Infinity Natural Resources (NYSE: INR) boosts Q2 2026 profit, cash flow and production
Rhea-AI Filing Summary
Infinity Natural Resources, Inc. reported very strong second quarter 2026 results and maintained its 2026 guidance. Net daily production rose 75% to 348.5 MMcfe/d, including a 73% increase in natural gas to 216.8 MMcf/d and a 102% increase in oil to 12.4 Mbbls/d versus the prior-year quarter.
The company generated second quarter 2026 net income of $108.0 million, or $0.88 per diluted Class A share, and grew Adjusted EBITDAX to $114.7 million, up 131%, yielding an Adjusted EBITDAX Margin of $3.62/Mcfe. Operating cash flow was $137.9 million for the quarter, while development capital expenditures were $129.1 million (total capital $137.3 million).
As of June 30, 2026, net debt was $524.1 million and total liquidity was $900.9 million, including $25.9 million of cash and an undrawn $875.0 million revolver. Infinity reaffirmed its 2026 capital budget of $450–$500 million and production guidance of 345–375 MMcfe/d, and repurchased 109,579 Class A shares at an average price of $13.72 during the quarter.
Positive
- Revenues more than doubled to $171.0 million in Q2 2026 from $74.5 million a year earlier, reflecting substantial growth in production and improved realized pricing.
- Net income surged to $108.0 million in Q2 2026, compared with $72.0 million in the prior-year quarter, while Adjusted EBITDAX climbed 131% to $114.7 million and operating cash flow reached $137.9 million.
- Production expanded 75% to 348.5 MMcfe/d, with oil volumes more than doubling and natural gas up 73%, showing strong performance from new Utica and Marcellus wells and recently acquired acreage.
- Balance sheet liquidity strengthened to $900.9 million as of June 30, 2026, including $875.0 million of undrawn revolver capacity, providing significant financial flexibility to fund the capital program.
Negative
- Net debt increased significantly to $524.1 million as of June 30, 2026, up from $148.0 million at year-end 2025, reflecting heavy investment including the Antero Acquisition and higher capital spending.
- Total operating expenses rose to $100.5 million in Q2 2026 from $52.8 million in Q2 2025, with higher gathering, lease operating, and DD&A costs accompanying the rapid production growth.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Total Revenues: $171,019,000
Q2 2026 Net Income: $107,999,000
Q2 2026 Adjusted EBITDAX: $114,674,000
+5 more
8 metrics
Q2 2026 Total Revenues
$171,019,000
Oil, natural gas, NGL, midstream and other revenues for the three months ended June 30, 2026
Q2 2026 Net Income
$107,999,000
Net income for the three months ended June 30, 2026
Q2 2026 Adjusted EBITDAX
$114,674,000
Adjusted EBITDAX for the three months ended June 30, 2026
Adjusted EBITDAX Margin
$3.62/Mcfe
Adjusted EBITDAX per Mcfe for the second quarter 2026
Net Cash from Operating Activities
$196,277,000
Cash provided by operating activities for the six months ended June 30, 2026
Net Debt
$524,117,000
Total long-term debt minus cash and cash equivalents as of June 30, 2026
Total Liquidity
$900,900,000
Cash plus available borrowing capacity under revolver as of June 30, 2026
Average Daily Production
348,495 Mcfe/d
Average daily production for the three months ended June 30, 2026
Key Terms
Adjusted EBITDAX, Recurring Cash G&A, net debt, volatile oil window, +2 more
6 terms
Adjusted EBITDAX financial
"Delivered 131% growth in Adjusted EBITDAX(1) to $114.7 million in the second quarter 2026"
Adjusted EBITDAX is a measure of a company’s operating profit that adds back interest, taxes, depreciation, amortization and specific recurring costs (often exploration or similar project expenses), then removes one‑time or unusual items to show recurring cash profitability. Investors use it like a clean yardstick—ignoring financing choices, accounting rules and one‑off events—to compare core performance across periods or peers and assess a business’s ability to generate cash from operations.
