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Reportable Segment | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Reportable Segment | Note 14 - Reportable Segments Prior to the consolidation of the BKV-BPP Power Joint Venture in the first quarter of 2026, the Company was organized, managed, and identified as one operating segment and one reportable segment. Thereafter, as a result of changes to the Company's internal reporting structure, the Company’s CODM changed the manner in which resource allocation decisions are made and performance is assessed. As such, commencing in the first quarter of 2026, the Company's natural gas production, natural gas midstream, and power generation business lines, all of which are located within the United States, are now organized into two reportable segments for financial reporting purposes: (i) Upstream/Midstream and (ii) Power. In addition, the Company has an "All Other" category, which includes its Corporate and Other operating segment. The Corporate and Other operating segment includes the Company's remaining non-reportable segment operations consisting primarily of its CCUS business line and general corporate expenses not allocated to its reportable segments. Prior period segment information has been recast to reflect the current reportable segment structure. The Company’s CODM evaluates the financial results of each of the reportable segments, primarily segment revenues, significant segment expenses, and other segment items, and allocates resources, manages liquidity, and assesses overall Company performance relative to budget. The CODM also monitors total assets and capital expenditures by segment. The Company's Upstream/Midstream segment is engaged in the acquisition, operation, exploration, development, and production of natural gas, NGLs, and oil in the Barnett and NEPA, and the commercial and midstream services such as gathering and transportation, marketing services, and commodity risk management activities. The Company's Power segment is engaged in electricity generation, wholesale energy sales and purchases, and retail marketing operations. These activities are conducted through the BKV-BPP Power Joint Venture in which the Company holds a 75% ownership interest. Subsidiaries of the BKV-BPP Power Joint Venture own the Temple Plants, which are modern combined-cycle gas and steam turbine power plants located in the ERCOT North Zone in Temple, Texas, and operate a retail marketing business throughout the deregulated portions of Texas. The Company's Corporate and Other operating segment includes BKV Corp, shared services, and the results of the Company's carbon capture and sequestration business, which focuses on reducing GHG emissions by capturing CO 2 from Company-owned and third-party operations, as well as other energy and industrial sources. Transactions between reportable segments are primarily related to administrative services provided under intercompany service agreements and are recorded based on the costs specified in those agreements. Intercompany eliminations are included within the Corporate and Other segment for purposes of segment reporting. The following tables present the Company's segment revenues and other operating income, significant segment operating expenses, and segment income (loss) from operations:
|  | Three Months Ended June 30, 2026
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 221,928 |  |  | $ | — |  |  | $ | 221,928 |  |  | $ | — |  |  | $ | 221,928 |
Power revenues |  | — |  |  | 74,362 |  |  | 74,362 |  |  | — |  |  | 74,362 |
Derivative gains, net |  | 95,284 |  |  | 47,971 |  |  | 143,255 |  |  | — |  |  | 143,255 |
Marketing revenues |  | 26,162 |  |  | — |  |  | 26,162 |  |  | — |  |  | 26,162 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 3,048 |  |  | 3,048 |
Other |  | 328 |  |  | — |  |  | 328 |  |  | (3,548) |  |  | (3,220) |
Total revenues and other operating income |  | $ | 343,702 |  |  | $ | 122,333 |  |  | $ | 466,035 |  |  | $ | (500) |  |  | $ | 465,535 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 44,482 |  |  | — |  |  | 44,482 |  |  | — |  |  | 44,482 |
Fuel commodity costs |  | — |  |  | 42,832 |  |  | 42,832 |  |  | — |  |  | 42,832 |
Purchased power |  | — |  |  | 29,502 |  |  | 29,502 |  |  | — |  |  | 29,502 |
Marketing expense |  | 22,516 |  |  | 685 |  |  | 23,201 |  |  | 61 |  |  | 23,262 |
