BKV Corporation (BKV) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to BKV's first-quarter 2026 earnings conference call. (Operator Instructions) I would like now to turn the call over to Mr. Michael Hall, Vice President of Investor Relations. Please go ahead.

各位早安，歡迎參加 BKV 2026 年第一季財報電話會議。(接線員指示) 現在我想把電話交給投資人關係副總裁 Michael Hall 先生。請開始。

Thank you, operator, and good morning, everyone. Thank you for joining BKV Corporation's First Quarter 2026 Earnings Conference Call. With me today are Chris Kalnin, Chief Executive Officer; Eric Jacobsen, President of Upstream; and David Tameron, Chief Financial Officer.

謝謝接線員，各位早安。感謝各位參加 BKV Corporation 2026 年第一季財報電話會議。今天與我一同出席的有：執行長 Chris Kalnin；上游業務總裁 Eric Jacobsen；以及財務長 David Tameron。

Before we begin, I would like to remind 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.

在開始之前，我想提醒各位，我們今天的評論將包含前瞻性陳述，這些陳述受若干風險、不確定性與假設影響。實際結果可能與任何前瞻性陳述所述內容存在重大差異。

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 recently completed Power JV transaction or the integration of recently acquired upstream assets as well as the reconciliations of non-GAAP financial measures, please see the company's public filings, including the Form 8-K filed this morning.

此外，我們可能會提及非 GAAP 指標。如需更詳細了解可能導致實際結果與任何前瞻性陳述出現重大差異的風險與不確定性（包括與近期完成的 Power 合資交易或近期收購之上游資產整合相關者），以及非 GAAP 財務指標的調節表，請參閱公司公開申報文件，包括今早提交的 Form 8-K。

We have also posted an updated investor presentation on our website, and we encourage everyone to review those materials alongside today's call.

我們也已在網站上發布更新後的投資人簡報，並鼓勵各位在收聽今天電話會議的同時一併查閱這些資料。

With that, I'll turn the call over to our CEO, Chris Kalnin.

接下來，我把電話交給我們的執行長 Chris Kalnin。

Thank you, Michael, and good morning, everyone. We entered 2026 with strong momentum across the business, and the first quarter marks another meaningful step forward for BKV as we demonstrate how our strategy continues to deliver results. Macro dynamics, including recent events in the Middle East, create an overall constructive backdrop for BKV.

謝謝你，Michael，各位早安。我們以強勁的業務動能進入 2026 年，而第一季也標誌著 BKV 又向前邁出重要一步，展現我們的策略如何持續帶來成果。總體環境動態（包括近期中東事件）為 BKV 形成整體偏正向的背景。

Heightened global concern over energy security is driving structural demand for U.S. LNG, which we believe will benefit Gulf Coast directed basins such as the Barnett continued momentum in AI and data center growth is also poised to generate significant power demand, especially in ERCOT. At the same time, the carbon capture industry continues to expand and has become a key economic segment focused on carbon emissions reduction.

全球對能源安全的關切升高，正推動對美國 LNG 的結構性需求；我們相信這將有利於如 Barnett 等面向墨西哥灣沿岸的盆地。同時，AI 與資料中心成長的持續動能，也有望帶來顯著的電力需求，尤其是在 ERCOT。與此同時，碳捕集產業持續擴張，並已成為聚焦減少碳排放的關鍵經濟領域。

During the first quarter, we continued to strengthen our commercial platform by assuming control of a substantial portion of our gas marketing and trading activities. We expect to fully market our own volumes by mid-2026. Over time, this initiative is expected to enhance margins, increase commercial flexibility and improve our ability to offer creative solutions across gas, power, carbon capture and LNG. BKV has focused on doing what we said we would do to prove out our closed-loop strategy.

在第一季期間，我們透過接管相當大部分的天然氣行銷與交易活動，持續強化我們的商業平台。我們預期在 2026 年年中前可完全自行行銷我們的產量。隨著時間推進，這項計畫預期將提升利潤率、增加商業彈性，並強化我們在天然氣、電力、碳捕集與 LNG 領域提供創新解決方案的能力。BKV 一直專注於做到我們所承諾的，以驗證我們的閉環策略。

We delivered on production, maintained capital discipline, advanced our carbon capture platform, continue to expand our footprint in the Barnett, increased ownership in our power joint venture, bolstered our balance sheet and consistently moved the broader business forward. Our said-did consistency matters and provides a strong foundation as we continue to build a differentiated energy company.

我們達成產量目標、維持資本紀律、推進碳捕集平台、持續擴大在 Barnett 的版圖、提高我們在電力合資企業中的持股、強化資產負債表，並持續推動整體業務向前。我們「說到做到」的一致性很重要，並為我們持續打造一家具差異化的能源公司奠定堅實基礎。

What is clear is how our platform across natural gas, power and carbon capture is translating into value creation opportunities. Upstream continues to perform at a high level. Carbon capture is expanding into a multi-asset platform and Power is poised for continued growth with strong momentum in commercial discussions from data center developers and hyperscalers.

很明顯的是，我們橫跨天然氣、電力與碳捕集的平台，正在轉化為價值創造的機會。上游業務持續維持高水準表現。碳捕集正擴展為多資產平台；而電力業務在與資料中心開發商與超大規模業者（hyperscalers）的商業洽談上動能強勁，具備持續成長的態勢。

In the first quarter, our upstream business again outperformed expectations, with production trending toward the upper end of our guidance range and capital spending squarely in line with plan. This business continues to do what we need it to do, operate efficiently, continuously improve development performance and generate meaningful cash flow.

第一季，我們的上游業務再次優於預期，產量走勢接近指引區間上緣，資本支出也完全符合計畫。這項業務持續做到我們需要它做到的事：高效率營運、持續改善開發績效，並產生可觀的現金流。

Across the portfolio, our teams are enhancing capital efficiency while maintaining high standards of safety, improving cost structure and driving production performance to fully exploit our asset base. At the same time, with the Bedrock assets fully integrated, we are well on our way to unlocking incremental value from the portfolio. We are utilizing advanced completions, longer laterals and AI and data-driven optimization.

在整體投資組合中，我們的團隊在維持高安全標準的同時提升資本效率、改善成本結構，並推動產量表現，以充分發揮我們的資產基礎。同時，隨著 Bedrock 資產完成整合，我們正穩步解鎖投資組合的增量價值。我們正在運用先進完井技術、更長的水平段，以及 AI 與數據驅動的最佳化。

We are taking our execution playbook and driving torque across the basin. We believe this execution playbook is repeatable over time, particularly in mid-tenured shale plays with characteristics similar to the Barnett, including lower decline rates, PDP-heavy assets and strong access to premium markets like the Gulf Coast.

我們正把既有的執行作戰手冊導入，並在整個盆地推動更大的槓桿效應。我們相信這套執行作戰手冊可長期重複複製，特別適用於與 Barnett 具相似特徵、開發年限居中的頁岩區塊，包括較低遞減率、以 PDP 為主的資產，以及可良好連結墨西哥灣沿岸等高價市場。

The Barnett is proving to be a critical basin in today's environment with demand for natural gas increasing. We are well positioned from a regional and infrastructure standpoint to help meet that demand. In carbon capture, we continue to scale the platform and have established BKV as a credible leader in this space. Barnet Zero has proven the economic attractiveness of point source fit-for-purpose carbon capture projects.

在當前天然氣需求增加的環境下，Barnett 正證明其為關鍵盆地。從區位與基礎設施角度來看，我們具備良好條件協助滿足該需求。在碳捕集方面，我們持續擴大平台規模，並已將 BKV 建立為此領域可信賴的領導者。Barnett Zero 已證明針對點源、量身打造的碳捕集專案具備良好的經濟吸引力。

Importantly, in April, we commenced commercial sequestration operations at our Cotton Cove carbon capture project. Cotton Cove's operationalization is an important milestone that reinforces the economic viability of carbon capture projects at lower volume thresholds. Further, our Eagle Ford CCUS project is progressing well towards COD.

重要的是，在 4 月，我們於 Cotton Cove 碳捕集專案啟動商業封存營運。Cotton Cove 的正式投運是一項重要里程碑，進一步強化在較低處理量門檻下碳捕集專案的經濟可行性。此外，我們的 Eagle Ford CCUS 專案正順利推進，朝商轉（COD）邁進。

Together, these CCUS projects highlight our ability to execute and scale our carbon capture business. In conjunction with our joint venture partner, Copenhagen Infrastructure Partners, we are building a portfolio of economic, repeatable and profitable projects, and our new project development pipeline continues to be high graded towards attractive potential future opportunities.

