Duke Energy Florida and Its Foundation Continue Their Commitment to Affordable Housing With $75,000 in Donations to Habitat for Humanity
'Habitat for Humanity builds homes, communities and hope,' said Melissa Seixas, Duke Energy Florida state president. 'Supporting nonprofit organizations like Habit for Humanity allows the company to improve the vitality of the communities we serve while making a lasting difference in the lives of individual customers.'
To advance home affordability in the state, Duke Energy Foundation has provided the following grants to directly support new homes and workforce training:
Additionally, Duke Energy has provided $20,000 to support these nonprofit organizations' operations this year.
'We appreciate the support from companies that recognize the significance of affordable homeownership and the need to assist hard-working families within our communities,' stated Mike Sutton, CEO of Habitat for Humanity Tampa Bay Gulfside. 'Both Habitat for Humanity Tampa Bay Gulfside and Duke Energy Florida are committed to a shared vision of constructing safe, affordable and energy-efficient homes that advance our communities.'
In addition to foundation grants, employees will be building homes during volunteer events in west Orange and Citrus counties later this year. Through this volunteer effort, teams will contribute not only time and labor, but also a sense of community and hope, reinforcing our long-standing partnership with Habitat for Humanity to leave a lasting impact.
Working together to support neighbors and customers through Habitat for Humanity is a longstanding tradition across Duke Energy. Since 2020, Duke Energy Florida and its foundation have contributed over $200,000 in the state. These funds are part of $1 million in donations and over 10,000 volunteer hours to Habitat for Humanity across all jurisdictions.
To learn more about Habitat for Humanity's work through its 49 affiliate organizations across Florida, or to find the local Habitat for Humanity in your community, please visit here.
Duke Energy FoundationDuke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The Foundation is funded by Duke Energy shareholders.
About Duke Energy FloridaDuke Energy Florida, a subsidiary of Duke Energy, owns 12,300 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.
Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
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Expand BKV-BPP Power's Income Statement (1) Three Months Ended June 30, Six Months Ended June 30, ($ Millions) 2025 2024 2025 2024 Total revenues, net $ 136.7 $ 86.8 $ 234.4 $ 171.8 Depreciation and amortization 9.6 9.1 19.2 19.0 Operating expenses 94.6 90.3 188.7 163.6 Income (loss) from operations 32.5 (12.6 ) 26.5 (10.8 ) Interest expense (15.9 ) (18.7 ) (32.0 ) (36.9 ) Other income 1.5 0.8 4.5 1.8 Net income (loss) $ 18.1 $ (30.5 ) $ (1.0 ) $ (45.9 ) Power JV Adjusted EBITDA $ 35.5 $ 26.3 $ 55.1 $ 46.8 Expand _____________________________________________________ (1) This table reflects the financial information of the Power JV. Amounts are obtained from and based on the Power JV's unaudited financial statements for the three and six months ended June 30, 2025 and 2024, as applicable. BKV owns a 50% interest in the Power JV. Expand 'Our second quarter results maintained our strong first quarter momentum with continued execution across the organization,' said David Tameron, BKV's Chief Financial Officer. 'We had another quarter of strong financial discipline, with Adjusted Free Cash Flow from our upstream business fully funding our growth initiatives in CCUS and Power. While natural gas prices remain volatile, our low base decline, structured hedging strategy, and continued improvements in capital efficiency position us to maintain a steady investment program that we believe will enable us to take advantage of the currently strong macroeconomic backdrop for natural gas, power, and CCUS. The core of our value proposition to our investors remains the same – deliver a differentiated platform to take advantage of the asymmetric upside of our assets.' 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The Company remains engaged with a number of potential counterparties in its efforts to improve both capacity factors and realized spark spreads for its Temple Plants and is optimistic about long-term demand trends in the ERCOT market, supported by the accelerating adoption of AI technologies and the ongoing expansion of the data center sector. During the quarter, BKV entered into the previously disclosed strategic joint venture (the 'CCUS JV') between its wholly-owned subsidiary, BKV dCarbon Ventures, C Squared Solutions, Inc., a subsidiary of the CI Energy Transition Fund ('CIP Energy Transition Fund') managed by CIP, and for the limited purposes in the Limited Liability Company Agreement of BKV dCarbon Project, LLC (the 'CCUS JV Agreement'), BKV, to develop CCUS projects. The CCUS JV received its initial contributions from BKV and CIP in accordance with the CCUS JV Agreement in the three months ended June 30, 2025. 