Infinity Natural Resources Announces Fourth Quarter and Full Year 2025 Results and Provides 2026 Outlook

Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its fourth quarter and full year 2025 financial and operating results and provided a 2026 outlook.

Fourth Quarter 2025 & Recent Highlights

• Completed transformational acquisition of upstream and midstream assets in Ohio from Antero Resources and Antero Midstream in February 2026 (the "Antero Acquisition")
• Completed $350 million strategic equity investment from Quantum Capital Group (“Quantum”) and Carnelian Energy Capital (“Carnelian”)
• Delivered 93% growth in total net daily production to 271.6 MMcfe/d, or 45.3 MBoe/d, in the fourth quarter 2025 compared to the fourth quarter 2024
  • Increased natural gas net production 129% compared to fourth quarter 2024
• Reported net income of $80.4 million
• Delivered 104% growth in Adjusted EBITDAX ⁽¹⁾ to $94.0 million in the fourth quarter 2025 compared to the fourth quarter 2024, representing an Adjusted EBITDAX Margin ⁽¹⁾ of $3.76 / Mcf, or $22.58 / Boe, which we believe is the best among our Appalachian Basin peers
• Placed 6 wells into sales in the fourth quarter totaling approximately 103,000 lateral feet comprised of (a) 3 oil-weighted wells in the volatile oil window of the Ohio Utica Shale and (b) 3 natural gas-weighted wells in the Marcellus Shale in Pennsylvania
• Acquired working interests in our South Bend Field in Pennsylvania (the "South Bend Acquisition") for consideration of approximately 2.5 million shares of our Class A common stock, with approximately 1,600 net Marcellus acres and 1,600 net Utica acres and Adjusted operating income ⁽¹⁾ of $2.8 million for the fourth quarter 2025
• Acquired approximately 2,500 net acres during the quarter, increasing working interest in our active development projects and enhancing future projects
• Generated $75.1 million of net cash provided by operating activities for the quarter
• Development capital expenditures incurred of $52.9 million, including drilling and completion (“D&C”) and midstream
• Increased the borrowing base under our revolving credit facility from $375 million to $875 million on February 23, 2026 in connection with the closing of the Antero Acquisition
• Total net debt ⁽¹⁾ was approximately $148.0 million as of December 31, 2025 (including borrowings to fund a $61.2 million deposit for the Antero Acquisition), and approximately $442.7 million as of February 28, 2026
• Total liquidity was $226.9 million as of December 31, 2025 and $413.1 million as of February 28, 2026

Full Year 2025 Highlights

• Delivered 46% growth in total net daily production to 211.8 MMcfe/d, or 35.3 MBoe/d, in 2025 compared to 2024
• Reported net income of $64.0 million
• Delivered Adjusted EBITDAX ⁽¹⁾ of $261.0 million, representing an Adjusted EBITDAX Margin ⁽¹⁾ of $3.38 / Mcf, or $20.26 / Boe, which we believe is the best among our Appalachian Basin peers
• Placed 23 wells into sales in 2025 totaling approximately 363,000 lateral feet comprised of (a) 11 oil-weighted wells in the volatile oil window of the Ohio Utica Shale and (b) 12 natural gas-weighted wells in the Marcellus Shale in Pennsylvania
• Acquired approximately 6,700 net acres during the year
• Generated $261.8 million of net cash provided by operating activities for the year ended December 31, 2025
• Development capital expenditures incurred of $290.8 million, including D&C and midstream
• Reported total proved reserves of 1.3 Tcfe, or 225.0 MMBoe, with 45% proved developed and 16% oil, 68% natural gas and 16% natural gas liquids (“NGLs”)

Full Year 2026 Outlook

• Development capital budget of $450 million to $500 million, including D&C and midstream
• Total net daily production expected to be between 345 and 375 MMcfe/d, representing year-over-year growth of approximately 70% at the midpoint of the range
  • Total natural gas net production expected to be between 235 and 255 MMcfe/d
  • Total oil and liquids net production expected to be between 18 and 20 Mbbls/d
• Anticipate running 2 rigs throughout the year with 1 rig dedicated to the assets acquired in the Antero Acquisition beginning early in the second quarter
  • Expect to turn into sales 31 gross wells, with 8 wells in the dry gas Pennsylvania Marcellus, 10 wells in the rich gas area of the Ohio Utica (on the assets acquired in the Antero Acquisition) and 13 wells in the volatile oil window of the Ohio Utica

