How one gas stream becomes three revenue streams.
A closer look at the business model – how a single low-cost gas stream is converted into three independent revenue streams: one contracted, one policy-backed, and one integrated. For the asset itself – the geology, infrastructure, and development path – see the Big Sky Carbon Hub.
THE MODEL
One well. One process. Three Points of sale.
The gas produced at the Big Sky Carbon Hub is roughly 0.5% helium and 87.5% CO₂. From that single stream, helium is purified and sold, the CO₂ is captured and managed under Section 45Q, and a portion of the CO₂ is used to recover oil at the wholly owned Cut Bank field. Because every stream shares the same wells and the same infrastructure, each revenue line is added at a fraction of the cost of a standalone business.
THE THREE BUSINESSES
The commercial structure behind each stream.
The gas produced at the Big Sky Carbon Hub is roughly 0.5% helium and 87.5% CO₂. From that single stream, helium is purified and sold, the CO₂ is captured and managed under Section 45Q, and a portion of the CO₂ is used to recover oil at the wholly owned Cut Bank field. Because every stream shares the same wells and the same infrastructure, each revenue line is added at a fraction of the cost of a standalone business.
Helium
CONTRACTED - CASH FLOW FROM DAY ONE
- Five-year, 100% take-or-pay offtake with an investement-grade global industrial gas company – the buyer pays for the contracted colume whether or not it takes delivery.
- Fixed plant-gate price of $285/MCF, with the buyer collecting at the plant and bearing all transportation – a clean, predictable netback with no downstream cost exposure.
- CPI-linked escalation begins in 2028, with a price redetermination in year three.
- A non-substitutable input for semiconductors, MRI systems, fiber optics, aerospace, and data-center cooling.
Carbon Management
POLICY-BACKED - 45Q
- CO₂ is captured, transported, and permanently sequestered under the federal Section 45Q program ($85/metric ton).
- Because the CO₂ is a byproduct of helium extraction, there is no combustion and no energy-intensive capture step.
- Two Monitoring, Reporting & Verification (MRV) applications are in active EPA review, with approvals anticipated in summer 2026.
- Phase 1 is designed for ~125,000 metric tons of CO₂ per year.
CO2 - EOR
INTEGRATED - SELF-SUPPLIED
- A portion of the CO₂ is injected into the wholly owned Cut Bank field to recover additional oil – using our own CO₂ rather than buying it from third parties.
- The same molecule earns a 45Q credit when injected and generates oil revenue when production rises – value from input, twice.
- 170+ permitted Class II injection wells keep incremental capital low; ~70 MMbbl of recovery potential has been identified.
- Established, low-decline oil production provides the current cash flow that helps fund the build-out.
WHY THE MODEL WORKS
Three businesses that make each other stronger
01
One stream, three revenue lines
A single well and a single process produce gast that is monetized three ways. Three bites at the revenue from the same molecule.
02
Shared infrastructure
Helium and CO₂ are produced, gathered and processed together. Sharing one set of facilities lowers unit cost versus standalone peers.
03
A byproduct cost advantage
Our CO₂ arrives as a byproduct of helium extraction – unlike CCUS projects that capture CO₂ from combustion, ethanol, or direct air.
WHERE WE ARE TODAY
A platform in the build phase.
Big Sky Industrial is in a deliberate transition from a legacy oil and gas producer to an integrated industrial gas and carbon management platform. Today, revenue comes from oil and natural gas production, which provides established, low-decline cash flow. The helium and carbon management business are in development.
TODAY
Funding the build
- Revenue from oil & natural gas production at Cut Bank
- Phase 1 capital stack complete; equity line of credit suspended
- Big Sky Carbon Hub processing facility under construction
2027 AND BEYOND
Three monetized streams
- Revenue from oil & natural gas production at Cut Bank
- Phase 1 capital stack complete; equity line of credit suspended
- Big Sky Carbon Hub processing facility under construction
See where the gas comes from.
The Big Sky Carbon Hub is the single asset behind all three businesses – the geology, the infrastructure, the development timeline, and the path to scale. For detailed financials and the full investment case, see the the investor materials.