BKV Corp
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 10, 2025
BKV$17.55-3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001628280-25-039839
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001628280-25-051049
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 134 previous paragraphs and 139 current paragraphs.
62 unchanged; 57 reworded; 16 added; 7 removed; 8 previous and 4 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Our midstream revenues decreased by approximately $0.1 million, or 3%, to $2.6 million for thethree months ended September 30, 2025, from $2.7 million for thethree months ended September 30, 2024, which is consistent period-over-period.
Current report
Our related party revenues were $0.4 million for both the three months ended September 30, 2025 and 2024, which was consistent period-over-period. Related party revenues represent fees earned for services provided to BKV-BPP Power under the Administrative Services Agreement.
Current report
Other revenues includes the sale of third-party natural gas, offset by a loss on the sale of assets, which was $2.6 million and $0.5 million, respectively for the three months ended September 30, 2025. This is compared to $1.7 million of third-party gas sold during the three months ended September 30, 2024, which increased from 2024 due to an increase in natural gas prices.
Current report
General and administrative expenses were $30.7 million, or $0.40 per Mcfe, for the three months ended September 30, 2025, which was a decrease of approximately $2.9 million, or 9%, from $33.6 million, or $0.48 per Mcfe, for the three months ended September 30, 2024. The decrease was primarily driven by the reduction of employee-based compensation of $7.7 million. The three months ended September 30, 2024, included $10.6 million of TRSU stock compensation expense under the 2021 Plan post-IPO, partially offset by $2.9 million of stock compensation expense incurred during the three months ended September 30, 2025, under the 2024 Plan. Slightly offsetting the overall decrease were period-over-period increases in labor and contracting expenses and consulting fees of $2.6 million and $2.2 million, respectively.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
For thenine months ended September 30, 2025, we had net realized and unrealized gains on derivative contracts of$34.9 million, compared to$24.1 million for the same period in 2024. Theincrease in gains for the nine months ended September 30, 2025, was primarily attributable to our open derivative positions, which were in more of an unrealized gain position of $24.1 million, compared toan unrealized loss position of$82.1 million for the same period in 2024. The increase in unrealized gains for the current period primarily reflects decreases in the forward curve of natural gas prices relative to December 31, 2024, whereas the prior year period reflected increases in future natural gas prices compared to December 31, 2023. Offsetting the unrealized gains for thenine months ended September 30, 2025, were the purchase of put options in the first quarter of 2025, limiting our 2026/2027 pricing downside. Included in the unrealized losses for thenine months ended September 30, 2024, were the sale of call options in January 2024, which limited our 2026/2027 pricing upside. The increased gains on our derivative contracts were offset by a decrease in realized gains of $95.5 million to$10.8 million for the nine months ended September 30, 2025, compared to realized gains of$106.3 million in the same period in 2024, which weredue to higher natural gas prices settled in the current period compared to the same period in the prior year.
Current report
On September 26, 2025, we issued in a private placement $500.0 million of 7.50% senior unsecured notes due October 15, 2030 (the "2030 Senior Notes"). The 2030 Senior Notes were issued at par and resulted in proceeds of $490.0 million, after deducting underwriters’ discounts, and commissions. The proceeds were used to repay a portion of the RBL Credit Agreement and fund a portion of the purchase price of the Bedrock Acquisition. In connection with the issuance of the 2030 Senior Notes, we
Current report
recorded debt issuance costs of $13.4 million, which are amortized to interest expense on the condensed consolidated statements of operations over the term of the 2030 Senior Notes.
Current report
Interest on the 2030 Senior Notes is payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2026. The 2030 Senior Notes are guaranteed on a senior unsecured basis by us and all of BKV Upstream Midstream's existing restricted subsidiaries and certain future subsidiaries (collectively, the “BKV Guarantors,” and such guarantees, the “Guarantees”). These Guarantees are full, unconditional, joint, and several among the BKV Guarantors, subject to certain customary release provisions. The indenture governing the 2030 Senior Notes contains customary events of default, as well as cross-default provisions with other indebtedness of the Company and its restricted subsidiaries.
Current report
The 2030 Senior Notes and the Guarantees will rank effectively subordinate in right of payment to any secured indebtedness of BKV Upstream Midstream and the BKV Guarantors, including under the RBL Credit Agreement, and other secured obligations BKV Upstream Midstream or the BKV Guarantors incur in the future, to the extent of the value of the assets constituting collateral securing such indebtedness and obligations. The 2030 Senior Notes and the Guarantees will rank senior in right of payment to any of BKV Upstream Midstream and the BKV Guarantors’ subordinated indebtedness. In addition, the 2030 Senior Notes will be structurally subordinated in right of payment to any indebtedness and other liabilities (other than indebtedness and liabilities owed to BKV Upstream Midstream) of BKV Upstream Midstream’s subsidiaries that do not guarantee the 2030 Senior Notes. On or after October 15, 2027, BKV Upstream Midstream may, on any one or more occasions, redeem some or all of its 2030 Senior Notes prior to their maturity at redemption prices plus accrued and unpaid interest as described in the indenture governing the 2030 Senior Notes. Subject to certain conditions, BKV Upstream Midstream may redeem up to 40% of the aggregate principal amount of the 2030 Senior Notes before October 15, 2027, with an amount of cash not greater than the net cash proceeds from certain equity offerings at a redemption price described in the indenture governing the 2030 Senior Notes plus accrued and unpaid interest to, but excluding, the redemption date. In addition, prior to October 15, 2027, the BKV Upstream Midstream may redeem some or all of the 2030 Senior Notes at a price equal to 100% of the principal amount thereof, plus a make-whole premium set forth in this offering memorandum, plus accrued and unpaid interest as described in the indenture governing the 2030 Senior Notes.
Current report
calendar month period immediately following the date financial statements are required to be delivered under the RBL Credit Agreement for each fiscal quarter.
