Pure-play US natural gas producer built on the Barnett Shale (~835 MMcfe/d, ~80% gas / 20% NGLs), majority-owned by Thailand's Banpu, pursuing a vertically integrated 'gas + power + carbon capture' model.
FY2025 was its first full public year: revenue ~$1.0bn, net income $173m (vs a $143m loss in 2024), adjusted EBITDAX $329m (+47% YoY), SEC proved reserves up to 5.9 Tcfe after a 2025 Barnett bolt-on.
Its EV/EBITDA of 9.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 0.0% is lower than the 6.5% median, and at $3.80/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, BKV Corporation scores 48/100, strongest on safety (58/100). Sub-scores: value 42, quality 45, growth 57, risk 42 (higher = riskier).
BKV Corporation holds approximately 0.99 billion boe of proved (1P) reserves with FY2025 production of about 139 thousand boe/d (20% liquids), a reserve life of roughly 19.5 years. Break-even: ~$2.68/MMBtu (Henry Hub gas breakeven) — Location-weighted Barnett drilling breakeven ~$2.68/MMBtu; 315 locations breakeven below $3.00, underpinning a 15+ year reserve life.
Using BKV Corporation's SEC-disclosed after-tax standardized measure of proved reserves ($2.4bn) less net debt ($0.3bn) gives an equity-NAV floor of about $2.1bn — the current market capitalisation sits +37% versus that floor. Disclosed pre-tax PV-10: $2.8bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. omits carbon-capture (CCUS) and power JV value
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Barnett Shale (core upstream) | United States | Gas | Primary asset, ~835 MMcfe/d |
| 2025 Barnett bolt-on | United States | Gas | Adds reserves/PDP |
| Temple I & II Power JV | United States | Power | ~1.5 GW CCGT, 50/50 JV with Banpu Power |
| Barnett Zero CCUS | United States | CCUS | First operational carbon capture project |
| Cotton Cove CCUS | United States | CCUS | Carbon sequestration development |
| Chaffee Corners / pipeline CCS | United States | CCUS | Additional CCUS injection projects |
| Carbon Sequestered Gas deals | United States | CCUS | Marketing of carbon-sequestered gas |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 120 | 128 | 130 | 131 | 139 |
| Proved reserves (bnboe) | 0.65 | 0.80 | 0.60 | 0.52 | 0.99 |
| Revenue ($bn) | 1.0 | 1.9 | 0.9 | 0.6 | 1.0 |
| EBITDA ($bn) | 0.1 | 0.4 | 0.2 | 0.2 | 0.4 |
| Net income ($bn) | 0.1 | 0.3 | 0.1 | -0.1 | 0.2 |
| Free cash flow ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.0 |
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✓ FY2025 figures verified against primary sources: