Financial Performance - Total revenues for the first quarter of 2025 were $78.8 million, with a net loss of $78.7 million or $(0.93) per diluted share[4]. - Adjusted Net Income for the first quarter was $35.0 million, resulting in an Adjusted EPS of $0.41[6]. - The company reported revenues of $216.1 million for natural gas, NGL, and oil sales in Q1 2025, compared to $141.7 million in Q1 2024[33]. - BKV incurred a net loss of $78.7 million in Q1 2025, with a loss per share of $0.93, compared to a net loss of $38.6 million and a loss per share of $0.58 in Q1 2024[33]. - The company reported total operating expenses of $172.5 million in Q1 2025, a decrease from $186.3 million in Q1 2024[33]. - Net loss for Q1 2025 was $78.666 million, compared to a net loss of $38.585 million in Q1 2024, representing an increase of 104%[49]. - Adjusted EBITDAX for Q1 2025 was $90.895 million, significantly higher than $47.132 million in Q1 2024, indicating an increase of 93%[62]. - Combined Adjusted EBITDAX for Q1 2025 was $100.685 million, compared to $57.385 million in Q1 2024, showing an increase of 75%[62]. Production and Pricing - Average realized natural gas price for the first quarter was $3.10/MMBtu, while the average realized price including derivatives was $2.86/MMBtu[5]. - Total hydrocarbon production for the first quarter was 761.1 MMcfe/d, a decrease from 821.1 MMcfe/d in the same period of 2024[18]. Capital Expenditures and Investments - Capital expenditures in the first quarter of 2025 were $58.0 million, significantly higher than $18.0 million in the same period of 2024[21]. - For Q2 2025, BKV expects total capital expenditures to be between $77 million and $103 million, with net production projected at 775 to 805 MMcfe/d[24]. - Cash paid for capital expenditures in Q1 2025 was $57.374 million, significantly higher than $19.861 million in Q1 2024, an increase of 189%[57]. Cash Flow and Liquidity - Net cash provided by operating activities was $22.6 million, compared to $19.3 million in the same period of 2024[6]. - The company generated net cash provided by operating activities of $22,620,000, an increase from $19,251,000 in the prior year, reflecting a 12% growth[35]. - As of March 31, 2025, BKV had cash and cash equivalents of $15.3 million and total liquidity of $401.2 million[22][23]. - The total cash, cash equivalents, and restricted cash at the end of the period was $15,299,000, a decrease from $162,846,000 at the beginning of the period[35]. Debt and Leverage - Total debt as of March 31, 2025, was $200.0 million, with a net leverage ratio of 0.67x, below the long-term target of 1.0x to 1.5x[23]. - The company plans to increase its borrowing base by $100 million and the elected commitment amount by $65 million as of May 6, 2025[23]. Strategic Initiatives - The company announced a strategic joint venture with Copenhagen Infrastructure Partners to develop CCUS projects, with an initial commitment of $500 million[14]. - The company has a long-term strategy focused on natural gas production, midstream services, power generation, and carbon capture technologies[27]. - The Barnett Zero Project sequestered 38,787 metric tons of CO2 equivalent in the first quarter, totaling 212,112 metric tons since its inception[17]. Derivative Activities - The company had unrealized derivative losses of $133,985,000 for the quarter, compared to $40,143,000 in the previous year, highlighting increased volatility in derivative activities[42]. - The company has significant derivative activities with a total volume of natural gas commodity derivatives of 78,400,000 MMBtu for 2025, with a weighted average price of $3.41[36]. - The fair value of natural gas liquids commodity derivatives as of March 31, 2025, was negative $4,115,000 for OPIS Purity Ethane Mont Belvieu, indicating potential losses in this segment[38]. Performance Metrics - Adjusted Free Cash Flow for Q1 2025 decreased to $6.094 million from $47.265 million in Q1 2024, a decline of 87%[57]. - Adjusted Free Cash Flow Margin for Q1 2025 was 2.6%, down from 30.4% in Q1 2024, indicating a significant decrease in efficiency[57]. - Power JV Adjusted EBITDA was $19.6 million for the first quarter, exceeding the high end of the guidance range[12]. - BKV's Power JV Adjusted EBITDA is projected to be between $20 million and $30 million for Q2 2025, and $130 million to $170 million for FY 2025[24]. - Power JV Adjusted EBITDA for Q1 2025 was $19.579 million, slightly lower than $20.505 million in Q1 2024, a decrease of 4.5%[60].
Bkv Corporation(BKV) - 2025 Q1 - Quarterly Results