這些 CCUS 專案共同凸顯我們執行與擴大碳捕集業務的能力。我們與合資夥伴 Copenhagen Infrastructure Partners 攜手，正在打造一個具經濟性、可複製且可獲利的專案組合；同時，我們的新專案開發管線也持續聚焦篩選（high grade）至更具吸引力的潛在未來機會。

Our CCUS business also enables BKV to offer differentiated products such as carbon sequestered gas or CSG. CSG is a carbon-neutral gas product that combines environmental offsets from our CCUS business with standardized natural gas contracts and enhances the economics of our 45Q underwriting case.

我們的 CCUS 業務也使 BKV 能提供差異化產品，例如碳封存天然氣（CSG）。CSG 是一種碳中和天然氣產品，將我們 CCUS 業務所帶來的環境抵換與標準化天然氣合約結合，並提升我們 45Q 承作（underwriting）情境的經濟性。

We expect CSG to hit the market in the second half of 2026 in partnership with Gunvor. We also believe CSG can provide decarbonization optionality for future data center or hyperscaler customers seeking to decarbonize their around-the-clock power. For some time now, we have talked about the opportunity for our power business in ERCOT, driven by data centers and AI infrastructure and broad load growth.

我們預期 CSG 將在 2026 年下半年與 Gunvor 合作推向市場。我們也相信，對於希望使其 24/7 供電去碳化的未來資料中心或超大規模客戶而言，CSG 可提供去碳化的選擇權。一段時間以來，我們一直在談論 ERCOT 電力業務的機會，該機會由資料中心與 AI 基礎設施以及整體負載成長所驅動。

This demand is increasingly urgent and customers are actively working to secure solutions that can be delivered on accelerated timelines and at a scale that addresses the rapid adoption of AI. In Texas, regulatory and policy frameworks continue to evolve in support of infrastructure development and grid reliability.

這項需求正變得愈發迫切，客戶也正積極尋求能在加速時程內交付、且規模足以因應 AI 快速採用的解決方案。在德州，監管與政策框架持續演進，以支持基礎設施建設與電網可靠性。

We are actively engaged with legislators, regulators, industry leaders and local communities in helping to shape how SB 6 and related frameworks are developed. We believe strongly that Texas remains committed to supporting substantial data center investment and will work actively with industry to ensure this happens.

我們正積極與立法者、監管機關、產業領袖及地方社區合作，協助形塑 SB 6 及相關框架的制定方式。我們堅信德州仍致力於支持大規模資料中心投資，並將與產業積極合作以確保此事成真。

To address the speed to power need, we are engaged in a structured process to evaluate and develop a package of power solutions that we believe will allow us to meet customer needs and time lines while preserving flexibility as their platform scale over time. The first component of our solution is modular power, and we have entered into supply agreements to acquire the equipment to provide up to 200 megawatts of generation and have further line of sight for additional power.

為了因應「快速供電」的需求，我們正參與一項結構化流程，以評估並開發一套電力解決方案組合；我們相信這將使我們在保留客戶平台隨時間擴張之彈性的同時，滿足客戶需求與時程。我們解決方案的第一個組成部分是模組化電力；我們已簽訂供應協議以取得設備，可提供最高達 200 兆瓦的發電能力，並且對額外電力供應也有更進一步的可見度。

If developed, any modular generation would be additive to our existing power generation platform. This modular power capacity is designed to improve speed to power, flexibility and optionality. We believe modular power can be deployed to provide a near-term bridging solution for data center operators and hyperscalers.

若得以開發，任何模組化發電將會在我們既有的發電平台之上進行增量擴充。此模組化電力容量旨在提升「快速供電」能力、彈性與可選擇性。我們相信，模組化電力可部署為資料中心營運商與超大規模雲端業者提供近期的過渡性解決方案。

The second component of our solution would utilize existing generation capacity at our Tempel I and II power plants through a grid-connected private use network or PUN. We believe this capability could potentially support up to 750 megawatts of available capacity to provide contracted power over time and offer customers access to reliable, dispatchable power from an operating base that is already in place.

我們解決方案的第二個組成部分，將透過併網的私用網路（PUN）來利用我們 Tempel I 與 II 電廠的既有發電容量。我們相信，此能力在潛力上可支援最高達 750 兆瓦的可用容量，以隨時間提供合約電力，並讓客戶可從既有運轉基礎取得可靠、可調度的電力。

The compelling combination of our modular solutions and PUN offering is driving our conversations with data center and hyperscaler customers and has the potential to support a meaningful contracted platform with attractive build economics at structurally lower delivered cost of power and leading time to power.

我們的模組化解決方案與 PUN 方案所形成的強大組合，正推動我們與資料中心及超大規模雲端客戶的對話，並有潛力以具吸引力的建置經濟性、在結構性更低的到戶電力成本與領先的供電時程下，支撐一個具規模的合約平台。

A third and key component of our power solutions is the potential to build an additional brownfield combined cycle power plant called Temple III. We have reserved 600 megawatts of CCGT capacity from an OEM that can be operationalized by the end of the decade.

我們電力解決方案的第三個且關鍵的組成部分，是潛在興建一座名為 Temple III 的額外棕地複循環電廠。我們已向一家 OEM 預留 600 兆瓦的 CCGT 容量，可於本十年末前投入營運。

Within the area of Tempel, we have substantial site control, existing water and electrical infrastructure and an equity-owned natural gas supply, giving the Tempel Energy complex a structural advantage in the market. Taken together, the three components of our potential Tempel offering have translated into what we view as substantial commercial momentum with potential data center and hyperscaler customers within the structured process.

在 Tempel 區域內，我們擁有相當程度的場址控制權、既有的用水與電力基礎設施，以及股權持有的天然氣供應，使 Tempel Energy 綜合園區在市場上具備結構性優勢。綜合而言，我們潛在 Tempel 方案的三個組成部分，已在結構化流程中轉化為我們所認為的顯著商業動能，並獲得潛在資料中心與超大規模雲端客戶的關注。

Further, in the first quarter, we secured an incremental 6,200-acre site in North Central Texas, providing an additional potential platform for longer-dated power expansion. As disclosed during our recent equity offering, we have also secured reservation agreements for another 600-megawatt CCGT power island for 2028 that could be deployed to grow this second energy footprint in tandem with a potential customer.

此外，在第一季我們於德州中北部取得一處新增的 6,200 英畝場址，提供另一個可用於較長期電力擴張的潛在平台。如同我們近期股權發行所揭露，我們亦已就另一座 2028 年的 600 兆瓦 CCGT 發電島取得預留協議，可與潛在客戶同步部署，以擴大第二個能源據點。

At this site, BKV would aim to deliver the full trifecta of gas, power and carbon capture services. Through our structured process, we have matured our commercial discussions with potential long-term power offtakers. We are approaching commercialization deliberately with discipline and with focus on securing the right counterparties and the right structures.

在此場址，BKV 將以提供天然氣、電力與碳捕集服務的「三合一」完整組合為目標。透過我們的結構化流程，我們已深化與潛在長期電力承購方的商業討論。我們以審慎且自律的方式推進商業化，並聚焦於取得合適的交易對手與合適的交易架構。

We continue to remain confident in our original expectation of signing a PPA within 2026 to early 2027. As we move forward, we now have line of sight of potentially up to 1.4 gigawatts of incremental power generation, which would be backed by potential long-term customer agreements. We are excited about the power business and look forward to future announcements.

我們仍對原先預期在 2026 年至 2027 年初簽署 PPA（購電協議）充滿信心。隨著我們持續推進，目前我們已可望見最高約 1.4 吉瓦的新增發電量潛力，並將由潛在的長期客戶協議作為支撐。我們對電力業務感到振奮，並期待未來的公告。

Stepping back, natural gas demand is growing across LNG, industrial and power markets. ERCOT's power demand growth continues to accelerate and a subset of customers are increasingly focused on reliable, dispatchable energy that can also be paired with low-carbon solutions.

回到更宏觀的層面，天然氣需求正於 LNG、工業與電力市場同步成長。ERCOT 的用電需求成長持續加速，而其中一部分客戶愈來愈重視可靠、可調度，且可與低碳解決方案搭配的能源。

Our platform combines upstream gas, operating power assets, development-ready power options and carbon capture capabilities in a way that gives customers flexibility while giving BKV multiple pathways to create value. Finally, we continue to evaluate disciplined inorganic and portfolio optimization opportunities across the business, including potential monetization of noncore assets to redeploy capital into higher return opportunities that leverage our platform, enhance our closed-loop strategy and drive long-term shareholder value.

我們的平台以一種能同時為客戶提供彈性、並為 BKV 提供多元價值創造路徑的方式，整合上游天然氣、在營電力資產、可立即開發的電力選項與碳捕集能力。最後，我們持續在全公司評估具紀律的外延式成長與投資組合優化機會，包括潛在將非核心資產變現，並將資本重新配置至更高報酬、可發揮我們平台優勢、強化閉環策略並推動長期股東價值的機會。

With that, I'll turn it over to our President of Upstream, Eric Jacobsen.