Current report
Accounting for Variable Interest Entities
Current report
Agreement forming the BKV-CIP Joint Venture. On June 26, 2025, BKV dCarbon Ventures and BPPUS amended and restated the BKV-BPP Cotton Cove, LLC Agreement whereby on July 9, 2025, BKV dCarbon Ventures contributed $3.3 million to BKV-BPP Cotton Cove, net of $0.1 million of expenditures paid by BKV dCarbon Ventures on behalf of BKV-BPP Cotton Cove, and on July 10, 2025, BPPUS received $5.4 million of its initial capital contribution of $8.6 million from BKV-BPP Cotton Cove. On July 31, 2025, BKV dCarbon Ventures and BPPUS contributed an additional $3.8 million and $3.6 million, respectively. BKV dCarbon Ventures owns a 51% interest and BPPUS owns a 49% interest in BKV-BPP Cotton Cove.
Removed paragraphs (7)
Previous report
Other revenues primarily includes the sale of third-party natural gas, which was $2.9 million for the three months ended June 30, 2025 compared to $1.5 million for the three months ended June 30, 2024. The period-over-period increase was primarily due to an increase in third-party gas sales of $1.3 million.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
For thesix months ended June 30, 2025, we had net realized and unrealized losses on derivative contracts of$40.0 million compared to net realized and unrealized losses on derivative contracts of$11.2 million for thesix months ended June 30, 2024. Thelosses during the six months ended June 30, 2025 was primarily attributable to an increase in the forward natural gas curve, resulting in unrealized losses of$31.1 million and realized losses of$8.9 million. During the six months ended June 30, 2024, we had unrealized losses of $79.1 million, which was primarily attributable to the unrealized loss on the call option we sold in January 2024. This was offset by realized gains during the six months ended June 30, 2024 of $67.9 million due to lower natural gas prices.
Previous report
Accounting for the BKV-CIP Joint Venture
Reworded paragraphs (57)
Previous wording
Our operating revenues and other income from operations include the activity from the sale of natural gas, NGLs, and oil, midstream revenues, gains and losses on our derivative contracts and on the sale of our business, marketing revenues, Section 45Q tax credits, related party revenues, and other income from operations. The following table provides information on our revenues and other operating income for the periods presented:
Current wording
Our operating revenues and other income from operations include the activity from the sale of natural gas, NGLs, and oil, midstream revenues, gains and losses on our derivative contracts, marketing revenues, Section 45Q tax credits, related party revenues, and other income from operations. The following table provides information on our revenues and other operating income for the periods presented:
Previous wording
Our natural gas revenues increased by approximately$72.7 million, or 88%, to$155.6 million for the three months ended June 30, 2025, from$82.8 million for the three months ended June 30, 2024. The impact of commodity price increases, excluding the effect of derivative settlements, provided a$71.0 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). Theincrease was also due to slightly higher production volumes during the three months ended June 30, 2025, which accounted for a$1.7 million increasein period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Current wording
Our natural gas revenues increased by approximately$63.1 million, or 72%, to$150.9 million for the three months ended September 30, 2025, from$87.9 million for the three months ended September 30, 2024. The impact of commodity price increases, excluding the effect of derivative settlements, provided a$55.4 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). Theincrease was also due to higher production volumes during the three months ended September 30, 2025, which accounted for a$7.7 million increasein period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Previous wording
Our NGL revenues increased by approximately$0.4 million, or 1%, to$41.6 million for the three months ended June 30, 2025, from$41.2 million for the three months ended June 30, 2024. Theincrease was due to slightly higher production volumes during the three months ended June 30, 2025, which accounted for a$0.5 million increasein period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). The increase was slightly offset by commodity price decreases, excluding the effect of derivative settlements, which accounted for a$0.1 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Current wording
Our NGL revenues increased by approximately$2.3 million, or 6%, to$39.8 million for the three months ended September 30, 2025, from$37.5 million for the three months ended September 30, 2024. Theincrease was due to slightly higher production volumes during the three months ended September 30, 2025, which accounted for a$3.0 million increasein period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). The increase was slightly offset by commodity price decreases, excluding the effect of derivative settlements, which accounted for a$0.7 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Previous wording
Our oil revenues increased by approximately$0.7 million, or 41%, to$2.5 million for the three months ended June 30, 2025, from$1.8 million for the three months ended June 30, 2024. Theincrease was primarily due tohigher production volumes during thethree months ended June 30, 2025, which accounted for a $1.5 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). Theincrease was offset bythe impactof commodity price decreases, excluding the effect of derivative settlements, which accounted for a $0.8 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Current wording
Our oil revenues increased by approximately$0.1 million, or 9%, to$1.7 million for the three months ended September 30, 2025, from$1.6 million for the three months ended September 30, 2024. Theincrease was primarily due tohigher production volumes during thethree months ended September 30, 2025, which accounted for a $0.4 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). Theincrease was offset bythe impactof commodity price decreases, excluding the effect of derivative settlements, which accounted for a $0.3 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Previous wording
For the three months ended June 30, 2025, we had net realized and unrealized gains on derivative contracts of$112.2 million compared to net realized and unrealized losses on derivative contracts of$7.5 million for the three months ended June 30, 2024. Theincrease in gains for thethree months ended June 30, 2025 were from our open derivative positions, which were in more of an unrealized gain position of $102.9 million compared to thethree months ended June 30, 2024, which was in an unrealized loss position of$39.0 million. The increase in unrealized gains during the current period was due to significant short-term declines in natural gas prices, and in the same period in the prior year, there were more contracts in a liability position. The increased gains on our derivative contracts were offset by a decrease in realized gains of $22.2 million to$9.3 million for thethree months ended June 30, 2025 compared to realized gains of$31.5 million in the same period in 2024, which weredue to higher natural gas prices in the current period compared to the same period in the prior year.
