BKV Corp (BKV) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to BKV's third-quarter 2025 earnings conference call. As a reminder, today's call is being recorded. (Operator Instructions)

各位早安，歡迎參加 BKV 2025 年第三季財報電話會議。再次提醒，今天的通話將會被錄音。（操作說明）

I would now like to turn the call over to your host, Mr. Michael Hall, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給主持人，投資者關係副總裁邁克爾霍爾先生。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining BKV Corporation's third quarter 2025 earnings conference call. With me today are Chris Kalnin, Chief Executive Officer; Eric Jacobsen, President of Upstream; and David Tameron, Chief Financial Officer. Before we provide our prepared remarks, I'd like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks, uncertainties and assumptions. Actual results could differ materially from those in any forward-looking statements.

謝謝接線員，大家早安。感謝您參加 BKV 公司 2025 年第三季財報電話會議。今天與我一同出席的有：執行長克里斯·卡爾寧；Upstream 總裁艾瑞克·雅各布森；以及財務長大衛·塔梅隆。在我們發表準備好的演講稿之前，我想提醒各位與會者，我們今天的發言將包含前瞻性陳述，這些陳述受到某些風險、不確定性和假設的影響。實際結果可能與任何前瞻性陳述中的結果有重大差異。

In addition, we may refer to non-GAAP measures. For a more detailed discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, including those associated with the closing of our acquisition of a majority control position in the Power JV, which remains subject to customary closing conditions, including approval by at least 75% of the disinterested shareholders of Banpu Power and the integration of the upstream assets we recently acquired in our Bedrock acquisition into our existing portfolio as well as the reconciliations of non-GAAP financial measures, please see the company's public filings, including the Form 8-K filed today.

此外，我們也可能參考非GAAP指標。有關可能導致實際結果與任何前瞻性聲明存在重大差異的風險和不確定性的更詳細討論，包括與我們收購電力合資企業多數控制權相關的風險和不確定性（該收購仍需滿足慣例成交條件，包括獲得 Banpu Power 至少 75% 的非關聯股東的批准），以及將我們在 Bedrock 收購中獲得的資產8-K 表格。

I would also point listeners to the updated investor presentation posted this morning on our Investor Relations website. We encourage everyone listening to review those slides for further information on our business, operations and results from the quarter. I'd now like to turn the call over to our CEO, Chris Kalnin.

我還要提醒聽眾，請查閱今天早上發佈在我們投資者關係網站上的最新投資者簡報。我們鼓勵所有聽眾仔細閱讀這些幻燈片，以了解更多關於我們業務、營運和本季業績的資訊。現在我想把電話交給我們的執行長克里斯·卡爾寧。

Thank you, Michael, and thank you, everyone, for joining us to discuss our third quarter results. BKV delivered another strong quarter, reinforcing our said-did culture and disciplined execution of our strategy. The third quarter was marked by several notable achievements that reinforce the strength of our business model and accelerated momentum of our closed-loop strategy. I want to begin this quarter by highlighting significant progress in our Power business. At the end of October, we announced that we have entered into a definitive agreement to acquire 1/2 of Banpu Power's interest in our Power joint venture for an equivalent value of approximately $1,000 per kilowatt of generation capacity.

謝謝邁克爾，也謝謝各位來參加我們第三季業績的討論。BKV 又取得了強勁的季度業績，鞏固了我們言出必行的企業文化和對策略的嚴格執行。第三季取得了一些顯著成就，鞏固了我們商業模式的優勢，並加速了我們閉環策略的推進。我想在本季伊始重點介紹一下我們在電力業務方面取得的重大進展。10 月底，我們宣布已達成最終協議，以每千瓦發電容量約 1000 美元的等值價格，收購 Banpu Power 在我們電力合資企業中 1/2 的權益。

At the close of the transaction, which is expected to occur in Q1 2026, BKV will increase our overall ownership in the JV to 75%, giving us over 1.1 gigawatts of low heat rate equity power generation in the ERCOT market. We are thrilled to have reached this agreement to acquire the majority and controlling stake in the Power JV as it's a critical step to advancing our closed-loop strategy and enhances our growth flexibility. I would like to thank the Banpu Power team for their strong partnership in our successful joint venture. We are excited about our ability to drive growth in our Power business. And we are confident that our differentiated business model has ideally positioned us to benefit from the macro energy tailwinds that are driving the U.S.

預計交易將於 2026 年第一季完成，屆時 BKV 將把我們在合資企業中的總持股比例提高到 75%，使我們在 ERCOT 市場擁有超過 1.1 吉瓦的低熱耗權益發電能力。我們很高興達成這項協議，收購 Power JV 的多數股權和控股權，因為這是推進我們閉環策略的關鍵一步，並增強了我們的成長靈活性。我要感謝 Banpu Power 團隊在我們成功的合資企業中給予的鼎力支持和鼎力合作。我們對自身在電力業務方面推動成長的能力感到興奮。我們相信，我們獨特的商業模式使我們能夠充分利用推動美國經濟發展的宏觀能源利好因素。

markets. Controlling the Power JV transforms it into a strategic growth engine, allowing us to consolidate results, align strategy and accelerate our ability to create long-term value. Looking ahead to 2026 and beyond, ERCOT's long-term fundamentals remain exceptionally strong. Texas continues to experience unprecedented load growth from AI data centers, industrial expansion and steady residential demand. The state of Texas remains open for business and is proactively facilitating and in some cases, fast tracking interconnections to meet this surge in electricity demand.

市場。控制電力合資企業，將其轉變為策略性成長引擎，使我們能夠鞏固成果、調整策略並加快創造長期價值的能力。展望 2026 年及以後，ERCOT 的長期基本面依然非常強勁。德州持續經歷來自人工智慧資料中心、工業擴張和穩定居民需求的空前增長。德州仍然正常營業，並積極推動（在某些情況下加快）互聯互通，以滿足激增的電力需求。

The passage of Senate Bill 6 is aimed at improving interconnection planning and grid reliability to support this growth. For BKV, this combination creates a durable expanding market for our existing Temple assets and a clearer pathway to secure premium PPAs. Our confidence in the Power business is grounded in the tangible progress we've made in discussions with hyperscalers, data centers and other potential customers. We are encouraged by the unique tailored energy solutions that BKV is able to offer these potential counterparties. In particular, our capability to provide a one-stop offering that combines power, natural gas and carbon capture is a true winning formula and is resonating deeply with long-term AI and data center customers as evidenced by recent announcements from major hyperscalers.

參議院第 6 號法案的通過旨在改善互聯規劃和電網可靠性，以支持這一增長。對於 BKV 而言，這種組合為我們現有的 Temple 資產創造了一個持久且不斷擴大的市場，並為獲得優質購電協議 (PPA) 開闢了一條更清晰的途徑。我們對電力業務的信心源於我們在與超大規模資料中心和其他潛在客戶的討論中取得的實際進展。BKV能夠為這些潛在的交易對手提供獨特的客製化能源解決方案，這令我們倍感鼓舞。尤其值得一提的是，我們能夠提供集電力、天然氣和碳捕獲於一體的一站式服務，這是一個真正的製勝法寶，並且引起了長期人工智能和數據中心客戶的強烈共鳴，最近主要超大規模數據中心運營商的公告也證明了這一點。

We also continue to actively negotiate with OEMs to secure additional power generation capacity to serve future load growth from potential customers backed by secure commercial agreements.

