Production rose to 835.5 MMcfe/d in fiscal 2025 and to 951.8 MMcfe/d in the first half of 2026.
At the close of 04 Nov 2026, BKV Corporation (BKV) stock was 19.10 USD (−3.63% on the day), with market capitalisation 2.1 bn USD, P/E 6.8 on diluted EPS of 2.81 USD over the last 12 months, beta 0.89, 52-week range 19.10–32.16 USD. Latest reported quarter (Q2 2026): revenue of 322.5 m USD (+20.0% YoY), net income of 75.8 m USD (−29.7% YoY), diluted EPS 0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 18.81 – 24.99
- in the lower half of the band · %B 0.05 · band width 28.2%
- SMA 50 / 200
- 22.88 / 26.48
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.89 / -0.67
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −1.1% | −11.2 pp | — |
| 3 months | −17.0% | −0.5% | −16.5 pp | — |
| 6 months | −36.0% | +4.4% | −40.4 pp | — |
| Year to date | −29.7% | +12.3% | −42.0 pp | — |
| 1 year | −22.5% | +13.5% | −36.0 pp | +16.2% |
| 3 years | unavailable | +76.4% | unavailable | +3.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133.5 m | 617.8 m | 272.5 m | 268.6 m | 199.8 m | 504.8 m | 376.5 m | 322.5 m |
| Operating income | -21.0 m | 34.3 m | -100.1 m | 161.3 m | 82.3 m | 186.7 m | 86.0 m | 121.7 m |
| Depreciation & amortisation | 57.5 m ≈ | 86.7 m | 49.7 m | 47.7 m ≈ | 18.8 m ≈ | 81.0 m | 54.2 m | 54.1 m ≈ |
| Pre-tax income | 24.2 m | -60.3 m | -117.4 m | 141.7 m | 97.7 m | 102.7 m | 63.3 m | 97.5 m |
| Income tax | 11.3 m | -12.4 m | -30.7 m | 29.2 m | 20.0 m | 18.1 m | 11.5 m | 20.2 m |
| Net income | 12.9 m | -53.2 m | -82.0 m | 107.8 m | 76.9 m | 76.4 m | 44.1 m | 75.8 m |
| Diluted EPS | 0.18 | -0.63 ≈ | -0.97 | 1.27 | 0.90 | 0.82 ≈ | 0.42 | 0.67 |
| Operating cash flow | 65.0 m ≈ | 40.6 m | 16.5 m | 89.3 m ≈ | 67.6 m ≈ | 107.1 m | 72.0 m | 109.7 m ≈ |
| Capex | 52.8 m ≈ | 52.6 m | 57.6 m | 66.5 m ≈ | 84.9 m ≈ | 96.2 m | 106.5 m | 86.8 m ≈ |
| Share repurchases | — | -2.1 m | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 8.4, median 11.6, max 40.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.7 bn | 1.3 bn | 1.0 bn | 1.1 bn |
| Revenue YoY | unavailable | −21.5% | −20.4% | +9.9% |
| Net income | 410.1 m | 123.6 m | -138.7 m | 179.2 m |
| Net income YoY | unavailable | −69.9% | −212.2% | unavailable |
| Diluted EPS | 6.62 | 1.92 | -1.94 | 2.05 |
| Diluted EPS YoY | unavailable | −71.0% | −201.0% | unavailable |
| net % | 24.7% | 9.5% | -13.4% | 15.7% |
| Free cash flow | unavailable | 58.8 m | 10.0 m | -24.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 248.4 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 889.7 m USD
- Equity
- 2.1 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- 0.55x
- Current ratio
- 0.91x
- ROE
- 9.9%
- ROA
- 5.1%
- FCF margin
- -2.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.3 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 19 Aug 2026verified |
| Operating income | 304.6 m | 241.1 m | -64.2 m | 303.7 m | SEC (XBRL)· 19 Aug 2026verified |
| Depreciation & amortisation | 130.0 m | 256.2 m | 255.9 m | 197.2 m | SEC (XBRL)· 19 Aug 2026verified |
| EBITDA | 434.6 m ≈ | 497.3 m ≈ | 191.6 m ≈ | 500.9 m ≈ | SEC (XBRL)· 19 Aug 2026derived |