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Total debt as of June 30, 2025 was $200.0 million, which was made up solely of the amount outstanding under the Company's RBL. Net debt as of June 30, 2025 was $178.6 million, and net leverage ratio was 0.63x. BKV's long-term net leverage target is to manage between 1.0x to 1.5x. As of June 30, 2025, total liquidity for BKV was $472.3 million, which consists of $21.4 million in cash and cash equivalents and $450.9 million available under the Company's RBL. RBL availability as of June 30, 2025, is based on the elected commitment amount of $665.0 million, less $200.0 million of draws, and $14.1 million of letters of credit. On May 6, 2025, BKV Upstream Midstream amended the RBL to increase the borrowing base by $100.0 million and the elected commitment amount by $65.0 million. 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About BKV Corporation Headquartered in Denver, Colorado, BKV Corporation is a forward-thinking, growth-driven energy company focused on creating value for its stockholders. BKV's core business is to produce natural gas from its owned and operated upstream assets. BKV's overall business is organized into four business lines: natural gas production; natural gas gathering, processing and transportation; power generation; and carbon capture, utilization and sequestration. BKV (and its predecessor entity) was founded in 2015, and BKV and its employees are committed to building a different kind of energy company. BKV is one of the top 20 gas-weighted natural gas producers in the United States and the largest natural gas producer by gross operated volume in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies. For more information, visit the BKV website at Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are not historical facts, include statements regarding BKV's strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and often contain words such as 'expect,' 'project,' 'estimate,' 'believe,' 'anticipate,' 'intend,' 'budget,' 'plan,' 'seek,' 'aspire,' 'envision,' 'forecast,' 'target,' 'predict,' 'may,' 'should,' 'would,' 'could,' 'will,' and similar expressions. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. Such forward-looking statements include, but are not limited to, statements about the consummation and timing of the Bedrock acquisition, the anticipated benefits, opportunities and results with respect to the acquisition, including any expected value creation, reserves additions, midstream opportunities and other anticipated impacts from the Bedrock acquisition, as well as other aspects of the transaction, guidance, projected or forecasted financial and operating results, future liquidity, leverage, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. All forward-looking statements, expressed or implied, in this press release are based only on information currently available to BKV and speak only as of the date on which they are made. BKV undertakes no obligation to release publicly any update to any of these forward-looking statements except as required by federal securities laws. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to assumptions, risks and uncertainties regarding the ability of the parties to consummate the Bedrock acquisition in the anticipated timeframe or at all; risks related to the satisfaction or waiver of the conditions to closing the Bedrock acquisition in the anticipated timeframe or at all; risks related to obtaining the requisite regulatory approvals for the Bedrock acquisition; disruption from the Company's acquisitions, including the Bedrock acquisition, making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Company's acquisitions, including the Bedrock acquisition; the risk of litigation and/or regulatory actions related to the Company's acquisitions, including the Bedrock acquisition, as well as our ability to successfully fund, pursue and develop our CCUS business; expected increase in demand for power and our ability to serve that demand from our power business, our ability to develop, market and sell our carbon sequestered gas product; and management's outlook guidance or forecasts of future events, including projected capital expenditures, production volumes, operating costs, pricing differentials, and Power JV Adjusted EBITDA. For further discussions of risks and uncertainties applicable to forward-looking statements, you should refer to BKV's filings with the Securities and Exchange Commission (the 'SEC'), including the 'Risk Factors' section of BKV's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. BKV Corporation Condensed Consolidated Statements of Operations ($ thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues and other operating income Natural gas, NGL, and oil sales $ 199,729 $ 125,854 $ 415,855 $ 267,541 Midstream revenues 2,739 3,378 5,510 