我們也將繼續積極與原始設備製造商 (OEM) 進行談判，以確保獲得額外的發電能力，從而滿足潛在客戶未來不斷增長的用電需求，並簽訂可靠的商業協議。

In our carbon capture business, we are experiencing strong momentum. Importantly, we are seeing a significant uptick in interest from potential PPA customers that are interested in the combination of gas-fired generation and carbon capture. Further, we are making meaningful progress towards our goal of an injection rate of 1 million tons per annum by year-end 2027. Existing projects are advancing on schedule and we expect to have 2 more operational projects within the first half of 2026. Overall, there is optimism following the One Big Beautiful Bill Act by emitters across the sector.

我們的碳捕獲業務正處於強勁發展勢頭。重要的是，我們看到潛在的購電協議客戶對燃氣發電和碳捕獲相結合的興趣顯著增加。此外，我們正朝著 2027 年底實現每年 100 萬噸注入量的目標取得實質進展。現有項目正按計畫推進，我們預計在 2026 年上半年還將有 2 個營運項目投入使用。整體而言，整個產業的排放企業對《一項偉大的法案》持樂觀態度。

BKV's carbon capture business has demonstrated strong leadership. In particular, our strong partnerships with Copenhagen Infrastructure Partners, Comstock Resources, Gunvor, and a large midstream company and others all underscore both the credibility and the momentum of our carbon capture business.

BKV的碳捕獲業務展現了強大的領導地位。特別是，我們與哥本哈根基礎設施合作夥伴、康斯托克資源公司、貢沃爾公司、一家大型中游公司以及其他公司的牢固合作關係，都凸顯了我們碳捕獲業務的信譽和發展勢頭。

Our upstream business remains a core cash engine for the company. Our Barnett and NEPA assets outperformed expectations again, delivering strong overall results, including outperforming on production, cost and capital efficiency. In the third quarter, we successfully closed our Bedrock acquisition, materially expanding our operational footprint in the Fort Worth Basin. This transaction reinforces our position as the leading operator in the play and underscores our role as the natural consolidator of the Barnett. We believe the Barnett sits at the sweet spot of all the shale plays, positioned at the epicenter of U.S.

我們的上游業務仍然是公司的核心現金流來源。我們的 Barnett 和 NEPA 資產再次超越預期，取得了強勁的整體業績，包括在產量、成本和資本效率方面均表現出色。第三季度，我們成功完成了對 Bedrock 的收購，大幅擴大了我們在沃斯堡盆地的商業版圖。這項交易鞏固了我們作為該油氣田領先營運商的地位，並凸顯了我們作為巴內特油氣田天然整合者的角色。我們認為巴內特頁岩氣藏位於所有頁岩氣藏的最佳位置，位於美國頁岩氣藏的中心。

demand growth in and around the premium markets of the Gulf Coast. We continue making strong progress integrating the Bedrock assets into our portfolio and are excited to realize the benefits from the combined operations. The Bedrock acquisition brings high-quality assets for both existing production and new developments, including new wells and refrac candidates. We are excited to demonstrate the accretive nature of this transaction over the quarters to come. BKV's closed-loop strategy, combining gas, power and carbon capture is a winning formula that is in line with the biggest trends in energy.

墨西哥灣沿岸及週邊高端市場的需求成長。我們將持續穩步推進將 Bedrock 資產整合到我們的投資組合中，並對合併營運帶來的收益感到興奮。收購 Bedrock 為現有生產和新開發項目帶來了高品質資產，包括新井和壓裂候選井。我們很高興能在接下來的幾季展現這筆交易帶來的增值效應。BKV 的閉環策略，將天然氣、電力和碳捕獲相結合，是一個成功的方案，符合能源領域的最大趨勢。

The ability to offer carbon-neutral power solutions in Texas, in particular, positions us uniquely in discussions with many customers who are willing to pay premiums for these energy solutions. We remain confident in our business and our ability to capitalize on the megatrends in the market, which are driving the future of energy. With that, I'd like to hand the call over to BKV's President of Upstream, Eric Jacobsen, to discuss our operational performance for the quarter.

尤其是在德州，我們能夠提供碳中和電力解決方案，這使我們在與許多願意為這些能源解決方案支付溢價的客戶進行討論時，擁有了獨特的優勢。我們對自己的業務以及利用市場大趨勢的能力充滿信心，這些趨勢正在推動能源的未來發展。接下來，我想把電話交給 BKV 上游業務總裁 Eric Jacobsen，讓他來討論一下我們本季的營運表現。

Thanks, Chris. The third quarter was another outstanding one for our operations as we further capitalized on momentum in both our upstream and CCUS business lines. Our upstream business delivered another excellent quarter, beating our production guidance at the midpoint with volumes up 9% year-over-year and 2% sequentially at 7% below our guided CapEx midpoint. As a reminder, we raised full year 2025 production guidance by approximately 4% at the end of last quarter and have continued to maintain the same base business capital range. We remain a leader in managing low base decline through the leveraging of data analytics and artificial intelligence, outdelivering new well performance expectations and setting the standard for sustained capital-efficient production in the Barnett.

謝謝你，克里斯。第三季對於我們的營運而言又是一個出色的季度，我們進一步鞏固了上游業務和碳捕獲、利用與封存（CCUS）業務的發展勢頭。我們的上游業務又迎來了一個出色的季度，產量超過了我們預期的中位數，年增 9%，環比增長 2%，但比我們預期的資本支出中位數低 7%。再次提醒大家，我們在上個季度末將 2025 年全年產量預期上調了約 4%，並繼續維持相同的基本業務資本範圍。我們透過利用數據分析和人工智慧來管理低基數遞減，從而保持領先地位，超越了新井性能預期，並為巴內特地區持續的資本高效生產樹立了標準。

Moving to the close of the Bedrock acquisition. BKV has already captured value from these newly acquired Bedrock assets. Integration has been seamless. And our teams are already applying our proven operating playbook to enhance value through improved performance, reduced costs and accelerated efficiency gains, all of which we call torque or delivering value even better than underwriting assumptions. The Bedrock acquisition also adds meaningful development runway, including at least 50 equivalent new drilling locations and 80 refrac opportunities, creating substantial near-term value potential.

進入對 Bedrock 收購的最後階段。BKV已經從這些新收購的Bedrock資產中獲得了價值。整合過程非常順利。我們的團隊已經開始運用我們成熟的營運策略，透過提高績效、降​​低成本和加快效率提升來增強價值，所有這些都被我們稱為扭矩，或者說比承保假設更好地創造價值。收購 Bedrock 也增加了重要的開發空間，包括至少 50 個等效的新鑽井位置和 80 個壓裂再壓裂機會，創造了巨大的近期價值潛力。

You'll see us continue to drive these development and torque initiatives in the quarters ahead, further proving BKV's leadership strength in the Barnett. During the third quarter, we drilled 8 new wells, completed 8 wells and performed 11 refracs, bringing our total to date refrac count to over 400, distinguishing ourselves as the refrac leader in North America. Our year-to-date Barnett D&C cost average is $545 per lateral foot, representing a further 3% reduction from our second quarter performance and a 14% reduction from our 2023 to 2024 program average. This cost improvement was achieved while drilling longer laterals and implementing enhanced completion designs that have resulted in excellent well performance and accelerated turn-in lines.

