BKV Corporation

Banpu, or BANPU, announced the successful acquisition of upstream, midstream and carbon capture and storage (CCS) assets in the Barnett natural gas field in the United States through BKV Corporation, a US energy company in which Banpu holds a majority stake. The move underscores BKV's role as the largest natural gas producer in the Barnett field and one of the 15 largest natural gas producers in the United States. The new assets comprise natural gas production capacity of approximately 65 million cubic feet equivalent per day, of which more than 50% is liquid hydrocarbon production, with proved developed producing reserves of approximately 0.35 trillion cubic feet equivalent, covering an area of roughly 117,000 acres, mostly in Montague County, Texas, along with about 1,000 natural gas wells. They also include midstream infrastructure: a natural gas processing plant with capacity of 180 million cubic feet per day, 340 miles of gas pipelines, a 225-mile water management system and two saltwater disposal wells. The assets also include an operating CCS project that captured more than 100,000 tonnes of carbon dioxide over the 12 months to the first quarter of 2026, along with a carbon pipeline and underground injection wells. The entire transaction was funded by BKV's cash together with borrowings under a revolving credit facility. Sinnath Vongkusolkit, Chief Executive Officer of Banpu, said the acquisition marks another important step in disciplined growth to expand its integrated natural gas platform in the United States.

Banpu Public Company Limited, or BANPU, is set to benefit after BKV, in which BANPU holds a 63.3% stake, announced the closing of a transaction to acquire new upstream, midstream and carbon capture and storage assets in the Barnett Shale natural gas field in Texas, United States. The deal was funded with BKV's cash together with borrowings under a revolving credit facility, though the transaction value was not disclosed. The acquired assets have production capacity of about 65 million cubic feet equivalent per day, of which more than 50% is liquid hydrocarbons. Proved and producing reserves stand at approximately 0.35 trillion cubic feet equivalent, covering roughly 117,000 acres, with about 1,000 producing wells, a gas processing plant with capacity of 180 million cubic feet per day, a gas pipeline system of about 340 miles, and a CCS project capable of capturing and storing roughly 100,000 tonnes of carbon dioxide per year. Compared with BKV's current gas production of 978 million cubic feet equivalent per day, this represents about 6.6% of its existing production base. The US gas business accounted for about 24% of total EBITDA in 2025. Asia Plus Securities therefore maintained its fair value for BANPU at 17 baht per share and recommended gradually accumulating the stock on weakness to capture the expected second-half 2026 earnings trend, which is forecast to be better than the first half on seasonal factors.

Banpu, or BANPU, has announced a push into two new businesses: energy for data centers and liquefied natural gas trading. CEO Sinon Vongkusolkit said the Banpu group will leverage its strengths from its natural gas base in the United States and its business networks in both the United States and Asia to expand into new forms of energy. BKV Corporation, a subsidiary listed on the New York Stock Exchange, has begun developing Modular Gas Engines as a power source for data centers in the United States in the first phase, aiming to accelerate the delivery of stable, flexible, and continuous power within one to two years before connecting to the grid over the longer term. BKV is currently in talks on long-term power purchase agreements with AI service providers and large data center operators in the United States. Meanwhile, Banpu has 10 battery energy storage system projects across four countries, namely Japan, Australia, the United States, and China, with total storage capacity of about 2.3 gigawatt-hours. For its LNG trading business, Banpu plans to use its natural gas production base in the United States, which has output of about 1 billion cubic feet per day, connected by pipeline to the Gulf of Mexico coast, to expand into LNG trading and link U.S. gas to Asian markets, including Thailand, Indonesia, South Korea, and Japan. It estimates that LNG prices will return to an equilibrium level of about 8 to 12 U.S. dollars per MMBtu over the long term.