接下來，我把時間交給我們的上游事業總裁 Eric Jacobsen。

Thanks, Chris. The first quarter was another strong one for our operations, and we continue to see consistent performance across upstream and carbon capture. What stands out is not just strong performance, but continued quarter-over-quarter improvement across production costs, completions and inventory quality.

謝謝，Chris。第一季我們的營運表現再次強勁，我們也持續看到上游與碳捕集業務的穩定表現。值得注意的不僅是強勁表現，更是生產成本、完井與庫存品質在各方面持續呈現季對季改善。

To highlight a few of the quarter's Upstream operating results, we delivered solid performance across the board, production of approximately 925 million cubic feet equivalent per day towards the upper end of guidance. Development capital of approximately $82 million, slightly below the guided midpoint. Lease operating and workover expense of approximately $0.54 per Mcfe at the upper end of guidance due to timing of expenses and weather in the quarter, while we firmly maintain full year guidance.

為凸顯本季上游營運成果的幾個重點，我們在各方面均交出穩健表現，產量約為每日 9.25 億立方英尺當量，接近指引區間上緣。開發資本約 8,200 萬美元，略低於指引中位數。租賃營運與修井費用約為每 Mcfe 0.54 美元，因費用認列時點與本季天候因素而位於指引上緣，但我們仍堅持維持全年指引不變。

Continued D&C cost improvements with full year plan for base well costs at an average of $533 per lateral foot and our new advanced completions designs at only around $22 per lateral foot in incremental cost on a program-wide basis. Strong well performance with two new wells brought online in the quarter, ranking in the top 15 of Barnett wells over the past decade on an Mcfe basis as measured by peak monthly production.

鑽完井（D&C）成本持續改善；全年計畫中，基準井的平均成本為每英尺水平段 533 美元，而我們新的先進完井設計在全計畫層級的增量成本僅約每英尺水平段 22 美元。井況表現強勁，本季有兩口新井投產，按峰值月產量（以 Mcfe 計）衡量，排名為過去十年 Barnett 井的前 15 名。

Within our '25 and '26 development program, we have now delivered 8 of the top 15 Barnett wells over the past decade. Additionally, we added meaningful production and economic uplift from the POW or positive offset well concept affiliated with new wells and introduced last quarter. This includes recent POW where output doubled due to POW with no incremental capital.

在我們 2025 年與 2026 年的開發計畫中，我們目前已交付過去十年 Barnett 井前 15 名中的 8 口。此外，我們也從與新井相關、並於上季導入的 POW（positive offset well，正向鄰井效應）概念中，帶來顯著的產量與經濟性提升。其中包括近期的 POW 案例，在不增加資本支出的情況下，因 POW 使產出倍增。

And over time, we see POW not only sustained but getting even better as shown in our investor presentation. Overall, we are delivering improvements across all facets of our upstream and midstream operations as we continue to deepen our expertise and make advancements that are broadly applicable across mid-tenured shale basins.

隨著時間推進，我們看到 POW 不僅得以維持，且如同投資人簡報所示，效果還在持續提升。整體而言，隨著我們持續深化專業並推動可廣泛適用於中等開發年限頁岩盆地的進展，我們在上游與中游營運的各個面向都在交付改善。

I would particularly spotlight our new approach to advanced completions in the Barnett. Since the start of 2025, we have deployed an advanced completions design on roughly one third of our Barnett wells, and the results to date are highly encouraging. We are observing an approximate 20% well performance uplift over the first 180 days after completion with the cumulative production plot gap appearing to widen even further over time compared to base completions.

我特別要強調我們在 Barnett 推出的先進完井新方法。自 2025 年初以來，我們已在約三分之一的 Barnett 井上採用先進完井設計，而目前的結果令人非常振奮。我們觀察到完井後前 180 天井況表現約提升 20%，且相較於基準完井，累積產量曲線的差距隨時間推移似乎進一步擴大。

We see significant implied incremental value per well from advanced completions and broad applicability across the portfolio. Currently, we believe these new completion designs can be applied to 30% to 40% of our robust and long-life inventory, providing a notable uplift in asset value.

我們看到先進完井可為每口井帶來顯著的隱含增量價值，且可廣泛適用於整體資產組合。目前我們認為，這些新的完井設計可應用於我們強健且長壽命庫存的 30% 至 40%，從而帶來可觀的資產價值提升。

For the first half of 2026, we have 10 wells slated for advanced completion. And importantly, the associated CapEx investment is already embedded in our capital program for 2026. Stated another way, we are getting more value out of the same capital framework.

在 2026 年上半年，我們規劃有 10 口井採用先進完井。且重要的是，相關的資本支出投資已納入我們 2026 年的資本計畫之中。換句話說，我們在相同的資本框架下創造出更多價值。

Our continuous improvements from advanced and base completions plus much more continue to deliver tangible results, particularly in the liquids-rich portion of the Barnett. A key driver in our recent well outperformance has been the liquids profile, which represents 20% of our production mix in the Barnett this past quarter. Our liquids exposure provides flexibility across commodity environments and enhances the overall cash flow resilience of the asset base.

我們來自先進完井與基準完井等多方面的持續改善，正不斷帶來具體成果，尤其是在 Barnett 的富液區段。近期井況優於預期的一項關鍵驅動因素是液體產出結構；本季在 Barnett，我們的液體占產量組合的 20%。我們的液體曝險使我們能在不同商品價格環境下保持彈性，並提升資產基礎整體現金流的韌性。

We also continue to leverage AI, data and analytics to optimize base production, further solidifying our competitive advantage of having the lowest base decline compared to any of our peers by a considerable margin. As a proof point of that, during the quarter, we leaned into optimization blitzes, which focus on plunger lift analytics.

我們也持續運用 AI、數據與分析來優化基礎產量，進一步鞏固我們相較同業在基礎遞減率方面顯著領先、且為最低的競爭優勢。作為佐證，本季我們加大投入最佳化突擊行動（optimization blitzes），其重點聚焦於柱塞舉升（plunger lift）分析。

These blitzes resulted in an incremental base uplift of over 15 million cubic feet a day since early February, all delivered with de minimis capital spend. These results converge on something important. The Barnett is not simply a low-decline PDP asset, rather it's a stable platform with substantial inventory and optionality for value-accretive torque and growth over many years to come.

這些快速作業自二月初以來帶來每日超過1,500萬立方英尺的增量基礎產量提升，且幾乎不需資本支出。這些成果匯聚出一個重要結論。Barnett 並非僅是低遞減的 PDP 資產，而是一個穩健的平台，具備可觀的庫存與選擇權，可在未來多年提供具增值效應的槓桿與成長。

When we look at the opportunities in front of us, we believe the Barnett returns stand toe to toe with any gas shale basin in the country. When we combine our demonstrated asset performance with Gulf Coast market access and vast midstream infrastructure, I can say that the Barnett is back and it is better than ever.

當我們檢視眼前的機會時，我們相信 Barnett 的報酬可與全國任何一個頁岩氣盆地相提並論。結合我們已驗證的資產表現、墨西哥灣沿岸市場通路以及龐大的中游基礎設施，我可以說 Barnett 回來了，而且比以往更好。

Turning to carbon capture. We continue to make steady progress, highlighted by adding Cotton Cove to our operating CCS project platform. Cotton Cove, which commenced injection on time and is forecasted under CapEx budget, is expected to achieve a sequestration rate of approximately 32,000 metric tons of CO2 per year. We are also on track to commence injection at our Eagle Ford project before the end of Q2.

接著談碳捕集。我們持續穩步推進，亮點是將 Cotton Cove 納入我們營運中的 CCS 專案平台。Cotton Cove 如期開始注入，且預估資本支出在預算內，預期可達到每年約32,000公噸 CO2 的封存率。我們也按計畫在第二季結束前於 Eagle Ford 專案開始注入。

This project is forecast to achieve an average sequestration rate of approximately 90,000 metric tons of CO2 per year. Together, these projects establish a growing portfolio of operating and economically viable carbon capture assets, and this progress demonstrates that the platform is scaling in a measured and credible way.

該專案預估可達到每年平均約90,000公噸 CO2 的封存率。合計而言，這些專案建立了一個持續成長、可營運且具經濟可行性的碳捕集資產組合，而這些進展也顯示該平台正以審慎且可信的方式擴張。

Barnett Zero performed well during the quarter, operating at greater than 99% run time and sequestering approximately 35,800 metric tons of CO2, bringing total sequestration since start-up to nearly 350,000 metric tons of CO2. It continues to serve as an important operating and economic proof point for the business. We are also advancing the overall CCS project portfolio.

