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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Contents
EX-99.1 · Upstream-Midstream Segment
Upstream-Midstream Segment
BKV’s Upstream-Midstream business had another strong quarter of operational performance. Production came in above the high end of the guidance range, excluding the contribution from the Barnett acquisition completed during the quarter, while development capital expenditures came in below the low end of the guided range. The production outperformance was primarily driven by continued new well development outperformance and peer-leading base decline management. Additionally, the Barnett acquisition completed on September 15, 2026, provided an incremental production contribution during the quarter. The Upstream-Midstream business continues to outperform on multiple levels and generate strong cash flow, while continued improvements in capital efficiency support disciplined investment across the Company’s broader platform.
The Company completed its first full quarter of internally marketing all of its natural gas production. Bringing marketing in-house expands BKV’s closed-loop strategy and creates potential margin opportunities through retention of previously outsourced marketing economics, optimization of delivery points, transportation and basis, enhanced commercial execution and, over time, power-linked optimization and decarbonization monetization levers.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Production | ||||
| Net production per day (MMcfe/d) | 981.2 | 828.5 | 961.7 | 800.4 |
| Natural gas (MMcf) | 72,839 | 60,325 | 213,703 | 172,776 |
| NGL (MBbls) | 2,861 | 2,621 | 8,001 | 7,498 |
| Oil (MBbls) | 44 | 29 | 139 | 126 |
| Total (MMcfe) | 90,269 | 76,225 | 262,543 | 218,520 |
| Natural Gas ($/Mcf) | ||||
| Average NYMEX Henry Hub price | $2.95 | $3.07 | $3.63 | $3.39 |
| Differential | $(0.64) | $(0.57) | $(0.99) | $(0.64) |
| Average realized prices, excluding derivatives | $2.31 | $2.50 | $2.64 | $2.75 |
| Average realized prices, including derivatives | $2.90 | $2.81 | $2.94 | $2.83 |
| NGLs ($/Bbl) | ||||
| Average realized prices, excluding derivatives | $23.05 | $15.17 | $21.46 | $16.82 |
| Average realized prices, including derivatives | $20.13 | $15.64 | $19.36 | $16.29 |
| Oil ($/Bbl) | ||||
| Average realized prices | $84.95 | $59.62 | $81.79 | $61.32 |
| Average Operating Cash Costs per Mcfe | ||||
| Lease operating and workover | $0.52 | $0.49 | $0.52 | $0.49 |
| Taxes other than income | $0.12 | $0.15 | $0.15 | $0.16 |
| Gathering and transportation costs | $0.78 | $0.81 | $0.79 | $0.83 |
| Total | $1.42 | $1.45 | $1.46 | $1.48 |
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