BKV retrospectively consolidates power JV, recasts three years of financials for common control

Filed August 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 6, 2026 · ~2 min read

Key Changes

• high

  BKV retrospectively consolidated BKV-BPP Power Joint Venture for all periods from July 2021, recasting three years of historical financials to reflect the January 2026 acquisition of an additional 25% stake (now 75% owned) as a common-control transaction.

  Notes: Organization and Basis of Presentation view on EDGAR →
• high

  Segment reporting changed from one segment to two: Upstream/Midstream ($983M revenue, $275M operating income in 2025) and Power ($524M revenue, $69M operating income), providing separate visibility into natural gas production and power generation businesses.

  Notes: Reportable Segments verify on EDGAR →
• high

  Consolidation added $807M of power generation assets (Temple I and II facilities) and $451M of long-term debt to the balance sheet, shifting working capital from a $170M surplus to a $53M deficit at December 31, 2025.

  Notes: Organization and Basis of Presentation view on EDGAR →