Barnett Zero 本季表現良好，運轉時間超過99%，並封存約35,800公噸 CO2，使自啟動以來的累計封存量接近350,000公噸 CO2。它持續作為該業務在營運與經濟性上的重要驗證案例。我們也在推進整體 CCS 專案組合。

Our East Texas project remains on track following internal FID last year, and we executed definitive agreements with Comstock Resources to advance CCUS projects in the Western Haynesville. These advancements represent another step forward as we work towards our targeted 1.5 million tons per annum injection run rate by 2028.

我們的東德州專案在去年完成內部 FID 後仍按計畫推進，且我們已與 Comstock Resources 簽署具約束力的最終協議，以推動西部 Haynesville 的 CCUS 專案。這些進展代表我們朝向2028年達成每年150萬噸注入運轉率目標又向前邁進一步。

We have received notice that our Louisiana Class VI permit applications associated with the High West project are advancing through technical review, each application representing 2 million tons per year of injection capacity. We have also recently commenced drilling a test well at High West.

我們已收到通知，與 High West 專案相關的路易斯安那州 Class VI 許可申請正在進入技術審查流程；每一份申請代表每年200萬噸的注入能力。我們近期也已在 High West 開始鑽探一口測試井。

In addition, we are continuing FEED studies related to carbon capture at natural gas-fired power facilities, which are expected to further inform future development opportunities. We continue to see strong partner interest and a healthy pipeline of opportunities as we move forward. Put simply, our carbon capture business is continuing to progress as an increasingly important complement to our broader gas and power platform.

此外，我們正持續進行與天然氣燃氣發電設施碳捕集相關的 FEED 研究，預期將進一步為未來開發機會提供資訊。隨著我們持續推進，我們仍看到強勁的合作夥伴興趣與健康的機會管線。簡而言之，我們的碳捕集業務持續進展，並日益成為我們更廣泛的天然氣與電力平台的重要補充。

And with that, I'll turn it over to David.

接下來，我把時間交給 David。

Thank you, Eric. The first quarter marks a solid start to the year with strong upstream performance, continued carbon capture progress and ongoing momentum in our power platform. Turning to Power. The consolidation of the Power JV marks an important step in elevating this segment within BKV's financial story. It enhances transparency and control while providing clearer insight into its underlying performance and earnings power.

謝謝你，Eric。第一季為今年帶來穩健的開局，上游表現強勁、碳捕集持續推進，且我們的電力平台動能延續。接著談電力。電力合資企業（Power JV）的併表，是提升該部門在 BKV 財務敘事中地位的重要一步。它提升透明度與控制力，同時讓外界更清楚了解其基本營運表現與獲利能力。

Operationally, our Power business delivered a strong quarter with nearly 2,000 gigawatt hours of generation, a capacity factor of 62%, power prices averaging $51 per megawatt hour and gross power JV adjusted EBITDA of $20 million after absorbing an additional $4 million of allocated corporate G&A as a result of the consolidation. Those figures underscore that the business we own today is already substantial and cash generative.

在營運面，我們的電力業務本季表現強勁，發電量接近2,000吉瓦時，容量因子為62%，電價平均為每兆瓦時51美元；在吸收因併表而額外分攤的400萬美元公司一般及行政費用（G&A）後，電力合資企業的調整後 EBITDA（gross power JV adjusted EBITDA）為2,000萬美元。這些數據凸顯我們目前擁有的業務規模已相當可觀，且具現金創造能力。

Looking ahead, we see meaningful growth potential in power, but we intend to advance that opportunity deliberately. The Temple Energy Complex provides a strong operating foundation and our phased offering architecture offers multiple avenues to extend duration and visibility as commercial milestones are achieved. In short, power is no longer just adjacent upside.

展望未來，我們看到電力具備顯著的成長潛力，但我們打算審慎、有節奏地推進這項機會。Temple Energy Complex 提供了強健的營運基礎，而我們分階段的方案架構，隨著商業里程碑達成，提供多條途徑以延長期間並提升能見度。簡言之，電力不再只是相鄰的上行空間。

It is an operating business and a source of disciplined option value. At the corporate level, first quarter results reflect strong continued underlying performance. The quarter was driven by strong execution across the business and a disciplined approach to capital, enabling us to generate positive free cash flow before power growth capital.

它是一項正在營運的業務，也是紀律性選擇權價值的來源。在公司層面，第一季結果反映出持續強勁的基本面表現。本季由全業務的強力執行與嚴謹的資本策略所驅動，使我們在電力成長資本支出之前即能產生正的自由現金流。

We delivered net income of $44 million and adjusted EBITDAX attributable to BKV of $112 million, along with $119 million of capital expenditures. Overall, the business is well positioned. And as we look to the quarters ahead, BKV has taken a systematic approach to growth.

我們實現淨利4,400萬美元，以及歸屬於 BKV 的調整後 EBITDAX 為1.12億美元，並投入1.19億美元的資本支出。整體而言，業務定位良好。展望未來幾季，BKV 已採取系統化的成長方法。

We ended the quarter with a strong balance sheet. Net debt was $962 million and net leverage was 2.1x. As a reminder, this is the first quarter we have consolidated our Power financials, and the numbers reflect $562 million of net debt related to Power. Total liquidity was $974 million, including cash on hand and available RBL capacity. This provides a solid foundation as we advance our growth strategy.

我們在本季末擁有強健的資產負債表。淨負債為9.62億美元，淨槓桿為2.1倍。提醒一下，這是我們首次將電力財務併表的季度，相關數字包含與電力業務相關的5.62億美元淨負債。總流動性為9.74億美元，包括手上現金與可用的 RBL 額度。這為我們推進成長策略提供了堅實基礎。

As Chris noted, we intend to advance the Power platform in phases, aligning capital commitments with commercial progress. With that, let me discuss our financial framework for 2026. Over the past year, we delivered on strategy and execution, growing production, maintaining capital discipline, strengthening the balance sheet and advancing our core businesses.

如 Chris 所提，我們打算分階段推進電力平台，使資本承諾與商業進展相匹配。接下來，我來說明我們2026年的財務框架。過去一年，我們在策略與執行上交出成果：提升產量、維持資本紀律、強化資產負債表，並推進核心業務。

These principles remain unchanged. As our power platform matures, capital allocation will work in conjunction with commercial progress. We're applying the same discipline that defines the rest of our business, prioritizing returns, optimizing the capital structure and financial flexibility.

這些原則維持不變。隨著我們的電力平台日趨成熟，資本配置將與商業進展相互配合。我們將延續貫穿全公司的一致紀律，優先追求報酬、最佳化資本結構與財務彈性。

At a high level, we're using cash flow from our commodity business to fund measured investments in power, building option value today while moving toward a lower volatility, longer duration earnings profile. On financing, we are encouraged by ongoing discussions and are evaluating a ring-fenced capital structure with an approximately 70 to 30 debt-to-equity mix.

在高層次上，我們將以商品業務的現金流，為電力領域的審慎投資提供資金：一方面在今日建立選擇權價值，另一方面朝向波動性更低、存續期間更長的獲利結構邁進。在融資方面，我們對持續進行的討論感到鼓舞，並正在評估採用隔離式（ring-fenced）的資本結構，約為70/30的負債對股權比例。

We expect to fund the equity outlay through free cash flow from our base business, supplemented by partner contributions, our recent equity offering and potential portfolio optimization. On the debt side, we are engaging with banks and other capital providers regarding Project style financing and early feedback has been constructive. With respect to hedging, we continue to emphasize risk management. Our program is designed to protect downside risk while preserving upside participation.

我們預期股權投入將由基礎業務的自由現金流支應，並由合作夥伴出資、我們近期的股權發行以及潛在的投資組合最佳化加以補充。在負債端，我們正與銀行及其他資金提供者就專案式融資（Project style financing）進行洽談，初步回饋具建設性。在避險方面，我們持續強調風險管理。我們的計畫旨在防範下行風險，同時保留參與上行的空間。

We currently have 67% of our 2026 natural gas production hedged at an average price of $3.86 per MMBtu and 56% of NGLs hedged at an average of $24.56 per barrel. For 2027, we have nearly 500 million a day of natural gas hedged with more than half of that swapped at $4 per MMBtu and the rest protected by collars.

目前，我們已以平均每 MMBtu 3.86 美元的價格避險了2026年天然氣產量的67%，並以平均每桶24.56美元的價格避險了56%的 NGL。針對2027年，我們已避險每日近5億立方英尺的天然氣，其中超過一半以每 MMBtu 4 美元進行掉期（swap），其餘則以領口策略（collars）提供保護。

In power, we have 700 megawatts of power generation hedged for 2026. This hedge position helps manage volatility while preserving exposure across a meaningful portion of the platform. For guidance, we are maintaining our full year base business outlook. Production remains at 915 to 955 MMcfe per day, capital spending of $290 million to $400 million and Power JV adjusted EBITDA of $135 million to $175 million.

