Reportable Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reportable Segments

Note 19 - Reportable Segments

Effective January 30, 2026, the Company completed the acquisition of an additional 25% ownership interest in the BKV-BPP Power Joint Venture from BPPUS in a transaction between entities under common control. As a result, the Company retrospectively adjusted its consolidated financial statements in accordance with ASC 805-50 to reflect the BKV-BPP Power Joint Venture as if it had been consolidated for all periods presented. Consequently, the Company revised its reportable segments and retrospectively recast prior-period segment information to conform to the current presentation.

The Company’s natural gas production, natural gas midstream, and power generation business lines, all of which are located within the United States, are 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.

The 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 CO2 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:

	Year Ended December 31, 2025
					Total
	Upstream/				Reportable		Corporate
(in thousands)	Midstream		Power		Segments		and Other		Total
Revenues and other operating income
Natural gas, NGL, and oil sales	$	857,597	$	—	$	857,597	$	—	$	857,597
Power revenues		—		248,752		248,752		—		248,752
Midstream revenues		10,456		—		10,456		—		10,456
Derivative gains (losses), net		105,081		274,788		379,869		—		379,869
Marketing revenues		—		—		—		12,304		12,304
Section 45Q tax credits		—		—		—		11,752		11,752
Loss on sales of assets		(1,798)		—		(1,798)		(7)		(1,805)
Other		11,664		—		11,664		—		11,664
Total revenues and other operating income	$	983,000	$	523,540	$	1,506,540	$	24,049	$	1,530,589
Operating expenses
Lease operating and workover		152,873		—		152,873		—		152,873
Fuel commodity costs		—		180,364		180,364		—		180,364
Purchased power		—		113,968		113,968		—		113,968
Taxes other than income		50,761		15,645		66,406		1		66,407
Gathering and transportation		250,849		—		250,849		—		250,849
Depreciation, depletion, amortization, and accretion		155,713		38,273		193,986		1,751		195,737
General and administrative		68,944		19,999		88,943		42,629		131,572
Power operating and maintenance		—		78,435		78,435		—		78,435
Other operating expenses		29,034		8,296		37,330		19,344		56,674
Total operating expenses		708,174		454,980		1,163,154		63,725		1,226,879
Income (loss) from operations	$	274,826	$	68,560	$	343,386	$	(39,676)	$	303,710
Capital expenditures	$	258,549	$	4,954	$	263,503	$	41,616	$	305,119

	Year Ended December 31, 2024
					Total
	Upstream/				Reportable		Corporate
(in thousands)	Midstream		Power		Segments		and Other		Total
Revenues and other operating income
Natural gas, NGL, and oil sales	$	557,570	$	—	$	557,570	$	—	$	557,570
Power revenues		—		218,268		218,268		—		218,268
Midstream revenues		12,560		—		12,560		—		12,560
Derivative gains (losses), net		(34,152)		241,612		207,460		—		207,460
Marketing revenues		—		—		—		10,668		10,668
Section 45Q tax credits		—		—		—		14,021		14,021
Gain on sale of business		7,080		—		7,080		—		7,080
Gain on sales of assets		3,523		—		3,523		—		3,523
Other		6,631		—		6,631		—		6,631
Total revenues and other operating income	$	553,212	$	459,880	$	1,013,092	$	24,689	$	1,037,781
Operating expenses
Lease operating and workover		136,991		—		136,991		—		136,991
Fuel commodity costs		—		118,662		118,662		—		118,662
Purchased power		—		108,327		108,327		—		108,327
Taxes other than income		34,961		12,843		47,804		48		47,852
Gathering and transportation		222,391		—		222,391		—		222,391
Depreciation, depletion, amortization, and accretion		215,541		37,967		253,508		1,992		255,500
General and administrative		59,417		14,524		73,941		36,090		110,031
Power operating and maintenance		—		81,071		81,071		—		81,071
Other operating expenses		12,647		1,809		14,456		6,738		21,194
Total operating expenses		681,948		375,203		1,057,151		44,868		1,102,019
Loss from operations	$	(128,736)	$	84,677	$	(44,059)	$	(20,179)	$	(64,238)
Capital expenditures	$	88,384	$	4,445	$	92,829	$	12,532	$	105,361

	Year Ended December 31, 2023
					Total
	Upstream/				Reportable		Corporate and
(in thousands)	Midstream		Power		Segments		Other		Total
Revenues and other operating income
Natural gas, NGL, and oil sales	$	706,151	$	—	$	706,151	$	—	$	706,151
Power revenues		—		274,623		274,623		—		274,623
Midstream revenues		16,168		—		16,168		—		16,168
Derivative gains (losses), net		238,743		51,981		290,724		—		290,724
Marketing revenues		—		—		—		8,710		8,710
Section 45Q tax credits		—		—		—		701		701
Gain on sales of assets		2,162		—		2,162		45		2,207
Other		3,957		—		3,957		—		3,957
Total revenues and other operating income	$	967,181	$	326,604	$	1,293,785	$	9,456	$	1,303,241
Operating expenses
Lease operating and workover		150,647		—		150,647		—		150,647
Fuel commodity costs		—		94,213		94,213		—		94,213
Purchased power		—		27,769		27,769		—		27,769
Taxes other than income		72,290		8,827		81,117		—		81,117
Gathering and transportation		248,990		—		248,990		—		248,990
Depreciation, depletion, amortization, and accretion		223,165		31,752		254,917		205		255,122
General and administrative		65,852		27,917		93,769		39,805		133,574
Power operating and maintenance		—		56,365		56,365		—		56,365
Other operating expenses		12,353		1,671		14,024		272		14,296
Total operating expenses		773,297		248,514		1,021,811		40,282		1,062,093
Income from operations	$	193,884	$	78,090	$	271,974	$	(30,826)	$	241,148
Capital expenditures	$	137,085	$	13,797	$	150,882		50,631	$	201,513

The following table reconciles total segment income (loss) from operations to consolidated income before income taxes

	Year Ended December 31,
(in thousands)	2025		2024		2023
Total segment operating income (loss)	$	343,386	$	(44,059)	$	271,974
Unallocated amounts:
Corporate and Other revenues and other operating income		24,049		24,689		9,456
Corporate and Other taxes other than income		(1)		(48)		—
Corporate and Other depreciation, depletion, amortization, and accretion		(1,751)		(1,992)		(205)
Corporate and Other general and administrative		(42,629)		(36,090)		(39,805)
Corporate and Other other operating expenses		(19,344)		(6,738)		(272)
Gains on contingent consideration liabilities		—		9,676		38,375
Interest expense, net		(87,876)		(116,369)		(122,820)
Loss on extinguishment of debt		—		(13,877)		—
Other income		9,335		8,995		5,443
Income (loss) before income taxes	$	225,169	$	(175,813)	$	162,146

The following table presents total assets by reportable segment reconciled to total consolidated assets:

	December 31,
(in thousands)	2025		2024
Upstream/Midstream	$	2,670,434	$	2,016,352
Power		939,981		983,356
Total reportable segments		3,610,415		2,999,708
Corporate and Other		328,842		99,069
Total consolidated assets	$	3,939,257	$	3,098,777