Recurring Cash G&A financial
"Recurring Cash G&A (3) is a non-GAAP financial measure"
net debt financial
"Total net debt(1) was approximately $524.1 million and total liquidity was $900.9 million"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
volatile oil window technical
"7 oil-weighted wells in the volatile oil window and 3 rich gas wells"
Utica Shale technical
"operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets"
A large underground rock formation in the northeastern United States that contains trapped natural gas and oil; think of it like a vast, buried sponge holding fuel. Energy companies drill into the Utica Shale to extract hydrocarbons, and its productivity affects local royalties, regional supply, pipeline needs and commodity prices. Investors track activity there because drilling results and production levels can influence energy company profits and broader market dynamics.
Tax receivable agreement financial
"Tax receivable agreement | 3,592 | | | 1,537"
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
Earnings Snapshot
Total revenues Q2 2026: $171,019,000 · Guidance included
Quarter and six months ended June 30, 2026
Total revenues Q2 2026
$171,019,000
up from $74,476,000 in Q2 2025
Net income Q2 2026
$107,999,000
up from $71,954,000 in Q2 2025
Adjusted EBITDAX Q2 2026
$114,674,000
up from $49,641,000 in Q2 2025
Average daily production Q2 2026
348,495 Mcfe/d
up from 198,681 Mcfe/d in Q2 2025
Guidance
For 2026, capital budget is $450–$500 million for development; net production guidance is 345–375 MMcfe/d with natural gas 235–255 MMcf/d and oil and liquids 18–20 Mbbls/d.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Infinity Natural Resources (INR) perform financially in Q2 2026?
Infinity reported Q2 2026 revenues of $171.0 million and net income of $108.0 million. Adjusted EBITDAX was $114.7 million with an Adjusted EBITDAX Margin of $3.62/Mcfe, supported by strong production growth across its Appalachian portfolio.
What were Infinity Natural Resources (INR) production levels in Q2 2026?
Average net daily production was 348.5 MMcfe/d in Q2 2026. This included 216.8 MMcf/d of natural gas, 12.4 Mbbls/d of oil, and additional NGL volumes, representing substantial growth versus the second quarter of 2025.
What is Infinity Natural Resources (INR) 2026 capital and production guidance?
For 2026, Infinity reaffirmed a development capital budget of $450–$500 million. Net production is expected between 345–375 MMcfe/d, with natural gas of 235–255 MMcf/d and oil and liquids of 18–20 Mbbls/d for the year.
What is Infinity Natural Resources (INR) current debt and liquidity position?
As of June 30, 2026, Infinity had net debt of $524.1 million and total liquidity of $900.9 million. Liquidity included $25.9 million of cash and cash equivalents and $875.0 million of available borrowing capacity under its revolving credit facility.
How much did Infinity Natural Resources (INR) invest in capital expenditures in Q2 2026?
Capital expenditures totaled $137.3 million in Q2 2026. This included $129.1 million devoted to development activities such as drilling, completions, and midstream, and $8.2 million for land activities, supporting future growth.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2026
__________________________
(Exact name of registrant as specified in its charter)
__________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(304 ) 212-2350
(Registrant’s telephone number, including area code)
__________________________
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On August 10, 2026, Infinity Natural Resources, Inc. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
On August 10, 2026, the Company posted an investor presentation related to the financial and operating results for the quarter ended June 30, 2026 to its website at ir.infinitynaturalresources.com.
The information furnished in this Current Report on Form 8-K pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. | ||||
(d)Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | Press Release, dated August 10, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INFINITY NATURAL RESOURCES, INC. | |||||||||||
| By: | /s/ Zack Arnold | ||||||||||
| Zack Arnold | |||||||||||
| President and Chief Executive Officer | |||||||||||
Dated: August 10, 2026
Exhibit 99.1
Infinity Natural Resources Announces Second Quarter 2026 Results
August 10, 2026
Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its second quarter 2026 financial and operating results and maintained its 2026 guidance.
Second Quarter 2026 Results
•Delivered 75% growth in net daily production to 348.5 MMcfe/d compared to the second quarter of 2025
◦ 73% increase in natural gas net production to 216.8 MMcf/d
◦102% increase in oil net production to 12.4 Mbbls/d
•Reported net income of $108.0 million, or $0.88 per share of Class A common stock on a diluted basis, during the second quarter 2026 compared to net income of $1.18 per share of Class A common stock during the second quarter 2025
•Delivered 131% growth in Adjusted EBITDAX(1) to $114.7 million in the second quarter 2026 compared to the second quarter 2025, representing an Adjusted EBITDAX Margin(1) of $3.62 / Mcfe, which we believe is the best among our Appalachian Basin peers
•Generated $137.9 million of net cash provided by operating activities for the three months ended June 30, 2026, a 136% increase compared to the first quarter of 2026
•Incurred $129.1 million of development capital expenditures
•Total net debt(1) was approximately $524.1 million and total liquidity was $900.9 million as of June 30, 2026
Second Quarter 2026 and Recent Highlights
•Turned into sales 10 wells in the Ohio Utica Shale, comprised of 7 oil-weighted wells in the volatile oil window and 3 rich gas wells, which are the first from the recently acquired acreage four months after closing
•Spudded 9 wells, including 4 volatile oil wells in Ohio, 2 rich gas wells in Ohio, 2 dry gas Marcellus wells, and 1 deep dry gas Utica well
•Completed 10 wells, including 7 volatile oil wells in Ohio and 3 dry gas Marcellus wells in Pennsylvania
•Drilled first deep dry gas Utica vertical pilot well and 9,500 foot lateral in Pennsylvania
•Approximately 70% of our gross natural gas production is currently flowing through Company-owned midstream assets
•Acquired approximately 1,100 net horizon acres during the quarter, demonstrating continued success in organic leasing
•Repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share during the second quarter 2026
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(1) Adjusted EBITDAX, Adjusted EBITDAX Margin and net debt are non-GAAP financial measures. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”
Management Commentary
“Our second quarter results reflect continued strong execution of our strategic plan across our Appalachian portfolio, as we delivered strong production growth, advanced development across both our Utica and Marcellus positions, and began developing the assets we acquired earlier this year,” said Zack Arnold, President and CEO of Infinity. “During the quarter, we successfully turned in line our first wells from the acquired Antero acreage and moved a rig onto the assets to develop another pad, demonstrating our ability to rapidly incorporate new assets into our development program while maintaining operational execution. We also drilled our first deep dry gas Utica vertical pilot well and lateral, an important step in further evaluating the long-term value and development potential of this emerging opportunity.”
“Our integrated upstream and midstream platform continues to differentiate Infinity. As production grows, our owned infrastructure provides increasing operating leverage through greater utilization, lowering controllable costs per unit and enhancing market access. Our $3.62 per Mcfe Adjusted EBITDAX Margin exceeds all of our Appalachian Basin peers, demonstrating the strong performance and efficiency of our operations. We continue to see encouraging operating results across our core development areas, including strong performance from our volatile oil wells, reinforcing the quality and depth of our inventory.”
“Looking ahead, our strategy remains unchanged. We are focused on disciplined capital allocation, capital-efficient production growth and the execution of our development program. Our diversified inventory across the Utica and Marcellus Shales provides flexibility to allocate capital toward our highest return opportunities while preserving optionality across changing commodity price environments. Combined with our integrated midstream assets and strong balance sheet, we believe Infinity remains well positioned to continue creating long-term shareholder value,” concluded Mr. Arnold.
Operational Update
The following table sets forth information regarding our production, revenues and realized prices and production costs for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Production data: | |||||||||||||||||||||||
Oil (MBbls) | 1,131 | 559 | 1,996 | 1,301 | |||||||||||||||||||
Natural gas (MMcf) | 19,725 | 11,420 | 37,256 | 17,939 | |||||||||||||||||||
NGL (MBbls) | 867 | 551 | 1,570 | 1,111 | |||||||||||||||||||
Total (MMcfe)(1) | 31,713 | 18,080 | 58,652 | 32,411 | |||||||||||||||||||
Average daily production (Mcfe/d)(1) | 348,495 | 198,681 | 324,044 | 179,066 | |||||||||||||||||||
Average wellhead realized prices (before giving effect to realized derivatives): | |||||||||||||||||||||||
Oil (/Bbl) | $ | 85.41 | $ | 56.45 | $ | 76.86 | $ | 60.42 | |||||||||||||||
Natural gas (/Mcf) | $ | 2.34 | $ | 2.67 | $ | 3.24 | $ | 2.97 | |||||||||||||||
NGL (/Bbl) | $ | 32.27 | $ | 18.93 | $ | 29.95 | $ | 22.25 | |||||||||||||||
Average wellhead realized prices (after giving effect to realized derivatives): | |||||||||||||||||||||||
Oil (/Bbl) | $ | 68.31 | $ | 65.00 | $ | 63.98 | $ | 64.83 | |||||||||||||||
Natural gas (/Mcf) | $ | 3.08 | $ | 2.53 | $ | 3.31 | $ | 2.80 | |||||||||||||||
NGL (/Bbl) | $ | 30.28 | $ | 18.22 | $ | 29.17 | $ | 21.96 | |||||||||||||||
Operating costs and expenses (per Mcfe)(1): | |||||||||||||||||||||||
Gathering, processing and transportation | $ | 0.93 | $ | 0.80 | $ | 0.84 | $ | 0.82 | |||||||||||||||
2
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Lease operating | 0.32 | 0.31 | 0.32 | 0.38 | |||||||||||||||||||
Production and ad valorem taxes | 0.06 | 0.17 | 0.07 | 0.11 | |||||||||||||||||||
| Midstream operations and maintenance expense | 0.07 | 0.04 | 0.07 | 0.04 | |||||||||||||||||||
| Direct operating costs | 1.38 | 1.32 | 1.30 | 1.35 | |||||||||||||||||||
Depreciation, depletion, and amortization | 1.40 | 1.31 | 1.37 | 1.36 | |||||||||||||||||||
General and administrative(2) | 0.39 | 0.29 | 0.58 | 4.23 | |||||||||||||||||||
Total operating expenses | $ | 3.17 | $ | 2.92 | $ | 3.24 | $ | 6.97 | |||||||||||||||
Controllable Cash Costs (per Mcfe): | |||||||||||||||||||||||
Gathering, processing and transportation | $ | 0.93 | $ | 0.80 | $ | 0.84 | $ | 0.82 | |||||||||||||||
Lease operating | 0.32 | 0.31 | 0.32 | 0.38 | |||||||||||||||||||
Production and ad valorem taxes | 0.06 | 0.17 | 0.07 | 0.11 | |||||||||||||||||||
| Midstream operations and maintenance expense | 0.07 | 0.04 | 0.07 | 0.04 | |||||||||||||||||||
Recurring Cash G&A(3) | $ | 0.20 | $ | 0.15 | $ | 0.21 | $ | 0.21 | |||||||||||||||
| Total Controllable Cash Costs | $ | 1.58 | $ | 1.47 | $ | 1.51 | $ | 1.57 | |||||||||||||||
(1) Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.
(2) General and administrative expense (“G&A”) includes a one-time share-based compensation expense of $126.1 million for the six months ended June 30, 2025, incurred in connection with the Company’s initial public offering (the “IPO”) and certain one-time transaction expenses $16.5 million for the six months ended June 30, 2026 associated with the acquisition of assets from Antero Resources Corporation and Antero Midstream LLC (the “Antero Acquisition”).
(3) Recurring Cash G&A is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”
Capital Investment
Capital expenditures incurred during the quarter were $137.3 million, which included $129.1 million on development activities and $8.2 million on land activities.
Financial Position and Liquidity
As of June 30, 2026, Infinity had no borrowings under its revolving credit facility and liquidity of $900.9 million, including $25.9 million of cash and cash equivalents and $875.0 million of available borrowing capacity under its revolving credit facility.
2026 Capital & Production Guidance
Infinity is reaffirming its 2026 capital & production guidance from its fourth quarter 2025 earnings press release. Infinity’s capital budget for 2026 is $450 million to $500 million related to development activities, including drilling and completions 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.
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. During the second quarter of 2026, the Company repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share. As of June 30, 2026, we have $72.3 million remaining under our existing repurchase program.
Conference Call and Webcast Details
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Infinity will host a conference call Tuesday, August 11, 2026, at 10:00 a.m. ET to discuss the results. To participate in the call, register at https://events.q4inc.com/attendee/627523741 or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 627523741. A unique dial-in code will be provided upon registration via link. The conference call will also be webcast live on the Company’s investor relations website at https://ir.infinitynaturalresources.com/. A replay of the call will be available approximately two hours after the live call concludes and will remain accessible for 14 days at https://events.q4inc.com/attendee/627523741 and on the investor relations website.
About Infinity
Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, production and gathering 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 pay future dividends and make share repurchases, expected drilling and completions plans and projected well costs, among other similar statements, 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,” “target,” “outlook,” “guidance,” “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 beliefs, based on currently available information, as to the outcome and timing of future events at the time such statements were 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 capital raising transactions and acquisitions, 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; the impacts of recently enacted legislation; 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, third-party service provider failures, 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; technological advancements, including artificial intelligence and its application in our industry; 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
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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.
Contacts
Infinity Natural Resources, Inc.
Thomas Marchetti
Vice President, Investor Relations
Email: ir@infinitynr.com
Source: Infinity Natural Resources, Inc.
5
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(amounts in thousands, except share and per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Oil, natural gas, and natural gas liquids sales | $ | 170,410 | $ | 72,471 | $ | 321,114 | $ | 156,655 | |||||||||||||||
| Midstream and other revenues | 609 | 2,005 | 4,777 | 2,986 | |||||||||||||||||||
| Total revenues | $ | 171,019 | $ | 74,476 | $ | 325,891 | $ | 159,641 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Gathering, processing, and transportation | 29,401 | 14,515 | 49,124 | 26,585 | |||||||||||||||||||
| Lease operating | 10,028 | 5,583 | 18,944 | 12,354 | |||||||||||||||||||
| Production and ad valorem taxes | 1,902 | 3,071 | 4,251 | 3,703 | |||||||||||||||||||
| Midstream operations and maintenance expense | 2,359 | 711 | 3,837 | 1,374 | |||||||||||||||||||
| Depreciation, depletion, and amortization | 44,414 | 23,652 | 80,074 | 44,910 | |||||||||||||||||||
| General and administrative(1) | 12,411 | 5,265 | 33,824 | 137,015 | |||||||||||||||||||
| Total operating expenses | $ | 100,515 | $ | 52,797 | $ | 190,054 | $ | 225,941 | |||||||||||||||
| Operating income (loss) | 70,504 | 21,679 | 135,837 | (66,300) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest, net | (14,733) | (1,360) | (20,522) | (4,427) | |||||||||||||||||||
| Gain (loss) on derivative instruments | 57,542 | 52,121 | (7,592) | 14,903 | |||||||||||||||||||
| Other income (expense) | 144 | (1,075) | (957) | (1,138) | |||||||||||||||||||
| Net income (loss) before income tax expense (benefit) | 113,457 | 71,365 | 106,766 | (56,962) | |||||||||||||||||||
| Income tax expense (benefit) | 5,458 | (588) | 5,110 | (553) | |||||||||||||||||||
| Net income (loss) | $ | 107,999 | $ | 71,954 | $ | 101,656 | $ | (56,409) | |||||||||||||||
| Net income attributable to Infinity Natural Resources, LLC prior to the reorganization | — | — | — | 9,914 | |||||||||||||||||||
| Net income (loss) attributable to redeemable non-controlling interests | 76,247 | 53,966 | 71,769 | (49,742) | |||||||||||||||||||
| Net income (loss) attributable to Infinity Natural Resources, Inc. | $ | 31,752 | $ | 17,988 | $ | 29,887 | $ | (16,581) | |||||||||||||||
| Weighted-average shares of Class A common stock outstanding: | |||||||||||||||||||||||
| Basic | 18,711,659 | 15,237,500 | 18,190,162 | 15,237,500 | |||||||||||||||||||
| Diluted | 36,207,325 | 15,237,500 | 30,558,472 | 15,237,500 | |||||||||||||||||||
| Net income (loss) attributable to Infinity Natural Resources, Inc. per share of Class A common stock | |||||||||||||||||||||||
Basic(2) | $ | 1.35 | $ | 1.18 | $ | 1.11 | $ | (1.09) | |||||||||||||||
Diluted(2) | $ | 0.88 | $ | 1.18 | $ | 0.98 | $ | (1.09) | |||||||||||||||
(1) G&A includes a one-time share-based compensation expense of $126.1 million for the six months ended June 30, 2025, incurred in connection with the IPO.
6
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(amounts in thousands, except share and per share amounts)
June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 25,883 | $ | 2,849 | |||||||
| Accounts receivable: | |||||||||||
| Oil and natural gas sales, net | 69,690 | 54,836 | |||||||||
| Joint interest and other, net | 36,031 | 12,912 | |||||||||
| Short-term deposit on acquisitions | — | 61,200 | |||||||||
| Prepaid expenses and other current assets | 6,537 | 4,002 | |||||||||
| Commodity derivative assets | 24,599 | 24,838 | |||||||||
| Total current assets | $ | 162,740 | $ | 160,637 | |||||||
| Oil and natural gas properties, full cost method (including $114.2 million and $88.7 million as of June 30, 2026 and December 31, 2025, respectively, excluded from amortization) | 1,971,289 | 1,264,212 | |||||||||
| Midstream and other property and equipment | 352,635 | 57,116 | |||||||||
| Less: Accumulated depreciation, depletion, and amortization | (336,501) | (256,712) | |||||||||
| Property and equipment, net | $ | 1,987,423 | $ | 1,064,616 | |||||||
| Operating lease right-of-use assets, net | 1,852 | 1,147 | |||||||||
| Deferred tax asset, net | 301 | 4,858 | |||||||||
| Other assets | 16,883 | 6,709 | |||||||||
| Commodity derivative assets | 17,918 | 2,885 | |||||||||
| Total assets | $ | 2,187,117 | $ | 1,240,852 | |||||||
| Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 29,852 | $ | 38,572 | |||||||
| Royalties payable | 78,105 | 39,686 | |||||||||
| Accrued liabilities and other | 76,483 | 23,021 | |||||||||
| Operating lease liabilities | 593 | 181 | |||||||||
| Commodity derivative liabilities, short-term | 2,137 | 1,106 | |||||||||
| Total current liabilities | $ | 187,170 | $ | 102,566 | |||||||
| Long-term debt | 538,150 | 150,862 | |||||||||
| Operating lease liabilities, non-current | 1,275 | 966 | |||||||||
| Asset retirement obligations | 7,497 | 3,636 | |||||||||
| Commodity derivative liabilities | 298 | 3,361 | |||||||||
| Tax receivable agreement | 3,592 | 1,537 | |||||||||
| Total liabilities | $ | 737,982 | $ | 262,928 | |||||||
| Series A Preferred Stock ($0.01 par value; 350,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 343,591 | — | |||||||||
| Redeemable non-controlling interest | 706,595 | 670,785 | |||||||||
| Stockholders’ equity | |||||||||||
| Class A common stock ($0.01 par value; 400,000,000 shares authorized, 18,641,598 and 15,542,521 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 186 | 155 | |||||||||
| Class B common stock ($0.01 par value; 150,000,000 shares authorized, 44,780,230 and 45,247,974 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 447 | 452 | |||||||||
| Additional paid-in capital | 382,734 | 310,972 | |||||||||
| Retained earnings (accumulated deficit) | 15,582 | (4,440) | |||||||||
7
| Total stockholders’ equity | 398,949 | 307,139 | |||||||||
| Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock | $ | 2,187,117 | $ | 1,240,852 | |||||||
8
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(amounts in thousands)
Six Months Ended June 30, | |||||||||||
2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 101,656 | $ | (56,409) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion, and amortization | 80,074 | 44,892 | |||||||||
| Amortization of debt issuance costs | 4,313 | 1,090 | |||||||||
| Share-based compensation expense | 5,461 | 129,188 | |||||||||
| Loss (gain) on derivative instruments | 7,592 | (14,903) | |||||||||
| Cash paid on settlement of derivative instruments | (24,419) | (808) | |||||||||
| Non-cash lease expense | 222 | 163 | |||||||||
| Deferred income taxes | 4,557 | (569) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (37,973) | 37,196 | |||||||||
| Prepaid expenses and other | (2,015) | 863 | |||||||||
| Accounts payable | 7,587 | 11,443 | |||||||||
| Royalties payable | 25,363 | 496 | |||||||||
| Accrued and other expenses | 24,091 | (2,941) | |||||||||
| Other assets and liabilities | (232) | (5,070) | |||||||||
| Net cash provided by operating activities | $ | 196,277 | $ | 144,631 | |||||||
| Cash flows from investing activities: | |||||||||||
| Additions to oil and gas properties | (241,128) | (188,271) | |||||||||
| Antero Acquisition | (622,697) | — | |||||||||
| Additions to midstream and other property and equipment | (13,784) | (6,275) | |||||||||
| Net cash used in investing activities | $ | (877,609) | $ | (194,546) | |||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under revolving credit facility | 430,530 | 82,000 | |||||||||
| Payments on revolving credit facility | (581,376) | (307,000) | |||||||||
| Proceeds from issuance of Notes | 550,000 | — | |||||||||
| Proceeds from capital contributions | — | 286,465 | |||||||||
| Proceeds from issuance of Series A Preferred Stock | 350,000 | — | |||||||||
| Payments of credit facility debt issuance costs | (13,625) | (645) | |||||||||
| Payments of Notes debt issuance costs | (11,667) | — | |||||||||
| Shares of Class A common stock withheld for employee tax obligations upon vesting RSUs | (1,201) | — | |||||||||
| Repurchases of Class A common stock | (1,505) | — | |||||||||
| Payments of Series A preferred stock issuance costs | (16,736) | — | |||||||||
| Payments on notes payable | (55) | (66) | |||||||||
| Payments of initial public offering costs | — | (6,760) | |||||||||
| Net cash provided by (used in) financing activities | $ | 704,366 | $ | 53,994 | |||||||
| Net increase (decrease) in cash and cash equivalents | 23,034 | 4,079 | |||||||||
| Cash and cash equivalents at beginning of period | 2,849 | 2,203 | |||||||||
| Cash and cash equivalents at end of period | $ | 25,883 | $ | 6,282 | |||||||
9
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), our earnings release contains non-GAAP financial measures as described below.
Adjusted EBITDAX, Adjusted EBITDAX Margin, Net Debt and Recurring Cash G&A
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.
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.
Recurring Cash G&A is defined as U.S. GAAP general and administrative expense exclusive of the Company’s stock-based compensation and non-recurring transaction expenses. Recurring Cash G&A per Mcfe is defined as Recurring Cash G&A divided by total production for a period. These metrics are used by management because they isolate cash costs within G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. We believe Recurring Cash G&A and Recurring Cash G&A per Mcfe provide external users of the Company’s consolidated financial statements with additional information to assist in their analysis of the Company.
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:
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Net income (loss) | $ | 107,999 | $ | 71,954 | $ | 101,567 | $ | (56,409) | |||||||||||||||
Interest, net | 14,734 | 1,360 | 20,522 | 4,427 | |||||||||||||||||||
Income tax expense (benefit) | 5,458 | (604) | 5,110 | (569) | |||||||||||||||||||
Depreciation, depletion, and amortization | 44,414 | 23,652 | 80,074 | 44,910 | |||||||||||||||||||
(Gain) loss on derivative instruments | (57,542) | (52,121) | 7,592 | (14,903) | |||||||||||||||||||
Net cash settlements received (paid) on derivatives | (6,427) | 2,778 | (24,419) | (806) | |||||||||||||||||||
Non-cash compensation expense | 3,003 | 2,293 | 4,915 | 3,048 | |||||||||||||||||||
Non-recurring transaction expenses(1) | 3,035 | 331 | 16,487 | 127,190 | |||||||||||||||||||
Adjusted EBITDAX | $ | 114,674 | $ | 49,641 | $ | 211,939 | $ | 106,887 | |||||||||||||||
(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.
10
The following table provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt:
June 30, 2026 | December 31, 2025 | |||||||||||||
(in thousands) | ||||||||||||||
Credit facility borrowings | $ | — | $ | 150,862 | ||||||||||
| 7.625% senior notes due 2031 | 550,000 | — | ||||||||||||
Total long-term debt(1) | $ | 550,000 | $ | 150,862 | ||||||||||
Less: Cash and cash equivalents | $ | 25,883 | 2,849 | |||||||||||
Net debt(1) | $ | 524,117 | $ | 148,013 | ||||||||||
(1) Includes $61.2 million of borrowings to fund a short-term deposit associated with the Antero Acquisition as of December 31, 2025.
The following table provides a reconciliation of general and administrative expense, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Recurring Cash G&A:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
General and administrative | 12,411 | 5,265 | 33,824 | 137,015 | ||||||||||||||||||||||
| Non-cash compensation expense | 3,003 | 2,293 | 4,915 | 3,048 | ||||||||||||||||||||||
Non-recurring transaction expenses(1) | 3,035 | 331 | 16,487 | $ | 127,190 | |||||||||||||||||||||
Recurring Cash G&A | $ | 6,373 | $ | 2,641 | $ | 12,421 | $ | 6,777 | ||||||||||||||||||
| Recurring Cash G&A per Mcfe | $ | 0.20 | $ | 0.15 | $ | 0.21 | $ | 0.21 | ||||||||||||||||||
(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.
11