BKV Corporation reported a net loss of $78.7 million, or $(0.93) per diluted share, for the first quarter of 2025, primarily driven by $152.2 million in net derivative losses. However, the company achieved an Adjusted Net Income of $35.0 million, a significant improvement from an Adjusted Net Loss of $(10.6) million in the prior year's quarter.
Total revenues and other operating income for the quarter were $78.8 million. Operationally, total hydrocarbon production reached 761.1 MMcfe/d, exceeding the midpoint of the company's guidance range of 740-770 MMcfe/d. The Power JV's Adjusted EBITDA of $9.8 million also surpassed the high end of its guidance, benefiting from colder-than-expected weather conditions.
BKV's liquidity position was strengthened by an amendment to its RBL Credit Agreement on May 6, 2025, increasing the borrowing base by $100 million and the elected commitment by $65 million, resulting in $420.9 million of available capacity as of May 9, 2025. The company also highlighted the recently announced strategic CCUS joint venture with Copenhagen Infrastructure Partners, which committed $500 million to expand BKV's carbon capture projects.
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