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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues and other operating income        
Derivative gains, net $ 143,255 $ 187,026 [1] $ 196,364 $ 88,643 [1]
Total revenues and other operating income 465,535 458,361 [1] 898,382 634,427 [1]
Operating expenses        
Lease operating and workover 44,482 34,176 [1] 89,557 69,231 [1]
Fuel commodity costs 42,832 39,852 [1] 99,953 86,215 [1]
Purchased power 29,502 29,494 [1] 56,857 48,161 [1]
Marketing expense 23,262 4,868 [1] 29,310 8,788 [1]
Taxes other than income 15,900 18,042 [1] 36,102 32,832 [1]
Gathering and transportation 68,095 63,026 [1] 135,897 118,819 [1]
Depreciation, depletion, amortization, and accretion 52,877 47,580 [1] 105,818 97,177 [1]
Power operating and maintenance 17,185 18,252 [1] 36,864 38,465 [1]
General and administrative 42,125 30,479 [1] 82,236 58,778 [1]
Other operating expenses 7,619 11,244 [1] 18,106 14,710 [1]
Total operating expenses 343,879 297,013 [1] 690,700 573,176 [1]
Income from operations 121,656 161,348 [1] 207,682 61,251 [1]
Other income (expense)        
Interest income 2,198 737 [1] 3,696 1,486 [1]
Other income 2,485 1,040 [1] 5,373 4,074 [1]
Income before income taxes 97,480 141,718 [1] 160,793 24,279 [1]
Income tax benefit (expense) (20,150) (29,243) [1] (31,619) 1,425 [1]
Net income 77,330 112,475 [1] 129,174 25,704 [2]
Less: net income (loss) attributable to noncontrolling interest 1,524 4,707 [1] 9,293 (85) [1]
Net income attributable to BKV $ 75,806 $ 107,768 [1] $ 119,881 $ 25,789 [1]
Net income per common share attributable to BKV:        
Basic (in USD per share) $ 0.68 $ 1.27 [1] $ 1.11 $ 0.30 [1]
Diluted (in USD per share) $ 0.67 $ 1.27 [1] $ 1.11 $ 0.30 [1]
Weighted average number of common shares outstanding:        
Basic (in shares) 109,395,000 84,710,000 [1] 105,727,000 84,708,000 [1]
Diluted (in shares) 109,772,000 84,834,000 [1] 106,058,000 84,789,000 [1]
Adjustments | BKV-BPP Power, LLC        
Operating expenses        
Income from operations   $ 32,950   $ 26,556
Other income (expense)        
Net income   7,739   (365)
Less: net income (loss) attributable to noncontrolling interest   4,544   (248)
Net income attributable to BKV   $ 3,195   $ (117)
Net income per common share attributable to BKV:        
Basic (in USD per share)   $ 0.04   $ 0
Diluted (in USD per share)   $ 0.04   $ 0
Weighted average number of common shares outstanding:        
Basic (in shares)   84,710,000   84,708,000
Diluted (in shares)   84,834,000   84,789,000
Nonrelated Party        
Other income (expense)        
Interest expense $ (24,881) $ (16,384) [1] $ (47,711) $ (32,433) [1]
Related Party        
Other income (expense)        
Interest expense (3,978) (5,023) [1] (8,247) (10,099) [1]
Natural gas, NGL, and oil sales        
Revenues and other operating income        
Revenues and other income 221,928 199,729 [1] 509,603 415,855 [1]
Marketing revenues        
Revenues and other operating income        
Revenues and other income 26,162 6,968 [1] 46,043 19,425 [1]
Section 45Q tax credits        
Revenues and other operating income        
Revenues and other income 3,048 2,574 [1] 6,108 5,881 [1]
Power revenues        
Revenues and other operating income        
Revenues and other income 74,362 61,924 [1] 143,352 105,788 [1]
Other        
Revenues and other operating income        
Revenues and other income $ (3,220) $ 140 [1] $ (3,088) $ (1,165) [1]
[1] The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.
[2] The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.