BKV Corp
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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EX-99.1 · Net Leverage Ratio
Net Leverage Ratio
The Company defines Net Leverage Ratio as total debt less cash and cash equivalents, and restricted cash, divided by Adjusted EBITDAX for the most recent quarter’s annualized Adjusted EBITDAX (the quarter’s Adjusted EBITDAX multiplied by four). The Company uses this metric to evaluate the total carrying value of debt relative to the Company’s ability to generate cash through Adjusted EBITDAX. This metric also provides management with a benchmark of debt levels while considering growth opportunities and the Company’s ability to manage periods of commodity price volatility.
The table below presents a calculation of the Company’s Net Leverage Ratio:
| ($ thousands, except Net Leverage Ratio) | As of September 30, 2026 |
|---|---|
| Total debt | $2,006,454 |
| Less: Cash, cash equivalents, and restricted cash | $635,812 |
| Net debt | $1,370,642 |
| Divided by annualized Adjusted EBITDAX (1) | $568,536 |
| Net Leverage Ratio | 2.41x |
(1)Adjusted EBITDAX for the three months ended September 30, 2026 multiplied by four.
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