Executive Summary / Key Takeaways

• BKV Corporation is evolving beyond traditional natural gas production into an integrated energy company, combining upstream, midstream, power generation, and carbon capture (CCUS) to offer decarbonized, around-the-clock energy solutions.
• The upstream business serves as the core "cash engine," demonstrating operational efficiency and capital discipline, with 2025 production guided to ramp in the second half, supported by a planned capital expenditure budget of $320 million to $380 million.
• BKV possesses a significant technological differentiator in CCUS, evidenced by operational success at Barnett Zero (97% reliability, targeting 120k-170k tons injected in 2025) and progress on Cotton Cove and Eagle Ford projects, aiming for over 1 million tons injected annually by the end of 2027, with NGP projects offering attractive ~$50/ton EBITDA margins.
• The strategic joint venture with Copenhagen Infrastructure Partners (CIP), with a $500 million commitment, is poised to accelerate CCUS growth and solidify BKV's leadership in this critical decarbonization technology.
• The Power business, anchored by the 1,500 MW Temple Plants in the high-growth ERCOT market, presents a compelling opportunity, particularly with surging data center demand, and BKV is actively pursuing strategies to increase utilization, explore M&A, and potentially build new capacity, leveraging its ability to offer decarbonized power.

The Integrated Energy Vision Takes Shape

BKV Corporation is charting a course to redefine the energy landscape, moving beyond its roots as a prominent natural gas producer to become a vertically integrated energy company. This strategic evolution centers on combining traditional upstream and midstream operations with burgeoning power generation and carbon capture, utilization, and sequestration (CCUS) capabilities. The overarching goal is ambitious: to deliver decarbonized, around-the-clock energy solutions and achieve net zero Scope 1 and 2 emissions from its owned and operated upstream and midstream businesses by the early 2030s, extending to Scope 3 emissions by the late 2030s. This integrated approach is designed not only to reduce the company's environmental footprint but also to create a differentiated value proposition in a rapidly changing energy market.

The company's foundation was built through significant acquisitions, notably the Devon (DVN) Barnett Acquisition in 2020 and the Exxon (XOM) Barnett Acquisition in 2022. These deals established BKV's substantial presence in the prolific Barnett Shale, providing a core asset base with low decline rates and extensive inventory. These upstream assets remain critical, serving as the "cash engine" that fuels investment across the company's strategic growth vectors.

In the competitive energy landscape, BKV positions itself against larger, more diversified players like EQT (EQT), Chesapeake Energy (CHK), Antero Resources (AR), and ConocoPhillips (COP). While these competitors often boast greater scale and potentially lower unit costs through sheer volume (e.g., EQT's reported cost advantages in the Marcellus), BKV aims to differentiate through its integrated model and, crucially, its technological leadership in CCUS. This integration allows for potential cost efficiencies in gathering and processing its own production, while the CCUS capabilities offer a distinct environmental advantage that peers largely lack, potentially commanding a premium in increasingly sustainability-focused markets.

Technological Edge: Carbon Capture as a Core Differentiator

A cornerstone of BKV's strategy and a key competitive moat is its investment and development in CCUS technology. Unlike many traditional E&P companies, BKV is actively building and operating carbon capture projects designed to sequester CO2 emissions, particularly from natural gas processing plants (NGPs) and potentially other industrial sources.

The company's first operational CCUS project, Barnett Zero, commenced sequestration in November 2023. Since startup through year-end 2024, it injected approximately 173,325 metric tons of CO2, demonstrating a high 97% reliability rate and high fidelity injection. For 2025, BKV expects Barnett Zero to inject between 120,000 and 170,000 metric tons of CO2. This operational success provides tangible proof of concept for BKV's capture and sequestration capabilities.

Building on this, BKV has reached Final Investment Decision (FID) on two additional CCUS projects: Cotton Cove and a new project at a natural gas processing plant in the Eagle Ford Shale. Cotton Cove is on track for first injection in the first half of 2026, with a forecasted peak injection rate of 42,000 metric tons per year of CO2. The Eagle Ford project, a partnership with a leading midstream company where BKV will own and operate the compression and injection facilities and receive the environmental attributes and 45Q tax credits, is expected to begin initial injection in the first quarter of 2026 and achieve an average sequestration rate of approximately 90,000 metric tons per year of CO2.