Banpu Public Company Limited, or BANPU, presented its integrated natural gas business in the United States, known as U.S. Closed-Loop Gas, at Gastech 2026 under the concept The Future Flows Circular, linking operations from natural gas production, midstream business infrastructure and power generation through to carbon capture, utilisation and storage, or CCUS. The platform is driven through BKV Corporation, or BKV, an energy company in which BANPU holds a majority stake and one of the top 15 natural gas producers in the United States, as well as the largest producer in the Barnett gas field in Texas. BKV currently has upstream natural gas reserves, combined cycle gas turbine, or CCGT, gas-fired power plants with total generating capacity of 1.5 gigawatts in Texas, and three carbon capture and storage, or CCS, projects already in operation: Barnett Zero, Cotton Cove and Eagle Ford. It aims to increase its carbon dioxide storage rate to approximately 1.5 million tonnes per year by 2028. BANPU said demand for natural gas in the United States is likely to rise by about 25% by 2030, while electricity demand in Texas's deregulated power market, ERCOT, is expected to increase more than 21-fold by 2032. Given these trends, BKV is pressing ahead with the development of an Integrated Energy Complex in Jack County, Texas, on an area of more than 6,200 acres, and has already filed for approval to connect to the grid to support both power generation and consumption. Sinon Vongkusolkit, Chief Executive Officer of BANPU, said the integrated natural gas business in the United States is one of the key mechanisms driving BANPU's growth through its Carbon-Sequestered Gas, or CSG, solution, a carbon-neutral natural gas covering Scope 1, 2 and 3 greenhouse gas emissions.

BKV Corporation announced the pricing of an upsized offering of $500 million aggregate principal amount of 1.625% convertible senior notes due 2031, increased from the previously announced $400 million offering size. The notes, senior unsecured obligations of the company, are scheduled to settle on September 14, 2026, and BKV granted the initial purchasers an option to buy up to an additional $75 million principal amount. The initial conversion rate is 31.3161 shares of common stock per $1,000 principal amount, equal to an initial conversion price of approximately $31.93 per share, a premium of approximately 32.5% over the last reported sale price of $24.10 on September 9, 2026. BKV estimates net proceeds of approximately $481.8 million, or approximately $554.7 million if the initial purchasers fully exercise their option, and intends to use approximately $56.3 million to fund capped call transactions and approximately $35.0 million to repurchase 1,452,282 shares of common stock, with the remainder for general corporate purposes including repayment of outstanding indebtedness and capital expenditures. The capped call transactions have an initial cap price of $48.20 per share, a premium of 100% over the last reported sale price.

Banpu Public Company Limited (BANPU) has announced a major corporate repositioning through its Energy Symphonics strategy to support the growth of hyperscalers and data centers for AI. The strategy leverages the strengths of its four core business groups: natural gas business in the U.S. through its subsidiary BKV, which targets production capacity of 960 million cubic feet equivalent per day by 2026 and will install CCUS technology to capture 1.5 million tons of carbon per year by 2028; modern mining business focusing on strategic minerals such as nickel and bauxite; integrated power business combining CCGT power plants with renewable energy and energy storage systems; and future technology business investing through corporate venture capital in AI startups and net-zero solutions. This strategy aims to lay the foundation to address the energy transition and the growth of the digital world.

Banpu Public Company Limited, or BANPU, has unveiled its five-year business plan, targeting EBITDA growth of 1.5 times compared with 2023 and aiming for more than 50 percent of EBITDA to come from non-coal businesses by 2030. The company has set a capital expenditure budget of more than 3 billion dollars, with about 60 percent allocated to the natural gas business and BKV, and the remaining 40 percent to mining and power. Chief Executive Officer Sinon Vongkusolkit said the company will drive growth through four core business groups: integrated natural gas in the United States, modern mining, power and related businesses, and future technology. In 2026, the company targets natural gas production of 960 million cubic feet equivalent per day, up from 836 million cubic feet equivalent per day last year, and is negotiating long-term power purchase agreements with large data center operators for the Temple I and II power plants. It also targets carbon storage of 1.5 million tonnes of carbon dioxide equivalent per year by 2028 through BKV. In the power business, there are 10 battery energy storage system projects totaling 2,340 megawatt-hours by 2027, and the company is confident that 2026 operating results will grow better than the previous year thanks to still-strong commodity prices.

Banpu has announced its Energy Symphonics strategy following the merger with BPP, aiming to elevate itself into an integrated energy platform through four core business groups: a full-cycle natural gas business in the United States, next-generation mining, power and related businesses, and future technologies. The company targets natural gas production of 960 million cubic feet equivalent per day in 2026, up from 836 million cubic feet equivalent per day in the previous year. It is also developing the Temple I and II gas-fired power plants with a combined capacity of 1.5 gigawatts, along with a new project in Jack County, Texas, on more than 6,000 acres. Banpu aims to sequester 1.5 million tonnes of carbon dioxide equivalent per year by 2028 through BKV. Meanwhile, the company has a total of 10 battery energy storage system projects with combined capacity of 2,340 megawatt-hours by 2029, including the Megamount project with 200 megawatt-hours of capacity as its first BESS project in the United States, and the Woori project with 1,400 megawatt-hours in Australia. Chief Executive Officer Sinnamon Vongkusolkit said Banpu is ready to design and connect energy systems that support demand from hyperscalers and the AI economy, while extending investments in strategic minerals such as nickel and bauxite, and AI technologies through corporate venture capital.