7,506 Derivative gains (losses), net 112,208 (7,486 ) (39,983 ) (11,165 ) Marketing revenues 1,372 2,046 7,857 6,967 Gain on sale of business — 5,968 — 5,968 Section 45Q tax credits 2,574 3,644 5,881 5,973 Related party revenues 425 1,101 851 2,203 Other 2,997 1,693 4,893 3,119 Total revenues and other operating income 322,044 136,198 400,864 288,112 Operating expenses Lease operating and workover 34,176 34,172 69,231 68,640 Taxes other than income 13,404 9,850 23,626 21,215 Gathering and transportation 63,026 53,714 118,819 113,105 Depreciation, depletion, amortization, and accretion 38,044 59,313 78,014 111,479 General and administrative 30,516 19,296 55,773 39,941 Other 14,480 3,034 20,706 11,276 Total operating expenses 193,646 179,379 366,169 365,656 Income (loss) from operations 128,398 (43,181 ) 34,695 (77,544 ) Other income (expense) Gains (losses) on contingent consideration liabilities — (524 ) — 6,070 Earnings (losses) from the Power JV 9,088 (15,253 ) (497 ) (22,960 ) Loss on early extinguishment of debt — (13,877 ) — (13,877 ) Interest expense (5,458 ) (15,163 ) (10,510 ) (31,246 ) Interest expense, related party — (1,879 ) — (3,852 ) Interest income 162 1,771 311 3,404 Other income 440 15 776 350 Income (loss) before income taxes 132,630 (88,091 ) 24,775 (139,655 ) Income tax benefit (expense) (27,895 ) 28,394 1,294 41,373 Net income (loss) 104,735 (59,697 ) 26,069 (98,282 ) Less: net income (loss) attributable to noncontrolling interest 163 — 163 — Net income (loss) attributable to BKV $ 104,572 $ (59,697 ) $ 25,906 $ (98,282 ) Net income (loss) per common share attributable to BKV: Basic $ 1.23 $ (0.90 ) $ 0.30 $ (1.48 ) Weighted average number of common shares outstanding: Basic 84,710 66,349 84,708 66,318 Diluted 84,834 66,349 84,789 66,318 Expand BKV Corporation Condensed Consolidated Statements of Cash Flows ($ thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ 26,069 $ (98,282 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion, amortization, and accretion 78,201 111,650 Equity-based compensation expense 6,136 2,145 Deferred income tax benefit (2,123 ) (41,800 ) Unrealized losses on derivatives, net 31,050 79,100 Gains on contingent consideration liabilities — (6,070 ) Settlement of contingent consideration (20,000 ) (20,000 ) Proceeds from the sale of call options — 23,502 Payments for the purchase of put options (16,206 ) — Gain on sale of business — (5,968 ) Gains on sales of assets (1,208 ) (816 ) Transaction costs from sale of business — (3,461 ) Impairment of asset held for sale 2,446 — Losses from the Power JV 497 22,960 Loss on early extinguishment of debt — 13,877 Other, net 2,986 1,341 Changes in operating assets and liabilities: Accounts receivable, net 6,487 (11,756 ) Accounts receivable, related party (197 ) (7,231 ) Accounts payable and accrued liabilities (17,539 ) (48,891 ) Other changes in operating assets and liabilities 2,184 (518 ) Net cash provided by operating activities 98,783 9,782 Cash flows from investing activities: Capital expenditures (123,669 ) (31,608 ) Deposit on fixed asset purchase (7,500 ) — Proceeds from sale of business — 131,708 Proceeds from sales of assets 1,258 1,556 Other investing activities, net 257 (23 ) Net cash provided by (used in) investing activities (129,654 ) 101,633 Cash flows from financing activities: Payments on notes payable to related party — (25,000 ) Proceeds under RBL Credit Agreement 355,000 425,000 Payments on RBL Credit Agreement (320,000 ) (65,000 ) Payment on term loan agreement — (456,000 ) Payment of debt issuance costs (720 ) (8,054 ) Proceeds from draws on credit facilities — 44,000 Payments on credit facilities — (171,000 ) Payments of deferred offering costs — (1,020 ) Debt extinguishment costs — (10,213 ) Net share settlements, equity-based compensation (1,204 ) — Cash contributions from noncontrolling interest 4,353 — Net cash provided by (used in) financing activities 37,429 (267,287 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 6,558 (155,872 ) Cash, cash equivalents, and restricted cash, beginning of period 14,868 165,069 Cash and cash equivalents end of period $ 21,426 $ 9,197 Expand Volume of Derivative Activities As of June 30, 2025, the Company's derivative activities based on volume and contract prices, categorized by primary underlying risk and related commodity, by year, were as follows: The following table represents natural gas commodity derivatives indexed to NYMEX Henry Hub pricing: The following table represents natural gas basis derivatives based on the applicable basis reference price listed below: The following table represents natural gas liquids commodity derivatives for contracts, by contract type, expiring through December 31, 2027 based on the applicable index listed below: Supplemental Non-GAAP Financial Measures This release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to BKV, diluted EPS, net income (loss), net cash provided by operating activities, or