Taxes other than income |  | 11,583 |  |  | 4,303 |  |  | 15,886 |  |  | 14 |  |  | 15,900 |
Gathering and transportation |  | 68,095 |  |  | — |  |  | 68,095 |  |  | — |  |  | 68,095 |
Depreciation, depletion, amortization, and accretion |  | 42,821 |  |  | 9,552 |  |  | 52,373 |  |  | 504 |  |  | 52,877 |
Power operating and maintenance |  | — |  |  | 17,185 |  |  | 17,185 |  |  | — |  |  | 17,185 |
General and administrative |  | 22,747 |  |  | 7,625 |  |  | 30,372 |  |  | 11,753 |  |  | 42,125 |
Other operating expenses |  | 1,420 |  |  | 4,891 |  |  | 6,311 |  |  | 1,308 |  |  | 7,619 |
Total operating expenses |  | 213,664 |  |  | 116,575 |  |  | 330,239 |  |  | 13,640 |  |  | 343,879 |
Income (loss) from operations |  | $ | 130,038 |  |  | $ | 5,758 |  |  | $ | 135,796 |  |  | $ | (14,140) |  |  | $ | 121,656 |
Capital expenditures |  | $ | 61,750 |  |  | $ | 5,371 |  |  | $ | 67,121 |  |  | $ | 19,717 |  |  | $ | 86,838 |
|  | Three Months Ended June 30, 2025
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 199,729 |  |  | $ | — |  |  | $ | 199,729 |  |  | $ | — |  |  | $ | 199,729 |
Power revenues |  | — |  |  | 61,924 |  |  | 61,924 |  |  | — |  |  | 61,924 |
Derivative gains, net |  | 112,208 |  |  | 74,818 |  |  | 187,026 |  |  | — |  |  | 187,026 |
Marketing revenues |  | 6,968 |  |  | — |  |  | 6,968 |  |  | — |  |  | 6,968 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 2,574 |  |  | 2,574 |
Other |  | 140 |  |  | — |  |  | 140 |  |  | — |  |  | 140 |
Total revenues and other operating income |  | $ | 319,045 |  |  | $ | 136,742 |  |  | $ | 455,787 |  |  | $ | 2,574 |  |  | $ | 458,361 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 34,176 |  |  | — |  |  | 34,176 |  |  | — |  |  | 34,176 |
Fuel commodity costs |  | — |  |  | 39,852 |  |  | 39,852 |  |  | — |  |  | 39,852 |
Purchased power |  | — |  |  | 29,494 |  |  | 29,494 |  |  | — |  |  | 29,494 |
Marketing expense |  | 4,321 |  |  | 547 |  |  | 4,868 |  |  | — |  |  | 4,868 |
Taxes other than income |  | 13,404 |  |  | 4,638 |  |  | 18,042 |  |  | — |  |  | 18,042 |
Gathering and transportation |  | 63,026 |  |  | — |  |  | 63,026 |  |  | — |  |  | 63,026 |
Depreciation, depletion, amortization, and accretion |  | 37,644 |  |  | 9,536 |  |  | 47,180 |  |  | 400 |  |  | 47,580 |
Power operating and maintenance |  | — |  |  | 18,252 |  |  | 18,252 |  |  | — |  |  | 18,252 |
General and administrative |  | 14,782 |  |  | 4,267 |  |  | 19,049 |  |  | 11,430 |  |  | 30,479 |
Other operating expenses |  | 3,403 |  |  | 434 |  |  | 3,837 |  |  | 7,407 |  |  | 11,244 |
Total operating expenses |  | 170,756 |  |  | 107,020 |  |  | 277,776 |  |  | 19,237 |  |  | 297,013 |
Income (loss) from operations |  | $ | 148,289 |  |  | $ | 29,722 |  |  | $ | 178,011 |  |  | $ | (16,663) |  |  | $ | 161,348 |
Capital expenditures |  | $ | 56,159 |  |  | $ | 55 |  |  | $ | 56,214 |  |  | $ | 10,276 |  |  | $ | 66,490 |
|  | Six Months Ended June 30, 2026
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 509,603 |  |  | $ | — |  |  | $ | 509,603 |  |  | $ | — |  |  | $ | 509,603 |
Power revenues |  | — |  |  | 143,352 |  |  | 143,352 |  |  | — |  |  | 143,352 |
Derivative gains, net |  | 52,808 |  |  | 143,556 |  |  | 196,364 |  |  | — |  |  | 196,364 |
Marketing revenues |  | 45,985 |  |  | — |  |  | 45,985 |  |  | 58 |  |  | 46,043 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 6,108 |  |  | 6,108 |
Other |  | 460 |  |  | — |  |  | 460 |  |  | (3,548) |  |  | (3,088) |
Total revenues and other operating income |  | $ | 608,856 |  |  | $ | 286,908 |  |  | $ | 895,764 |  |  | $ | 2,618 |  |  | $ | 898,382 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 89,557 |  |  | — |  |  | 89,557 |  |  | — |  |  | 89,557 |
Fuel commodity costs |  | — |  |  | 99,953 |  |  | 99,953 |  |  | — |  |  | 99,953 |
Purchased power |  | — |  |  | 56,857 |  |  | 56,857 |  |  | — |  |  | 56,857 |
Marketing expense |  | 27,656 |  |  | 1,563 |  |  | 29,219 |  |  | 91 |  |  | 29,310 |
Taxes other than income |  | 27,545 |  |  | 8,536 |  |  | 36,081 |  |  | 21 |  |  | 36,102 |
Gathering and transportation |  | 135,897 |  |  | — |  |  | 135,897 |  |  | — |  |  | 135,897 |
Depreciation, depletion, amortization, and accretion |  | 83,512 |  |  | 21,356 |  |  | 104,868 |  |  | 950 |  |  | 105,818 |