KGI Securities Thailand expects Banpu's third-quarter 2026 profit to decline quarter-on-quarter, as average coal selling prices fell in line with Newcastle coal prices, while coal costs in Indonesia are likely to rise due to higher fuel prices, pressuring mining and transportation costs. Meanwhile, BKV, in which Banpu holds 72.6% through Banpu North America Corporation and Banpu Power US Corporation, has begun commercial operations at two carbon capture and storage projects, Cotton Cove and Eagle Ford. Cotton Cove is expected to store about 32,000 tonnes of carbon dioxide per year, while Eagle Ford is expected to store about 90,000 tonnes per year. BKV currently has three operating CCS projects and targets carbon dioxide storage capacity of 1.5 million tonnes per year by 2028. KGI maintains a hold rating on Banpu, with a mid-2027 target price of 15.40 baht. Banpu has announced an interim dividend of 0.40 baht per share, with the stock trading ex-dividend on 11 September, representing a dividend yield of 2.8%.

EQT reported second-quarter revenues of $1.68 billion, up 5.2% year on year but 3.3% below analysts' expectations, in a mixed quarter that included an EBITDA beat and a significant EPS miss. Among the six upstream natural gas E&P stocks tracked, BKV was the best performer with revenues of $465.5 million, up 44.6% year on year and 27.4% above consensus, while Antero Resources was the weakest with revenues of $1.48 billion, up 22.7% but 3% below estimates. CNX Resources posted revenues of $461.2 million, down 3.7% year on year and 3.6% below expectations, and Range Resources reported revenues of $736.7 million, up 5.4% and 1.8% above consensus. As a group, the six companies beat revenue estimates by 1.1%, and their shares have risen 9% on average since reporting.

BKV reported second-quarter results that exceeded Wall Street expectations, driven by higher upstream production, disciplined capital spending, and the commissioning of two carbon capture projects. Revenue came in at $465.5 million, a 27.4% beat over analyst estimates of $365.5 million and up 44.6% year over year, while GAAP EPS of $0.67 significantly topped the $0.29 consensus. CEO Christopher Kalnin noted production was at the high end of guidance and development capital at the low end, with the company's integrated natural gas, power, and carbon capture platform delivering consistent outcomes. During the earnings call, analysts pressed management on topics including the Jack County site configuration, second-half guidance conservatism, strategic shareholder Banpu's role, potential monetization of the Northeast Pennsylvania asset, and Upper Barnett performance improvements. Looking ahead, the company is focused on signing power purchase agreements at Temple and Jack County, driving further efficiency in the Barnett shale, and advancing carbon capture project certification and commercialization.

BKV Corporation achieved record financial results in the second quarter of 2026, with adjusted EBITDAX reaching $142 million and adjusted net income more than doubling the first quarter result to $51 million despite lower natural gas prices. The company increased its full-year upstream production guidance to a midpoint of 950 million cubic feet equivalent per day, a 1.6% rise, and now expects 3% to 4% year-over-year production growth. Strategic power capital expenditure guidance was raised to a range of $400 million to $475 million, primarily to secure long lead time equipment for the Temple and Jack County developments, which together could add 1.4 gigawatts of dispatchable generation. BKV also commissioned two carbon capture projects, bringing its total to three active facilities that have injected approximately 400,000 tons of CO2, and lowered the Upper Barnett breakeven to $3.25 per MMBtu for roughly half of its 114-well inventory.

BKV Corporation announced the successful start-up of its Eagle Ford carbon capture and sequestration facility in South Texas, marking the first new operational CCS facility under its joint venture with Copenhagen Infrastructure Partners since the inclusion of Barnett Zero. The Eagle Ford facility will sequester approximately 90,000 metric tons of CO2 annually, capturing emissions from a natural gas processing plant handling Eagle Ford Shale production. Together with the previously commissioned Cotton Cove facility in the Fort Worth Basin, which is expected to average about 32,000 metric tons of CO2 sequestration per year, the two new facilities will sequester over 120,000 metric tons of CO2 annually. With Barnett Zero already in operation, BKV now runs three commercial CCS facilities across Texas and is progressing additional projects toward its goal of a 1.5 million metric ton annual CO2 injection rate by 2028.