Acquisition and Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

Asset Acquisition [Line Items]

Business combination

The following table represents a summary of the retrospective adjustments to the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 to conform to the current presentation due to the BKV-BPP Power Joint Venture Transaction.

	Year Ended December 31,
(in thousands)	2025		2024		2023
Increase to net income
Income from operations	$	86,097	$	90,563	$	83,528
Net income		13,472		9,490		15,105
Less: net income attributable to noncontrolling interest		7,448		5,271		8,467
Net income (loss) attributable to BKV	$	6,024	$	4,219	$	6,638
Net income (loss) per common share attributable to BKV:
Basic	$	0.07	$	0.06	$	0.11
Diluted	$	0.07	$	0.06	$	0.10
Weighted average number of common shares outstanding:
Basic		86,581		71,288		60,730
Diluted		86,823		71,288		64,380

	December 31,
(in thousands)	2025		2024
Noncontrolling interest in BKV-BPP Power	$	64,277	$	56,829
BKV’s interest in BKV-BPP Power		192,830		170,488
Net assets attributable to common shareholders		43,785		27,840
Net assets attributable to Banpu		127,153		128,727

	Year Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
BKV-BPP Power net income attributable to noncontrolling interest	$	7,448	$	5,271	$	8,467
BKV-BPP Power net income attributable to BKV	$	22,342	$	15,814	$	25,401
BKV-BPP Power net income attributable to common shareholders	$	5,073	$	2,582	$	613
BKV-BPP Power net income attributable to Banpu	$	14,733	$	11,940	$	24,482
Net income (loss) attributable to common shareholders	$	58,483	$	(35,253)	$	4,165
Net income (loss) attributable to Banpu	$	120,673	$	(103,398)	$	119,391
Net income (loss) per common share attributable to common shareholders:
Basic	$	1.98	$	(2.02)	$	1.90
Diluted	$	1.98	$	(2.02)	$	1.79
Net income (loss) per common share attributable to Banpu:
Basic	$	2.11	$	(1.92)	$	2.04
Diluted	$	2.11	$	(1.92)	$	1.92
Weighted average number of common shares outstanding attributable to common shareholders:
Basic		29,489		17,462		2,198
Diluted		29,572		17,462		2,330
Weighted average number of common shares outstanding attributable to Banpu:
Basic		57,092		53,826		58,532
Diluted		57,251		53,826		62,050

Bedrock Acquisition

Asset Acquisition [Line Items]

Asset Acquisition

Below is a reconciliation of the assets acquired and liabilities assumed (in thousands):

Consideration:
Cash	$	266,535
Capitalized transaction costs	$	3,761
Shares of BKV Corporation's common stock		5,233,957
BKV common stock price	$	23.74
Total stock consideration	$	124,254
Total consideration	$	394,550
Assets acquired and liabilities assumed
Accounts receivable, net	$	15,324
Commodity derivative assets, current		10,508
Developed properties		390,826
Commodity derivative assets		12,839
Other noncurrent assets		6,392
Accounts payable and accrued liabilities		(13,416)
Commodity derivative liabilities, current		(2,636)
Other current liabilities		(5,024)
Asset retirement obligations		(18,761)
Other noncurrent liabilities		(1,502)
Total net assets acquired	$	394,550

Temple II Acquisition

Asset Acquisition [Line Items]

Asset Acquisition

The consideration from the Temple II acquisition was allocated to the assets acquired and liabilities assumed as follows:

(in thousands)
Assets acquired
Accounts receivable	$	3,320
Prepaid and other assets		6,631
Other property, plant, and equipment		471,318
Liabilities assumed
Accounts payable and accrued liabilities		(3,180)
Property taxes payable		(2,717)
Total	$	475,372