BKV Corp
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Co St o I
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 (1) | 2026 | 2025 (1) | |||
| Revenues and other operating income | ||||||
| Natural gas, NGL, and oil sales | $237,722 | $192,435 | $747,325 | $608,290 | ||
| Power revenues | 87,445 | 85,018 | 230,797 | 190,806 | ||
| Derivative gains, net | 84,868 | 168,735 | 281,232 | 257,378 | ||
| Marketing revenues | 65,117 | 6,880 | 111,160 | 26,305 | ||
| Section 45Q tax credits | 3,277 | 3,740 | 9,385 | 9,621 | ||
| Other | (59) | (534) | (3,147) | (1,699) | ||
| Total revenues and other operating income | 478,370 | 456,274 | 1,376,752 | 1,090,701 | ||
| Operating expenses | ||||||
| Lease operating and workover | 46,568 | 36,920 | 136,125 | 106,151 | ||
| Fuel commodity costs | 44,459 | 46,173 | 144,412 | 132,388 | ||
| Purchased power | 44,659 | 41,427 | 101,516 | 89,588 | ||
| Marketing expense | 60,899 | 4,663 | 89,846 | 13,451 | ||
| Taxes other than income | 16,164 | 15,591 | 52,266 | 48,423 | ||
| Gathering and transportation | 70,501 | 61,822 | 206,398 | 180,641 | ||
| Depreciation, depletion, amortization, and accretion | 54,741 | 47,428 | 160,559 | 144,605 | ||
| Power operating and maintenance | 17,402 | 17,647 | 52,346 | 53,341 | ||
| General and administrative | 44,266 | 31,375 | 128,785 | 92,924 | ||
| Other operating expenses | 11,474 | 14,084 | 29,580 | 28,794 | ||
| Total operating expenses | 411,133 | 317,130 | 1,101,833 | 890,306 | ||
| Income from operations | 67,237 | 139,144 | 274,919 | 200,395 | ||
| Other income (expense) | ||||||
| Interest expense | (25,653) | (17,510) | (73,364) | (49,943) | ||
| Interest expense, related parties | (4,008) | (5,024) | (12,255) | (15,123) | ||
| Interest income | 2,037 | 987 | 5,733 | 2,473 | ||
| Other income | 1,791 | 1,168 | 7,164 | 5,242 | ||
| Income before income taxes | 41,404 | 118,765 | 202,197 | 143,044 | ||
| Income tax expense | (3,018) | (23,874) | (34,637) | (22,449) | ||
| Net income | 38,386 | 94,891 | 167,560 | 120,595 | ||
| Less: net income attributable to noncontrolling interest | 8,956 | 11,388 | 18,249 | 11,303 | ||
| Net income attributable to BKV | $29,430 | $83,503 | $149,311 | $109,292 | ||
| Net income per common share attributable to BKV: | ||||||
| Basic | $0.27 | $0.98 | $1.37 | $1.28 | ||
| Diluted | $0.27 | $0.98 | $1.37 | $1.28 | ||
| Weighted average number of common shares outstanding: | ||||||
| Basic | 109,108 | 84,776 | 106,866 | 84,731 | ||
| Diluted | 109,382 | 84,980 | 107,178 | 84,853 | ||
(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 - Acquisitions for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 13 |
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