Management Commentary

“2025 was a transformational year for the Company as we delivered meaningful operational and financial progress while advancing into our next stage of development," said Zack Arnold, President and CEO of Infinity. "The acquisition of high-quality upstream and midstream assets from Antero, together with a $350 million strategic preferred equity investment from Quantum and Carnelian, meaningfully increased our scale, enhanced integration across our platform and strengthened our financial foundation.”

“Throughout the year, our team executed at a consistently high level across drilling, completions and midstream operations, converting disciplined investments into sustained production growth and top-tier operating margins within the Appalachian Basin. We paired strong production and Adjusted EBITDAX growth with decreasing D&C costs per foot, leading to top tier margins. This performance reflects the quality of our asset base and the efficiency of our operating model.”

“As we move into 2026 with strong financial flexibility, recent geopolitical developments in the Middle East have strengthened crude prices, providing an opportunity for us to highlight the value and flexibility of our unique asset base. This flexibility allows us to evaluate opportunities within our development program to potentially accelerate some activity toward higher-return projects to the extent market conditions are supportive. With the scale and momentum we’ve established, our integrated upstream and midstream platform supports margin resilience, dependable market access and coordinated development aligned with contracted takeaway and end-market demand. We remain committed to disciplined capital deployment, growing Adjusted EBITDAX and delivering consistent long-term value for our shareholders,” concluded Mr. Arnold.

Operational Update

Infinity’s net daily production for the full year 2025 averaged 211.8 MMcfe/d, or 35.3 MBoe/d, consisting of approximately 136.9 MMcfe/d, or 22.8 MBoe/d, in Ohio and approximately 74.9 MMcfe/d, or 12.5 MBoe/d, in Pennsylvania. Infinity’s net daily production mix was comprised of approximately 24% oil, 17% NGLs and 59% natural gas. We turned into sales 11 gross oil-weighted wells (8.4 net) in the Utica Shale in Ohio and 12 gross natural gas-weighted wells (9.0 net) in the Marcellus Shale in Pennsylvania during 2025, representing approximately 363,000 lateral feet.

The following table sets forth information regarding our production, revenues and realized prices and production costs for the fourth quarter and full year of 2025 and 2024:

Capital Investment

Capital expenditures incurred during the year were $326.2 million, which included $290.8 million on development activities and $35.5 million on land activities.

Financial Position and Liquidity

As of December 31, 2025, Infinity had approximately $2.8 million of cash and cash equivalents and $150.9 million of borrowings under its revolving credit facility. Infinity’s liquidity as of December 31, 2025, totaled approximately $226.9 million comprised of $2.8 million of cash and cash equivalents and approximately $224.1 million of available borrowing capacity under its revolving credit facility. As of February 28, 2026, Infinity had approximately $459.0 million of borrowings under its revolving credit facility, $19.2 million in letters of credit and $413.1 million of liquidity, including $16.3 million of cash and cash equivalents and $396.8 million of available borrowing capacity under its revolving credit facility.

2026 Capital & Production Guidance

Infinity’s capital budget for 2026 is $450 million to $500 million related to development activities, including D&C and midstream. Net production is expected to be between 345 and 375 MMcfe/d for 2026, with natural gas expected to be between 235 and 255 MMcfe/d and oil and liquids expected to be between 18 and 20 Mbbls/d. Infinity expects to operate two rigs for 2026 with one rig dedicated to the assets acquired in the Antero Acquisition beginning early in the second quarter. Expect to turn into sales 31 gross wells, with 8 wells in the dry gas Pennsylvania Marcellus, 10 wells in the rich gas area of the Ohio Utica (on the assets acquired in the Antero Acquisition) and 13 wells in the volatile oil window of the Ohio Utica.