在接下來的幾個季度裡，您將會看到我們繼續推進這些發展和扭力計劃，進一步證明 BKV 在巴內特地區的領導地位。第三季度，我們鑽探了 8 口新井，完成了 8 口井，並進行了 11 次壓裂作業，使我們迄今為止的壓裂作業總數超過 400 次，使我們成為北美壓裂作業的領導者。今年迄今為止，Barnett D&C 的平均成本為每橫向英尺 545 美元，比第二季的業績進一步降低了 3%，比 2023 年至 2024 年的專案平均成本降低了 14%。透過鑽探更長的水平井段和實施改進的完井設計，實現了成本的降低，從而提高了油井性能並加快了投產速度。

Further, during 2025, we turned in 3 of the 25 best 1-month peak wells in the entire recorded history of the Barnett, including 2 of the top 3 this decade, a clear proof point of our subsurface completions and operational excellence, reflecting the technical acumen of our teams. Our teams have delivered all of this with an expected capital investment as we continuously find new ways to increase efficiencies and outperform expectations. In fact, our total full year corporate capital guidance remains unchanged at $290 million to $350 million. Within that corporate CapEx range, we continue to see legacy development capital at the high end of our previously guided range, and we have added approximately $10 million of development capital to kickstart our Bedrock torque initiatives. We've delivered substantially more activity and strong results while exercising highly disciplined and capital-efficient investments.

此外，在 2025 年，我們完成了巴內特盆地有史以來 25 個最佳單月峰值井中的 3 個，其中包括本十年前 3 個最佳井中的 2 個，這清楚地證明了我們的地下完井和卓越運營能力，反映了我們團隊的技術才能。我們的團隊在預期資本投入範圍內完成了所有這些工作，因為我們不斷尋找提高效率和超越預期的新方法。事實上，我們全年企業資本總額預期仍維持在 2.9 億美元至 3.5 億美元之間。在公司資本支出範圍內，我們繼續看到傳統開發資本處於我們先前指導範圍的高端，並且我們增加了約 1000 萬美元的開發資本來啟動我們的 Bedrock 扭力計畫。我們在實施高度自律和資本效率高的投資的同時，實現了更大的業務成長和強勁的業績。

For the fourth quarter, we expect production to average 910 million cubic feet equivalent per day with a range of 885 million to 935 million cubic feet equivalent per day, representing the full integration of our bedrock assets and continued strong performance from our base business. The production guidance component of our base business, excluding Bedrock assets, is 810 million cubic feet equivalent per day, which would bring full year base production slightly above even our previous raised guidance midpoint. Our continued effective and efficient upstream performance, coupled with the Barnett positioning to supply gas to high-margin Gulf Coast demand centers, enables continued strong financial performance for the long term. We're not only driving the success of our core upstream operations, we're fueling the growth of our other business lines.

第四季度，我們預計日均產量為 9.1 億立方英尺當量，範圍在 8.85 億至 9.35 億立方英尺當量之間，這代表著我們基岩資產的全面整合以及我們基礎業務的持續強勁表現。不包括基岩資產在內，我們基礎業務的生產指引部分為每天 8.1 億立方英尺當量，這將使全年基礎產量略高於我們先前提高的指引中位數。我們持續高效的上游業務表現，加上巴內特公司向高利潤的墨西哥灣沿岸需求中心供應天然氣的戰略地位，使我們能夠長期保持強勁的財務業績。我們不僅推動了核心上游業務的成功，也促進了其他業務線的成長。

Turning to our CCUS business. We are well positioned in this rapidly expanding segment. Since the passage of the One Big Beautiful Bill Act, we have received a significant increase in inquiries from potential emitter partners. These discussions are ongoing and we're encouraged by the quality of opportunities entering our pipeline. Combined with the projects already advancing through various stages of development, we believe the growth potential for this business remains strong while adhering to our capital framework.

接下來談談我們的碳捕獲、利用與封存（CCUS）業務。我們在這快速成長的領域中擁有良好的市場地位。自從《一個美好的大法案》通過以來，我們收到了來自潛在排放合作夥伴的大量諮詢。這些討論仍在進行中，我們對進入我們業務流程的機會品質感到鼓舞。結合目前正在推進的各個發展階段的項目，我們相信，在遵守我們資本框架的前提下，這項業務的成長潛力仍然強勁。

The Barnett Zero facility has now been operational for nearly 2 full years and once again achieved strong quarterly performance, maintaining over 99% uptime and injecting approximately 44,000 metric tons of CO2. Since project inception, approximately 286,000 tons of CO2 have been injected. Barnett Zero continues to serve as a vital proof point of concept for our broader CCUS strategy, showcasing BKV's technical expertise and providing tangible validation to current and prospective partners.

Barnett Zero 設施現已投入營運近 2 年，並再次取得了強勁的季度業績，保持了 99% 以上的正常運行時間，並註入了約 44,000 公噸二氧化碳。自工程啟動以來，已註入約 286,000 噸二氧化碳。Barnett Zero 繼續作為我們更廣泛的 CCUS 策略的重要概念驗證點，展示了 BKV 的技術專長，並為現有和潛在的合作夥伴提供了切實的驗證。

The project we announced on our last earnings call, the East Texas project with a leading midstream company, is moving forward, and we expect FID for that project in 2026. As a reminder, we anticipate that approximately 70,000 metric tons per year of CO2 could be captured on that project. This is the second project we are developing with that same midstream company. The previously FID-ed Eagle Ford and Cotton Cove projects both remain on schedule. These projects are expected to achieve average sequestration rates of approximately 90,000 and 32,000 metric tons per year of CO2 equivalent, respectively.

我們在上次財報電話會議上宣布的與一家領先的中游公司合作的東德克薩斯項目正在推進，我們預計該項目將於 2026 年做出最終投資決定。再次提醒大家，我們預計該計畫每年可捕獲約 7 萬公噸二氧化碳。這是我們與同一家中遊公司合作開發的第二個專案。先前已做出最終投資決定的 Eagle Ford 和 Cotton Cove 項目均按計劃進行。預計這些項目將分別實現每年約 90,000 公噸和 32,000 公噸二氧化碳當量的平均封存率。

The Cotton Cove injection well was successfully drilled in September, and both projects have received EPA approval of their measurement reporting and verification or MRV plans.

Cotton Cove 注水井已於 9 月成功鑽探，這兩個項目均已獲得美國環保署對其測量、報告和驗證 (MRV) 計劃的批准。

I also want to address recent developments in Louisiana, a strategic focal point for our CCUS business, where the governor signed a temporary moratorium on the consideration of new CCUS project permits. We view this as a constructive step that brings focus and clarity to the permitting process and advantages those like BKV that have already submitted quality permit applications. The state's decision to prioritize existing applications is helping to distinguish credible developers with technically sound near-term projects that can deliver real benefits to Louisiana. All 6 of BKV's permit applications, 5 from our large-scale High West Project adjacent to New Orleans and 1 from Donaldsonville near Baton Rouge have been classified as administratively complete and are among those advancing towards approval under Louisiana's primacy. We're encouraged by the state's active engagement and recent movement on permit issuances, which signal growing regulatory momentum and confidence in responsible carbon capture development.

我還想談談路易斯安那州的最新進展，路易斯安那州是我們 CCUS 業務的戰略中心，該州州長簽署了一項暫時中止審議新的 CCUS 項目許可證的法令。我們認為這是一個建設性的舉措，它使許可流程更加明確、更有針對性，並有利於像 BKV 這樣已經提交了高品質許可申請的公司。路易斯安那州決定優先考慮現有申請，這有助於甄別出那些擁有技術上合理的近期項目、能夠為路易斯安那州帶來真正利益的、信譽良好的開發商。BKV 的所有 6 份許可證申請，其中 5 份來自我們位於新奧爾良附近的大型 High West 項目，1 份來自巴吞魯日附近的 Donaldsonville，均已被認定為行政上已完成，並正在根據路易斯安那州的優先權推進審批。我們對州政府的積極參與和近期在許可證發放方面的進展感到鼓舞，這表明監管力度不斷增強，對負責任的碳捕獲開發也越來越有信心。

We remain on track to reach 1 million metric tons per year of CO2 injection by the end of 2027 and see the related capital requirements as very manageable within cash flow under our existing capital plan. Together with our CIP partnership and a robust project pipeline, this positions us for meaningful free cash flow generation from CCUS later this decade. I'll now turn the call over to our CFO, David Tameron, for a review of our Power business and financial results.