Current wording
For the three months ended September 30, 2025, we had net realized and unrealized gains on derivative contracts of$74.9 million compared to$35.3 million for the same period in 2024. Theincrease in gains for thethree months ended September 30, 2025, was primarily attributable to our open derivative positions, which were in more of an unrealized gain position of $55.2 million compared toan unrealized loss position of$3.0 million for the same period in 2024. The increase in unrealized gains for the current period primarily reflects decreases in the forward curve of natural gas prices between quarters, whereas unrealized losses the prior year period reflected minimal increases in forward natural gas prices between quarters. The increased gains on our derivative contracts were offset by a decrease in realized gains of $18.7 million to$19.7 million for thethree months ended September 30, 2025 compared to realized gains of$38.3 million in the same period in 2024, which weredue to higher natural gas prices settled in the current period compared to the same period in the prior year.
Previous wording
Our marketing revenues decreased by approximately $0.7 million, or 33% to $1.4 million for thethree months ended June 30, 2025 from $2.0 million for thethree months ended June 30, 2024. Our marketing revenues are derived under our marketing agreement with a third party pursuant to which we receive a fixed percentage of all net income realized in the resale of our and other producers’ hydrocarbons. Thedecrease in marketing revenues during thethree months ended June 30, 2025 was primarily due to a lower peak pricing environment compared to the same period in 2024.
Current wording
Our marketing revenues were $1.7 million for both thethree months ended September 30, 2025 and 2024. Our marketing revenues are derived under our marketing agreement with a third party pursuant to which we receive a fixed percentage of all net income realized in the resale of our and other producers’ hydrocarbons.
Previous wording
We generated $2.6 million in Section 45Q tax credits during the three months ended June 30, 2025 related to CO 2 waste sequestration activities under our Barnett Zero Project compared to $3.6 million during the three months ended June 30, 2024. The period-over-period decrease was due to lower volumes of CO 2 waste sequestered in 2025, which resulted from operational maintenance conducted by the supplier in April and May 2025.
Current wording
Our Section 45Q tax credits decreased by approximately $0.5 million, or 13%, to $3.7 million during the three months ended September 30, 2025, from $4.3 million during the three months ended September 30, 2024. Our Section 45Q tax credits relate to CO 2 waste sequestration activities under our Barnett Zero Project. The period-over-period decrease was due to lower volumes of CO 2 waste sequestered in 2025, reflecting routine fluctuations in activity levels that occur as part of our normal operations.
Previous wording
Lease operating and workover expenses were $34.2 million, or $0.46 per Mcfe, for thethree months ended June 30, 2025, which was consistent for thethree months ended June 30, 2024 of $34.2 million, or $0.48 per Mcfe. Lease operating expenses during thethree months ended June 30, 2025 compared to the same period in 2024 increased by $1.3 million in our Pad of the Future activity, compression movement, and other individually immaterial increases, offset by the timing of inspection fees and a decrease in water and disposal costs of $0.8 million, and $0.5 million, respectively.
Current wording
Lease operating and workover expenses were $36.9 million, or $0.49 per Mcfe, for thethree months ended September 30, 2025, which wasan increase of approximately$3.3 million, or 10%, from thethree months ended September 30, 2024, of $33.6 million, or $0.48 per Mcfe. Lease operating expenses during thethree months ended September 30, 2025, compared to the same period in 2024, were due to increased project activity with our Pad of the Future program, disposal costs, compressor movement, and fracking offsets.
Previous wording
Taxes other than income were $13.4 million, or $0.18 per Mcfe, for the three months ended June 30, 2025, which was an increase of approximately $3.6 million, or 36%, from $9.8 million, or $0.14 per Mcfe, for the three months ended June 30, 2024. The increase in taxes other than income during the three months ended June 30, 2025 compared to 2024 was due to increases in production taxes of $4.2 million in the Barnett. This was offset by decreases in ad valorem and property taxes associated with our operations in the Barnett and NEPA of $0.5 million and $0.1 million, respectively. Certain ad valorem and production taxes are not applicable to our NEPA properties.
Current wording
Taxes other than income were $11.6 million, or $0.15 per Mcfe, for the three months ended September 30, 2025, which was an increase of approximately $1.0 million, or 9%, from $10.7 million, or $0.15 per Mcfe, for the three months ended September 30, 2024. The increase in taxes other than income during the three months ended September 30, 2025, compared to 2024, was due to increases in production taxes of $2.9 million in the Barnett. This was offset by decreases in ad valorem and property taxes associated with our operations in the Barnett and NEPA of $2.2 million and $0.3 million, respectively. Certain ad valorem and production taxes are not applicable to our NEPA properties.
Previous wording
Gathering and transportation expenses in the Barnett were$63.0 million, or$0.85 per Mcfe, for thethree months ended June 30, 2025, which wasan increase of approximately$9.3 million, or 17%, from$53.7 million, or$0.74 per Mcfe, for thethree months ended June 30, 2024. This increase was primarily driven by natural gas and NGL rate increases of $5.7 million, and $1.8 million, respectively, and increased natural gas and NGL production of $2.4 million and $0.2 million, respectively. This was offset by a decrease in the gathering costs on our outsourced contracts with our midstream business of $0.8 million.
Current wording
Gathering and transportation expenses in the Barnett were$61.8 million, or$0.81 per Mcfe, for thethree months ended September 30, 2025, which wasan increase of approximately$7.1 million, or 13%, from$54.7 million, or$0.78 per Mcfe, for thethree months ended September 30, 2024. This increase was primarily driven by natural gas and NGL production increases of $5.3 million, and $1.3 million, respectively, and increased natural gas and NGL rate of $0.8 million and $0.1 million, respectively. This was offset by a decrease in the gathering costs on our outsourced contracts with our midstream business of $0.4 million.
Previous wording
Depreciation, depletion, amortization, and accretion was $38.0 million, or $0.52 per Mcfe, for thethree months ended June 30, 2025, which was a decrease of approximately $21.3 million, or 36%, from $59.3 million, or $0.82 per Mcfe, for thethree months ended June 30, 2024. The decrease in depreciation, depletion, amortization, and accretion during thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024 was primarily due to a depletion rate adjustment in 2025, which was driven by higher reserves.