Estimated Proved Reserves

Infinity reported year end 2025 total proved reserves of 1.3 Tcfe, or 225.0 MMBoe, consisting of 916.6 Bcf of natural gas, 36.7 MMBbls of oil and 35.5 MMBbls of NGLs. Infinity’s year end 2025 total proved reserves increased approximately 32% when compared to its 2024 total proved reserves, largely a result of continued asset development. The table below provides information regarding the components driving the 2025 net proved reserve adjustments:

The table below summarizes the Company’s 2025 net proved reserves:

The following table reconciles the standardized measure of future net cash flows to the PV-10 value of Infinity’s proved reserves:

Share Repurchase Program

In November 2025, our board of directors authorized a share repurchase program, whereby we may purchase up to an aggregate of $75.0 million of our Class A common stock. We repurchased 87,132 shares for $13.60 per share and a total of $1.2 million during the fourth quarter of 2025. We have $73.8 million remaining under our existing repurchase program.

Conference Call and Webcast Details

Infinity will host a conference call Tuesday, March 11, 2026, at 10:00 a.m. ET to discuss the results. The conference call will be webcast live on the Company's investor relations (IR) website at https://ir.infinitynaturalresources.com/ . In addition, you may participate in the conference call by dialing (800) 715-9871 (U.S.), or +1 (646) 307-1963 (International), and referencing "Infinity." A replay of the call will be available for 14 days following the call at the Company’s website or by phone at (800) 770-2030 (U.S.) or +44 20 3433 3849 (International) using the conference ID: 9298353#.

About Infinity

Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Our operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.

Cautionary Statement Regarding Forward-Looking Statements

This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact, included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, future commodity prices, future production targets, leverage targets or debt repayment, hedging strategy, future capital spending plans, capital efficiency, our ability to make share repurchases, expected drilling and completions plans and projected well costs are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made.

Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond the control of the Company. These include, but are not limited to, our failure to realize, in full or at all, the anticipated benefits of the preferred equity investment and the Antero Acquisition, including synergies; commodity price volatility; inflation; lack of availability and cost of drilling, completion and production equipment and services; supply chain disruption; project construction delays; environmental risks; drilling, completion and other operating risks; lack of availability or capacity of midstream gathering and transportation infrastructure; regulatory changes; the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital; the timing of development expenditures; the concentration of the Company’s operations in the Appalachian Basin; difficult and adverse conditions in the domestic and global capital and credit markets; impacts of geopolitical events and world health events, including trade wars; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; potential financial losses or earnings reductions resulting from the Company’s commodity price risk management program or any inability to manage its commodity risks; failure to realize expected value creation from property acquisitions and trades; weather related risks; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and the Company’s inability to re-establish production; the Company’s ability to service its indebtedness; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, armed conflict, political instability and civil unrest, including instability in the Middle East, Venezuela and Mexico and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; risks related to the Company’s ability to expand its business, including through the recruitment and retention of qualified personnel; and the other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimates depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any future production and development program. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, and in other filings we make with the SEC, for a discussion of the risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Therefore, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

Source: Infinity Natural Resources, Inc.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), our earnings release contains non-GAAP financial measures as described below.

Adjusted EBITDAX, Adjusted EBITDAX Margin and Net Debt

We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income (loss) to arrive at Adjusted EBITDAX to reflect the substantial variance in practice 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 more meaningful than or as an alternative to net income (loss) determined in accordance with U.S. 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 components of 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. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production.

Adjusted operating income attributable to the assets underlying the South Bend Acquisition represents net sales attributable to the acquired non?operated working interests, minus net gathering, processing, and transportation expenses and net lease operating expenses directly associated with those interests. Adjusted operating income excludes items not directly reflective of the underlying operating performance of the acquired working interests and is presented on a proportionate basis to reflect the Company’s acquired ownership interest.

Net debt is defined as total long-term debt less cash and cash equivalents. Management uses net debt to evaluate its financial position, including its ability to service its debt obligations.

The following table provides a reconciliation of our net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein:

The following table provides a reconciliation of net sales to Adjusted operating income for the assets underlying the South Bend Acquisition:

The following tables provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt:

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Infinity Natural Resources, Inc.
Thomas Marchetti
Vice President, Investor Relations
Email: ir@infinitynr.com