| Joint Venture Formation |
On July 10, 2025, once the appropriate contributions were made to satisfy the BKV-BPP Cotton Cove LLC Agreement, the primary components of the assets acquired and liabilities assumed included the following (in thousands): | | | | Consideration | | | | Cash | | $ | 6,927 | Total consideration | | | 6,927 | | | | | Assets acquired and liabilities assumed | | | | Cash and cash equivalents | | $ | 2,077 | Account receivable, net | | | (624) | Other property, plant, and equipment, net | | | 5,535 | Accounts payable and accrued liabilities | | | (61) | Total net assets acquired | | $ | 6,927 |
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| Schedule of Variable Interest Entities |
The carrying amounts and classification of the consolidated VIE assets and liabilities included in the consolidated balance sheets are as follows (excluding intercompany balances): | | | | | | | | | | | | December 31, 2025 | | | | | | BKV-CIP Joint | | BKV-BPP Cotton | (in thousands) | | BKV-BPP Power | | Venture | | Cove | Assets | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | | $ | 49,015 | | $ | 1,331 | | $ | 3,744 | Restricted cash | | | 15,846 | | | — | | | — | Accounts receivable, net | | | 28,618 | | | 11,749 | | | 568 | Other current assets | | | 30,360 | | | 654 | | | — | Total current assets | | | 123,839 | | | 13,734 | | | 4,312 | Other property, plant, and equipment, net | | | 806,673 | | | 55,452 | | | 16,606 | Other assets | | | 9,469 | | | — | | | — | Total assets | | $ | 939,981 | | $ | 69,186 | | $ | 20,918 | | | | | | | | | | | Liabilities | | | | | | | | | | Current liabilities | | | | | | | | | | Accounts payable and accrued liabilities | | $ | 22,553 | | $ | 4,880 | | $ | 2,269 | Other current liabilities | | | 18,374 | | | — | | | — | Total current liabilities | | | 40,927 | | | 4,880 | | | 2,269 | Other liabilities | | | 641,947 | | | — | | | — | Total liabilities | | $ | 682,874 | | $ | 4,880 | | $ | 2,269 |
| | | | | | December 31, 2024 | (in thousands) | | BKV-BPP Power | Assets | | | | Current assets | | | | Cash and cash equivalents | | $ | 66,355 | Restricted cash | | | 15,775 | Accounts receivable, net | | | 21,202 | Other current assets | | | 37,533 | Total current assets | | | 140,865 | Other property, plant, and equipment, net | | | 839,497 | Other assets | | | 2,994 | Total assets | | $ | 983,356 | | | | | Liabilities | | | | Current liabilities | | | | Accounts payable and accrued liabilities | | $ | 41,158 | Other current liabilities | | | 29,836 | Total current liabilities | | | 70,994 | Other liabilities | | | 685,045 | Total liabilities | | $ | 756,039 |
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