any other measure calculated in accordance with GAAP. As a result of C Squared Solutions, Inc.'s noncontrolling equity interest in the CCUS JV that commenced on May 8, 2025, the Company has adjusted its non-GAAP measures of Combined Adjusted EBITDAX, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin. Beginning in the second quarter of 2025, such non-GAAP measures will be adjusted to exclude the proportionate share of Adjusted EBITDAX and Adjusted Free Cash Flow attributable to the noncontrolling interested held by C Squared Solutions, Inc., and will be referred to as Combined Adjusted EBITDAX attributable to BKV, Adjusted Free Cash Flow attributable to BKV, and Adjusted Free Cash Flow Margin attributable to BKV. Such non-GAAP measures have been presented in this release for the comparative period have been calculated based on the updated definitions. Adjusted Net Income (Loss) and Adjusted EPS The Company defines Adjusted Net Income (Loss) as net income (loss) attributable to BKV before (i) non-cash derivative gains (losses), (ii) gains (losses) on contingent consideration liabilities, (iii) certain equity-based compensation expense, (iv) the portion of settlements paid (received) for early-terminated derivative contracts that relate to future periods, (v) other nonrecurring transactions, and (vi) the tax impact on these adjustments using a 23% statutory rate. The Company defines Adjusted EPS as Adjusted Net Income (Loss) divided by diluted weighted average common shares outstanding. We believe Adjusted Net Income (Loss) and Adjusted EPS are useful performance measures because they allow us to effectively evaluate our operating performance and results of operations from period to period and against our peers, without regard to our financing methods, corporate form, capital structure, or one-time events. We exclude the items listed above from net income (loss) in arriving at Adjusted Net Income (Loss) and Adjusted EPS because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Our presentation of Adjusted Net Income (Loss) and Adjusted EPS should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Other companies, including other companies in our industry, may not use Adjusted Net Income (Loss) and Adjusted EPS or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure. The table below presents a reconciliation of Adjusted Net Income (Loss) to net income, our most directly comparable GAAP financial measure for the periods indicated. _________________________________________________ (1) Reflects total cash settlements during the period upon termination of certain natural gas commodity derivative swap and collar contracts prior to their contractual settlement date. (2) When evaluating our operating performance and results of operations, early settlements of derivative contracts are 'related to' the period that includes the underlying production month that was hedged. This adjustment removes the timing difference between the early termination date and the underlying production month that is hedged. (3) Net losses are prohibited from including potential common shares in the computation of diluted per share amounts. Therefore, we have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Income (Loss) per common share. Expand Adjusted EBITDAX and Combined Adjusted EBITDAX attributable to BKV The Company defines Adjusted EBITDAX as net income (loss) before (i) non-cash derivative gains (losses), (ii) depreciation, depletion, amortization, and accretion, (iii) exploration and impairment expense, (iv) gains (losses) on contingent consideration liabilities, (v) interest expense, (vi) interest expense, related party, (vii) income tax benefit (expense), (viii) equity-based compensation expense, (ix) bargain purchase gains, (x) earnings (losses) from the Power JV, (xi) the portion of settlements paid (received) for early-terminated derivative contracts that relate to future periods and (xii) other nonrecurring transactions. Combined Adjusted EBITDAX attributable to BKV is defined as Adjusted EBITDAX less Adjusted EBITDAX attributable to noncontrolling interest plus BKV's 50% proportionate share of Power JV Adjusted EBITDA. Adjusted EBITDAX attributable to noncontrolling interest is defined as C Squared Solutions, Inc.'s 42% proportionate share of Adjusted EBITDAX attributable to the CCUS JV for the applicable period. The Company excludes the items listed above from Net Income (Loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Other companies, including other companies in our industry, may not use Adjusted EBITDAX or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure. Adjusted EBITDAX and Combined Adjusted EBITDAX attributable to BKV are supplemental non-GAAP financial measures that are used by our management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, rating agencies and others to more effectively evaluate our operating performance and results of operations from period to period and