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BKV Corporation (BKV-6.30%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, highlighting production volumes of 288.4 Bcfe, with natural gas accounting for the majority at 228,682 MMcf. The average realized price for natural gas was $1.69 per Mcf, excluding derivatives.
Net income for the year was reported at a loss of $142.9 million, with operating revenues totaling $557.6 million from production and $12.6 million from midstream operations.
The company completed its initial public offering on September 27, 2024, raising net proceeds of $253.8 million, and an additional $11.9 million from the partial exercise of the underwriters' option.
BKV Corporation sold its subsidiary, Chaffee, and certain non-operated assets in Chelsea, generating proceeds of $131.7 million in June 2024.
The company refinanced its debt, replacing the Term Loan Credit Agreement and other facilities with a new RBL Credit Agreement, which has a borrowing base of $750 million.
BKV's strategy focuses on achieving net zero Scope 1 and 2 emissions by the early 2030s, with plans to utilize its CCUS business to offset emissions.
The company reported net cash provided by operating activities of $118.5 million and accrued capital expenditures of $117.6 million for the year.
BKV Corporation's operations are concentrated in Texas and Northeast Pennsylvania, with a focus on natural gas production and midstream services.
The filing details various risks, including commodity price volatility, regulatory changes, and operational hazards, which could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BKV Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.