我們仍有望在 2027 年底前實現每年 100 萬噸二氧化碳注入的目標，並認為在現有資本計畫的現金流範圍內，相關的資本需求是完全可控的。結合我們與 CIP 的合作關係和強大的專案儲備，這將使我們能夠在本十年後期從 CCUS 中獲得可觀的自由現金流。現在我將把電話交給我們的財務長大衛·塔梅倫，讓他回顧我們的電力業務和財務表現。

Thank you, Eric. Turning to our Power business. As Chris mentioned, we are thrilled to announce our pending acquisition of a majority control position in our Power JV. Increasing our ownership to a 75% equity stake means we will have over 1.1 gigawatts of power generation capacity in the growing ERCOT market. As previously disclosed, the total purchase price will be $376 million, which includes the assumption of $145 million of debt.

謝謝你，埃里克。接下來談談我們的電力業務。正如克里斯所提到的，我們很高興地宣布，我們即將收購我們在電力合資企業中的多數控制權。將我們的持股比例提高到 75% 意味著我們將在不斷增長的 ERCOT 市場中擁有超過 1.1 吉瓦的發電能力。如先前披露，總收購價為 3.76 億美元，其中包括承擔 1.45 億美元的債務。

The remaining $231 million will be funded 50% in cash and 50% in BKV stock, which equates to 5.3 million shares based on a predetermined VWAP price. This transaction sets a clear marker on the value of this business line within BKV's portfolio and positions Power as a core growth engine for our company. The increased ownership will also come with an updated and aligned governance structure and will unlock additional potential for commercial opportunities. Following the close, which is expected to occur in the first quarter of 2026, we expect to include the Power JV results within BKV's consolidated financials, providing greater transparency into the business' strong cash flow generation and enabling investors to better recognize the value it brings to our overall portfolio.

剩餘的 2.31 億美元將以 50% 現金和 50% BKV 股票的形式提供，根據預先確定的 VWAP 價格，這相當於 530 萬股。此次交易明確界定了該業務線在 BKV 投資組合中的價值，並將電力業務定位為我們公司的核心成長引擎。所有權的增加也將帶來更新和協調的治理結構，並將釋放更多商業機會的潛力。交易完成後（預計將於 2026 年第一季完成），我們計劃將 Power JV 的業績納入 BKV 的合併財務報表，從而提高該業務強勁現金流的透明度，並使投資者能夠更好地認識到它為我們的整體投資組合帶來的價值。

While third quarter Power JV adjusted EBITDA was below our guidance, operational performance remains very strong. We are incredibly proud of our Temple team, which has set a high bar for performance and has established a solid foundation for our growing Power business. Pricing did disappoint during the quarter, largely reflecting milder weather in Texas as third quarter cooling degree days were 15% lower than the 5-year average. While this resulted in lower-than-expected prices, market strength remains evident and robust load growth continues to support long-term ERCOT fundamentals. Power prices averaged $46.29 per megawatt hour during the quarter, with natural gas costs averaging $2.87 per MMBtu, resulting in an average spark spread of $25.82 as compared to $20.82 a year ago.

雖然第三季電力合資企業調整後 EBITDA 低於我們的預期，但營運表現依然非常強勁。我們為我們的Temple團隊感到無比自豪，他們樹立了很高的績效標準，並為我們不斷發展的電力業務奠定了堅實的基礎。本季定價令人失望，主要原因是德州天氣較為溫和，第三季冷氣度日比 5 年平均值低 15%。雖然這導致價格低於預期，但市場實力依然強勁，強勁的負載成長持續支撐ERCOT的長期基本面。本季電力價格平均為每兆瓦時 46.29 美元，天然氣成本平均為每百萬英熱單位 2.87 美元，導致平均點差為 25.82 美元，而一年前為 20.82 美元。

For the quarter, BKV's share of power JV adjusted EBITDA was $20.4 million with gross power JV EBITDA coming in at $40.9 million. For the fourth quarter, we expect gross power JV EBITDA of $10 million to $30 million, reflecting typical seasonal patterns and continued operational execution.

本季度，BKV 在電力合資企業中調整後的 EBITDA 份額為 2,040 萬美元，電力合資企業的總 EBITDA 為 4,090 萬美元。預計第四季度電力合資企業 EBITDA 總額為 1,000 萬美元至 3,000 萬美元，反映了典型的季節性模式和持續的營運執行。

Shifting to BKV's corporate financial performance. We delivered another outstanding quarter, highlighted by our upstream outperformance, disciplined capital spending and a strengthened balance sheet. Net income for the third quarter was $76.9 million or $0.90 per diluted share with adjusted earnings of $0.50 per diluted share. Combined adjusted EBITDAX attributable to BKV, including our proportionate share of the Power JV adjusted EBITDA was $91.8 million, representing a 50% increase from third quarter of 2024. These results were driven by higher production volumes, improved realized pricing and continued cost reductions across our upstream operations.

接下來，我們來看看BKV的公司財務表現。我們又取得了一項出色的季度業績，這主要得益於上游業務的優異表現、嚴格的資本支出以及不斷增強的資產負債表。第三季淨利為 7,690 萬美元，即每股攤薄收益 0.90 美元；調整後每股攤薄收益為 0.50 美元。歸屬於 BKV 的合併調整 EBITDAX，包括我們按比例分攤的 Power JV 調整 EBITDA，為 9,180 萬美元，比 2024 年第三季成長 50%。這些成果得益於更高的產量、更優的定價以及上游業務持續的成本降低。

Accrued capital expenditures totaled $79.6 million for the quarter, 6% below the midpoint of guidance. The spending included $56 million for upstream development and another $24 million for CCUS and other. Our teams continued to deliver strong results and higher activity levels while maintaining capital discipline. During the quarter, we achieved 9% year-on-year production growth, advanced investments in our CCUS partnership and project pipeline and reduced debt levels in our power JV.

本季累計資本支出總額為 7,960 萬美元，比預期中位數低 6%。支出包括 5,600 萬美元用於上游開發，以及 2,400 萬美元用於碳捕獲、利用與封存 (CCUS) 和其他用途。我們的團隊在保持資本紀律的同時，繼續取得強勁的業績和更高的業務水平。本季度，我們實現了 9% 的同比增長，推進了對 CCUS 合作夥伴關係和專案儲備的投資，並降低了電力合資企業的債務水平。

With regard to the balance sheet, we closed the third quarter in a strong financial position. Several positive developments further strengthened our capital structure, leaving us well positioned to fund and advance our growth initiatives. A key highlight was the successful execution of our inaugural bond offering. We issued $500 million of 7.5% senior notes, marking an important milestone in our capital market strategy. Proceeds from the bond were used to fund the cash portion of the purchase price for our Bedrock Shale acquisition, as well as pay off the outstanding RBL balance.