Power operating and maintenance |  | — |  |  | 36,864 |  |  | 36,864 |  |  | — |  |  | 36,864 |
General and administrative |  | 43,585 |  |  | 13,980 |  |  | 57,565 |  |  | 24,671 |  |  | 82,236 |
Other operating expenses |  | 6,251 |  |  | 9,047 |  |  | 15,298 |  |  | 2,808 |  |  | 18,106 |
Total operating expenses |  | 414,003 |  |  | 248,156 |  |  | 662,159 |  |  | 28,541 |  |  | 690,700 |
Income (loss) from operations |  | $ | 194,853 |  |  | $ | 38,752 |  |  | $ | 233,605 |  |  | $ | (25,923) |  |  | $ | 207,682 |
Capital expenditures |  | $ | 140,720 |  |  | $ | 22,221 |  |  | $ | 162,941 |  |  | $ | 30,424 |  |  | $ | 193,365 |
|  | Six Months Ended June 30, 2025
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 415,855 |  |  | $ | — |  |  | $ | 415,855 |  |  | $ | — |  |  | $ | 415,855 |
Power revenues |  | — |  |  | 105,788 |  |  | 105,788 |  |  | — |  |  | 105,788 |
Derivative gains (losses), net |  | (39,983) |  |  | 128,626 |  |  | 88,643 |  |  | — |  |  | 88,643 |
Marketing revenues |  | 19,425 |  |  | — |  |  | 19,425 |  |  | — |  |  | 19,425 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 5,881 |  |  | 5,881 |
Other |  | (1,165) |  |  | — |  |  | (1,165) |  |  | — |  |  | (1,165) |
Total revenues and other operating income |  | $ | 394,132 |  |  | $ | 234,414 |  |  | $ | 628,546 |  |  | $ | 5,881 |  |  | $ | 634,427 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 69,231 |  |  | — |  |  | 69,231 |  |  | — |  |  | 69,231 |
Fuel commodity costs |  | — |  |  | 86,215 |  |  | 86,215 |  |  | — |  |  | 86,215 |
Purchased power |  | — |  |  | 48,161 |  |  | 48,161 |  |  | — |  |  | 48,161 |
Marketing expense |  | 7,645 |  |  | 1,143 |  |  | 8,788 |  |  | — |  |  | 8,788 |
Taxes other than income |  | 23,626 |  |  | 9,206 |  |  | 32,832 |  |  | — |  |  | 32,832 |
Gathering and transportation |  | 118,819 |  |  | — |  |  | 118,819 |  |  | — |  |  | 118,819 |
Depreciation, depletion, amortization, and accretion |  | 77,135 |  |  | 19,163 |  |  | 96,298 |  |  | 879 |  |  | 97,177 |
Power operating and maintenance |  | — |  |  | 38,465 |  |  | 38,465 |  |  | — |  |  | 38,465 |
General and administrative |  | 27,978 |  |  | 10,169 |  |  | 38,147 |  |  | 20,631 |  |  | 58,778 |
Other operating expenses |  | 3,689 |  |  | 824 |  |  | 4,513 |  |  | 10,197 |  |  | 14,710 |
Total operating expenses |  | 328,123 |  |  | 213,346 |  |  | 541,469 |  |  | 31,707 |  |  | 573,176 |
Income (loss) from operations |  | $ | 66,009 |  |  | $ | 21,068 |  |  | $ | 87,077 |  |  | $ | (25,826) |  |  | $ | 61,251 |
Capital expenditures |  | $ | 110,423 |  |  | $ | 293 |  |  | $ | 110,716 |  |  | $ | 13,386 |  |  | $ | 124,102 |
The following table reconciles total segment income (loss) from operations to consolidated income before income taxes:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Total segment operating income |  | $ | 135,796 |  |  | $ | 178,011 |  |  | $ | 233,605 |  |  | $ | 87,077 |
Unallocated amounts: |  |  |  |  |  |  |  |
Corporate and Other revenues and other operating income |  | (500) |  |  | 2,574 |  |  | 2,618 |  |  | 5,881 |
Corporate and Other marketing expense |  | (61) |  |  | — |  |  | (91) |  |  |
Corporate and Other taxes other than income |  | (14) |  |  | — |  |  | (21) |  |  | — |
Corporate and Other depreciation, depletion, amortization, and accretion |  | (504) |  |  | (400) |  |  | (950) |  |  | (879) |
Corporate and Other general and administrative |  | (11,753) |  |  | (11,430) |  |  | (24,671) |  |  | (20,631) |
Corporate and Other other operating expenses |  | (1,308) |  |  | (7,407) |  |  | (2,808) |  |  | (10,197) |
Interest expense, net |  | (26,661) |  |  | (20,670) |  |  | (52,262) |  |  | (41,046) |
Other income |  | 2,485 |  |  | 1,040 |  |  | 5,373 |  |  | 4,074 |
Income before income taxes |  | $ | 97,480 |  |  | $ | 141,718 |  |  | $ | 160,793 |  |  | $ | 24,279 |
The following table presents total assets by reportable segment reconciled to total consolidated assets:
|  | June 30,
(in thousands) |  | 2026 |  | 2025
Upstream/Midstream |  | $ | 2,742,960 |  |  | $ | 2,063,723 |
Power |  | 1,255,502 |  |  | 976,983 |
Total reportable segments |  | 3,998,462 |  |  | 3,040,706 |
Corporate and Other |  | 236,718 |  |  | 125,670 |
Total consolidated assets |  | $ | 4,235,180 |  |  | $ | 3,166,376 |

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