Current wording
Depreciation, depletion, amortization, and accretion was $37.9 million, or $0.50 per Mcfe, for thethree months ended September 30, 2025, which was a decrease of approximately $19.5 million, or 34%, from $57.4 million, or $0.82 per Mcfe, for thethree months ended September 30, 2024. The decrease in depreciation, depletion, amortization, and accretion during thethree months ended September 30, 2025, compared to thethree months ended September 30, 2024, was primarily due to a depletion rate adjustment in 2025, which was driven by higher reserves.
Previous wording
Other operating expenses were $14.5 million, or $0.20 per Mcfe, for thethree months ended June 30, 2025, which was an increase of approximately $11.4 million, from $3.0 million, or $0.04 per Mcfe, for thethree months ended June 30, 2024. The increase in other operating expenses during thethree months ended June 30, 2025 compared to the same period in 2024 was due to $3.1 million of costs related to the CCUS equity raise, $2.1 million increase in third-party natural gas purchases due to increased volumes and natural gas prices,$2.1 million of a deficiency payment incurred under our minimum volume commitments on our midstream pipeline,$1.6 million in CCUS transaction fees, $1.1 million in a project write-off, $0.7 million in increased emissions monitoring costs, and $0.4 million in legal settlements. This was offset by a decrease of $0.2 million of CCUS operating expenses for CO 2 purchases for sequestration due to operational maintenance conducted by the supplier in April and May 2025.
Current wording
Other operating expenses were $16.6 million, or $0.22 per Mcfe, for thethree months ended September 30, 2025, which was an increase of approximately $12.4 million, from $4.1 million, or $0.06 per Mcfe, for thethree months ended September 30, 2024. The increase in other operating expenses during thethree months ended September 30, 2025, compared to the same period in 2024, was primarily due to $5.6 million in an enterprise resource planning system write-off, $3.8 million in integration costs from the Bedrock Acquisition, a $1.3 million increase in third-party natural gas purchases due to increased volumes and natural gas prices, and $1.1 million in transaction costs related to the BKV-BPP Power Joint Venture Transaction.
Previous wording
Gains (losses) on contingent consideration liabilities. For the three months ended June 30, 2024, we recognized a loss on contingent consideration liabilities accruing as an earnout obligation under the purchase agreements executed in connection with the Devon Barnett Acquisition and the Exxon Barnett Acquisition. The loss on contingent consideration liabilities was$0.5 million for the three months ended June 30, 2024, and consisted of a loss of$0.7 million and a gain of$0.2 million from the Devon Barnett Acquisition and the Exxon Barnett Acquisition, respectively. The contingent considerations under these purchase agreements expired in 2024.
Current wording
Gains on contingent consideration liabilities. For the three months ended September 30, 2024, we recognized a gain on contingent consideration liabilities accruing as an earnout obligation under the purchase agreements executed in connection with the Devon Barnett Acquisition and the Exxon Barnett Acquisition. The gain on contingent consideration liabilities was$3.9 million for the three months ended September 30, 2024, and consisted of a gain of$3.9 million and a negligible gain from the Devon Barnett Acquisition and the Exxon Barnett Acquisition, respectively. The contingent considerations under these purchase agreements expired in 2024.
Previous wording
Earnings (losses) from equity affiliate. Earnings from our equity affiliate were $9.1 million for thethree months ended June 30, 2025, which was a change of $24.3 million, from $15.3 million oflosses from our equity affiliate during thethree months ended June 30, 2024. Earnings (losses) from our equity affiliate are related to our investment in, and our proportionate share in the income or losses of the BKV-BPP Power Joint Venture.
Current wording
Earnings from equity affiliate. Earnings from our equity affiliate were $21.1 million for thethree months ended September 30, 2025, which was a decrease of $29.5 million, from $50.6 million ofearnings from our equity affiliate during thethree months ended September 30, 2024. Earnings from our equity affiliate are related to our investment in, and our proportionate share in the income or losses of the BKV-BPP Power Joint Venture.
Previous wording
Interest expense. Interest expense was$5.5 million for thethree months ended June 30, 2025, which was a decrease of$9.7 million, from$15.2 million for the three months ended June 30, 2024. The decrease in interest expense during thethree months ended June 30, 2025 was primarily due to lower interest rates incurred during thethree months ended June 30, 2025 on our RBL Credit Facility, which we entered into on June 11, 2024, compared to the interest rates on our Term Loan Credit Agreement and Revolving Credit Facilities during thethree months ended June 30, 2024.
Current wording
Interest expense. Interest expense was$6.5 million for thethree months ended September 30, 2025, which was a decrease of$2.7 million, from$9.2 million for the three months ended September 30, 2024. The decrease in interest expense during the three months ended September 30, 2025, was primarily due to lower principal outstanding on our RBL Credit Facility during thethree months ended September 30, 2025, compared to thethree months ended September 30, 2024.
Previous wording
Interest expense, related party. Interest expense from our related party borrowings with BNAC was$1.9 million for thethree months ended June 30, 2024, whichwas paid down in June 2024.
Current wording
Interest expense, related party. Interest expense from our related party borrowings with BNAC was$1.3 million for thethree months ended September 30, 2024, whichwas repaid in September 2024.
Previous wording
Interest income. Interest income was$0.3 million for thesix months ended June 30, 2025, which was a decrease of $3.1 million, from $3.4 million for thesix months ended June 30, 2024. The decrease was due to the cessation of interest earned on
Current wording
Interest income. Interest income was$0.3 million for the three months ended September 30, 2025, which was an increase of $0.1 million, from $0.2 million for the three months ended September 30, 2024.
