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 St o Op
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 (1) | ||
| Revenues and other operating income | |||
| Natural gas, NGL, and oil sales | $287,675 | $216,126 | |
| Midstream revenues | 2,296 | 2,771 | |
| Derivative gains (losses), net | 53,109 | (98,383) | |
| Marketing revenues | 17,585 | 9,686 | |
| Section 45Q tax credits | 3,060 | 3,307 | |
| Power revenues | 68,990 | 43,864 | |
| Other | 132 | (1,305) | |
| Total revenues and other operating income | 432,847 | 176,066 | |
| Operating expenses | |||
| Lease operating and workover | 45,075 | 35,055 | |
| Fuel commodity costs | 57,121 | 46,363 | |
| Purchased power | 27,355 | 18,667 | |
| Taxes other than income | 20,202 | 14,790 | |
| Gathering and transportation | 67,802 | 55,793 | |
| Depreciation, depletion, amortization, and accretion | 52,941 | 49,597 | |
| Power operating and maintenance | 19,679 | 20,213 | |
| General and administrative | 42,130 | 29,069 | |
| Other operating expenses | 14,516 | 6,616 | |
| Total operating expenses | 346,821 | 276,163 | |
| Income (loss) from operations | 86,026 | (100,097) | |
| Other income (expense) | |||
| Interest expense | (22,830) | (16,049) | |
| Interest expense, related party | (4,269) | (5,076) | |
| Interest income | 1,498 | 749 | |
| Other income | 2,888 | 3,034 | |
| Income (loss) before income taxes | 63,313 | (117,439) | |
| Income tax benefit (expense) | (11,469) | 30,668 | |
| Net income (loss) | 51,844 | (86,771) | |
| Less: net income (loss) attributable to noncontrolling interest | 7,769 | (4,792) | |
| Net income (loss) attributable to BKV | $44,075 | $(81,979) | |
| Net income (loss) per common share attributable to BKV: | |||
| Basic | $0.42 | $(0.97) | |
| Diluted | $0.42 | $(0.97) | |
| Weighted average number of common shares outstanding: | |||
| Basic | 102,018 | 84,706 | |
| Diluted | 102,304 | 84,706 | |
(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. | 13 |
|---|
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