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Acquisition
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition
Note 2 - Acquisition
BKV-BPP Power Joint Venture Transaction
On January 30, 2026, pursuant to the BKV-BPP Power Purchase Agreement, the Company completed the BKV-BPP Power Joint Venture Transaction, which consisted of $115.1 million in cash and 5,315,390 shares of Company common stock. The shares were subject to a 180-day lock-up that expired on July 29, 2026. The aggregate purchase price was equal to (x) $376.0 million, less (y) 25% of BKV-BPP Power's net indebtedness at closing, payable 50% in cash and 50% in shares of the Company's common stock. BKV-BPP Power's net indebtedness was $582.9 million as of the closing date and the number of shares issued was determined by dividing the 50% of the aggregate purchase price by $21.6609, which represents the volume-weighted average price of the Company's common stock during the 20 consecutive trading day period ended October 28, 2025. The Company funded the cash consideration for the transaction with a combination of cash on hand and the net proceeds from the 2025 Equity Offering. Following the closing of the transaction, the Company and BPPUS own 75% and 25% of the BKV-BPP Power Joint Venture, respectively.
The Company's condensed consolidated financial statements include $17.3 million of costs associated with the BKV-BPP Power Joint Venture Transaction. Of this amount, $9.3 million related to the 2025 Equity Offering, and was recorded as a reduction of additional paid-in capital. Transaction costs of $4.3 million and $8.0 million were expensed during the three and six months ended June 30, 2026, respectively, and included in other operating expenses on the condensed consolidated statements of income.
The BKV-BPP Power Joint Venture Transaction was accounted for as an acquisition of a business under common control (see Note 1 - Business and Basis of Presentation for further information). Accordingly, the consolidated financial statements prior to the acquisition date were retrospectively recast to include the BKV-BPP Power Joint Venture's historical results, including reflecting BPPUS’s interest as a noncontrolling interest of 25%. The Company previously accounted for BKV-BPP Power as an equity method investment and recognized 50% of its earnings.
The following table represents a summary of the retrospective adjustments to the statements of income for the three and six months ended June 30, 2025 to conform to the current presentation due to the BKV-BPP Power Joint Venture Transaction.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(in thousands)
Increase to net income
Income from operations$32,950 $26,556 
Net income (loss)$7,739 $(365)
Less: net income (loss) attributable to noncontrolling interest$4,544 $(248)
Net income (loss) attributable to BKV$3,195 $(117)
Net income per common share attributable to BKV:
Basic$0.04 $— 
Diluted$0.04 $— 
Weighted average number of common shares outstanding:
Basic84,710 84,708 
Diluted84,834 84,789 
This retrospective presentation is an accounting convention and does not alter the legal ownership interests in the BKV-BPP Power, or the related rights to BKV-BPP Power’s income and net assets that existed before the closing date of the BKV-BPP Power Joint Venture Transaction.
The retrospective combination of BKV-BPP Power therefore does not imply that the Company or the holders of its common shares other than Banpu and its affiliates had legal or economic rights to the additional 25% interest before January 30, 2026. Prior to the closing date of the BKV-BPP Power Joint Venture Transaction, Banpu’s indirect economic interest in the additional 25% interest was held through BPPUS rather than through the Company. Accordingly, for periods before January 30, 2026, the BKV-BPP Power Joint Venture’s net income and net assets were attributed based on the legal ownership interests in effect during those periods. For purposes of the retrospective earnings per share presentation, the per share amounts applicable to common shares held, directly or indirectly, by Banpu reflect Banpu’s historical economic interest in the transferred 25% interest. The per share amounts applicable to the Company’s other common shareholders reflect only the economic interests held through the Company during those periods.
Accordingly, for the three months ended June 30, 2025, both basic and diluted earnings per common share were $1.29 for common shares held by Banpu and $1.22 for common shares held by the Company’s other shareholders. For the six months ended June 30, 2025, both basic and diluted earnings per common share were $0.30 for common shares held by Banpu and $0.31 for common shares held by the Company’s other shareholders. Beginning on January 30, 2026, earnings associated with the acquired 25% interest are available to all of the Company’s common shares. The tables below summarize these attribution principles.
(in thousands)December 31, 2025
Noncontrolling interest in BKV-BPP Power$64,277 
BKV’s interest in BKV-BPP Power192,830 
Net assets attributable to common shareholders43,785 
Net assets attributable to Banpu127,153 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(in thousands, except per share amounts)
BKV-BPP Power net income (loss) attributable to noncontrolling interest$4,544 $(248)
BKV-BPP Power net income (loss) attributable to BKV$13,632 $(746)
BKV-BPP Power net income (loss) attributable to common shareholders$2,235 $(122)
BKV-BPP Power net income (loss) attributable to Banpu$10,279 $(562)
Net income attributable to common shareholders$25,387 $6,404 
Net income attributable to Banpu$82,381 $19,385 
Net income per common share attributable to common shareholders:
Basic$1.22 $0.31 
Diluted$1.22 $0.31 
Net income per common share attributable to Banpu:
Basic$1.29 $0.30 
Diluted$1.29 $0.30 
Weighted average number of common shares outstanding attributable to common shareholders:
Basic20,833 20,833 
Diluted20,864 20,853 
Weighted average number of common shares outstanding attributable to Banpu:
Basic63,877 63,875 
Diluted63,970 63,936 
As a result of the consolidation of BKV-BPP Power, the Company determined that the manner in which its Chief Executive Officer, identified as the Chief Operating Decision Maker (“CODM”), evaluates operating performance and allocates resources has changed. Accordingly, BKV-BPP Power, the Company's power generation business, meets the criteria to be presented as a reportable segment. See Note 14 - Reportable Segments.
Asset Acquisition
On July 1, 2025, the Company entered into an agreement to acquire approximately 6,200 acres of land and related assets in the state of Texas for a total consideration of $94.3 million, with a deposit of $0.9 million paid in July 2025. The acquisition closed on February 26, 2026. On March 18, 2026, the Company entered into another agreement to acquire approximately 120 acres of land and related assets in the state of Texas for a total consideration of $25.3 million, with a deposit of $0.3 million paid in March 2026. The acquisition closed on June 18, 2026. The assets acquired were accounted for as an asset acquisition as the fair value of substantially all the assets acquired were concentrated in a group of similar assets. The Company evaluated the related assets, including structures, easements, and mineral rights and determined that they were not material, individually or in the aggregate, to the total purchase price. Accordingly, the total consideration, including transaction costs was allocated to land. No goodwill was recognized. The Company partially funded the purchase of the 6,200 acres with $46.0 million in proceeds from the Advance (as defined below), with the remainder funded through the Company's cash from operations. See Note 3 - Debt for further information on the Advance.
Bedrock Acquisition
On September 29, 2025, BKV Upstream Midstream acquired 100% of the equity interests of Bedrock Production, LLC (now known as BKV Barnett II, LLC (“BKV Barnett II”)), a Texas limited liability company (such transaction, the “Bedrock Acquisition”) from Bedrock pursuant to a membership interest purchase agreement (the “Bedrock Purchase Agreement”). The Bedrock Acquisition was accounted for as an asset acquisition. The purchase price allocation was finalized on December 31,
2025. See Note 3 - Acquisitions and Dispositions on the Company's 2025 Annual Report on Form 10-K for additional information, including the allocation of consideration to the assets acquired and liabilities assumed.
During the first quarter of 2026, half of the $37.0 million purchase price holdback was released in accordance with the terms of the Bedrock Purchase Agreement. As of June 30, 2026, the remaining half of holdback balance continues to be held in escrow for potential indemnification claims. In accordance with the terms of the Bedrock Purchase Agreement, the balance remaining in escrow is expected to be released upon the expiration of the 14-month indemnification period following the closing date of September 29, 2025, subject to the resolution of any outstanding claims.