在電力方面，我們已為 2026 年對沖了 700 兆瓦的發電量。此一對沖部位有助於管理波動性，同時在平台相當具規模的一部分上保留曝險。就指引而言，我們維持全年基礎業務展望不變。產量仍為每日 915 至 955 MMcfe，資本支出為 2.90 億至 4.00 億美元，電力合資企業（Power JV）調整後 EBITDA 為 1.35 億至 1.75 億美元。

Additionally, we now expect Power growth capital and investments to be in the range of $280 million to $340 million for the full year. The higher investment is primarily driven by ongoing negotiations resulting in additional capital related to modular power generation equipment deposits and other fungible long lead time items.

此外，我們目前預期全年電力成長資本與投資將落在 2.80 億至 3.40 億美元區間。較高的投資主要來自持續進行的談判，導致與模組化發電設備訂金及其他可替代的長交期項目相關的額外資本需求。

Our capital budget for the year includes turbine reservation payments, modular equipment commitments, private use network long lead items and other development readiness investments. As a reminder, we expect to partially offset our aggregate capital investments with partner capital of approximately $85 million to $105 million. All in, total net BKV funded capital investments are expected to be in the range of $485 million to $635 million.

我們今年的資本預算包含渦輪機預訂款、模組化設備承諾、專用網路（private use network）長交期項目，以及其他開發就緒投資。提醒一下，我們預期以約 8,500 萬至 1.05 億美元的合作夥伴資本，部分抵銷我們的整體資本投資。綜合而言，BKV 出資的淨資本投資總額預期將落在 4.85 億至 6.35 億美元區間。

Our new non-GAAP free cash flow disclosures highlight continued generation of free cash flow before Power growth spending. Maintenance and sustaining capital support the strength of the base business, while strategic capital investments are directed toward creating incremental shareholder value through longer duration, lower volatility earnings. At a high level, we expect strong upstream performance, solid contribution from our existing power platform and disciplined advancement of our broader growth opportunities.

我們新增的非 GAAP 自由現金流揭露，凸顯在電力成長支出之前，自由現金流仍持續產生。維護與維持性資本支出支撐基礎業務的強勁，而策略性資本投資則著眼於透過更長期間、較低波動的獲利來創造額外股東價值。整體而言，我們預期上游表現強勁、既有電力平台貢獻穩健，並以紀律推進更廣泛的成長機會。

With that, I'll turn it back to Chris.

接下來我把時間交還給 Chris。

Thank you, David. To close, this was a quarter defined by strong execution, clear momentum and continued progress against our strategy. We are outperforming expectations in upstream, driving efficiencies and delivering meaningful cash flow. We are building a growing high-quality carbon capture portfolio.

謝謝你，David。總結來說，本季以強勁執行、明確動能，以及在我們策略上的持續進展為特徵。我們在上游業務表現優於預期，推動效率提升並帶來可觀的現金流。我們正在打造一個持續成長的高品質碳捕集投資組合。

And in Power, we are scaling our business and maturing a differentiated platform, which addresses the critical needs of the AI and data center boom. We thank you for your support and look forward to updating you as we continue to execute and build on this momentum.

而在電力方面，我們正在擴大業務規模並使差異化平台日益成熟，以回應 AI 與資料中心熱潮的關鍵需求。感謝各位的支持，我們期待在持續執行並延續這股動能的同時，向各位更新進展。

Operator, we are now ready to take any questions.

接線員，我們現在準備好回答任何問題。

(Operator Instructions)

（接線員指示）

Betty Jiang, Barclays Services Corp.

Barclays Services Corp. 的 Betty Jiang。

Hi, good morning. I want to start with the strategic growth capital in power. Clearly, there's -- you're seeing a lot of momentum in your commercial conversations, and that's leading to another increase in the strategic growth capital. Chris, can you speak to the uses of the incremental investments from the last update?

嗨，早安。我想先從電力的策略性成長資本談起。很明顯，你們在商務洽談上看到很大的動能，而這也帶動策略性成長資本再度上調。Chris，你能談談相較上次更新，這次新增投資的用途嗎？

And specifically for the modular units, can you talk about the timing of securing these units? And is it fair to say that this is the first phase of a multiphase power supply framework that you outlined in Slide 25 in that slide?

另外，針對模組化機組，你能談談確保這些機組的時程嗎？是否可以說，這是你在那份簡報第 25 頁所概述之多階段供電架構的第一階段？

Good. Morning, Betty. It's David. Let me start with that, and I'll turn it over to Chris to see if he has any additional comments. But if you think about the capital increase, it's primarily for the additional modular equipment, so think about 200 megawatts. This obviously is a good thing for us. We're moving -- we're in Phase 1, as Chris outlined in his prepared remarks, moving to phase -- advancing the progress.

好的。早安，Betty。我是 David。我先回答這個問題，然後再交給 Chris 看他是否有補充。如果你看這次資本增加，主要是用於額外的模組化設備，可把它想成約 200 兆瓦。這對我們顯然是好事。我們正在推進——如 Chris 在事先準備的談話中所說，我們處於第一階段，並持續推進、加速進展。

I'll leave it there at that. But so there's the modular piece in there as well, there's some redundant gas supply infrastructure that we're focused on as well. So does that answer your question on that? And just as a reminder, for the full year, if you think about that number, long lead time items, modular equipment, interconnection infrastructure, some midstream, turbines, et cetera, as we outlined last quarter. But the change 1Q to 2Q is additional modular spend on the back of the commercial discussed.

我先說到這裡。此外，除了模組化部分，我們也在著力一些備援的天然氣供應基礎設施。這樣有回答到你的問題嗎？再提醒一下，若以全年來看，該數字包含長交期項目、模組化設備、併網基礎設施、部分中游、渦輪機等等，正如我們上季所概述。但從第一季到第二季的變動，主要是因商務討論進展而增加的模組化支出。

Yeah, Betty, just to add to David, we're very excited about the three phased approach that we talked about on our prepared remarks. The first phase being the modular units, which gives us certainty and time to power. It's additive generation to the grid, which is important when you consider private use network.

Betty，我再補充 David 的說法：我們對於在事先準備談話中提到的三階段方法感到非常振奮。第一階段是模組化機組，能讓我們在供電時程（time to power）上更具確定性並爭取時間。它也能為電網增加額外發電量，考量到專用網路（private use network）時，這點很重要。

And then it also allows us to really build a strong technical solution that combines with our CCGTs and Pemble. So we think it's incredibly exciting. It's part of a comprehensive solution that we described. You can see the definition that we've clarified. I think that speaks to the amount of momentum we have with customers.

同時，它也讓我們能真正打造一個強而有力的技術解決方案，並與我們的 CCGTs 以及 Pemble 結合。因此我們認為這非常令人興奮。這是我們所描述之整體解決方案的一部分。你也可以看到我們已釐清的定義。我認為這反映了我們與客戶之間所累積的動能。

And it's really compelling. And I think this is the solution you're going to start really seeing in the market as grid operators contend with the amount of load requests that are happening and yet there is just an incredible insatiable time to power demand for the AI data center group.

而且這真的很有吸引力。我認為，當電網營運商在應對大量負載申請的同時，AI 資料中心族群對於供電時程（time to power）的需求又極其強烈且近乎無止境，你將會開始在市場上真正看到這類解決方案。

And so BKV believes that our archetype of what we're structuring here really will serve as a common template for gas-fired generation or thermal generation to supply the needs of -- a lot of the compute needs that happen from the AI build-out.

因此，BKV 相信我們在此所建構的原型架構，將會成為燃氣發電或火力發電滿足 AI 建置所帶來大量運算需求的一個通用範本。

Got it. So would you be able to shed any light on the timing of when you can -- when these modular units could arrive or that's part of the?

了解。那你們是否能透露一下這些模組化機組可能何時到貨，還是這是其中的一部分？

I'll share that we expect to operationalize a number of the units in '27. So we're expecting delivery. These are Gunvor units, so well proven 30 to 40 years in the industry and well established in the data center community.

我可以分享的是，我們預期在 2027 年讓其中若干機組投入營運。因此我們預期會交付。這些是 Gunvor 的機組，在業界已被驗證 30 到 40 年，並且在資料中心社群中也相當成熟。

So suffice to say, it's a pretty defined technical solution that our teams have developed in conjunction with potential customers. And we believe they're very near-term focused in terms of the time line that I just outlined.

因此可以說，這是一個相當明確的技術解決方案，是我們團隊與潛在客戶共同開發出來的。而且我們相信，就我剛才概述的時程而言，他們的重點非常偏向近期。

That's helpful. My follow-up is on the portfolio optimization that you mentioned in the prepared remarks. And you talked about potentially monitoring -- monetizing some noncore assets. Can you just speak to how you're thinking about that rationalization? And what could be in that? Would you consider selling the Marcellus if that's a noncore asset?