就資產負債表而言，我們第三季末的財務狀況良好。多項積極進展進一步增強了我們的資本結構，使我們能夠更好地為我們的成長計劃提供資金和推進計劃。其中一個重要亮點是我們首次債券發行的成功完成。我們發行了 5 億美元的 7.5% 高級票據，這標誌著我們資本市場策略的一個重要里程碑。債券所得款項用於支付我們收購 Bedrock Shale 的現金部分購買價款，以及償還未償還的 RBL 餘額。

During the quarter, we also strengthened our liquidity position by expanding our elected commitments under the RBL, increasing it from $665 million to $800 million. The increase primarily reflects the additional borrowing base capacity associated with the Bedrock acquisition and underscores the continued support and confidence of our lending partners. Our balance sheet remains straightforward and conservatively positioned with $500 million of senior notes outstanding and no borrowings under our $800 million RBL. Our net leverage ratio as of September 30th stood at 1.3x within our stated leverage target of 1x to 1.5x.

本季度，我們也透過擴大 RBL 項下的自願承諾，將流動性狀況從 6.65 億美元增加到 8 億美元，從而加強了流動性狀況。此次成長主要反映了收購 Bedrock 帶來的額外借款基礎能力，並凸顯了我們貸款合作夥伴的持續支持和信心。我們的資產負債表仍然簡潔明了，保持保守的財務狀況，目前有 5 億美元的高級票據未償還，並且在 8 億美元的循環貸款 (RBL) 下沒有其他借款。截至9月30日，我們的淨槓桿率為1.3倍，在我們設定的1倍至1.5倍的槓桿目標範圍內。

Cash and cash equivalents totaled $83 million at quarter end. And combined with remaining RBL availability, total liquidity stood at $868 million. In addition to this strong liquidity position, we continue to manage commodity price risk through our prudent hedging program. For our updated hedge positions as well as fourth quarter 2025 guidance ranges, you can refer to our press release and our updated investor presentation, which are both posted on our website this morning. We will release 2026 guidance in February.

截至季末，現金及現金等價物總額為 8,300 萬美元。加上剩餘的 RBL 可用資金，總流動性為 8.68 億美元。除了強勁的流動性狀況外，我們還透過審慎的避險計畫繼續管理大宗商品價格風險。有關我們更新後的對沖頭寸以及 2025 年第四季度業績指引範圍，您可以參考我們今天早上發佈在我們網站上的新聞稿和更新後的投資者演示文稿。我們將於2月發布2026年業績指引。

But in early looks at our budget, prior to considering any successful PPA negotiations, we see our newly combined business generating meaningful free cash flow. This is driven by both our upstream and power businesses, which more than fund the capital needs of our CCUS business. With that, I'd like to turn it back over to Chris for his concluding remarks.

但在初步審視我們的預算時，在考慮任何成功的購電協議談判之前，我們看到我們新合併的業務將產生可觀的自由現金流。這主要得益於我們的上游業務和電力業務，它們提供的資金足以滿足我們CCUS業務的資本需求。接下來，我想把發言權交還給克里斯，請他做總結發言。

Thanks, David. The third quarter of 2025 exemplifies BKV's said-did culture and positions the company for sustained long-term profitable growth. Our achievements this quarter span all aspects of our business. In Power, we announced the purchase of a controlling interest in the Power JV, increasing our ownership to 75%, which we expect to close in the first quarter of 2026. In upstream, we successfully closed the Bedrock acquisition while continuing to drive highly competitive capital efficiency and production growth.

謝謝你，大衛。2025 年第三季充分體現了 BKV 言行一致的企業文化，並為公司實現持續的長期獲利成長奠定了基礎。本季我們所取得的成就涵蓋了公司業務的各個面向。在電力業務方面，我們宣布收購電力合資企業的控股權，使我們的持股比例增加至 75%，我們預計將於 2026 年第一季完成收購。在上游領域，我們成功完成了對 Bedrock 的收購，同時繼續保持極具競爭力的資本效率和產量成長。

In CCUS, we have additional momentum with high-quality projects, supported by our CIP partnership. Financially, we successfully priced our first corporate bond and maintained a strong balance sheet. The ongoing integration of our gas, power and carbon capture capabilities creates unique energy solutions that are increasingly valued in today's market. Looking ahead, we remain excited about the multiple growth vectors of our business. I want to thank our exceptional team for their continued dedication and excellence in execution and our shareholders and partners for their ongoing support of BKV's vision and long-term strategy.

在CCUS領域，我們憑藉高品質的專案獲得了額外的發展動力，這得益於我們的CIP合作夥伴關係。在財務方面，我們成功完成了首筆公司債的定價，並維持了強勁的資產負債表。我們不斷整合天然氣、電力和碳捕獲能力，創造出獨特的能源解決方案，這些解決方案在當今市場上越來越受到重視。展望未來，我們對公司業務的多個成長方向仍然充滿信心。我要感謝我們傑出的團隊，感謝他們持續的奉獻和卓越的執行力；同時感謝我們的股東和合作夥伴，感謝他們對 BKV 的願景和長期策略的持續支持。

We look forward to updating you on our continued progress in the quarters ahead. Operator, we are now ready to take questions from the audience.

我們期待在接下來的幾季中向您報告我們的持續進展。操作員，我們現在可以開始接受觀眾提問了。

(Operator Instructions) Our first question comes from Betty Jiang with Barclays Bank.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Betty Jiang。

Congratulations with the acquisition of a controlling stake in the Power business. So can we just start from there and talk to how gaining control of the power unit going forward would change your conversation or how you have that conversation with hyperscalers and growing the Power business over time?

恭喜您成功收購電力業務的控股權。那麼，我們能否就從這裡開始，談談掌控電力部門將如何改變您與超大規模資料中心營運商的對話方式，以及您如何隨著時間的推移發展電力業務？

Yes, Betty, thank you. So first of all, we're really pleased with the acquisition. It's clear to us that the power markets in Texas are poised for very strong growth and our move into buying 50% of Banpu Power's position is a signal of our optimism in the market. I think the ability to kind of control the JV and consolidate does a number of things for our discussions. Number one, it allows us to bring together in a very seamless way the energy solutions that we uniquely provide between power, gas and carbon capture so that we can structure commercial agreements in a singular holistic energy solution package that a lot of these hyperscalers and data center companies are very interested in.

是的，貝蒂，謝謝你。首先，我們對此次收購非常滿意。我們清楚看到，德州的電力市場蓄勢待發，即將迎來強勁成長。我們收購 Banpu Power 50% 的股份，正是我們對市場樂觀的體現。我認為，能夠對合資企業進行某種程度的控制和整合，對我們的討論有許多好處。第一，它使我們能夠以非常無縫的方式將我們獨特的電力、天然氣和碳捕獲能源解決方案結合起來，從而在一個整體能源解決方案包中建立商業協議，而許多超大規模資料中心和資料中心公司對此都非常感興趣。

So that's the first thing. The second thing is it positions us to really provide the transparency around our financials that investors are looking for. And I think also that allows us to be able to disclose a lot more information financially around what we're doing with the JV. And then the third angle is the way we've set it up from a growth or strategic flexibility engine for investments or additional opportunities, acquisitions, et cetera, in this 75:25 structure really is the right mix in our minds for long-term growth, and that allows us to deploy capital. When you think about expansions under the back of additional commercial agreements or additional acquisitions, it really does position us ideally.

這是第一點。第二點是，這使我們能夠真正提供投資者所尋求的財務透明度。而且我認為這也使我們能夠揭露更多關於我們與合資企業合作的財務資訊。第三個角度是我們從成長或策略靈活性引擎的角度來建構它，以便進行投資或抓住其他機會、進行收購等等。我們認為，這種 75:25 的結構對於長期成長來說確實是正確的組合，這使我們能夠部署資本。如果考慮到透過額外的商業協議或額外的收購來實現擴張，這確實使我們處於非常理想的地位。

And that's a key part of these discussions with hyperscalers as well and potential data center companies.

