U.S. natural gas producer BKV Corp. has begun preparations for an IPO, people familiar with the matter said, making it the latest company in the sector to pursue such a move in the wake of soaring energy prices.

The company held meetings with investment banks in recent days to select underwriters for a listing which could happen later this year, the sources said. While the volatility in commodity prices makes its exact valuation uncertain, BKV Corp. may be worth up to $2 billion, including debt, when it lists, the sources added.

The sources cautioned that timing, valuation and whether the IPO takes place at all were subject to market conditions, and asked not to be identified to discuss private information.

Based in Denver, BKV Corp. is majority owned by Thai energy firm Banpu PCL and, according to BKV Corp.’s website, is a top 20 U.S. natural gas producer and the largest in the Barnett formation, the area of North Texas where the first shale wells were successfully drilled.

BKV Corp. did not respond to comment requests. Banpu could not be reached for comment outside normal business hours.

BKV Corp would join other U.S. energy firms preparing to debut on the stock market, including Ascent Resources, one of the largest privately held U.S. natural gas producers, and Atlas Sand, in what may be the first U.S. listing of an oilfield services company since 2018, Reuters has previously reported.

Formed in 2015, BKV Corp. acquired its Barnett position from Devon Energy Corp. two years ago in a deal worth up to $750 million. BKV Corp. holds 292,600 net acres in the Barnett and 36,500 net acres in Pennsylvania’s Marcellus Shale.

In November, the company expanded into power generation, acquiring a natural gas-fired power plant in Texas for $430 million. Last week, BKV Corp. announced it was creating a carbon capture utilization and storage unit.

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