Previous wording
Income tax benefit (expense). For the three months ended June 30, 2025, we had an income tax expense of $27.9 million, which was a change of $56.3 million, from a $28.4 million in income tax benefit for the three months ended June 30, 2024. The period-over period change was primarily due to a pre-tax income for the three months ended June 30, 2025, compared to a pre-tax loss during the three months ended June 30, 2024.
Current wording
Income tax benefit (expense). For the three months ended September 30, 2025, we had an income tax expense of $20.0 million, which was a change of $8.7 million from a $11.3 million income tax expense for the three months ended September 30,
Previous wording
Our natural gas revenues increased by approximately $144.4 million, or 81% to $323.5 million for the six months ended June 30, 2025, from $179.2 million for the six months ended June 30, 2024. The impact of commodity price increases, excluding the effect of derivative settlements, provided a $151.0 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). Theincrease was slightly offset by lower production volumes during the six months ended June 30, 2025, primarily from thesale of Chaffee and certain non-operated assets held by Chelsea, for a$6.6 million decrease in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Current wording
Our natural gas revenues increased by approximately $207.4 million, or 78% to $474.5 million for the nine months ended September 30, 2025, from $267.1 million for the nine months ended September 30, 2024. The impact of commodity price increases, excluding the effect of derivative settlements, provided a $206.6 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). Theincrease was also due to slightly higher production volumes during the nine months ended September 30, 2025, which accounted for a$0.8 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Previous wording
Our NGL revenues increased by approximately$1.7 million, or 2% to$86.3 million for thesix months ended June 30, 2025, from$84.6 million for thesix months ended June 30, 2024. The increase was due to the impact of commodity price increases, excluding the effect of derivative settlements, which accounted for a $3.5 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). The increase was offset bylower production volumes during the six months ended June 30, 2025, which accounted for a$1.9 million decrease in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Current wording
Our NGL revenues increased by approximately$4.0 million, or 3% to$126.1 million for thenine months ended September 30, 2025, from$122.1 million for thenine months ended September 30, 2024. The increase was due to the impact of commodity price increases, excluding the effect of derivative settlements, which accounted for a $2.6 million increase in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes). The increase was also due tohigher production volumes during the nine months ended September 30, 2025, which accounted for a$1.4 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price).
Previous wording
Our oil revenues increased by approximately$2.3 million, or 61%, to$6.0 million for thesix months ended June 30, 2025, from$3.7 million for thesix months ended June 30, 2024. Theincrease was due to higher production volumes during the six months ended June 30, 2025, which accounted for a$3.2 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). The increase was offset by the impact of commodity price decreases, excluding the effect of derivative settlements, which accounted for a$1.0 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Current wording
Our oil revenues increased by approximately$2.4 million, or 45%, to$7.7 million for thenine months ended September 30, 2025, from$5.3 million for thenine months ended September 30, 2024. Theincrease was due to higher production volumes during the nine months ended September 30, 2025, which accounted for a$3.6 million increase in period-over-period revenues(calculated as the change in period-to-period volumes times the prior period average price). The increase was offset by the impact of commodity price decreases, excluding the effect of derivative settlements, which accounted for a$1.2 million decrease in period-over-period revenues(calculated as the change in the period-to-period average price times current period production volumes).
Previous wording
Our midstream revenues decreased by approximately $2.0 million, or 27%to $5.5 million for the six months ended June 30, 2025, from $7.5 million for the six months ended June 30, 2024. This decrease was primarily due to the divestiture of Chaffee of $2.0 million as we sold our Repsol Midstream Interest in connection with this sale.
Current wording
Our midstream revenues decreased by approximately $2.1 million, or 20%, to $8.1 million for the nine months ended September 30, 2025, from $10.2 million for the nine months ended September 30, 2024. This decrease was primarily due to the divestiture of Chaffee of $2.0 million as we sold our Repsol Midstream Interest in connection with this sale.
Previous wording
Our marketing revenues increased by approximately $0.9 million to $7.9 million for the six months ended June 30, 2025 from $7.0 million for the six months ended June 30, 2024. Our marketing revenues are derived under our marketing agreement with a third party pursuant to which we receive a fixed percentage of all net income realized in the resale of our and other producers’ hydrocarbons. The increase in marketing revenues during thesix months ended June 30, 2025 was primarily due to a higher pricing environment compared to the same period in 2024.
Current wording
Our marketing revenues increased by approximately $0.8 million, or 9%, to $9.5 million for the nine months ended September 30, 2025, from $8.7 million for the nine months ended September 30, 2024. Our marketing revenues are derived under our marketing agreement with a third party pursuant to which we receive a fixed percentage of all net income realized in the resale of our and other producers’ hydrocarbons. The increase in marketing revenues during thenine months ended September 30, 2025, was primarily due to a higher pricing environment compared to the same period in 2024.
Previous wording
For the three months ended June 30, 2024, we sold our wholly-owned subsidiary, Chaffee for $103.2 million, net of third-party transaction costs. The assets sold had an approximate carrying value of $97.3 million, which resulted in a gain on the sale of Chaffee of $6.0 million.
Current wording
During the nine months ended September 30, 2024, we sold our wholly-owned subsidiary, Chaffee for $103.2 million, net of third-party transaction costs. The assets sold had an approximate carrying value of $97.3 million, which resulted in a gain on the sale of Chaffee of $6.0 million.
Previous wording
We generated $5.9 million in Section 45Q tax credits during thesix months ended June 30, 2025 related to CO 2 waste sequestration activities under our Barnett Zero Project, compared to$6.0 million during the six months ended June 30, 2024. The decrease period-over-period was due to less CO 2 waste sequestered in 2025 compared to the prior period from operational maintenance in April and May 2025.
Current wording
Our Section 45Q tax credits decreased by approximately $0.6 million, or 6%, to $9.6 million during thenine months ended September 30, 2025, from$10.3 million during the nine months ended September 30, 2024. Our Section 45Q tax credits related to CO 2 waste sequestration activities under our Barnett Zero Project. The decrease period-over-period was due to less CO 2 waste sequestered in 2025, compared to the prior period from operational maintenance in April and May 2025, and routine fluctuations in activity levels that occur as part of our normal operations.