These projects underpin BKV's confidence in achieving its goal of injecting over 1 million tons of CO2 annually by the end of 2027, largely sourced from NGPs and ethanol facilities. The economics of these NGP projects are attractive, with management indicating EBITDA margins around $50 per ton, comparable to Barnett Zero. This quantifiable economic benefit, coupled with the environmental advantage of significantly higher sequestration efficiency (estimated at 25-30% better than alternatives or peers with limited CCUS), provides BKV with a powerful differentiator, particularly as regulatory incentives like the 45Q tax credit remain resilient and demand for low-carbon energy solutions grows.

Further accelerating its CCUS ambitions, BKV recently announced a strategic joint venture with Copenhagen Infrastructure Partners (CIP), a global energy transition investor. CIP has committed $500 million to this platform deal, which will cover the development of future CCUS projects. This partnership not only provides significant capital but also validates BKV's CCUS strategy and technological approach, positioning the company for potentially accretive growth in this critical sector.

Financial Performance and Operational Execution

BKV's financial performance in the first quarter of 2025 reflected the dynamic nature of commodity markets and the impact of its hedging strategy. Total revenues and other operating income for the three months ended March 31, 2025, were $78.8 million, significantly impacted by net derivative losses of $152.2 million. This contrasts with total revenues and other operating income of $151.9 million in the prior-year period, which included much lower derivative losses ($3.7 million).

Excluding the impact of derivatives, core natural gas, NGL, and oil sales revenue saw a substantial increase, rising to $216.1 million in Q1 2025 from $141.7 million in Q1 2024. This 52.5% increase was primarily driven by significantly higher realized natural gas prices ($3.10/Mcf in Q1 2025 vs $1.62/Mcf in Q1 2024), which more than offset lower production volumes (761.1 MMcfed in Q1 2025 vs 821.1 MMcfed in Q1 2024). The decrease in production volumes was attributed to assets in the Barnett and the divestiture of Chaffee and certain non-operated Chelsea assets in 2024. NGL and oil revenues also saw increases, driven by price and volume changes, respectively.

Operating expenses showed mixed trends. Lease operating and workover expenses saw a slight increase to $35.1 million (or $0.51/Mcfe) in Q1 2025, influenced by various operational factors. Taxes other than income decreased by 10% to $10.2 million ($0.15/Mcfe) due to lower ad valorem taxes. Gathering and transportation costs decreased by 6% to $55.8 million ($0.81/Mcfe), largely due to decreased Barnett production. Depreciation, depletion, amortization, and accretion decreased significantly by 23% to $40.0 million ($0.58/Mcfe), primarily due to a depletion rate adjustment. General and administrative expenses increased by 22% to $25.3 million ($0.37/Mcfe) due to company-wide growth initiatives and IT-related costs.

The net result for Q1 2025 was a net loss of $78.7 million, compared to a net loss of $38.6 million in Q1 2024. The increased loss was predominantly due to the larger net derivative losses. Losses from the equity affiliate (BKV-BPP Power Joint Venture) also increased to $9.6 million. Interest expense decreased substantially to $5.1 million, reflecting lower rates on the new RBL Credit Facility compared to prior debt.

Despite the reported net loss driven by non-cash derivative movements, BKV generated positive net cash provided by operating activities of $22.6 million in Q1 2025, an increase from $19.3 million in Q1 2024. This improvement was attributed to higher income from operations (excluding non-cash items) due to better natural gas prices and increased working capital, partially offset by cash flows related to derivative options.

Capital expenditures were a significant use of cash, totaling $57.4 million in Q1 2025, a notable increase from $19.9 million in Q1 2024, reflecting a return to a more robust development period. Accrued capital expenditures for Q1 2025 were $58.0 million.

Liquidity and Capital Allocation

As of March 31, 2025, BKV had cash and cash equivalents of $15.3 million. The company's working capital deficit stood at $148.5 million.

BKV's primary source of liquidity is its RBL Credit Agreement, which had $200 million outstanding as of March 31, 2025. The RBL Credit Agreement, which matures in June 2028, had a borrowing base of $750 million and an elected commitment of $600 million at the end of the quarter. Subsequent to quarter-end, on May 6, 2025, the borrowing base was increased by $100 million to $850 million and the elected commitment by $65 million to $665 million. As of May 9, 2025, BKV had $230 million in revolving borrowings and $14.1 million in letters of credit outstanding, leaving $420.9 million of available capacity.