| Pre-tax income | 472.8 m | 162.1 m | -175.8 m | 225.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Income tax | 62.7 m | 30.1 m | -42.4 m | 36.9 m | SEC (XBRL)· 19 Aug 2026verified |
| Net income | 410.1 m | 123.6 m | -138.7 m | 179.2 m | SEC (XBRL)· 19 Aug 2026verified |
| Diluted EPS | 6.62 | 1.92 | -1.94 | 2.05 | SEC (XBRL)· 19 Aug 2026verified |
| Weighted average diluted shares | 62.0 m | 64.4 m | 71.3 m | 86.8 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 166.5 m | 105.0 m | 81.2 m | 248.4 m | SEC (XBRL)· 07 May 2026verified |
| Inventories | — | 9.9 m | 20.1 m | 20.0 m | SEC (XBRL)· 07 May 2026verified |
| Current assets | — | 312.2 m | 235.0 m | 511.4 m | SEC (XBRL)· 07 May 2026verified |
| Goodwill | — | 18.4 m | 18.4 m | 18.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | — | 2.7 bn | 3.1 bn | 3.9 bn | SEC (XBRL)· 07 May 2026verified |
| Accounts payable | — | 47.5 m | 75.2 m | 100.4 m | SEC (XBRL)· 07 May 2026verified |
| Short-term debt | — | — | 9.4 m | 200.4 m | SEC (XBRL)· 07 May 2026verified |
| Long-term debt | — | 579.0 m | 849.8 m | 937.7 m | SEC (XBRL)· 07 May 2026verified |
| Current liabilities | — | 412.3 m | 236.7 m | 564.6 m | SEC (XBRL)· 07 May 2026verified |
| Total liabilities | — | 1.2 bn | 1.5 bn | 1.9 bn | SEC (XBRL)· 07 May 2026verified |
| Equity | 1.0 bn | 1.3 bn | 1.6 bn | 2.1 bn | SEC (XBRL)· 07 May 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 349.2 m | 260.3 m | 115.4 m | 280.4 m | SEC (XBRL)· 19 Aug 2026verified |
| Capex | — | 201.5 m | 105.4 m | 305.1 m | SEC (XBRL)· 19 Aug 2026verified |
| Free cash flow | — | 58.8 m ≈ | 10.0 m ≈ | -24.7 m ≈ | SEC (XBRL)· 19 Aug 2026derived |
| Investing cash flow | -865.6 m | -663.1 m | 34.3 m | -576.4 m | SEC (XBRL)· 19 Aug 2026verified |
| Financing cash flow | 534.8 m | 498.5 m | -314.8 m | 463.3 m | SEC (XBRL)· 19 Aug 2026verified |
| Share repurchases | — | 600.0 k | 0 | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet25
- Growth0
- Quality52
- Returns1
- Valuation53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.32 – 35.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA13.32 – 25.27 (Mid 21.06)16 companies used · median multiple 5.0x · quartiles 3.7x – 5.6xAPA, AR, CHRD, CRGY, CRK, EOG, EQT, EXE, FANG, MGY, MTDR, OVV, REPX, TALO, VIST, WTI
- Peers: P/E24.12 – 35.20 (Mid 26.33)20 companies used · median multiple 9.4x · quartiles 8.6x – 12.5xAMPY, APA, AR, CHRD, CNX, CRK, DVN, EOG, EQT, EXE, GPRK, INR, MGY, MTDR, OVV, OXY, PR, REPX, TTE, VIST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.7% | 74 (vs peers) | 12% |
| Net margin · Quality | 19.5% | 68 (vs peers) | 7% |
| FCF conversion · Quality | -6.6% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -11.8% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -32.3% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.6x | 24 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 6.8x | 91 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.7x | 56 (vs peers) | 12% |
| FCF yield · Valuation | -0.9% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation53/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BKV Corp (BKV). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 9.9%; net margin 19.5%; ROE 14.1%; net debt/EBITDA 1.6x.
