Company Overview - BKV is the largest natural gas producer in the Barnett Shale, with a corporate 1-year decline rate of 10.8%[10] - BKV has 1,500 MW of low heat rate power assets in Texas[10] - BKV's 2Q25 production was above high end of guidance at 811 MMcfe/d[34] Bedrock Acquisition - BKV announced the Bedrock acquisition for $370 million, targeting close in 4Q25[22, 29] - The Bedrock acquisition includes ~97,000 net acres and 1,121 gross operated wells[29] - Bedrock's 2Q25 production is ~108 MMcfe/d (~63% natural gas) with a low PDP decline of ~7% YOY[29] - Bedrock has nearly 1 Tcfe of 1P reserves (>70% PDP reserves)[29] Capital Expenditure and Production - Forecasted 2025 capital expenditures are between $290 million and $350 million[17] - BKV is targeting projects to reach a 1 Mtpy CO2 sequestration rate by 2027[17] CCUS Business - BKV's Barnett Zero project has been injecting since November 2023, with forecasted annual sequestration of 183 ktpy[105, 106] - BKV has injected ~242,000 tons through 6/30/25 at Barnett Zero[106]