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 stream. 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.
Gas produced at the Big Sky Carbon Hub contains helium, CO₂, and associated hydrocarbons. Helium is refined and sold under long-term offtake agreements, CO₂ generates sequestration revenue through Section 45Q tax credits and storage services, and CO₂ utilized at the wholly owned Cut Bank field enhances oil recovery while supporting oil and natural gas production.
Shared infrastructure across all three streams improves capital efficiency and operating margins.
Helium
CONTRACTED - CASH FLOW FROM DAY ONE
- Five-year, 100% take-or-pay offtake with an investment-grade global industrial gas company – the buyer pays for the contracted volume 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 gas 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 businesses 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
- Commercial helium production expected to begin.
- Scale the Big Sky Carbon Hub with additional carbon capture and storage partners.
- Drive long-term shareholder value through diversified energy and infrastructure revenue streams.
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 investor materials.