The estimated value range is 18.72–30.24 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 23.69 USD, the price of 19.10 USD leaves a potential of 24.0% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.7%
- P/E (TTM): 6.8x
What contradicts it
- FCF conversion: -6.6%
- Revenue CAGR 3Y: -11.8%
- EPS CAGR 3Y: -32.3%
- Net debt / EBITDA: 1.6x
- Current ratio: 1.1x
- FCF yield: -0.9%
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +26% / +101% |
| MGYMagnolia Oil & Gas Corp | 5.5 bn | 13.0 | 20.5% | 28.8% | −0.3% | +1% / +9% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | −7% / +72% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| BKVBKV Corp | 2.1 bn | 6.8 | 14.1% | 19.5% | +9.9% | −22% / unavailable |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +101% / −67% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| VTSVitesse Energy, Inc. | 618.1 m | — | -7.6% | -15.4% | +13.2% | −31% / −38% |
1- and 3-year price returns: for BKV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.06 Total return -53% · Per year -53% | 16.09 Total return -16% · Per year -16% | 24.35 Total return 27% · Per year 27% |
| 3 years | 7.19 Total return -62% · Per year -28% | 14.52 Total return -24% · Per year -9% | 24.35 Total return 27% · Per year 8% |
| 5 years | 5.71 Total return -70% · Per year -21% | 13.11 Total return -31% · Per year -7% | 24.35 Total return 27% · Per year 5% |
- Exit P/E± 3.63
- Net margin± 2.54
- Annual revenue growth± 2.30
- Annual dilution± 0.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BKV is an energy company producing natural gas in the Barnett and NEPA basins, operating midstream assets and holding an interest in combined-cycle power plants in Texas. Its relevance now comes from the Bedrock expansion, the start of its first CCUS projects and the integration of its power business, consolidated since January 2026 after it became the 75% owner of the joint venture with BPPUS. Production rose to 835.5 MMcfe/d in fiscal 2025 and to 951.8 MMcfe/d in the first half of 2026.
SWOT
Strengths
- Integration across the value chain, from production to midstream and power, which can help control costs and margins 1.
- Large proved reserves with a moderate base decline, supporting long-term production 1.
- Operating power assets in Texas and CCUS projects in service provide diversification away from gas production 2.
Weaknesses
Opportunities
Risks
- Gas price volatilityhigh
Revenues, the value of reserves and the ability to fund investment depend on market prices, which can fluctuate sharply 1.
- Reliance on one gathererhigh
A large share of Barnett volumes is gathered and processed by ONEOK, and a disruption would affect results 1.
- Undeveloped reservesmedium
A significant share of reserves is undeveloped and needs capital, and development could be slower than estimated 1.
- Low-carbon gas certificationmedium
The earlier certification program did not develop, and standards for certified gas remain in progress, which could delay monetisation 1.
- CCUS and power project risksmedium
CCUS projects and plants depend on access to capital and commercial contracts, and any delays could affect the growth plan 2.
Investment thesis
What would need to be true (bull case)
- If gas prices stay at high levels and the power integration works, cash flow could support investment and shareholder returns 1.
- CCUS assets now in operation and the Bedrock expansion could open new revenue sources as certified gas markets mature 2.
- Unused midstream capacity could reduce the cost of growing production 1.
What would break the thesis
- If gas prices fall for long periods, results could be hit and some reserve values could be written down 1.
- Reliance on third parties for gathering and marketing could create operational vulnerabilities 1.
- Large capital needs for development and power could limit financial flexibility if capital markets tighten 1.
What to watch
- Pace of CCUS injections at Cotton Cove and Eagle Ford and volumes sequesteredQ3 2026
- Production trend against the first-half 2026 level of 951.8 MMcfe/dQ3 2026
- Contribution of the Temple plants after consolidation of the joint ventureQ4 2026
- Progress on low-carbon gas certification and on contracts with Kiewit and Gunvornext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BKV Corporation describes its business as a growth-driven energy company that develops natural gas production assets and owns natural gas-fired power generation assets, supplemented by selective acquisitions. Its 'closed-loop' model links four business lines: natural gas production, natural gas midstream, power generation and CCUS, to support cost efficiency and operational reliability. The company states that it retains operational control over the production, transportation and processing of natural gas 1.
