Financial Performance - Total revenues for Q4 2024 were $119.8 million, with a net loss of $57.5 million, or $(0.68) per diluted share[5]. - Total revenues and other operating income for Q4 2024 were $119.782 million, a decrease of 60.3% compared to $301.973 million in Q4 2023[38]. - The company reported a net loss of $57,457,000 for Q4 2024, compared to a net income of $37,540,000 in Q4 2023[53]. - Adjusted Net Income for Q4 2024 was $780,000, compared to a loss of $29,538,000 in Q4 2023[53]. - Adjusted EPS for Q4 2024 was $0.01, while it was $(0.45) in Q4 2023[53]. - Cash flows from operating activities for the year ended December 31, 2024, were $118.538 million, slightly down from $123.299 million in 2023[40]. - The company reported total assets of $2.231 billion as of December 31, 2024, down from $2.683 billion in 2023, a decrease of 16.8%[34]. - Retained earnings decreased to $124.5 million as of December 31, 2024, from $267.4 million in 2023, a decline of 53.4%[36]. Production and Operations - Total hydrocarbon production for Q4 2024 was 774.5 MMcfe/d, exceeding the guidance range of 720-750 MMcfe/d[19]. - Net production per day decreased to 774.5 MMcfe/d in Q4 2024 from 838.4 MMcfe/d in Q4 2023, representing a decline of 7.5%[22]. - The average natural gas cost was $2.50/MMBtu in Q4 2024, resulting in an average spark spread of $19.37/MWh[11]. - The average realized natural gas price for Q4 2024 was $2.10/MMBtu, with an average price including hedges of $2.23/MMBtu[6]. - Average realized natural gas prices, including derivatives, were $2.23/Mcf in Q4 2024, down from $2.33/Mcf in Q4 2023, a decrease of 4.3%[22]. - The average NYMEX Henry Hub price for natural gas was $2.79/Mcf in Q4 2024, compared to $2.88/Mcf in Q4 2023, a decline of 3.1%[22]. Capital Expenditures and Liquidity - Capital expenditures for Q4 2024 were $60.3 million, below the low end of the guidance range of $65.0 million[5]. - Capital expenditures in Q4 2024 were $60.3 million, significantly higher than $16.3 million in Q4 2023, marking an increase of 269.3%[23]. - Total liquidity as of December 31, 2024, was $435.8 million, consisting of $14.9 million in cash and cash equivalents and $420.9 million available under the reserve-based lending agreement[25]. - The net leverage ratio as of December 31, 2024, was 0.65x, below the long-term target range of 1.0x to 1.5x[25]. - For FY 2025, total capital expenditures are projected to be between $320 million and $380 million, with net production expected to range from 755 to 790 MMcfe/d[27]. Environmental Initiatives - The Barnett Zero project sequestered 44,437 metric tons of CO2 equivalent in Q4 2024, with a total of 173,325 metric tons since startup[16]. Joint Ventures and Adjusted Metrics - BKV's implied proportionate share of Power JV Adjusted EBITDA was $0.5 million for Q4 2024, compared to $0.2 million in Q4 2023[14]. - Power JV Adjusted EBITDA for Q4 2024 was $923,000, up from $364,000 in Q4 2023, indicating positive operational performance[70]. - The net income (loss) for the Power JV in Q4 2024 was $(34,358,000), slightly improved from $(35,716,000) in Q4 2023[70]. - Power JV Adjusted EBITDA for the year ended December 31, 2024 was $67,899,000, down from $189,761,000 in 2023[70]. Derivative Activities - The fair value of the company's derivative activities as of December 31, 2024, included a loss of $12.460 million from swaps and a gain of $4.017 million from collars[47]. - Unrealized gains on derivatives for Q4 2024 were $64,537,000, contrasting with losses of $(93,284,000) in Q4 2023[59]. - Total cash settlements from early termination of natural gas derivative contracts were significant, impacting the financial results[60]. - The early termination of derivative contracts contributed an increase of $7.6 million to Adjusted Free Cash Flow for Q4 2023[64]. Shareholder Information - Basic weighted-average shares outstanding increased to 84,387,000 in Q4 2024 from 66,276,000 in Q4 2023[53]. - The company raised $265.661 million from the issuance of common stock in its initial public offering[40].
Bkv Corporation(BKV) - 2024 Q4 - Annual Results