Previous wording
Our related party revenues were$0.9 million for thesix months ended June 30, 2025 compared to$2.2 million for thesix months ended June 30, 2024. Thedecrease in related party revenues was due to a $1.4 million decrease in operating fee income with BKV-BPP Power, attributable to lower contracted rates.
Current wording
Our related party revenues were$1.3 million for thenine months ended September 30, 2025, compared to$2.6 million for thenine months ended September 30, 2024. Thedecrease of $1.3 million, or 51%, in related party revenues was due to a decrease in operating fee income with BKV-BPP Power, attributable to lower contracted rates.
Previous wording
Other revenues includes the impairment on the asset held for and the sale of third-party natural gas. Other revenues were $4.9 million for the six months ended June 30, 2025 compared to $3.1 million for the six months ended June 30, 2024. The period-over-period increase was due to an increase in third-party gas of $3.8 million, and an increase in the gain on sale of assets of $0.4 million, offset by the impairment on the asset held for sale of $2.4 million.
Current wording
Other revenues includes the gain (loss) on sale assets and the sale of third-party natural gas. Other revenues were $7.0 million for the nine months ended September 30, 2025, compared to $4.8 million for the nine months ended September 30, 2024. The period-over-period increase was due to an increase in third-party gas of $4.8 million, offset by the loss on sale of assets of 1.7 million in during the nine months ended September 30, 2025, compared to a gain on sale of assets of $0.8 million during the nine months ended September 30, 2024.
Previous wording
Lease operating and workover expenses were $69.2 million, or $0.49 per Mcfe, for the six months ended June 30, 2025, which was an increase of approximately $0.6 million, or 1%, from $68.6 million, or $0.46 per Mcfe, for the six months ended June 30, 2024. The increase in lease operating andworkover expenses during the six months ended June 30, 2025 compared to the same period in 2024 was due to our Pad of the Future activity in 2025 of $1.6 million and vehicle expenses of $0.7 million. In addition, during thesix months ended June 30, 2024, we received a credit of $1.5 million for a water sharing agreement that related to 2023. This was offset by decreases in compression and water expenses of $1.8 million and materials and labor of $0.9 million, which were due to well shut ins and increased storms in the first quarter of 2025 resulting in a decrease in lease operating projects, and timing of inspection fees of $0.4 million.
Current wording
Lease operating and workover expenses were $106.2 million, or $0.49 per Mcfe, for the nine months ended September 30, 2025, which was an increase of approximately $3.9 million, or 4%, from $102.2 million, or $0.47 per Mcfe, for the nine months ended September 30, 2024. The increase in lease operating andworkover expenses during the nine months ended September 30, 2025, compared to the same period in 2024 was due to our Pad of the Future program and increased project activity in 2025 of $3.3 million and vehicle expenses of $0.8 million. In addition, during thenine months ended September 30, 2024, we received a credit of $1.5 million for a water sharing agreement that related to 2023. This was offset by decreases in compression and water expenses of $1.5 million and timing of inspection fees of $0.3 million during thenine months ended September 30, 2025 compared to 2024.
Previous wording
Taxes other than income were $23.6 million, or $0.17 per Mcfe, for the six months ended June 30, 2025, which was an increase of approximately $2.4 million, or 11%, from $21.2 million, or $0.14 per Mcfe, for the six months ended June 30, 2024. The increase in taxes other than income during the six months ended June 30, 2025 compared to 2024 was due to increases in production taxes of $8.2 million in the Barnett. This was offset by decreases in ad valorem and property taxes associated with our operations in the Barnett and NEPA of $5.7 million and $0.1 million, respectively. Certain ad valorem and production taxes are not applicable to our NEPA properties.
Current wording
Taxes other than income were $35.3 million, or $0.16 per Mcfe, for the nine months ended September 30, 2025, which was an increase of approximately $3.4 million, or 11%, from $31.9 million, or $0.15 per Mcfe, for the nine months ended September 30, 2024. The increase in taxes other than income during the nine months ended September 30, 2025, compared to 2024, was due to increases in production taxes of $11.1 million in the Barnett. This was offset by decreases in ad valorem and property taxes
Previous wording
Gathering and transportation expenses were $118.8 million, or$0.84 per Mcfe, for the six months ended June 30, 2025, which was an increase of approximately $5.7 million, or 5%, from $113.1 million, or $0.77 per Mcfe, for the six months ended June 30, 2024. This increase was primarily driven by natural gas and NGL rate increases of $5.0 million and $1.4 million, respectively, and increased natural gas production of $0.4 million. This was offset by NGL production decreases of $0.7 million and gathering costs associated with our midstream business of $0.4 million.
Current wording
Gathering and transportation expenses were $180.6 million, or$0.83 per Mcfe, for the nine months ended September 30, 2025, which was an increase of approximately $12.8 million, or 8%, from $167.8 million, or $0.77 per Mcfe, for the nine months ended September 30, 2024. This increase was primarily driven by natural gas and NGL rate increases of $6.0 million and $1.4 million, respectively, and increased natural gas and NGL production of $5.7 million and $0.6 million, respectively. This was offset by a decrease in gathering costs associated with our midstream business of $0.9 million.
Previous wording
Depreciation, depletion, amortization, and accretion was $78.0 million, or $0.55 per Mcfe, for the six months ended June 30, 2025, which was a decrease of approximately $33.5 million, or 30%, from $111.5 million, or $0.76 per Mcfe, for the six months ended June 30, 2024. The decrease in depreciation, depletion, amortization, and accretion during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to a depletion rate adjustment in 2025, which was driven by higher reserves.
