BKV Corp
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Co Ba Sh
Condensed Consolidated Balance Sheets
(in thousands, except par value)
| March 31, 2026 | December 31, 2025 (1) | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $288,536 | $248,427 |
| Restricted cash | 15,974 | 15,846 |
| Accounts receivable, net | 141,722 | 129,077 |
| Accounts receivable, related parties | 11,282 | 11,196 |
| Prepaid expenses | 13,258 | 14,720 |
| Inventory | 18,761 | 20,039 |
| Commodity derivative assets, current | 72,216 | 63,900 |
| Other current assets | 6,245 | 8,150 |
| Total current assets | 567,994 | 511,355 |
| Natural gas properties and equipment | ||
| Developed properties | 3,016,204 | 2,965,638 |
| Undeveloped properties | 13,416 | 13,182 |
| Midstream assets | 278,340 | 277,974 |
| Accumulated depreciation, depletion, and amortization | (884,546) | (849,464) |
| Total natural gas properties, net | 2,423,414 | 2,407,330 |
| Other property and equipment, net | 1,057,960 | 944,412 |
| Deposits | 48,402 | 14,247 |
| Goodwill | 18,417 | 18,417 |
| Commodity derivative assets | 36,422 | 26,432 |
| Other noncurrent assets | 18,923 | 17,064 |
| Total assets | $4,171,532 | $3,939,257 |
| Liabilities, mezzanine equity, and equity | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | $217,441 | $229,487 |
| Commodity derivative liabilities, current | 17,526 | 8,469 |
| Income taxes payable to related party | 978 | 810 |
| Payable to BPPUS for the BKV-BPP Power Joint Venture Transaction | — | 115,136 |
| Current portion of Temple I Loan Agreements | 176,000 | 191,000 |
| Current portion of long-term debt, net | 9,387 | 9,387 |
| Other current liabilities | 11,248 | 10,302 |
| Total current liabilities | 432,580 | 564,591 |
| Asset retirement obligations | 197,014 | 230,372 |
| Commodity derivative liabilities | 1,160 | 5,767 |
| Deferred tax liability, net | 140,139 | 128,839 |
| Long-term debt, net | 1,080,913 | 937,724 |
| Other noncurrent liabilities | 8,638 | 5,223 |
| Total liabilities | 1,860,444 | 1,872,516 |
| Commitments and contingencies (Note 11) | ||
| Mezzanine equity | ||
| Noncontrolling interest | 18,622 | 12,951 |
| Stockholders' equity | ||
| Common stock, $0.01 par value; 500,000 authorized shares; 109,385 and 96,872 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1,760 | 1,635 |
| Treasury stock, shares at cost; 214 shares as of March 31, 2026 and December 31, 2025 | (6,663) | (6,663) |
| Additional paid-in capital | 1,864,963 | 1,676,785 |
| Retained earnings | 352,385 | 309,051 |
| Total stockholders' equity | 2,212,445 | 1,980,808 |
| Noncontrolling interest | 80,021 | 72,982 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 11 |
|---|
| Total equity | 2,292,466 | 2,053,790 |
|---|---|---|
| Total liabilities, mezzanine equity, and equity | $4,171,532 | $3,939,257 |
(1)The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 12 |
|---|
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