這也是與超大規模資料中心營運商和潛在資料中心公司進行討論的關鍵部分。

My follow-up, staying with power, and I want to ask about SB6. I understand that law might have some changes in how the power discussion and a potential PPA could be struck. Can you just speak to how that might be impacting your conversation with the hyperscalers and then the optionality and other solutions that you can bring to the market despite that policy change?

我的後續問題是，關於權力問題，我想問關於SB6的問題。我理解法律可能會對電力談判和潛在的購電協議的達成方式產生一些影響。您能否談談這項政策變化可能會如何影響您與超大規模資料中心營運商的溝通，以及儘管政策發生變化，您仍能為市場帶來哪些選擇和其他解決方案？

Yes. So first of all, I think SB6 is really something that's constructive by the state of Texas. It's an effort to high-grade the types of projects that are in the queue. A lot of folks have been applying for interconnections but not all interconnection requests are created equal. And so SB6 has a framework that's being evolved to really streamline and high-grade the types of interconnections that are being requested in the state of Texas to get to the real demand that's coming in and allow that demand to materialize because in general, the posture of Texas is open for business.

是的。首先，我認為SB6法案是德州提出的一項建設性的法案。這是為了提高排隊等候項目的等級。很多人都在申請互聯互通，但並非所有互聯互通申請都一樣。因此，SB6 有一個不斷發展的框架，旨在真正簡化和提升德州所要求的各種互連類型，以滿足實際需求並讓這些需求得以實現，因為總的來說，德州對商業持開放態度。

And we see this desire to streamline and enhance grid reliability while encouraging AI and data center investment, in particular, in the state of Texas. So we think SB6 goes a good step of the way to get there. Clearly, the rules are being laid down as we speak, and BKV is very actively involved in evaluating and participating in that process. With regards to the hyperscalers and the data center companies, I think the -- what we're seeing is the bet is that Texas figures this out pretty quickly relative to other grid regulators across the nation. And we feel like it's something that everyone wants to understand and understand how to deal with the rules.

我們看到，尤其是在德州，人們渴望簡化和提高電網可靠性，同時鼓勵人工智慧和資料中心投資。所以我們認為 SB6 朝著這個目標邁出了重要一步。顯然，規則正在製定中，BKV 非常積極地參與評估和參與這一過程。至於超大規模資料中心營運商和資料中心公司，我認為——我們看到的情況是，相對於全國其他電網監管機構而言，德州很快就會解決這個問題。我們覺得這是每個人都想了解並理解如何遵守規則的事情。

But I think what we're seeing is that there's a general feeling that this actually helps to streamline the process. And when it comes to companies like BKV with existing power-generating assets at 1.1 gigawatt of equity power today, I think it puts us in a great position to high-grade potential projects that we're looking at relative to kind of the broad universe of the interconnection request. So I think in general, I would say it's positive. Again, the rules are still being finalized. But we see this as a positive move by Texas to encourage investment in the power sector, encourage investment from the data centers and the hyperscalers.

但我認為我們看到的是，人們普遍認為這實際上有助於簡化流程。對於像 BKV 這樣目前擁有 1.1 吉瓦股權發電資產的公司來說，我認為這使我們處於非常有利的地位，可以對我們正在關注的、相對於廣泛的互聯請求範圍而言的高等級潛在項目進行篩選。所以總的來說，我認為這是積極的。再次強調，相關規則仍在最終確定中。但我們認為這是德州鼓勵電力產業投資、鼓勵資料中心和超大規模資料中心投資的積極舉措。

And in general, the belief is that Texas is open for business and we'll figure this out quicker than potentially other regulators across the country.

總的來說，人們相信德州歡迎企業入駐，而且我們解決問題的速度可能會比全國其他監管機構更快。

Our next question comes from Michael Furrow with Pickering Energy Partners.

下一個問題來自 Pickering Energy Partners 的 Michael Furrow。

Look, BKV has been able to put together quite the position in the Barnett relatively quickly as well as work down well costs and improve margins on the assets. So bringing back to the consolidation of the Power JV, the company is now trading at an expanded multiple and looking at it simplistically, this should ease further consolidation of the basin. So would you agree with that comment? Or are there certain dynamics of the Barnett M&A market that just may not be as clear to those of us on the outside looking in?

你看，BKV 已經能夠相對迅速地在巴內特地區建立起相當大的部位，同時還能有效降低成本並提高資產利潤率。回到電力合資企業的整合問題，該公司目前的交易倍數擴大了，簡單來看，這應該會促進盆地的進一步整合。你同意這種說法嗎？或者說，巴內特併購市場是否存在一些我們這些局外人可能不太清楚的動態？

Yes, Michael, it's a good question. So if you look at what's happening in the Barnett, I think, one is when you ever look at a deal, for me and for the team here, it's about fundamental economics, right? Multiples are helpful but it's about what is the hold to maturity return as the last owner. And so we're looking at deals that will be accretive from both the purchase price perspective, the strip, but also what can you do with those assets from a optimization, a synergy, a dropping costs, enhancing the development. You saw what we were able to do in the Bedrock transaction that we closed recently.

是的，邁克爾，問得好。所以，如果你看看巴內特交易案的進展，我認為，對我以及我們團隊來說，任何交易的根本都在於基本的經濟因素，對吧？倍數固然有用，但關鍵在於作為最後一位所有者持有到到期日的回報是多少。因此，我們正在考慮的交易不僅要從購買價格（即地段）的角度帶來收益，還要考慮如何透過優化、協同效應、降低成本、促進開發等方式利用這些資產。您已經看到了我們在最近完成的 Bedrock 交易中所取得的成就。

And I think there's nearly a Bcf plus of opportunities in and around the Barnett. We believe that at our current multiple and with our position in the Barnett that we can continue to acquire accretive transactions in the market and we're very optimistic about continuing to be able to do that.

我認為巴內特地區及其周邊地區還有近 10 億立方英尺以上的天然氣開採機會。我們相信，以我們目前的估值倍數和在巴內特指數中的地位，我們可以繼續在市場上進行增值交易，我們對此非常樂觀。

Just a follow-up on the power JV. I mean, look, the Temple assets really appear to be running on all cylinders. The availability factors look great. I think you disclosed only 3.5 days of downtime. So beyond adding incremental sort of around-the-clock baseload capacity, what else can the company do operationally to improve margins at the power plants outside of changing spark spread?

關於電力合資企業的後續進展。我的意思是，你看，Temple 的資產似乎真的運作得非常出色。供應情況看起來不錯。我認為你只披露了3.5天的停機時間。除了增加全天候基本負載容量之外，除了改變點差之外，該公司還能在營運方面做些什麼來提高發電廠的利潤率？

Yes. I mean, Michael, clearly, the number one thing is to get additional long-term contracted demand, right, and that in the form of commercial arrangements or PPAs. That's going to be front and center for the company. That's what we see the most near-term capital-efficient accretive transactions that we could pursue. So that's definitely the priority.

是的。我的意思是，邁克爾，很顯然，首要任務是獲得更多長期合約需求，對吧，而這可以透過商業安排或購電協議 (PPA) 來實現。這將是公司工作的重中之重。我們認為，這是近期內最能有效利用資本並實現增值的交易。所以這絕對是當務之急。

Beyond that, if you look at Temple originally, Temple was designed for 3 power plants. Today, there's 2 power plants there. We've got ample land space, water, gas. It's flat and we're on the fiber optic super highway between San Antonio, Austin and Dallas-Fort Worth. So we think it's ideally positioned.

