On this page of StockholderLetter.com we present the latest annual shareholder letter from BKV Corp — ticker symbol BKV. Reading current and past BKV letters to shareholders can bring important insights into the investment thesis.
Vision & Velocity Annual Report 2025
A Message from CEO Chris Kalnin Our first full year as a public company was so much more than a symbolic capstone of an impressive decade it was an opportunity to demonstrate what BKV is built to do. We are built to set bold goals, to challenge industry norms and to push the innovation envelope. We said we would make bold strides towards achieving our vision, and we did just that. We delivered robust earnings, maintained a resilient balance sheet and drove meaningful growth across every corner of the company. It s tempting to declare job well done, because it was. But ours is not a past-tense culture. Reflection is an indulgence when you re still moving, and we are focused on what comes next.
That s what we mean by Vision & Velocity In 2025, we executed across each pillar of our closed-loop strategy upstream, midstream, carbon capture and power not as standalone businesses, but as parts of a system designed to work in tandem. At BKV, we have always had a clear view of where we are going. We envision a comprehensive energy solutions platform built to meet the needs of a changing world and a dynamic market. Velocity is how we execute. We advance with unstoppable confidence, determination and discipline. 1
W E A R E N OT B U I L D I N G I S O L AT E D B U S I N E S S E S . We are building an energy solutions platform designed to meet demand. Our closed-loop strategy allows us to offer energy solutions that are both reliable and lower in carbon intensity. 2
Deftly navigating upstream currents From Barnett to Northeast Pennsylvania, we exceeded our upstream expectations, delivering strong production results while maintaining capital discipline and top-tier cost performance. Our operating model is scalable and increasingly efficient through the use of data, technology and AI. That model is foundational to everything we are building. The successful close of the Bedrock acquisition in the third quarter expanded our footprint in the Fort Worth Basin and reinforced our leading position in one of the country s most critical natural gas regions. Adding meaningful production and high-quality reserves, it also proves and extends the reach of an operating system that we know how to operate and flex. Capturing carbon, attention and opportunity At the same time, we continued to advance our carbon capture business. Our partnership with Copenhagen Infrastructure Partners, with up to $500 million committed for joint investment, reflects both the opportunity in this space and confidence in our approach. Barnett Zero continues to operate efficiently. We expanded our pipeline of projects as we move toward commercial scale, targeting 1.5 million tons per annum of injection capacity by 2028 a level at which this business can begin contributing meaningfully to our financial performance. Powering our next phase of growth Finalized in the third quarter of 2025 and consummated in the first quarter of 2026, our agreement to increase ownership in our power joint venture to 75% gives us controlling interest in 1.5 gigawatts of generation capacity at the Temple plants. These assets are well positioned to serve accelerating demand growth in ERCOT, driven by data center development and AI infrastructure. We are actively working to secure long-term, fixed offtake agreements, with strong interest from some of the nation s largest technology and infrastructure players. This demand isn t theoretical. It s real. And it s growing. We are not building isolated businesses. We are building an energy solutions platform designed to meet demand. Our closed-loop strategy allows us to offer energy solutions that are both reliable and lower in carbon intensity. It s a model designed to generate premium margins and uniquely positioned for the market we see developing. 3
 • shareholder letter icon 4/28/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2025 BKV Stockholder Letter
 • stockholder letter icon More "Oil & Gas Exploration & Production" Category Stockholder Letters
 • Benford's Law Stocks icon BKV Benford's Law Stock Score = 87


BKV Shareholder/Stockholder Letter Transcript:

Vision & Velocity
Annual Report 2025

A Message from
CEO Chris Kalnin
Our first full year as a public
company was so much more than a
symbolic capstone of an impressive
decade     it was an opportunity to
demonstrate what BKV is built to
do. We are built to set bold goals,
to challenge industry norms and to
push the innovation envelope. We
said we would make bold strides
towards achieving our vision, and
we did just that. We delivered
robust earnings, maintained a
resilient balance sheet and drove
meaningful growth across every
corner of the company.
It   s tempting to declare    job well
done,    because it was. But ours is
not a past-tense culture. Reflection
is an indulgence when you   re still
moving, and we are focused on
what comes next.

That   s what we mean
by Vision & Velocity
In 2025, we executed across
each pillar of our closed-loop
strategy   upstream, midstream,
carbon capture and power   not
as standalone businesses, but
as parts of a system designed to
work in tandem.
At BKV, we have always had a clear
view of where we are going. We
envision a comprehensive energy
solutions platform built to meet
the needs of a changing world and
a dynamic market. Velocity is
how we execute. We advance
with unstoppable confidence,
determination and discipline.
1

W E A R E N OT B U I L D I N G I S O L AT E D B U S I N E S S E S .
We are building
an energy solutions
platform designed
to meet demand.
Our closed-loop strategy allows us to
offer energy solutions that are both
reliable and lower in carbon intensity.
2

Deftly navigating
upstream currents
From Barnett to Northeast Pennsylvania, we exceeded our
upstream expectations, delivering strong production results while
maintaining capital discipline and top-tier cost performance. Our
operating model is scalable and increasingly efficient through the
use of data, technology and AI.
That model is foundational to everything we are building. The
successful close of the Bedrock acquisition in the third quarter
expanded our footprint in the Fort Worth Basin and reinforced our
leading position in one of the country   s most critical natural gas
regions. Adding meaningful production and high-quality reserves,
it also proves and extends the reach of an operating system that
we know how to operate and flex.
Capturing carbon,
attention
and opportunity
At the same time, we continued to advance our carbon capture
business. Our partnership with Copenhagen Infrastructure Partners,
with up to $500 million committed for joint investment, reflects
both the opportunity in this space and confidence in our approach.
Barnett Zero continues to operate efficiently. We expanded
our pipeline of projects as we move toward commercial scale,
targeting 1.5 million tons per annum of injection capacity by
2028   a level at which this business can begin contributing
meaningfully to our financial performance.
Powering our next
phase of growth
Finalized in the third quarter of 2025 and consummated in the
first quarter of 2026, our agreement to increase ownership in
our power joint venture to 75% gives us controlling interest in 1.5
gigawatts of generation capacity at the Temple plants. These
assets are well positioned to serve accelerating demand growth in
ERCOT, driven by data center development and AI infrastructure.
We are actively working to secure long-term, fixed offtake
agreements, with strong interest from some of the nation   s
largest technology and infrastructure players. This demand isn   t
theoretical. It   s real. And it   s growing.
We are not building isolated businesses. We are building
an energy solutions platform designed to meet demand. Our
closed-loop strategy allows us to offer energy solutions that are
both reliable and lower in carbon intensity. It   s a model designed
to generate premium margins and uniquely positioned for the
market we see developing.
3


shareholder letter icon 4/28/2026 Letter Continued (Full PDF)
 

BKV Stockholder/Shareholder Letter (BKV Corp) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.