Gas production is concentrated in the Barnett Shale and NEPA, with approximately 563000 net acres as of December 31, 2025, substantially all held by production 1. The Bedrock Acquisition from September 2025 added low-decline assets in the Barnett and, according to the document, is expected to increase production by over 100 MMcfe/d 1. The company notes that its certified gas and the 'Carbon Sequestered Gas' product are still in development, and that a US domestic certification standard has not yet been set 1.
In January 2026 BKV completed the power joint venture transaction with BPPUS, paying 115.1 mn USD in cash and shares, which resulted in a 75% interest in BKV-BPP Power 2. The Texas power business includes the Temple I and Temple II plants, with annual average capacities of 752 MW and 747 MW 1. CCUS injections began at Cotton Cove in April 2026 and at Eagle Ford in June 2026 2.
Segments
Natural gas production
The upstream segment provided most of the revenue, with production revenues of 857.6 mn USD in fiscal 2025 1. Production of natural gas, NGLs and oil was 305.0 Bcfe in fiscal 2025, or 835.5 MMcfe/d 1. Proved reserves of 5921 Bcfe carry an estimated average base decline rate of 7.4% over the next ten years 1.
Midstream
Midstream assets include a gathering and processing system in the Barnett with roughly 870 miles of gathering pipeline, and NEPA assets partly managed by third parties 1. Midstream revenues were smaller than production revenues, and the company relies on contracts with ONEOK and other operators for part of its volumes 1.
Power and CCUS
The power division includes the Temple plants in ERCOT and the retail business BKV Energy, which had over 58000 customers at December 31, 2025 1. In the first half of 2026 the plants generated 4203 GWh at a 66.0% capacity factor 2. The CCUS projects began sequestration at Cotton Cove and Eagle Ford, with estimated capacities of 32000 and 90000 metric tons of CO2 per year 2.
Market context
The US natural gas market is volatile, and Henry Hub prices have swung sharply in recent years, according to the document 1. Realized gas prices have been affected by basis differentials and hedging instruments, which makes revenues sensitive to benchmark prices 1. Electricity demand in ERCOT, with winter and summer peaks, is the market for the generation assets 1.
The market for CCUS and low-carbon certified gas is still early, and the company says there is not yet a US domestic certification standard 1. If demand for low-carbon gas develops, CCUS assets could become an important route to market, though this depends on the regulatory framework and commercial contracts 1.
Trends
- Higher gas prices in 2025tailwind
Average Henry Hub prices rose compared with 2024, and gas revenues increased significantly in 2025, supporting the company's results 1. If prices stay high, this could support cash flow, but the history also shows sharp peaks and troughs 1.
- Gas price volatilityheadwind
The document shows very wide Henry Hub price ranges and notes that prices could fall below current levels, which could reduce the value of reserves and revenues 1.
- CCUS expansiontailwind
Commercial injections at Cotton Cove and Eagle Ford started in 2026, and the company sees CCUS as a growth direction for certified gas and third-party services 2.
- Capital needs and financingmixed
Developing undeveloped reserves and power projects requires substantial capital, and the company may need additional financing on terms that are not assured 1. This could limit expansion if access to capital narrows 1.
Competitive position
The document 1 does not name competitors explicitly, so the competitive analysis rests on the operators the company mentions as partners or suppliers in the Barnett and NEPA. Competition in production turns on costs, access to pipelines and reserve quality, factors tied to the geography of each basin.
In power, BKV's plants compete with other generators in ERCOT, and in CCUS the company aims to position itself for several certification markets 1. Differentiation depends on the thermal efficiency of the plants and the ability to deliver certified gas 1.
- ONEOKOKE
Major partner that gathers and processes a large share of Barnett gas and is an essential supplier to the company 1.
- UGI Energy Services
Midstream operator that gathers NEPA volumes under acreage dedication contracts 1.
- Williams CompaniesWMB
Midstream operator that handles part of the NEPA volumes, placing it in the same service area 1.
- Energy TransferET
Pipeline operator that takes gas from the Barnett and NEPA and is an important takeaway route for the company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report07 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report (amendment)06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report22 May 2026Material agreement · Financial statements and exhibits
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BKV Corporation · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BKV Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BKV Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.