BKV Corp
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
BKV$18.42+5.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues and other operating income | ||||
| Natural gas, NGL, and oil sales | $126,952 | $174,414 | $394,493 | $527,321 |
| Midstream revenues | 2,662 | 3,799 | 10,168 | 12,227 |
| Derivative gains, net | 35,308 | 9,327 | 24,143 | 126,274 |
| Marketing revenues | 1,738 | 1,936 | 8,705 | 6,668 |
| Gains (losses) on sales of assets | — | (31) | 6,784 | 308 |
| Related party and other | 6,427 | 1,922 | 16,906 | 5,236 |
| Total revenues and other operating income | 173,087 | 191,367 | 461,199 | 678,034 |
| Operating expenses | ||||
| Lease operating and workover | 33,588 | 33,470 | 102,228 | 114,193 |
| Taxes other than income | 10,688 | 17,725 | 31,903 | 59,221 |
| Gathering and transportation | 54,705 | 62,488 | 167,810 | 183,074 |
| Depreciation, depletion, amortization, and accretion | 57,366 | 52,269 | 168,845 | 130,623 |
| General and administrative | 33,602 | 28,477 | 73,543 | 80,965 |
| Other | 4,126 | 2,233 | 15,402 | 10,716 |
| Total operating expenses | 194,075 | 196,662 | 559,731 | 578,792 |
| Income (loss) from operations | (20,988) | (5,295) | (98,532) | 99,242 |
| Other income (expense) | ||||
| Gains on contingent consideration liabilities | 3,903 | 1,203 | 9,973 | 24,113 |
| Earnings from equity affiliate | 50,562 | 49,067 | 27,602 | 34,792 |
| Loss on early extinguishment of debt | — | — | (13,877) | — |
| Interest expense | (9,197) | (20,069) | (40,443) | (54,446) |
| Interest expense, related party | (1,329) | (2,000) | (5,181) | (5,083) |
| Interest income | 202 | 419 | 3,606 | 1,555 |
| Other income | 1,019 | 395 | 1,369 | 2,246 |
| Income (loss) before income taxes | 24,172 | 23,720 | (115,483) | 102,419 |
| Income tax benefit (expense) | (11,303) | (5,156) | 30,070 | (23,041) |
| Net income (loss) | $12,869 | $18,564 | $(85,413) | $79,378 |
| Net income (loss) per common share: | ||||
| Basic | $0.19 | $0.31 | $(1.28) | $1.35 |
| Diluted | $0.18 | $0.30 | $(1.28) | $1.27 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 68,023 | 59,021 | 66,891 | 58,861 |
| Diluted | 70,637 | 62,247 | 66,891 | 62,373 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 3 |
|---|
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