Current wording
Depreciation, depletion, amortization, and accretion was $115.9 million, or $0.53 per Mcfe, for the nine months ended September 30, 2025, which was a decrease of approximately $52.9 million, or 31%, from $168.8 million, or $0.78 per Mcfe, for the nine months ended September 30, 2024. The decrease in depreciation, depletion, amortization, and accretion during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to a depletion rate adjustment in 2025, which was driven by higher reserves.
Previous wording
General and administrative expenses were $55.8 million, or $0.39 per Mcfe, for the six months ended June 30, 2025, which was an increaseof approximately$15.8 million, or 40%, from$39.9 million, or$0.27 per Mcfe, for thesix months ended June 30, 2024. The increase in general and administrative expenses during thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024 was due to increases from Company-wide growth initiatives of $8.9 million in contract labor, employee-based compensation, and employee expenses, $4.6 million in consulting and information technology-related expenses, and $2.3 million in severance costs.
Current wording
General and administrative expenses were $86.5 million, or $0.40 per Mcfe, for the nine months ended September 30, 2025, which was an increaseof approximately$13.0 million, or 18%, from$73.5 million, or$0.34 per Mcfe, for thenine months ended September 30, 2024. The increase in general and administrative expenses during thenine months ended September 30, 2025, compared to thenine months ended September 30, 2024, was due to increases from Company-wide growth initiatives of $7.0 million in consulting and information technology-related expenses, $3.7 million in contract labor, employee-based compensation, and employee expenses, and $2.3 million in severance costs.
Previous wording
Other operating expenses were $20.7 million, or $0.15 per Mcfe, for the six months ended June 30, 2025, which was an increase of approximately $9.4 million, or 84%, from $11.3 million, or 0.08 per Mcfe, for the six months ended June 30, 2024. The increase in other operating expenses during the six months ended June 30, 2025 compared to the same period in 2024 was due to an increase of $3.7 million in gas purchases due to increased volumes and natural gas prices, $3.1 million of costs related to the CCUS equity raise, $2.3 million in CCUS transaction fees,$2.1 million of a deficiency payment incurred under our minimum volume commitments on our midstream pipeline,$1.5 million in project write-offs, and $0.8 million in legal settlements. This was offset by $5.0 of accrued waste emissions costs established by the Inflation Reduction Act recognized during thesix months ended June 30, 2024, which were not accrued in 2025 due to the impacts of the new Trump Administration.
Current wording
Other operating expenses were $37.3 million, or $0.17 per Mcfe, for the nine months ended September 30, 2025, which was an increase of approximately $21.9 million, from $15.4 million, or $0.07 per Mcfe, for the nine months ended September 30, 2024. The increase in other operating expenses during the nine months ended September 30, 2025, compared to the same period in 2024 was due to $5.6 million in an enterprise resource planning system write-off, an increase of $5.0 million in gas purchases due to increased volumes and natural gas prices, $3.8 million in integration costs from the Bedrock Acquisition, $3.1 million of costs related to the CCUS equity raise, $2.4 million in CCUS transaction fees,$2.2 million of a deficiency payment incurred under our minimum volume commitments on our midstream pipeline,$1.5 million in project write-offs, $1.4 million in legal settlements and $1.1 million in transaction costs related to the BKV-BPP Power Joint Venture Transaction. This was offset by $5.0 million of accrued waste emissions costs established by the Inflation Reduction Act recognized during thenine months ended September 30, 2024, which were not accrued in 2025 due to the impacts of the new Trump Administration.
Previous wording
Gains (losses) on contingent consideration liabilities. For thesix months ended June 30, 2024, we recognized again on contingent consideration liabilities accruing as an earnout obligation under the purchase agreements executed in connection with the Devon Barnett Acquisition and the Exxon Barnett Acquisition. The gain on contingent consideration liabilities was$6.1 millionfor thesix months ended June 30, 2024, and consisted ofa gain of$3.9 million and a gain of$2.2 million from the Devon Barnett Acquisition and the Exxon Barnett Acquisition, respectively. The contingent considerations under these purchase agreements expired in 2024.
Current wording
Gains on contingent consideration liabilities. For thenine months ended September 30, 2024, we recognized again on contingent consideration liabilities accruing as an earnout obligation under the purchase agreements executed in connection with the Devon Barnett Acquisition and the Exxon Barnett Acquisition. The gain on contingent consideration liabilities was$10.0 millionfor thenine months ended September 30, 2024, and consisted ofa gain of$7.8 million and a gain of$2.2 million from the Devon Barnett Acquisition and the Exxon Barnett Acquisition, respectively. The contingent considerations under these purchase agreements expired in 2024.
Previous wording
Earnings (losses) from equity affiliate. Losses from our equity affiliate was $0.5 million for the six months ended June 30, 2025, which was a decrease in losses of $22.5 million, from $23.0 million for the six months ended June 30, 2024. Losses from our equity affiliate is related to our investment in, and our proportionate share in the income or losses of the Power Joint Venture.
Current wording
Earnings from equity affiliate. Earnings from our equity affiliate was $20.6 million for the nine months ended September 30, 2025, which was a decrease in earnings of $7.0 million, from $27.6 million for the nine months ended September 30, 2024. Earnings from our equity affiliate is related to our investment in, and our proportionate share in the income or losses of the Power Joint Venture.
Previous wording
Interest expense. Interest expense was$10.5 million for the six months ended June 30, 2025, which was a decrease of$20.7 million, from$31.2 million for the six months ended June 30, 2024. The decrease in interest expense during the six months ended June 30, 2025 was primarily due to lower interest rates on our RBL Credit Facility, which we entered into on June 11, 2024, and subsequently paid down the outstanding balances on our SCB Credit Facility, the Revolving Credit Agreement, and the Term Loan Credit Agreement, which incurred higher interest rates.