這很有幫助。我的追問是關於你們在事先準備談話中提到的投資組合優化。你提到可能會觀察——將一些非核心資產變現。你能談談你們如何思考這樣的精簡／合理化嗎？可能包含哪些內容？如果 Marcellus 是非核心資產，你們會考慮出售嗎？

Yeah. It's a good question, Betty. I think when you think about our portfolio, we're always evaluating every component and where we can generate the highest return. So, we're going to be actively evaluating all 3 lines of our portfolio. When it comes to kind of different pieces of the portfolio, it's just a math equation, right?

會的。這是個好問題，Betty。我認為，談到我們的投資組合，我們一直在評估每一個組成部分，以及在哪裡能創造最高報酬。因此，我們會積極評估投資組合的三條業務線。至於投資組合中不同部分的取捨，本質上就是一道數學題，對吧？

So what is the market willing to pay for certain assets versus what can we reinvest those assets or those cash flows into other parts of our business. Certainly, we've talked about the Marcellus in the past. The base case is a hold for cash and manage it, and we've done that very successfully under Eric's leadership.

那麼，市場願意為某些資產支付多少，對比我們能把這些資產或這些現金流再投資到公司其他部分能創造多少價值。當然，我們過去談過 Marcellus。基本情境是持有以取得現金並加以管理，而在 Eric 的領導下，我們做得非常成功。

But we're going to evaluate -- as you see, we're growing. We're going to evaluate what the opportunity set is. And if there's an opportunity to kind of redeploy capital from certain assets that we can monetize, then we absolutely will be open to doing that.

但我們會評估——如你所見，我們正在成長。我們會評估有哪些機會集合。如果有機會把某些可變現資產的資本重新部署出去，那我們絕對願意保持開放態度去做。

That's helpful. Thank you.

這很有幫助。謝謝。

Scott Gerber, Citi Group.

Scott Gerber，花旗集團。

Yes, good morning, Chris and team. I want to come back to the modular power gen assets. Chris, how do you think about the owned versus lease option on those assets? There appears to be a case -- a use case for BKV through the start of Temple III and the second site.

是的，早安，Chris 以及團隊。我想回到模組化發電資產。Chris，你如何看待這些資產採自有（owned）與租賃（lease）兩種選項？看起來在 Temple III 啟動以及第二個站點之前，BKV 有一個使用情境——一個 use case。

But what's the long-term plan for those assets? Would you expand that offering and kind of look to run microgrids for third party? Just kind of talk us through kind of your thoughts with this different type of asset and the kind of owned versus lease option.

但這些資產的長期規劃是什麼？你們會擴大這項供給，並考慮為第三方營運微電網嗎？請帶我們了解一下，對於這種不同類型資產的想法，以及自有與租賃選項之間的取捨。

Yeah, Scott, thanks for the question. I think when you think about these modular units, we've done the economics in many different ways. I think when you look at BKV's kind of trifecta of assets and the way we want to configure the flexibility we demand, I think there's a clear case for ownership because I think it allows you to really deploy your assets in a way that gives you maximum flexibility and we believe, economic outcomes in the long-term. I also think being a one-stop shop, we have huge flexibility. Your question around how we can kind of deploy those assets.

好的，Scott，謝謝你的問題。我認為談到這些模組化機組，我們用很多不同方式做過經濟性分析。當你看 BKV 的三位一體（trifecta）資產組合，以及我們希望配置我們所要求的彈性方式時，我認為自有有很明確的理由，因為它能讓你以最大彈性來部署資產，並且我們相信長期的經濟成果會更好。我也認為，作為一站式（one-stop shop）供應商，我們有很大的彈性。你問到我們如何部署這些資產。

We certainly believe that as we've designed it right now in the phased approach for Tempel that these assets will be utilized as part of that private use micro grid that you're discussing. And so, we believe that, that will be additive. It allows us to develop a more comprehensive technical solution. For example, just the ability to kind of ramp in smaller increments of power and/or provide additive generation back into the grid.

我們當然相信，依照目前為 Tempel 所設計的分階段方法，這些資產將會作為你所提到的私用微電網的一部分被使用。因此，我們相信這會帶來增量效益。它讓我們能開發更全面的技術解決方案。例如，能以較小的功率增量進行爬坡（ramp），以及／或提供額外的發電回送到電網。

Scott, if you think about these private use networks, they're typically interconnected into the grid. And so, you want to be able to both upload power as well as download power, right? And the modular units give you that additional power that you can supply back into the grid, which is an important discussion point when you're talking with regulators and ERCOT about going behind the meter with these types of deals.

Scott，如果你想想這些私用網路，它們通常會與電網互聯。因此，你會希望既能把電力送上去（upload power），也能把電力取下來（download power），對吧？而模組化機組能提供額外的電力，讓你可以回送到電網；當你與監管機構以及 ERCOT 討論這類「表後」（behind the meter）的交易時，這是一個重要的討論點。

So, I think to your question, I think longer-term, we see this as part of a portfolio that we own, that we can maneuver in our one-stop shop approach. Obviously, any commercial arrangements would be part of a capital return on this investment that we're discussing. And obviously, we're really excited to be able to share emerging details on this technical solution we develop.

所以，我認為回到你的問題，長期來看，我們把這視為我們自有的一個投資組合的一部分，能在我們一站式策略下靈活調度。顯然，任何商業安排都會是我們正在討論的這項投資的資本回收（capital return）的一部分。而且我們也非常期待能分享我們所開發的這套技術解決方案的最新細節。

That's great. I appreciate the color. And then turning to the upstream and the new completion design, which seems to be bearing increasing fruit over time. You guys mentioned a widening gap to the previous design. Can you just provide some more color on where you see it being applicable?

太好了。謝謝你提供的補充說明。接著談上游以及新的完井設計，這看起來隨時間推移正帶來越來越多成果。你們提到與先前設計的差距正在擴大。你能再多補充一些，你們認為它適用於哪些地方嗎？

I think I heard 30% to 40% of the inventory. And then as you guys continue to assess the upper Barnett, what kind of learnings can you take from the enhanced design to the upper?

我想我聽到的是約占 30% 到 40% 的庫存（inventory）。另外，當你們持續評估上部 Barnett 時，從強化設計中有哪些學習可以帶到上部區塊？

Yeah. Hey, good morning. Scott, this is Eric. Great questions. Thank you for that on the advanced completions in the upper Barnett. As you noted in our release, we showed that our advanced completions are steadily improving at a 180-day mark of about 20% over our base completions and growing.

是的。嗨，早安。Scott，我是 Eric。很好的問題。謝謝你提到上部 Barnett 的先進完井（advanced completions）。如你在我們的新聞稿中看到的，我們顯示先進完井在 180 天時點相較於基準完井（base completions）穩定提升約 20%，而且還在增加。

So, we're really excited about the value contribution. And at the end of the day, for us, it's all a value proposition. So, 20% improvement in performance at 180 days, improved reserves, improved value for a fairly modest cost add on a programmatic basis of just $22 per foot as we've shown. So, we've done a number of those in '25.

所以我們對其價值貢獻非常興奮。歸根結底，對我們而言這是一個價值主張（value proposition）。在 180 天時點表現提升 20%，儲量提升、價值提升，而在計畫化（programmatic）執行下，成本增加相當有限——如我們所示，每英尺只增加 22 美元。我們在 2025 年已做了不少這類作業。

We'll do even more in '26, and we anticipate it will become a go-to part of our D&C playbook across about 30% to 40% of our acreage as we assess it today. And yes, absolutely, the learnings will be applied to the upper Barnett well. We just drilled that well. We'll frac it utilizing some of these advanced completion techniques, and we hope in about a quarter or so to be able to share results.

我們在 2026 年會做更多，我們預期在目前評估下，它會成為我們鑽完井（D&C）作戰手冊中的常用選項，適用於約 30% 到 40% 的土地（acreage）。而且是的，這些學習絕對會應用到上部 Barnett 的井上。我們剛鑽完那口井。我們會用其中一些先進完井技術來壓裂（frac），並希望大約一季左右就能分享結果。

So yes, the advanced completions, it varies depending on where we are geographically in the basin and what the associated reservoir properties are. Sometimes it's higher sand, sometimes it's higher fluid intensity, sometimes both. But we'll apply them on a fit-for-purpose basis to our existing inventory and of course, the upper Barnett as well, Scott. So very excited about it on all fronts.

所以是的，先進完井會因我們在盆地中的地理位置以及相關的儲層性質而有所不同。有時是更高的砂量（higher sand），有時是更高的液體強度（higher fluid intensity），有時兩者皆是。但我們會以適用為本（fit-for-purpose）的方式，將其應用到既有庫存，當然也包括上部 Barnett，Scott。所以各方面我們都非常期待。

Great. Appreciate the color. Thank you.