除此之外，如果你回顧一下坦普爾最初的設計，你會發現坦普爾是為 3 座發電廠而建的。如今那裡有兩座發電廠。我們擁有充足的土地、水源和天然氣。這裡地勢平坦，我們正位於連接聖安東尼奧、奧斯汀和達拉斯-沃斯堡的光纖高速公路上。所以我們認為它的位置非常理想。

You can imagine there's room for another power plant on the back of commercial arrangements that could be added, similar size and scale. So there's just a lot of areas of growth and reflected in our optimism about the Power business and the fact that BKV is going big in power.

您可以想像，在商業安排的基礎上，還有空間再建一座規模類似的發電廠。因此，有許多領域都有成長空間，這體現在我們對電力業務的樂觀態度，以及BKV正在大力進軍電力產業的事實上。

Our next question comes from Neal Dingmann with William Blair.

下一個問題來自尼爾·丁曼和威廉·布萊爾。

Nice quarter. Chris, my first question -- just really interested on capital allocation, specifically. Could you maybe, David, speak to how you all are thinking about managing all your opportunities throughout the closed-loop strategy? What I'm getting at is you all seem to have more opportunities when you look at the upstream opportunities. I mean, how do you think about managing this or the power opportunities along with potential shareholder return and maintaining a solid balance sheet?

不錯的街區。克里斯，我的第一個問題是──我對資本配置特別感興趣。大衛，您能否談談您是如何考慮在整個閉環策略中管理所有機會的？我的意思是，你們如果關注上游機會，似乎會發現更多機會。我的意思是，您如何看待管理這些權力機會，以及潛在的股東回報和維持穩健的資產負債表？

Yes. First off, let's talk about near term, right? 2026 is going to be a strong year as far as free cash flow generation. Obviously, Eric and his team right on the upstream side, we have that cash flow engine that's been there. I think once we consolidate the power results and people start to see those show up in the numbers, that's another source of funding that more than covers CCUS and any spend needed there.

是的。首先，我們來談談近期的事情，對吧？2026年將是自由現金流強勁成長的一年。顯然，埃里克和他的團隊在上游方面，擁有了穩定的現金流引擎。我認為，一旦我們整合了電力方面的成果，人們開始在數位中看到這些成果，這將是另一個資金來源，足以支付碳捕獲、利用與封存 (CCUS) 以及任何所需的支出。

So we do have significant free cash flow that we have options with, right? To your point, do you delever, do you use that for strategic investments on the power side. But we do have options with that cash. And if you think about additional flexibility in '26. One, we do have the power debt that's going to be available to refinance midyear.

所以我們確實擁有大量的自由現金流，可以有很多選擇，對吧？正如您所說，您是否降低槓桿率，是否將其用於電力領域的策略性投資？但我們用這筆錢還有其他選擇。如果你考慮一下 2026 年的額外彈性。第一，我們確實有電力債務可以在年中再融資。

We have additional flexibility now with the -- as Chris mentioned in his prepared remarks and I did as well, the bond and the upside to the RBL. So a number of avenues, triggers, and levers to pull as we think about financing.

我們現在有了更大的靈活性——正如克里斯在他的準備好的演講稿中提到的，我也提到了這一點——債券和 RBL 的上漲空間。因此，我們在考慮融資時有很多途徑、觸發因素和槓桿可以利用。

then finally, as it relates to power, obviously, if you start thinking about some type of commercial opportunities, that gives you financial flexibility depending on the level of counterparty you engage with, and we expect that to be a very solid counterparty if and when we get to that point. So a lot of flexibility, significant free cash flow generation and still levers to pull if you think about '26, '27. And we look at our current structure of how we have our debt and capital structure of each entity, if you will, lined up. And they're all taken with the life cycle and the maturity of each of the respective business units. So we feel very good actually about where we're at today as we head into '26.

最後，就權力而言，顯然，如果你開始考慮某種商業機會，這將根據你接觸的交易對手的級別，為你提供財務靈活性，我們預計，如果到了那個時候，那將是一個非常可靠的交易對手。因此，我們擁有很大的靈活性，能夠產生可觀的自由現金流，而且考慮到 2026 年和 2027 年，我們仍然有很多可以利用的手段。然後我們會檢視一下我們目前的結構，看看我們各個實體的債務和資本結構是如何安排的。他們都非常關注各個業務部門的生命週期和成熟度。所以，展望2026年，我們對目前的狀況感到非常滿意。

Does that answer your question, Neal?

這樣回答你的問題了嗎，尼爾？

It does. A lot of opportunities. Perfect answer. then just secondly on looking at Slide 32, just on the forecasted sequestration. I'm just wondering, besides those projects, I think there's 4 or 5 announced.

確實如此。機會很多。回答完美。其次，關於第32張投影片，特別是關於預測的碳封存量。我只是想問一下，除了這些項目之外，我想應該還有 4 或 5 個項目已經公佈了。

Are there others that are currently in the works? Or when I'm looking at that slide and you're talking about the forecasted sequestration volumes, is that just what's known? Or maybe just anything you could comment on that about potential upside?

目前還有其他項目正在籌備中嗎？或者，當我看著那張投影片，你談到預測的碳封存量時，那隻是已知的數據嗎？或者您對潛在的上漲空間有什麼看法？

Yes, sure. Eric Jacobsen here. Thanks for your question. On Page 32, I think you're referencing the target of 1 million tons of CO2 injection run rate by the end of 2027. And yes, we listed 5 or so projects that have even been -- that have either been FID-ed or announced and on track towards FID.

當然可以。我是埃里克·雅各森。謝謝你的提問。我認為你在第 32 頁指的是到 2027 年底二氧化碳注入運行速率達到 100 萬噸的目標。是的，我們列出了大約 5 個項目——這些項目要么已經做出最終投資決定，要么已經宣布並正在朝著最終投資決定的方向發展。

So all of those would contribute nicely to that 1 million ton per year run rate. There are a large number of other projects in our portfolio, some of which have been brought through the CIP partnership, which has been exciting for us, some of which we've been working for quite a while. And they continue to follow our trajectory of natural gas processing, large industrial and then sort of ethanol and renewables. And all told, you can see where we have high confidence in that portfolio of projects of growing above and beyond the 1 million tons towards an ultimate kind of 16 million tons a year or so of annual run rate by the early 2030s as we've announced.

因此，所有這些因素都將很好地促成每年100萬噸的產量。我們的投資組合中還有許多其他項目，其中一些是透過與 CIP 的合作實現的，這讓我們感到非常興奮，而有些項目我們已經進行了相當長一段時間。他們繼續沿著我們天然氣加工、大型工業，然後是乙醇和再生能源的發展軌跡前進。總而言之，正如我們所宣布的那樣，我們對這一系列項目充滿信心，相信它們能夠超越 100 萬噸的目標，最終在 2030 年代初達到每年 1600 萬噸左右的年運行率。

You can see on Page 34, where one of the projects we're very excited about as we look to really ramp our injection volumes is our High West project in Louisiana, where we're excited about the focus the state has brought to permitting there, as well as being located in what we believe is a world-class reservoir in what I call one of the best emitter neighborhoods in the world, 30 million tons of CO2 within a 30-mile radius. So you can see where that can really step change those sorts of projects, namely High West and some other Class Vis that we've submitted already can really step change in a nice combination with the other portfolio of projects we have around natural gas processing, other industrials and ethanol. So all told, Neal, we have a very high confidence in that 1 million tons and then growing from there with a great portfolio of projects and a great investment partner in CIP to kind of split the 49% share of that check and keep our capital allocation right in line with where we want to be on CCUS.

