Quarterly ResultMay 7, 2026, 07:08 AM
BKV Q1 Net Income $44.1M, Adj EBITDAX $112M; Power JV Stake Increased
AI Summary
BKV Corporation reported strong financial and operational results for the first quarter of 2026, with net income attributable to BKV reaching $44.1 million and Adjusted EBITDAX at $112.0 million. The company also completed the acquisition of an additional 25% ownership in its Power Joint Venture, increasing its stake to 75%, and successfully executed an equity offering that generated $186.2 million in net proceeds. Operational highlights included increased average net production, initial injection at the Cotton Cove CCUS project, and significant progress towards securing a long-term power purchase agreement for its Temple plants.
Key Highlights
- Closed acquisition of incremental 25% ownership in Power JV on January 30, 2026.
- Completed public offering of 7.0M shares for net proceeds of $186.2 million.
- Net income attributable to BKV was $44.1 million, up from $(82.0) million YoY.
- Adjusted EBITDAX attributable to BKV rose to $112.0 million, up from $105.0 million YoY.
- Net cash provided by operating activities increased to $72.0 million, from $16.5 million YoY.
- Average net production was 925.0 MMcfe/d, up from 761.1 MMcfe/d YoY.
- Accrued capital expenditures totaled $118.6 million, up from $58.1 million YoY.
- Barnett Zero sequestered 35,800 metric tons of CO2 in Q1 2026.