很好。謝謝補充說明。謝謝。

Jonathan Mardini, KeyBanc.

Jonathan Mardini，KeyBanc。

Good morning, and thank you for taking our questions. Just on the strategic spend, the slide deck notes a portion of the spend will maintain optionality for post-contract growth. Just curious if you could unpack what that represents and whether it ties to potentially early work and infrastructure spend on the North Central Texas position or just where you currently stand on progress there in terms of discussions or feasibility studies.

早安，謝謝讓我們提問。關於策略性支出（strategic spend），簡報提到其中一部分支出將用來維持合約後成長的選擇權（optionality）。想請教你能否拆解一下這代表什麼，以及它是否與北中德州（North Central Texas）據點可能的前期工作與基礎設施支出有關，或是你們目前在那邊的討論或可行性研究進度到哪裡了。

No, Jonathan, it's a good question. And like David said, I think the ability for us to continue to exploit value from these assets is a critical component of these technical solutions. You can imagine not only on the back of commercial arrangements, but you're also, given our structure, able to sell into the merchant market in Texas. And so, we're going to be looking to play both sides of that equation with a grid-connected private use network. So, I think that's the point that I'd just add to that.

不，Jonathan，這是個好問題。而且如 David 所說，我認為我們持續從這些資產中開採價值的能力，是這些技術解決方案的一個關鍵組成。你可以想像，不僅是在商業安排的基礎上，而且以我們的架構，我們也能在德州賣到現貨市場（merchant market）。因此，透過一個與電網相連的私用網路（grid-connected private use network），我們會尋求在這個等式的兩端都能參與。所以，我想我能補充的重點就是這個。

Okay. Thanks. And just to maybe follow up on the private use network at the Tempel complex. You talked about a hybrid structure with grid connectivity. Can you just walk us through maybe at a higher level, what that regulatory path looks like to enable a PUN there off of existing capacity, if there are approval studies, other processes required would be helpful to understand.

好的。謝謝。另外想再追問一下 Tempel 園區的私用網路（PUN）。你提到一種具備電網連接的混合式架構。你能否從較高層次帶我們走一遍，為了在既有容量基礎上於那裡啟用 PUN，其監管核准路徑大概長什麼樣？是否需要核准研究或其他流程？這些都會有助於我們理解。

Yeah. It's a really good question, Jonathan. Obviously, all the grid operators across the U.S. are trying to figure this out. ERCOT, we believe, is in a great position given that we have an SB 6 framework that's been put out there by the legislators. SB 6 specifies a very specific category of private use network, which is around large load interconnections with co-located power.

是的。這是個非常好的問題，Jonathan。顯然，美國各地的電網營運商都在嘗試釐清這件事。我們認為 ERCOT 的條件很好，因為立法機關已提出 SB 6 的框架。SB 6 明確界定了一類非常特定的私用網路，主要針對大型負載併網且與電源同址（co-located power）的情境。

And in the SB 6 framework, there's actually a time frame of 120 days that's outlined as an approval time lag to review and evaluate these private use networks. One of the critical elements that is being discussed to actualize these private use networks is this idea of load limiting or self-limiting the amount of load you pull from the grid.

在 SB 6 的框架中，實際上規定了一個 120 天的時程，作為審查與評估這些私用網路的核准時間落差。目前在討論、以便讓這些私用網路得以落地的一個關鍵要素，是所謂的負載限制（load limiting），或自我限制從電網拉取的負載量。

And so, you could imagine to support the time lines for grid upgrades that there is a time line where you submit your proposal, that proposal gets reviewed and studied by a combination of the transmission service providers and the regulator. within a defined time frame. And then you agree on a stairstep amount of power that you would draw from the grid.

因此，你可以想像，為了配合電網升級的時程，會有一條流程線：你提交提案，該提案在既定期限內由輸電服務提供者與監管機關共同審查與研究。接著你們會就從電網取電的階梯式（stairstep）功率水準達成一致。

And so, you may get, for example, hypothetically, a few hundred megawatts at your initial interconnection and limit that amount to the grid. And then you'd also manage how you buffer that power if you're going to pull to or from the grid depending on grid reliability issues. So, a lot of this is outlined in SB6. I think the good news is Texas is really leaning into this.

所以，舉例來說，假設性地，你在初始併網時可能先取得幾百兆瓦，並把對電網的取電量限制在那個水準。然後你也會管理如何緩衝這些電力，也就是依電網可靠度狀況，決定要從電網拉電或回送。所以，SB6 裡面已經把很多內容寫得很清楚。我認為好消息是，德州正非常積極推動這件事。

And as I said, there's a bound time frame as well as a very specific categorization for the type of private use network that BKV and other large power operators in Texas are contemplating. And I think that allows us to believe and have confidence in the time lines to get this private use network actualized. And the modular power just gives us a date certain that's near in the future to build the anchor position and then roll into that larger private use network that we discussed.

如我所說，既有明確的時限，也有非常清楚的分類，適用於 BKV 以及德州其他大型電力營運商正在考量的這類私用網路。我認為這讓我們對於把這個私用網路落地的時程更有把握、更有信心。而模組化電力也讓我們能在不久的將來有一個確定日期，先建立錨點（anchor）位置，然後再推進到我們討論過的更大型私用網路。

That's very helpful, Niko. Thanks for the time. Thank you.

非常有幫助，Niko。謝謝你撥冗。謝謝。

Jacob Roberts, TPH.

Jacob Roberts，TPH。

Good morning. I wanted to stick on the modular for a bit. My reading of the deck is that the strategic capital this year is largely for deposits. So, I'm wondering what the spend in 2027 potentially is on the 200 megawatts all in, maybe on a dollar per megawatt basis, if you could.

早安。我想再多談一下模組化的部分。我對簡報的理解是，今年的策略性資本主要用於訂金。所以我想請教，2027 年在 200 兆瓦的整體支出可能是多少？如果可以的話，能否用每兆瓦多少美元的方式來說明？

Yes, a couple of things, Jake. Thanks for the question. You are correct in the sense that if you think about the capital spend on these, right, there's some deposits upfront. If you think about going into '27, it will be largely EPC spend. And again, that's going to be contingent on the signing of a PPA, right?

好的，有幾點，Jake。謝謝你的問題。你的理解沒錯：如果你看這些項目的資本支出，前期會有一些訂金。若看 2027 年，支出將主要是 EPC（工程、採購與施工）費用。而且再次強調，這將取決於是否簽署 PPA（購電協議），對吧？

So, once we get that PPA if when -- I should correct myself, if when we get that PPA signed, then we'd move into the second phase, if you will, of that spend. Does that answer your question?

所以，一旦我們拿到那份 PPA——我應該更正一下，是「當我們」簽下那份 PPA 時——我們就會進入第二階段的支出。這樣有回答到你的問題嗎？

Yeah. No, that's helpful. I just wanted to make sure I understood the time line.

有。這很有幫助。我只是想確認我理解了時程。

Yeah. And then one more piece. We've talked about -- yes, let me just come back one more piece. We've talked about once we get a PPA signed, we're going to go to a ring-fenced debt-to-equity split of 70% to 30%. So, 70% debt, 30% equity. But once we get that PPA signed, you'd see us do project financing on that piece.

是的。另外再補充一點。我們談過——是的，我再補充一點：一旦我們簽下 PPA，我們會採用隔離式（ring-fenced）的負債對股權比例 70% 對 30%。也就是 70% 負債、30% 股權。但一旦簽下 PPA，你會看到我們針對那一部分做專案融資（project financing）。

Perfect. And then circling back to more of the upstream side of things. Chris, you mentioned the transition to marketing more of your own volumes as occurring, I think, in the second half of this year. Can you pin down that time frame anymore? And if you could expand on the margin enhancement you're expecting to see?

很好。接著回到更偏上游的部分。Chris，你提到把更多自有產量轉為自行行銷，大概會在今年下半年發生。你能否把那個時間點再說得更精準一些？另外也請你延伸談談你預期會看到的利潤率提升。

I think some of your peers have had success in kind of moving into this segment.

我想你的一些同業在切入這個領域方面已經取得一些成果。

Yeah. . It's a good question, Jake. I mean I think when you look at the time frame, you can imagine that we're excited about the full second half of the year being able to kind of market our own volumes. So, I think hopefully, that gives you some clarity on the time line. In terms of improvement in margins, I think it's hard for me to obviously articulate that.

是的。.這是個好問題，Jake。我想就時程而言，你可以想像我們很期待在整個下半年都能夠自行行銷我們的產量。所以我希望這能讓你對時程更清楚一些。至於利潤率的改善，我想我當然很難把它具體量化說明。

But what I would say is you see a number of our peers with their ability to kind of extract value from longer-term deals, whether that's LNG, whether that's maneuvering pipes, different core and very liquid markets and/or being able to sell our gas to our own power plants. So, I think these are some of the aspects that you can expect on horizon. And our view is that, that's going to narrow our differentials and continue to provide uplift to our margin profile as well as enhance our ability to have one-stop shop conversations with potential hyperscalers and data center customers.