您可以在第 34 頁看到，我們非常興奮的項目之一是我們在路易斯安那州的 High West 項目，我們希望真正提高注入量。我們很高興該州對該項目許可的重視，而且該項目位於我們認為的世界級儲層中，位於我稱之為世界上最好的排放區之一，方圓 30 英里內有 3000 萬噸二氧化碳。所以你可以看到，這真的能為這類項目帶來變革，特別是 High West 和我們已經提交的一些其他 Class Vis 項目，它們可以與我們圍繞天然氣加工、其他工業和乙醇的其他項目組合很好地結合起來，從而帶來真正的變革。總而言之，尼爾，我們對實現 100 萬噸的目標非常有信心，並希望憑藉一系列優秀的項目組合以及 CIP 這家優秀的投資夥伴，在此基礎上實現增長，從而平分這筆資金的 49%，並使我們的資本配置與我們在 CCUS 領域的目標保持一致。

Our next question comes from Jacob Roberts with TPH & Company.

下一個問題來自 TPH & Company 的 Jacob Roberts。

Chris, I was wondering if you could spend some time talking about the incremental autonomy that the increase in the stake in the Power JV will give you, maybe less so about pursuing the closed-loop strategy with customers, but really specifically on capital allocation to the power segment as a whole.

克里斯，我想請你花點時間談談增加在電力合資企業中的股份將為你帶來的逐步自主權，也許不必過多談及與客戶實施閉環戰略，而是具體談談對整個電力行業的資本配置。

Yes, Jake, it's a good question. So as you know and we shared in our press release, the governance has changed, right, on the JV. And so pro forma for close, that would give us a majority control. That allows us to there -- very efficiently decide how much capital goes into the Power business how quickly we want to grow that business while also diversifying 25% of that capital to our partner, Banpu Power. So I think what it does for us is it gives us very strong control of the ability to flex.

是的，傑克，問得好。如您所知，我們在新聞稿中也提到過，合資企業的管理方式已經發生了變化，對吧。因此，按形式上看，這將使我們獲得控股權。這樣一來，我們就可以非常有效地決定向電力業務投入多少資金，以及我們希望以多快的速度發展這項業務，同時還將其中 25% 的資金分散投資到我們的合作夥伴 Banpu Power。所以我認為這對我們來說意味著它賦予了我們強大的靈活性和控制力。

Clearly, we're going to work with our partner in the joint venture in terms of how much capital we deploy or how much debt we pay down. Right now, the power plant is delevering debt. It's generating cash. And so we're excited about that. And then as we look to grow into commercial agreements, increase the capacity factor and potentially add additional generation capacity through -- on the back of commercial arrangements, we're going to have a lot of ability to kind of time, optimize and size that capital in a way that fits with our overall portfolio capital allocation strategy.

顯然，在投入多少資金或償還多少債務方面，我們將與合資夥伴合作。目前，該發電廠正在降低債務槓桿。它正在產生現金流。所以，我們對此感到很興奮。然後，隨著我們尋求發展商業協議、提高容量係數並有可能透過商業安排增加額外的發電容量，我們將有能力以符合我們整體投資組合資本配置策略的方式，對資本進行時間表、優化和規模調整。

Great. I'm wondering if there's a possibility of future power investments or spin-ups or inorganic opportunities that might come to the business outside of this JV?

偉大的。我想知道，除了這家合資企業之外，未來是否有可能出現其他電力投資、新創公司或非有機成長機會？

Yes. So we're really happy with the JV structure today. I think the way we've restructured it in that 75:25 setup really does give us the vehicle for growth. Jake, if you look at how we've set up our business, we've got the upstream and midstream business, 100% owned by BKV Corporation. We're 51% of the carbon capture business in our joint venture there with CIP.

是的。所以我們對目前的合資結構非常滿意。我認為我們以 75:25 的比例進行重組，確實為我們提供了發展的途徑。傑克，如果你看看我們是如何建立我們的業務的，我們擁有上游和中游業務，這些業務100%由BKV公司擁有。我們在與CIP的合資企業中擁有碳捕獲業務51%的股份。

And then in the Power business, we're 75% owners pro forma for the close and 25% Banpu Power. That gives us an ability to grow both the power and the carbon capture alongside of the upstream, which is our cash engine but to do it accretively. And so as we think about additional acquisitions, which we believe are there on the market and we'll be evaluating very closely and about some potential additional organic new generation assets on the back of commercial arrangements, we believe that the joint venture is the right structure for us to utilize because it does give us that capital allocation optimization and it gives us a platform that's already working and winning in the marketplace. So we see that as the right vehicle for growth, and then we'll obviously evaluate that from time to time going forward.

而在電力業務方面，我們以交易完成計算持有 75% 的股份，Banpu Power 持有 25% 的股份。這使我們能夠在上游（我們的現金引擎）的基礎上，以增值的方式發展電力和碳捕獲能力。因此，當我們考慮進行更多收購時（我們相信市場上存在這樣的收購機會，我們將非常密切地進行評估），以及考慮在商業安排的基礎上進行一些潛在的新的有機資產收購時，我們認為合資企業是我們應該利用的正確結構，因為它確實可以優化我們的資本配置，並為我們提供一個已經在市場上運作並取得成功的平台。所以我們認為這是實現成長的正確途徑，當然，我們也會在未來不時地對此進行評估。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Chris Kalnin, BKV's CEO, for closing comments.

問答環節到此結束。現在我想把電話轉回給 BKV 的執行長 Chris Kalnin，請他做總結發言。

Thank you, and thank you, everyone, for joining our call. We really appreciate the fact that you've spent time to evaluate BKV. We're excited about the future. BKV stands at the precipice of some of the most exciting megatrends in energy. We are at the epicenter of the macro trends that are driving energy demand, particularly in the state of Texas.

謝謝大家，也謝謝各位參加我們的電話會議。我們非常感謝您抽出時間對 BKV 進行評估。我們對未來充滿期待。BKV 正處於能源領域一些最令人興奮的超級趨勢的風口浪尖。我們正處於推動能源需求的宏觀趨勢的中心，尤其是在德克薩斯州。

We see our combination of natural gas, power and carbon capture as a winning formula that is going to transform and reshape the energy industry going forward. We're excited. We're pleased about our results this quarter. And we look forward to future results as we continue to deliver on our closed-loop strategy. Before I close, I would like to take a moment to recognize our veterans, all those who have served.

我們認為，天然氣、電力和碳捕獲技術的結合是一種致勝之道，它將改變和重塑未來的能源產業。我們很興奮。我們對本季的業績感到滿意。我們期待隨著我們繼續推動閉環戰略，未來能取得更好的成果。在結束發言之前，我想花一點時間向我們的退伍軍人，所有曾經服役的人致敬。

We thank you for your service. At BKV, we hold dear the sacrifice that many families and individuals have made in protection of our country and freedoms. And we want to thank you as we go into Veterans Day tomorrow, and we want to recognize you. So thank you, everyone, for joining the call. Thank you, veterans, and thank you, and we'll look forward to future announcements.

感謝您的付出。在BKV，我們珍惜許多家庭和個人為保護我們的國家和自由所做的犧牲。明天就是退伍軍人節了，我們想對你們表示感謝，並向你們致敬。謝謝大家參加這次通話。感謝各位退伍軍人，也感謝大家，我們期待未來的公告。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。