The RBL Credit Agreement includes financial covenants requiring a minimum Current Ratio of 1.00 to 1.00 and a Net Leverage Ratio of no greater than 3.25 to 1.00, with which BKV was in compliance as of March 31, 2025. The agreement also mandates hedging at least 50% of projected PDP production for the subsequent 24 months, a strategy BKV employs to manage commodity price risk. As of year-end 2024, BKV had hedged CAL25 natural gas at an average price of $3.43/MMBtu and NGLs at $21.82/BKV weighted barrel.

BKV's capital allocation priorities include funding upstream development, midstream, power, and CCUS activities. The estimated budget for accrued capital expenditures in 2025 is between $320 million and $380 million. This includes approximately $220 million for upstream development and approximately $90 million for CCUS and other initiatives. The upstream capital program is largely discretionary and can be adjusted based on market conditions, allowing BKV flexibility to respond to commodity price signals.

Off-balance sheet commitments include volume commitments totaling $304.7 million as of March 31, 2025, primarily related to gathering, processing, and transportation agreements, with the significant majority terminating by 2029.

Outlook and Growth Vectors

BKV's outlook for 2025 reflects a strategic focus on leveraging its integrated model and capitalizing on market opportunities. The full year 2025 production guidance is set at 755 to 790 MMcfed. Following the impact of winter weather in Q1 2025, BKV anticipates a production ramp in the second half of the year, timed to coincide with expected favorable strip pricing increases. Production exiting Q4 2025 is projected to be a couple of percentage points above the Q4 2024 exit rate. This production growth is supported by the planned increase in upstream development CapEx, which management is prepared to further increase in the second half of 2025 if strong commodity prices persist, leveraging their robust inventory.

The Power generation business in the ERCOT market is viewed as a key growth driver. Rapid demand growth, particularly from data centers and AI, is expected to push ERCOT demand to 150 GW by 2030. While near-term pricing may be moderated by renewable additions, BKV is bullish on long-term scarcity pricing as demand is projected to outpace baseload supply. The Power JV is targeting a gross adjusted EBITDA range of $130 million to $170 million in 2025. BKV sees multiple growth vectors here, including increasing the utilization of its existing 1,500 MW Temple Plants (potentially dedicating up to ~750 MW to PPAs for data center customers while maintaining redundancy), pursuing M&A opportunities, and exploring the construction of new combined cycle units to meet customer demand for new generation assets. BKV's unique ability to offer decarbonized power through its CCUS integration provides a significant competitive advantage in attracting certain customers.

The CCUS business is poised for accelerated growth, driven by the operational success of Barnett Zero, the upcoming injections at Cotton Cove and Eagle Ford in 2026, and the strategic partnership with CIP. The goal of injecting over 1 million tons of CO2 annually by the end of 2027 is a key target, supported by a pipeline of projects and progress on permits.

Key risks to this outlook include the inherent volatility of commodity prices, the execution risk associated with drilling and CCUS project development, regulatory changes (including those impacting tax credits or emissions regulations), and potential challenges in securing necessary permits. The material weakness in internal controls over financial reporting related to income taxes also remains a point of focus, although remediation efforts are underway.

Conclusion

BKV Corporation is executing a compelling strategy to transform into an integrated energy company positioned for the future. By leveraging its established upstream cash flow engine, investing in midstream capabilities, capitalizing on the high-growth ERCOT power market, and pioneering CCUS technology, BKV aims to create a differentiated and sustainable business model.

The operational performance in the upstream segment, coupled with disciplined capital allocation, provides a solid foundation. The Power business offers significant upside potential in a demand-constrained market, amplified by the unique ability to offer decarbonized power. The CCUS segment, with its operational projects, clear development pipeline, attractive project economics, and the strategic partnership with CIP, represents a critical technological moat and a key driver for achieving BKV's net zero goals and attracting premium customers.

While exposed to commodity price volatility and execution risks inherent in energy development, BKV's hedging strategy and flexible capital program provide resilience. The successful execution of its CCUS growth plan and the realization of opportunities in the power market, particularly in serving the burgeoning data center demand with low-carbon solutions, are central to the investment thesis. BKV's integrated approach and technological focus on decarbonization position it uniquely within the energy sector, offering investors exposure to both traditional energy production and the accelerating energy transition.

