BANPU announces BKV completes acquisition of Barnett gas assets, reducing reliance on coal

M&A · PartnershipCommodityAnalyst
โดย HoonVision·USTH·Read original
Summary · why it matters

BANPU informed the Stock Exchange of Thailand that BKV Corporation, a subsidiary 72.6% held by BANPU and listed on the New York Stock Exchange, completed its acquisition of new assets related to upstream, midstream, and carbon capture and storage businesses in the Barnett natural gas field on September 15, 2026, after all conditions precedent to closing were fully satisfied. The transaction was funded from BKV's cash and borrowings under a revolving credit facility. The value of the transaction was not disclosed under the terms of the asset purchase agreement. The acquired assets comprise producing gas operations of approximately 65 million cubic feet equivalent per day, proved and producing reserves of approximately 0.35 trillion cubic feet equivalent, a CCS project capable of capturing approximately 100,000 tonnes of carbon dioxide per year, and midstream infrastructure such as a gas processing plant with a capacity of 180 million cubic feet equivalent per day and a gas pipeline of approximately 340 miles. Dao Securities said it holds a positive view on the asset purchase plan, which extends the US Closed-Loop Gas strategy to diversify risk away from the coal business, but that there is not yet enough information to assess the worthiness of this investment. It maintained its 2026E net profit forecast at 2.4 billion baht, compared with -2.0 billion baht in 2025, and kept its hold rating with a 2026E target price of 14.80 baht, based on a target PBV of 0.53x.

Impact on stocks 2

Energy Transition & Power Demand▲ · 2 stocks
BKV Corporation
BKV
▲ PositiveCapitalrelevance

BKV completed the Barnett gas asset acquisition, funded from its cash and revolving credit borrowings, expanding its upstream, midstream and CCS portfolio.

Banpu Public Company Limited
BANPU
▲ PositiveCapitalrelevance

BANPU's 72.6%-held subsidiary BKV closed the Barnett acquisition, extending the US Closed-Loop Gas strategy to diversify away from coal.

Theme Impact 2

Off-coverage companies 1

DAOL Securities (Thailand) Public Company LimitedPrivate± Mixed
Capitalrelevance

Dao Securities holds a positive view on the asset purchase but says there is not enough information to assess its worthiness, keeping a hold rating and 14.80 baht target price.

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