November 10, 2025. Leads & Copy — BKV Corporation (NYSE: BKV) reported its third-quarter 2025 financial and operational results, including fourth-quarter guidance, highlighting its progress in advancing its closed-loop energy strategy.
Key financial highlights from the third quarter of 2025 include:
Net income attributable to BKV was $76.9 million, or $0.90 per diluted share, while adjusted net income reached $42.5 million, or $0.50 per diluted share. The combined Adjusted EBITDAX attributable to BKV amounted to $91.8 million, which includes an implied proportionate share of Power JV Adjusted EBITDA of $20.4 million. Net cash provided by operating activities was $74.5 million, and before working capital, it was $69.1 million. Accrued capital expenditures totaled $79.6 million, and the Adjusted Free Cash Flow attributable to BKV was $(10.6) million.
Operationally, BKV achieved an average net production of 828.5 MMcfe/d. The Power JV’s Temple plants generated a total of 2,246 GWh, and the Barnett Zero project sequestered approximately 43,900 metric tons of CO2 equivalent during the quarter. The net leverage ratio stood at 1.32x.
Significant strategic moves during the quarter included the closing of the Bedrock Energy Partners’ Barnett Shale assets acquisition on September 29, 2025, and the execution of a $500 million Senior Notes offering at 7.5% due in 2030.
Subsequent to the quarter’s end, on October 29, 2025, BKV agreed to acquire one-half of Banpu Power US Corporation’s (BPPUS) interest in BKV-BPP Power, LLC (Power JV), increasing BKV’s ownership to 75%. The transaction, expected to close in the first quarter of 2026, aims to strengthen BKV’s closed-loop strategy and expand control over its core growth platform.
Looking ahead to the fourth quarter of 2025, BKV projects net production of 885-935 MMcfe/d, representing a ~10% increase from the third quarter. The company maintains its FY25 Capex guidance of $290 – $350 million for Development, CCUS + other, and estimates Power JV Adjusted EBITDA (100% share of Power JV) of $10 – $30 million.
Chris Kalnin, Chief Executive Officer of BKV, stated that the company continues to make significant progress advancing its closed loop energy strategy. He highlighted the Power JV transaction will allow BKV to consolidate the joint venture, increase their share of net power generation capacity of modern combined-cycle gas turbines to over 1 GW, enhance their strategic flexibility, and accelerate the potential for growth in their power business.
David Tameron, Chief Financial Officer, noted the successful completion of their inaugural bond offering with a $500 million note, and remains comfortably within our target range of 1.0x-1.5x and expect to deleverage through cash flow generation from our expanded, high-quality asset base.
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Source: BKV Corporation
