BKV is a natural gas producer and power generator operating what it calls a "closed-loop" integrated platform — combining upstream gas production, midstream gathering, gas-fired power generation, and carbon capture and sequestration (CCUS). The upstream business is the core cash engine, producing roughly 835 MMcfe/d, concentrated overwhelmingly in the Barnett Shale of Texas, where BKV is the largest operator with ~544,000 net acres. The Barnett's key structural advantage is a low base decline rate (~7% annually), which allows BKV to sustain production without heavy reinvestment. BKV sells natural gas through a third-party marketer to utilities, LNG producers, and industrial customers. The power business operates through the BKV-BPP Power JV, which owns two combined-cycle gas turbine plants in Temple, Texas (~1,500 MW combined), selling power into the ERCOT market and serving over 58,000 retail electricity customers. Power revenue is driven by the spark spread — the margin between electricity prices and natural gas input costs. BKV is pursuing long-term Power Purchase Agreements with data center and hyperscaler customers for roughly 750 MW of Temple's capacity, which would shift a large portion of power revenue from merchant to contracted. The CCUS business captures CO2 from third-party gas processing plants and injects it underground, generating revenue primarily from Section 45Q federal tax credits ($85/ton). BKV targets scaling CO2 injection from ~0.1 Mtpy today to 1.5 Mtpy by 2028, with longer-term ambitions for large-scale industrial CCUS projects. The integrated strategy is designed so that BKV's upstream gas feeds its own power plants, while CCUS offsets associated emissions, enabling premium-priced decarbonized energy products across the value chain.