但我想說的是，你會看到一些同業能夠從較長期的合約中提取價值，不論是 LNG，或是透過管線調度，在不同核心且流動性很高的市場之間操作，和／或能把我們的天然氣賣給我們自有的電廠。所以我認為這些都是你在未來一段時間可以期待的面向。我們的看法是，這將縮小我們的價差（differentials），並持續抬升我們的利潤結構，同時也提升我們與潛在 hyperscaler 與資料中心客戶進行一站式（one-stop shop）對話的能力。

I think one of the things that's unique about BKV is we can literally supply the molecules to electrons and then be able to decarbonize. And that's where we see the trifecta of the business model coming. And having that control over our gas marketing, our retail power marketing really brings that whole house together. And we're very excited to be able to demonstrate that over the next few quarters here.

我認為 BKV 有一個獨特之處在於，我們確實可以從分子（天然氣）一路供應到電子（電力），並且能夠去碳化。這就是我們看到商業模式「三重奏」（trifecta）的來源。而掌握我們的天然氣行銷與零售電力行銷，確實能把整個版圖整合起來。我們也非常期待在接下來幾個季度向大家展示這一點。

I appreciate the time. Thanks, guys.

感謝你們撥冗。謝謝各位。

(Operator Instructions)

（接線員指示）

Michael Furrow, Pickering Energy Partners.

Michael Furrow，Pickering Energy Partners。

Hey, good morning. Thanks for taking our questions. I'd like to follow up on the gas marketing integration. The company has been operating across the hydrocarbon value chain for quite some time from upstream, midstream to downstream. And Chris, I appreciate your comments.

嗨，早安。謝謝你們回答我們的問題。我想追問一下天然氣行銷整合。公司在碳氫化合物價值鏈上游、中游到下游已經營運相當長一段時間。Chris，我也很感謝你的評論。

It seems like a logical step that should have some upside to the business. But my question is why now?What are some of the changing market dynamics that caused this decision to be made today than in the past?

這看起來是合乎邏輯的一步，應該能為業務帶來一些上行空間。但我的問題是，為什麼是現在？有哪些市場動態的變化，導致今天做出這個決定，而不是過去？

Yeah. It's a good question, Mike. I think there's a couple of things playing into that. One is obviously, as we've grown, we've reached a critical mass in terms of size. You saw our production for the first quarter here being very substantive at 925. We're just at that critical mass where it makes sense to in-source.

是的。這是個好問題，Mike。我認為有幾個因素在起作用。其中之一很明顯，隨著我們成長，我們在規模上已達到臨界量。你看到我們第一季的產量相當可觀，達到 925。我們正好到了那個臨界量，讓內製變得合理。

When you look at outsource versus in-source decisions, you really need to look at sort of what's the size because there's a cost to doing that. So, first thing is we're at that critical mass, it makes a ton of sense. Number two, I think the global dynamics around long-term structural LNG are fundamentally shifted, as I mentioned in my prepared remarks.

當你在評估外包與內製的決策時，確實需要先看規模大小，因為這麼做是有成本的。所以第一點是我們已達到臨界量，這非常合理。第二點，我認為如我在事先準備的發言中提到的，圍繞長期結構性 LNG 的全球動態已經發生根本性轉變。

And that's going to set up, we believe, for very constructive long-term gas prices here in the U.S. So being able to really manoeuvre particularly long-term agreements and/or the associated takeaway that goes with that and having full control of that is going to be critical.

而我們相信，這將為美國的長期天然氣價格奠定非常有利的格局。因此，能夠真正靈活操作，特別是長期協議以及／或與之配套的外運能力（takeaway），並且完全掌控它，將會是關鍵。

The third piece, of course, is this idea of one-stop shop and the data center boom that's going on in Texas. I mean, Texas is the fastest when you look at percentage growth, fastest-growing data center market in the country.

第三個部分，當然就是「一站式服務」的概念，以及德州正在發生的資料中心熱潮。我的意思是，從百分比成長來看，德州是全美成長最快的資料中心市場。

And so with us being able to now have a single conversation without any third parties involved where we can sit around the table with a hyperscaler and say, "Hey, gas, power, carbon capture all can be done in one project, one shop." I think having control of that right now in these conversations is incredibly power. So, for those three reasons, it makes a ton of sense for us to do that, and that sort of drives the timing.

因此，現在我們能夠在沒有任何第三方介入的情況下進行單一對話，和超大規模雲端業者（hyperscaler）坐下來說：「嘿，天然氣、電力、碳捕捉都可以在同一個專案、同一個平台完成。」我認為在這些對話中，當下能掌控這一點是極其有力的。所以基於這三個原因，我們這麼做非常合理，也就推動了這個時點。

Great answer. That makes a lot of sense. Appreciate that. I'd like to follow up on the increased strategic CapEx. I mean it seems like it's opening up a very exciting opportunity set. But in the near-term, it does put a bit more pressure on the balance sheet now. Leverage is still manageable and after consolidating the Power JV, the business can likely carry higher leverage.

回答得很好。這非常有道理。謝謝。我想追問一下策略性資本支出（CapEx）增加的部分。我的意思是，這似乎開啟了一組非常令人振奮的機會。但在短期內，確實會讓資產負債表承受一些更大的壓力。槓桿仍在可控範圍內，而且在合併電力合資企業（Power JV）之後，業務可能也能承擔更高的槓桿。

So maybe this is a question for you, David. How is the team thinking about long-term leverage targets at the corporate level? And what would the company be comfortable with if the right opportunity came along?

所以這個問題也許要請教你，David。團隊如何思考公司層級的長期槓桿目標？如果出現合適的機會，公司能接受到什麼程度？

Yeah. Good question. good question. Yes, a couple of things. So, if we think about our business, right, and we've talked about this before, we deliberately set it up intentionally. We have the upstream, right, which is obviously generating cash flow. We think the right leverage for that business is 1times to 1.5 times.

是的。好問題，好問題。是的，有幾點。如果我們來看我們的業務，對吧，我們之前也談過，我們是刻意、明確地這樣設計的。我們有上游業務，對吧，這顯然在產生現金流。我們認為那個業務合適的槓桿是 1 倍到 1.5 倍。

If we think about power, and right now, that leverage on the upstream is just right about 1. If we think about power, with this consolidation, we're at 4.6 times on a trailing 12. You look at industry partners, you look at averages, that 4 to 5 feels like the right range to be in. Again, that's nonrecourse, right? Any PPA have this ring fence, but that's a nonrecourse to BKV.

如果我們看電力業務，而且目前上游的槓桿大約就在 1 倍左右。如果我們看電力，隨著這次合併，我們在過去 12 個月（TTM）的槓桿是 4.6 倍。你看同業夥伴、看平均值，4 到 5 倍感覺是合適的區間。再次強調，那是無追索權（nonrecourse），對吧？任何 PPA 都有這種風險隔離（ring fence），但那對 BKV 來說是無追索權的。

And then finally, CCUS, we don't have any leverage. So, there's an opportunity there. Also remind you that we have refinancing opportunity here come mid-year in the power side and the existing debt on that facility.

最後是 CCUS，我們沒有任何槓桿。所以那裡也有空間。另外也提醒大家，電力端在年中會有再融資的機會，以及該設施現有的債務。

So, I think those are the ways we think about leverage. We're comfortable with those ranges right now. And again, when we look at our balance sheet and we prepped for this, right? You've heard us talk repeatedly over quarter-over-quarter about how we're taking care of the balance sheet. We're preparing for growth.

所以，我認為這些就是我們看待槓桿的方式。我們目前對這些區間感到安心。而且再次強調，當我們看資產負債表時，我們也為此做了準備，對吧？你們一季又一季都聽到我們反覆談到我們如何照顧資產負債表。我們正在為成長做準備。

And this is all part of that. We have close to $1 billion of liquidity just today, leverage, to your point, at 2x. So, we feel comfortable where we're at today.

而這都是其中的一部分。就今天而言，我們有接近 10 億美元的流動性，槓桿如你所說在 2 倍。所以，我們對目前的狀況感到放心。

I would now like to turn the floor back over to Chris Kalnin for closing remarks.

我現在想把會議交回給 Chris Kalnin 做結語。

Great. Thank you, operator. I want to thank everyone for your interest in BKV. We're really excited about the future. We look forward to future announcements. And for all your mothers out there, I want to wish you a Happy Mother's Day this weekend. Thank you.

很好。謝謝，接線員。我要感謝各位對 BKV 的關注。我們對未來感到非常興奮。我們期待未來的公告。另外，祝福在座所有的母親們，這個週末母親節快樂。謝謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。