1. Like Occidental Petroleum, but a natural gas producer aggressively building out carbon capture and power generation to achieve net-zero emissions.

2. The Impossible Foods of natural gas, developing 'carbon-sequestered gas' through its integrated production, power, and carbon capture businesses.

• Natural Gas and NGL Production: Produces natural gas and natural gas liquids from owned and operated upstream assets in the Barnett and Marcellus Shales.
• Natural Gas Midstream Services: Provides gathering, processing, and transportation of natural gas for its upstream assets and third-party producers.
• Power Generation and Retail Sales: Generates electricity through modern power plants and sells it to commercial, industrial, and residential customers in Texas.
• Carbon Capture, Utilization, and Sequestration (CCUS): Captures and sequesters CO2 emissions, develops CCUS projects, and generates tradable carbon credits.
• Carbon Sequestered Gas: Offers a premium natural gas product by bundling Responsibly Sourced Gas with carbon credits to offset associated emissions.

BKV primarily sells to other companies. Based on the provided description, the following customer companies are identified:

• ENGIE Energy Marketing NA, Inc. (a subsidiary of ENGIE S.A., symbol: ENGIY) - Purchases up to 10,000 MMBtu/d of Carbon Sequestered Gas.
• Kiewit Infrastructure South Co. (a subsidiary of Kiewit Corporation, which is privately held and has no public symbol) - Purchases up to 100 MMBtu/d of Carbon Sequestered Gas.

In addition to these named customers, BKV also serves various categories of unnamed corporate customers across its business lines, including:

• Third-party natural gas producers (for natural gas gathering, processing, and transportation services).
• Utilities, industrial users, and energy marketers on the ERCOT power network (for wholesale power generation).
• Commercial and industrial retail electricity customers in Texas (served by its BKV Energy brand).
• Other energy and industrial sources (for its Carbon Capture, Utilization and Sequestration business).
• Potential unrelated third parties (for sales of carbon credits).

• Project Canary

Chris Kalnin, Chief Executive Officer

Christopher (Chris) Kalnin is the Founder and Chief Executive Officer of BKV Corporation, which he started in June 2015 with the vision to create a successful natural gas E&P company. Prior to founding BKV, he served as Vice President of Strategic Business Operations and Planning at Level 3 Communications (now Lumen/CenturyLink). He also worked as a strategic advisor to the CEO at Thailand's national oil and gas company PTT Exploration and Production (PTTEP) and as a consultant with McKinsey & Company. He began his career as a Financial Analyst with Credit Suisse First Boston.

David Tameron, Chief Financial Officer

David Tameron is the Chief Financial Officer at BKV Corporation, a role he assumed on April 1, 2025. He brings over two decades of Wall Street and energy industry experience to this position. Before becoming CFO, he served as BKV's Vice President of Strategic Finance and Investor Relations for three years. Prior to joining BKV in August 2022, Tameron spent 25 years in corporate banking leadership roles on Wall Street, including two decades as a Sell-Side Analyst within the exploration and production (E&P) sector. His experience also includes roles as Managing Director of Denver-based Corporate Banking and Managing Director, Institutional Equity Research, both at Wells Fargo & Company. He also previously worked at ExxonMobil and in the private M&A sector.

Eric Jacobsen, President, Upstream

Eric Jacobsen is the President, Upstream at BKV Corporation. He is also listed as Chief Operating Officer in some sources. Eric brings relationships with emitters and project contacts, which helps accelerate the appraisal of new carbon capture projects.

Lindsay Larrick, Chief Legal Officer

Lindsay Larrick serves as the Chief Legal Officer for BKV Corporation.

Dilanka Seimon, Chief Commercial Officer

Dilanka Seimon is the Chief Commercial Officer at BKV Corporation.

• Reliance on the successful development and market acceptance of Carbon Capture, Utilization and Sequestration (CCUS) and Carbon Sequestered Gas: BKV's net-zero emissions goals and its strategy to develop "Carbon Sequestered Gas" as a differentiated, premium product are highly dependent on the successful development, operation, and external funding of its CCUS projects, including the Barnett Zero Project. This strategy also relies on the establishment of a blockchain ledger and tokens by a third party, and the certification and utilization of these tokens with the American Carbon Registry, which has not yet been established. Delays or failures in any of these areas, including market acceptance or premium pricing for Carbon Sequestered Gas, could significantly impact the company's financial performance and its ability to achieve its environmental goals.
• Exposure to volatile natural gas and NGL commodity prices: As a natural gas and NGL producer, BKV's revenues, profitability, and cash flow are directly and significantly impacted by fluctuations in the prices of natural gas and NGLs. Sustained low commodity prices could negatively affect its ability to fund operations, capital expenditures for its upstream, midstream, and power businesses, and the substantial capital requirements for its CCUS projects.
• Dependency on Section 45Q tax credits and other external funding for CCUS projects: The economic viability and projected positive net income from BKV's CCUS business, including the Barnett Zero Project, are substantially contingent on receiving Section 45Q tax credits. The company also expects to fund up to 50% of its CCUS business from external sources such as joint ventures, project-based equity partnerships, and federal grants. Any changes to the Section 45Q tax credit program, or an inability to secure sufficient external funding, could adversely affect the development and profitability of its CCUS initiatives.

The addressable markets for BKV's main products and services are as follows:

• Natural Gas Production: The U.S. natural gas market is estimated to be approximately $473.4 billion in 2025 and is projected to reach about $601.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2025 to 2032.
• Natural Gas Midstream: null
• Power Generation: The Electric Reliability Council of Texas (ERCOT), which manages approximately 90% of Texas's electric load, serves over 27 million customers. Electricity demand in ERCOT reached 372 terawatthours (TWh) from January to September 2025, a 5% increase compared to the same period in 2024. Demand is forecast to increase by another 14% to 425 TWh in the first nine months of 2026. In 2023, households in the Texas competitive energy market (ERCOT) paid an average of 15.9 cents per kWh, totaling approximately $3 billion more in aggregate compared to the non-ERCOT market.
• Carbon Capture, Utilization and Sequestration (CCUS): The global carbon capture, utilization, and storage market was valued at approximately $4.57 billion in 2024 and is projected to reach about $68.92 billion by 2034, with a CAGR of roughly 28.1% between 2025 and 2034. Specifically for the U.S., the CCUS market was estimated at $13.57 billion in 2023 and is anticipated to reach $36.94 billion by 2032, with a CAGR of 7.1% from 2023 to 2050.

Here are 3-5 expected drivers of future revenue growth for BKV (symbol: BKV) over the next 2-3 years:

1. Increased Natural Gas Production Volumes: BKV plans to leverage its substantial development inventory, which includes over 15 years of core development, 540 gross drilling locations, and 2,097 gross refracture candidates in the Barnett and Marcellus Shales. This ongoing development and operational efficiency are expected to maintain and grow natural gas production volumes.
2. Expansion of Carbon Sequestered Gas Sales: BKV is advancing its "Carbon Sequestered Gas" product, a Scope 1, 2, and 3 carbon-neutral natural gas, with deliveries expected to commence by the end of 2024. The company has already secured contracts with ENGIE Energy Marketing NA, Inc. and Kiewit Infrastructure South Co. for the sale and purchase of this differentiated product.
3. Growth of Retail Electricity Marketing Business (BKV Energy): The BKV-BPP Power Joint Venture, through its subsidiary BKV-BPP Retail, LLC, launched its retail electricity marketing business, BKV Energy, in February 2023. BKV Energy has rapidly built a portfolio of over 57,000 customers in Texas, indicating strong potential for continued customer acquisition and revenue growth in the deregulated Texas power market.
4. Revenue Generation from Carbon Capture, Utilization and Sequestration (CCUS) Projects: BKV expects its CCUS business to contribute significantly to revenue through two main avenues. The Barnett Zero Project is anticipated to begin generating positive net income via Section 45Q tax credits in 2024, and a second CCUS project is slated to commence sequestration activities in the first half of 2026. Additionally, BKV may sell carbon credits associated with its CCUS projects to third parties, creating a new revenue stream.

Inbound Investments

• BKV anticipates funding up to 50% of its Carbon Capture, Utilization and Sequestration (CCUS) business through external sources, including joint ventures, project-based equity partnerships, and federal grants.

Outbound Investments

• In October 2020, BKV acquired over 289,000 net acres, 3,850 operated wells, and associated upstream assets in the Barnett Shale from Devon Energy Corporation.
• On June 30, 2022, the company expanded its Barnett position by acquiring approximately 165,000 net acres, 2,100 operated wells, and related upstream, midstream, and other assets through the Exxon Barnett Acquisition.

Capital Expenditures

• Capital investment required to maintain flat year-over-year production was less than approximately 60% of BKV's Adjusted EBITDAX for the 2023 fiscal year.
• BKV expects its capital expenditure program for upstream, midstream, and power to be funded by Adjusted Free Cash Flow from its upstream assets.
• A second CCUS project is expected to begin sequestration activities in the first half of 2026, indicating ongoing capital deployment in this area.