Executive Summary / Key Takeaways

• BKV Corporation is evolving beyond traditional natural gas production into an integrated energy company, combining upstream, midstream, power generation, and carbon capture (CCUS) to offer decarbonized, around-the-clock energy solutions.
• The upstream business serves as the core "cash engine," demonstrating operational efficiency and capital discipline, with 2025 production guided to ramp in the second half, supported by a planned capital expenditure budget of $320 million to $380 million.
• BKV possesses a significant technological differentiator in CCUS, evidenced by operational success at Barnett Zero (97% reliability, targeting 120k-170k tons injected in 2025) and progress on Cotton Cove and Eagle Ford projects, aiming for over 1 million tons injected annually by the end of 2027, with NGP projects offering attractive ~$50/ton EBITDA margins.
• The strategic joint venture with Copenhagen Infrastructure Partners (CIP), with a $500 million commitment, is poised to accelerate CCUS growth and solidify BKV's leadership in this critical decarbonization technology.
• The Power business, anchored by the 1,500 MW Temple Plants in the high-growth ERCOT market, presents a compelling opportunity, particularly with surging data center demand, and BKV is actively pursuing strategies to increase utilization, explore M&A, and potentially build new capacity, leveraging its ability to offer decarbonized power.

The Integrated Energy Vision Takes Shape

BKV Corporation is charting a course to redefine the energy landscape, moving beyond its roots as a prominent natural gas producer to become a vertically integrated energy company. This strategic evolution centers on combining traditional upstream and midstream operations with burgeoning power generation and carbon capture, utilization, and sequestration (CCUS) capabilities. The overarching goal is ambitious: to deliver decarbonized, around-the-clock energy solutions and achieve net zero Scope 1 and 2 emissions from its owned and operated upstream and midstream businesses by the early 2030s, extending to Scope 3 emissions by the late 2030s. This integrated approach is designed not only to reduce the company's environmental footprint but also to create a differentiated value proposition in a rapidly changing energy market.

The company's foundation was built through significant acquisitions, notably the Devon Barnett Acquisition in 2020 and the Exxon Barnett Acquisition in 2022. These deals established BKV's substantial presence in the prolific Barnett Shale, providing a core asset base with low decline rates and extensive inventory. These upstream assets remain critical, serving as the "cash engine" that fuels investment across the company's strategic growth vectors.

In the competitive energy landscape, BKV positions itself against larger, more diversified players like EQT, Chesapeake Energy, Antero Resources, and ConocoPhillips. While these competitors often boast greater scale and potentially lower unit costs through sheer volume (e.g., EQT's reported cost advantages in the Marcellus), BKV aims to differentiate through its integrated model and, crucially, its technological leadership in CCUS. This integration allows for potential cost efficiencies in gathering and processing its own production, while the CCUS capabilities offer a distinct environmental advantage that peers largely lack, potentially commanding a premium in increasingly sustainability-focused markets.

Technological Edge: Carbon Capture as a Core Differentiator

A cornerstone of BKV's strategy and a key competitive moat is its investment and development in CCUS technology. Unlike many traditional E&P companies, BKV is actively building and operating carbon capture projects designed to sequester CO2 emissions, particularly from natural gas processing plants (NGPs) and potentially other industrial sources.

The company's first operational CCUS project, Barnett Zero, commenced sequestration in November 2023. Since startup through year-end 2024, it injected approximately 173,325 metric tons of CO2, demonstrating a high 97% reliability rate and high fidelity injection. For 2025, BKV expects Barnett Zero to inject between 120,000 and 170,000 metric tons of CO2. This operational success provides tangible proof of concept for BKV's capture and sequestration capabilities.

Building on this, BKV has reached Final Investment Decision (FID) on two additional CCUS projects: Cotton Cove and a new project at a natural gas processing plant in the Eagle Ford Shale. Cotton Cove is on track for first injection in the first half of 2026, with a forecasted peak injection rate of 42,000 metric tons per year of CO2. The Eagle Ford project, a partnership with a leading midstream company where BKV will own and operate the compression and injection facilities and receive the environmental attributes and 45Q tax credits, is expected to begin initial injection in the first quarter of 2026 and achieve an average sequestration rate of approximately 90,000 metric tons per year of CO2.

These projects underpin BKV's confidence in achieving its goal of injecting over 1 million tons of CO2 annually by the end of 2027, largely sourced from NGPs and ethanol facilities. The economics of these NGP projects are attractive, with management indicating EBITDA margins around $50 per ton, comparable to Barnett Zero. This quantifiable economic benefit, coupled with the environmental advantage of significantly higher sequestration efficiency (estimated at 25-30% better than alternatives or peers with limited CCUS), provides BKV with a powerful differentiator, particularly as regulatory incentives like the 45Q tax credit remain resilient and demand for low-carbon energy solutions grows.

Further accelerating its CCUS ambitions, BKV recently announced a strategic joint venture with Copenhagen Infrastructure Partners (CIP), a global energy transition investor. CIP has committed $500 million to this platform deal, which will cover the development of future CCUS projects. This partnership not only provides significant capital but also validates BKV's CCUS strategy and technological approach, positioning the company for potentially accretive growth in this critical sector.

Financial Performance and Operational Execution

BKV's financial performance in the first quarter of 2025 reflected the dynamic nature of commodity markets and the impact of its hedging strategy. Total revenues and other operating income for the three months ended March 31, 2025, were $78.8 million, significantly impacted by net derivative losses of $152.2 million. This contrasts with total revenues and other operating income of $151.9 million in the prior-year period, which included much lower derivative losses ($3.7 million).

Excluding the impact of derivatives, core natural gas, NGL, and oil sales revenue saw a substantial increase, rising to $216.1 million in Q1 2025 from $141.7 million in Q1 2024. This 52.5% increase was primarily driven by significantly higher realized natural gas prices ($3.10/Mcf in Q1 2025 vs $1.62/Mcf in Q1 2024), which more than offset lower production volumes (761.1 MMcfed in Q1 2025 vs 821.1 MMcfed in Q1 2024). The decrease in production volumes was attributed to assets in the Barnett and the divestiture of Chaffee and certain non-operated Chelsea assets in 2024. NGL and oil revenues also saw increases, driven by price and volume changes, respectively.

Operating expenses showed mixed trends. Lease operating and workover expenses saw a slight increase to $35.1 million (or $0.51/Mcfe) in Q1 2025, influenced by various operational factors. Taxes other than income decreased by 10% to $10.2 million ($0.15/Mcfe) due to lower ad valorem taxes. Gathering and transportation costs decreased by 6% to $55.8 million ($0.81/Mcfe), largely due to decreased Barnett production. Depreciation, depletion, amortization, and accretion decreased significantly by 23% to $40.0 million ($0.58/Mcfe), primarily due to a depletion rate adjustment. General and administrative expenses increased by 22% to $25.3 million ($0.37/Mcfe) due to company-wide growth initiatives and IT-related costs.

The net result for Q1 2025 was a net loss of $78.7 million, compared to a net loss of $38.6 million in Q1 2024. The increased loss was predominantly due to the larger net derivative losses. Losses from the equity affiliate (BKV-BPP Power Joint Venture) also increased to $9.6 million. Interest expense decreased substantially to $5.1 million, reflecting lower rates on the new RBL Credit Facility compared to prior debt.

Despite the reported net loss driven by non-cash derivative movements, BKV generated positive net cash provided by operating activities of $22.6 million in Q1 2025, an increase from $19.3 million in Q1 2024. This improvement was attributed to higher income from operations (excluding non-cash items) due to better natural gas prices and increased working capital, partially offset by cash flows related to derivative options.

Capital expenditures were a significant use of cash, totaling $57.4 million in Q1 2025, a notable increase from $19.9 million in Q1 2024, reflecting a return to a more robust development period. Accrued capital expenditures for Q1 2025 were $58.0 million.

Liquidity and Capital Allocation

As of March 31, 2025, BKV had cash and cash equivalents of $15.3 million. The company's working capital deficit stood at $148.5 million.

BKV's primary source of liquidity is its RBL Credit Agreement, which had $200 million outstanding as of March 31, 2025. The RBL Credit Agreement, which matures in June 2028, had a borrowing base of $750 million and an elected commitment of $600 million at the end of the quarter. Subsequent to quarter-end, on May 6, 2025, the borrowing base was increased by $100 million to $850 million and the elected commitment by $65 million to $665 million. As of May 9, 2025, BKV had $230 million in revolving borrowings and $14.1 million in letters of credit outstanding, leaving $420.9 million of available capacity.

The RBL Credit Agreement includes financial covenants requiring a minimum Current Ratio of 1.00 to 1.00 and a Net Leverage Ratio of no greater than 3.25 to 1.00, with which BKV was in compliance as of March 31, 2025. The agreement also mandates hedging at least 50% of projected PDP production for the subsequent 24 months, a strategy BKV employs to manage commodity price risk. As of year-end 2024, BKV had hedged CAL25 natural gas at an average price of $3.43/MMBtu and NGLs at $21.82/BKV weighted barrel.

BKV's capital allocation priorities include funding upstream development, midstream, power, and CCUS activities. The estimated budget for accrued capital expenditures in 2025 is between $320 million and $380 million. This includes approximately $220 million for upstream development and approximately $90 million for CCUS and other initiatives. The upstream capital program is largely discretionary and can be adjusted based on market conditions, allowing BKV flexibility to respond to commodity price signals.

Off-balance sheet commitments include volume commitments totaling $304.7 million as of March 31, 2025, primarily related to gathering, processing, and transportation agreements, with the significant majority terminating by 2029.

Outlook and Growth Vectors

BKV's outlook for 2025 reflects a strategic focus on leveraging its integrated model and capitalizing on market opportunities. The full year 2025 production guidance is set at 755 to 790 MMcfed. Following the impact of winter weather in Q1 2025, BKV anticipates a production ramp in the second half of the year, timed to coincide with expected favorable strip pricing increases. Production exiting Q4 2025 is projected to be a couple of percentage points above the Q4 2024 exit rate. This production growth is supported by the planned increase in upstream development CapEx, which management is prepared to further increase in the second half of 2025 if strong commodity prices persist, leveraging their robust inventory.

The Power generation business in the ERCOT market is viewed as a key growth driver. Rapid demand growth, particularly from data centers and AI, is expected to push ERCOT demand to 150 GW by 2030. While near-term pricing may be moderated by renewable additions, BKV is bullish on long-term scarcity pricing as demand is projected to outpace baseload supply. The Power JV is targeting a gross adjusted EBITDA range of $130 million to $170 million in 2025. BKV sees multiple growth vectors here, including increasing the utilization of its existing 1,500 MW Temple Plants (potentially dedicating up to ~750 MW to PPAs for data center customers while maintaining redundancy), pursuing M&A opportunities, and exploring the construction of new combined cycle units to meet customer demand for new generation assets. BKV's unique ability to offer decarbonized power through its CCUS integration provides a significant competitive advantage in attracting certain customers.

The CCUS business is poised for accelerated growth, driven by the operational success of Barnett Zero, the upcoming injections at Cotton Cove and Eagle Ford in 2026, and the strategic partnership with CIP. The goal of injecting over 1 million tons of CO2 annually by the end of 2027 is a key target, supported by a pipeline of projects and progress on permits.

Key risks to this outlook include the inherent volatility of commodity prices, the execution risk associated with drilling and CCUS project development, regulatory changes (including those impacting tax credits or emissions regulations), and potential challenges in securing necessary permits. The material weakness in internal controls over financial reporting related to income taxes also remains a point of focus, although remediation efforts are underway.

Conclusion

BKV Corporation is executing a compelling strategy to transform into an integrated energy company positioned for the future. By leveraging its established upstream cash flow engine, investing in midstream capabilities, capitalizing on the high-growth ERCOT power market, and pioneering CCUS technology, BKV aims to create a differentiated and sustainable business model.

The operational performance in the upstream segment, coupled with disciplined capital allocation, provides a solid foundation. The Power business offers significant upside potential in a demand-constrained market, amplified by the unique ability to offer decarbonized power. The CCUS segment, with its operational projects, clear development pipeline, attractive project economics, and the strategic partnership with CIP, represents a critical technological moat and a key driver for achieving BKV's net zero goals and attracting premium customers.

While exposed to commodity price volatility and execution risks inherent in energy development, BKV's hedging strategy and flexible capital program provide resilience. The successful execution of its CCUS growth plan and the realization of opportunities in the power market, particularly in serving the burgeoning data center demand with low-carbon solutions, are central to the investment thesis. BKV's integrated approach and technological focus on decarbonization position it uniquely within the energy sector, offering investors exposure to both traditional energy production and the accelerating energy transition.