Current wording
Interest expense. Interest expense was$17.0 million for the nine months ended September 30, 2025, which was a decrease of$23.5 million, from$40.4 million for the nine months ended September 30, 2024. The decrease in interest expense during the nine months ended September 30, 2025 was primarily due to lower interest rates and a lower outstanding balance on our RBL Credit Facility, which we entered into on June 11, 2024, and subsequently paid down the outstanding balances on our SCB Credit Facility, the Revolving Credit Agreement, and the Term Loan Credit Agreement, which incurred higher interest rates.
Previous wording
Interest expense, related party. Interest expense from our related party borrowings with BNAC was$3.9 million for thesix months ended June 30, 2024, which was paid down in June 2024.
Current wording
Interest expense, related party. Interest expense from our related party borrowings with BNAC was$5.2 million for thenine months ended September 30, 2024, which was repaid in September 2024.
Previous wording
Interest income. Interest income was$0.2 million for the three months ended June 30, 2025, which was a decrease of $1.6 million, from $1.8 million for the three months ended June 30, 2024. The decrease was due to the cessation of interest earned on
Current wording
Interest income. Interest income was$0.6 million for thenine months ended September 30, 2025, which was a decrease of $3.0 million, from $3.6 million for thenine months ended September 30, 2024. The decrease was due to the cessation of interest earned on restricted cash following the repayment of the Term Loan Agreement in June 2024, which had previously funded the debt service reserve account.
Previous wording
Income tax benefit (expense). For thesix months ended June 30, 2025, we had an income tax benefit of $1.3 million, which was a change of $40.1 million, from $41.4 million income tax benefit for thesix months ended June 30, 2024. The period-over-period change was primarily due to a pre-tax income for thesix months ended June 30, 2025 compared to a pre-tax loss for thesix months ended June 30, 2024.
Current wording
Income tax benefit (expense). For thenine months ended September 30, 2025, we had an income tax expense of $18.7 million, which was a change of $48.8 million, from $30.1 million income tax benefit for thenine months ended September 30, 2024. The period-over-period change was primarily due to a pre-tax income for thenine months ended September 30, 2025, compared to a pre-tax loss for thenine months ended September 30, 2024.
Previous wording
Our primary needs for cash are to fund our upstream development, midstream, power, and CCUS activities, fund operations and capital expenditures, acquisitions, and asset retirement obligations, cover any debt interest or minimum volume commitment obligations, pay down debt, and return capital to stockholders. Our primary use of cash during the six months ended June 30, 2025 and 2024 was to fund the development of our natural gas properties.
Current wording
Our primary needs for cash are to fund our upstream development, midstream, power, and CCUS activities, fund operations and capital expenditures, acquisitions, and asset retirement obligations, cover any debt interest or minimum volume commitment obligations, pay down debt, and return capital to stockholders. Our primary use of cash during thenine months ended September 30, 2025, was to fund the Bedrock Acquisition and the development of our natural gas properties. Our primary use of cash during thenine months ended September 30, 2024, was to fund the development of our natural gas properties.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The period-over period change was primarily due to a higher pre-tax income for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Current report — wording carried from elsewhere
associated with our operations in the Barnett and NEPA of $7.0 million and $0.7 million, respectively. Certain ad valorem and production taxes are not applicable to our NEPA properties.
Current report — wording carried from elsewhere
2025 compared to 2024, a $40.7 million decrease in cash paid for interest, a $28.4 million increase in working capital, and a $3.5 million decrease in transaction costs from the sale of business assets paid over the same period. These increases were offset by $23.5 million of cash received in January 2024 for the sale of call options, $16.2 million of cash paid in February 2025 for the purchase of put options, and $3.0 million of lower interest income.
Current report — wording carried from elsewhere
As described in Note 10 - Investments in our condensed consolidated financial statements, on May 8, 2025, BKV dCarbon Ventures, together with C Squared Solutions, Inc., a subsidiary of the Energy Transition Fund managed by Copenhagen Infrastructure Partners (CIP), and for the limited purposes specified therein, BKV Corporation, entered into the BKV-CIP JV
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
Our midstream revenues decreased by approximately $0.6 million, or 19%, to $2.7 million for thethree months ended June 30, 2025, from $3.4 million for thethree months ended June 30, 2024. This decrease was primarily due to the divestiture of Chaffee as we sold our Repsol Midstream Interest in connection with this sale.
Previous report — wording carried elsewhere
Our related party revenues were $0.4 million for the three months ended June 30, 2025, compared to $1.1 million for the three months ended June 30, 2024. The decrease in related party revenues was due to a $0.7 million decrease in operating fee income with BKV-BPP Power, attributable to lower contracted rates.
Previous report — wording carried elsewhere
General and administrative expenses were $30.5 million, or $0.41 per Mcfe, for the three months ended June 30, 2025, which was an increase of approximately $11.2 million, or 58%, from $19.3 million, or $0.27 per Mcfe, for the three months ended June 30, 2024. The increase in general and administrative expenses during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was due to increases from Company-wide growth initiatives of $6.7 million in contract labor, employee-based compensation, and employee expenses, $3.0 million in consulting expenses, and $1.8 million in severance costs, offset by a decrease of $0.3 million in information technology-related expenses.
Previous report — wording carried elsewhere
restricted cash following the repayment of the Term Loan Agreement in June 2024, which had previously funded the debt service reserve account.
Previous report — wording carried elsewhere
For thesix months ended June 30, 2025, we sold our wholly-owned subsidiary, Chaffee for $103.2 million, net of third-party transaction costs. The assets sold had an approximate carrying value of $97.3 million, which resulted in a gain on the sale of Chaffee of $6.0 million.
Previous report — wording carried elsewhere
restricted cash following the repayment of the Term Loan Agreement in June 2024, which had previously funded the debt service reserve account.
Previous report — wording carried elsewhere
undrawn portion of the commitments. As of August 12, 2025, $282.0 million of revolving borrowings and $14.1 million of letters of credit were outstanding under the RBL Credit Agreement, leaving $368.9 million of available capacity thereunder for future borrowings and letters of credit.
Previous report — wording carried elsewhere
assets, liabilities, and related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.