against our peers. We believe Adjusted EBITDAX, and Combined Adjusted EBITDAX attributable to BKV are useful performance measures because they allow us to effectively evaluate our operating performance and results of operations from period to period and against our peers, without regard to our financing methods, corporate form or capital structure. The table below presents a reconciliation of Adjusted EBITDAX and Combined Adjusted EBITDAX attributable to BKV to net income (loss), our most directly comparable GAAP financial measure for the periods indicated. ________________________________________________ (1) Natural gas derivative contracts settle and are realized in the month prior to the production covered by the contract. This adjustment removes the timing difference between the settlement date and the underlying production month that is hedged. (2) Reflects total cash settlements during the period upon termination of certain natural gas commodity derivative swap and collar contracts prior to their contractual settlement date. (3) When evaluating our operating performance and results of operations, early settlements of derivative contracts are 'related to' the period that includes the underlying production month that was hedged. This adjustment removes the timing difference between the early termination date and the underlying production month that is hedged. (4) Non-GAAP financial measure, see below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure in accordance with GAAP. Expand Adjusted EBITDAX Attributable to Noncontrolling Interest We consolidate our noncontrolling interest in the CCUS JV. The table below reconciles the Adjusted EBITDAX attributable to noncontrolling interest to the net income (loss) attributable to noncontrolling interest, the most comparable financial measure in accordance with GAAP. ________________________________________________ (1) Depreciation and amortization represents C Squared Solutions, Inc.'s proportionate share of income of 42% in the CCUS JV for the three and six months ended June 30, 2025. Expand Adjusted Free Cash Flow, Adjusted Free Cash Flow Attributable to BKV, Adjusted Free Cash Flow Margin, and Adjusted Free Cash Flow Margin Attributable to BKV We define Adjusted Free Cash Flow as net cash provided by (used in) operating activities, excluding cash paid for contingent consideration and changes in operating assets and liabilities, less total cash paid for capital expenditures (excluding leasehold costs and acquisitions). Adjusted Free Cash Flow attributable to BKV is defined as Adjusted Free Cash Flow less Adjusted EBITDAX attributable to noncontrolling interest, less capital expenditures attributable to noncontrolling interest, and plus net contributions from noncontrolling interest. Adjusted Free Cash Flow is not a measure of net cash flow provided by or used in operating activities as determined by GAAP. Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is used by our management and other external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others to assess our ability to internally fund our capital program, service or incur additional debt and to pay dividends. We believe Adjusted Free Cash Flow is a useful liquidity measure because it allows us and others to compare cash flow provided by operating activities across periods and to assess our ability to internally fund our capital program (including acquisitions), to reduce leverage, fund acquisitions and pay dividends to our stockholders. We define Adjusted Free Cash Flow Margin as the ratio of Adjusted Free Cash Flow for any period to total revenues, excluding derivative gains and losses, for such period. We use this metric to assess our liquidity relative to our revenues. Adjusted Free Cash Flow Margin illustrates the efficiency with which the Company generates Adjusted Free Cash Flow. We define Adjusted Free Cash Flow Margin attributable to BKV as the ratio of Adjusted Free Cash Flow attributable to BKV for any period to total revenues attributable to BKV, excluding derivative gains and losses and the 42% proportionate share of Adjusted Free Cash Flow attributable to C Squared Solutions, Inc.'s noncontrolling interest in the CCUS JV. Adjusted Free Cash Flow should not be considered as an alternative to, or more meaningful than, net income (loss) or net cash provided by (used in) operating activities determined in accordance with GAAP. Other companies, including other companies in our industry, may not use Adjusted Free Cash Flow or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure. The table below presents our reconciliation of Adjusted Free Cash Flow and Adjusted Free Cash Flow attributable to BKV to net cash provided by operating activities, our most directly comparable GAAP financial measure for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, Net cash provided by (used in) operating activities $ 76,163 $ (9,469 ) $ 98,783 $ 9,782 Cash paid for contingent consideration (1) — — 20,000 20,000 Change in operating assets and liabilities (11,783 ) 40,521 9,065 68,396 Cash paid for capital expenditures (excl. leasehold costs, acquisitions) (66,295 ) (11,747 ) (123,669 ) (31,608 ) Adjusted Free Cash Flow (2) $ (1,915 ) $ 19,305 $ 4,179 $ 66,570 Add back (subtract): Adjusted EBITDAX attributable to noncontrolling interest (305 ) — (305 ) — Capital expenditures attributable to noncontrolling interest — — — — Net contributions from (distributions to) noncontrolling interest 4,353 — 4,353 — Adjusted Free Cash Flow attributable to BKV (2) $ 2,133 $ 19,305 $ 8,227 $ 66,570 Total revenue, excluding derivative gains and losses 209,836 143,684 440,847 299,277 Adjusted Free Cash Flow Margin (2) (0.9 )% 13.4 % 0.9 % 22.2 % Total revenue attributable to BKV, excluding derivative gains and losses, and the 42% proportionate share of revenue from the noncontrolling interest in CCUS JV $ 209,075 $ 143,684 $ 440,086 $ 299,277 Adjusted Free Cash Flow Margin attributable to BKV (2) 1.0 % 13.4 % 1.9 % 22.2 % Expand __________________________________________ (1) Cash paid for contingent consideration is included as a deduction to arrive at net cash provided by (used in) operating activities and therefore, is added back for the purpose of computing Adjusted Free Cash Flow. (2) The early termination of derivative contracts increased Adjusted Free Cash Flow by $13.3 million for the six months ended June 30, 2024. In addition, Adjusted Free Cash Flows decreased by $16.2 million for the six months ended June 30, 2025 due to the net premium paid of $16.2 million from the purchase of a put option, and increased by $23.5 million for the six months ended June 30, 2024 due to the net premium received of $23.5 million from the sale of a call option. Expand Power JV Adjusted EBITDA We define Power JV Adjusted EBITDA as net income (loss) of the Power JV before (i) unrealized derivative gains/losses, (ii) depreciation and amortization, and (iii) interest expense. The items listed above are excluded from the Power JV's net income (loss) in arriving at Power JV Adjusted EBITDA because these amounts can vary substantially from company to company within the power industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Power JV Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) determined in accordance with GAAP. Other companies, including other companies in the power industry, may not use Adjusted EBITDA or may calculate this measure differently than as presented in this release, limiting its usefulness as a comparative measure. Power JV Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by our management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, rating agencies and others to more effectively evaluate our and the Power JV's operating performance and results of operations from period to period and against our peers. We believe our investment in the Power JV is a strategic differentiator for BKV's integrated energy solutions model. Investors in BKV may be interested in the results of the Power JV and the respective impact to BKV's financial results. We believe Power JV Adjusted EBITDA is a useful performance measure because it allows us to effectively evaluate the Power JV's operating performance and results of operations from period to period and against peers, without regard to financing methods, corporate form or capital structure. The table below presents our reconciliation of Power JV Adjusted EBITDA to the Power JV's net income (loss), the most directly comparable GAAP financial measure for the periods indicated.
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Macy's, Inc. to Report Second Quarter 2025 Results and Participate in Goldman Sachs Retailing Conference
NEW YORK--(BUSINESS WIRE)--Macy's, Inc. (NYSE: M) will report its second quarter 2025 sales and earnings results on Wednesday, September 3, 2025. The company will host a call and webcast with financial analysts and investors at 8:00 a.m. ET. The call will be hosted by Macy's, Inc.'s Chairman and Chief Executive Officer Tony Spring and Chief Operating Officer and Chief Financial Officer Tom Edwards. The general public and the media will be able to access the live webcast and associated presentation via the company's website at To participate in the call, analysts and investors may call 1-877-407-0832. A replay of the conference call will be available on the company's website or by calling 1-877-660-6853, using the passcode 13754685 about two hours after the conclusion of the call. Additionally, on Thursday, September 4, 2025, Tony Spring and Tom Edwards will participate in a fireside chat at the Goldman Sachs 32 nd Annual Global Retailing Conference beginning at 1:50 p.m. ET. A live webcast of the event will be available via the company's website at A recording of the webcast will be available on the same website following the event. About Macy's, Inc. Macy's, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit
