Infinity Natural Resources (NYSE: INR) posts strong Q1 2026 growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Infinity Natural Resources reported strong growth in first quarter 2026 as it scales its Appalachian footprint. Revenue rose to $154.9 million from $85.2 million a year earlier, driven by higher production and new midstream activity. Total net daily production increased 88% to 299.3 MMcfe/d, while natural gas net production grew 169% versus first quarter 2025.
The company completed a transformative $1.2 billion acquisition of upstream and midstream assets from Antero entities in Ohio and increased its working interest in Pennsylvania. It also closed a $550 million offering of 7.625% senior notes due 2031 and secured a $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital.
Infinity narrowed its net loss to $6.3 million, or $0.28 per Class A share, compared with a $2.27 loss per share a year earlier. Adjusted EBITDAX rose 70% to $97.3 million, with an Adjusted EBITDAX margin of $3.61 per Mcfe. Net cash from operating activities was $58.4 million, while development capital expenditures totaled $111.5 million within $122.6 million of total capital spending.
As of March 31, 2026, the company reported net debt of $477.0 million and total liquidity of $928.8 million, including $72.98 million of cash and $855.8 million of undrawn revolver capacity. Management reaffirmed 2026 development capital guidance of $450–$500 million and projected 2026 net production between 345 and 375 MMcfe/d.
Positive
- Infinity delivered substantial operational and financial growth, with revenue rising to $154.9 million from $85.2 million, Adjusted EBITDAX increasing 70% to $97.3 million, and total net daily production up 88% to 299.3 MMcfe/d versus the prior-year quarter.
Negative
- Net debt increased to approximately $477.0 million as of March 31, 2026, driven by a $1.2 billion acquisition and a $550 million senior notes issuance, raising financial leverage despite strong liquidity.
Insights
Q1 shows rapid scale-up via acquisitions, with rising leverage and stronger cash generation.
Infinity Natural Resources combined strong organic performance with a major portfolio expansion in Q1 2026. Revenue reached $154.9M, up from $85.2M, as total net daily production rose 88% to 299.3 MMcfe/d and natural gas volumes increased 169% year over year.
The company closed a $1.2B Antero asset acquisition, issued $550M of 7.625% senior notes due 2031, and raised $350M in strategic equity. These transactions materially increase scale and liquidity but also raised net debt to $477.0M, partly offset by liquidity of $928.8M.
Profitability metrics improved as Adjusted EBITDAX climbed 70% to $97.3M with a $3.61/Mcfe margin, while the GAAP net loss narrowed to $6.3M. Investors can track execution against reaffirmed 2026 capital guidance of $450–$500M and targeted production of 345–375 MMcfe/d to gauge how effectively the enlarged asset base converts spending into sustained cash flow.
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
Revenue: $154.9M
Net loss: $6.3M
Adjusted EBITDAX: $97.3M
+5 more
8 metrics
Revenue
$154.9M
Total revenues for the three months ended March 31, 2026
Net loss
$6.3M
Net loss for Q1 2026, $0.28 per Class A share
Adjusted EBITDAX
$97.3M
Q1 2026 Adjusted EBITDAX, up 70% year over year
Antero Acquisition value
$1.2B
Acquisition of upstream and midstream assets in Ohio
Senior notes issuance
$550M at 7.625%
Senior notes due 2031 completed in the quarter
Strategic equity investment
$350M
Equity from Quantum Capital Group and Carnelian Energy Capital
Net debt
$477.0M
Net debt as of March 31, 2026
Liquidity
$928.8M
Cash plus undrawn revolver capacity as of March 31, 2026
Key Terms
Adjusted EBITDAX, Adjusted EBITDAX Margin, non-GAAP financial measures, Utica Shale, +2 more
6 terms
Adjusted EBITDAX financial
"Delivered 70% growth in Adjusted EBITDAX(1) to $97.3 million in the first 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.
Adjusted EBITDAX Margin financial
"Representing an Adjusted EBITDAX Margin(1) of $3.61 / Mcfe, which we believe is the best among our Appalachian Basin peers"
Adjusted EBITDAX margin is a profitability ratio that shows how much of each dollar of revenue remains after removing routine operating costs but before interest, taxes, depreciation, amortization and exploration or similar project costs; “adjusted” means one‑time or unusual items have been removed to make results more comparable. For investors, it highlights underlying cash‑generation and operational efficiency—like measuring how much a store keeps from sales before financing or long‑term wear‑and‑tear—making it easier to compare performance across periods and companies.
non-GAAP financial measures financial
"Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Utica Shale technical
"Our 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.
derivative instruments financial
"Loss on derivative instruments | | | | | (65,134) | | | (37,218)"
Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.
Earnings Snapshot
Revenue: $154.9M · Guidance included
Q1 2026
Revenue
$154.9M
vs $85.2M in Q1 2025
Net loss
$6.3M
narrowed from $128.4M in Q1 2025
Adjusted EBITDAX
$97.3M
+70% year over year
Total net daily production
299.3 MMcfe/d
+88% vs Q1 2025
Guidance
For 2026, Infinity reaffirmed development capital of $450–$500 million and projected net production between 345 and 375 MMcfe/d.
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): May 12, 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 May 12, 2026, Infinity Natural Resources, Inc. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
On May 12, 2026, the Company posted an investor presentation related to the financial and operating results for the quarter ended March 31, 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 May 12, 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: May 12, 2026
Exhibit 99.1
Infinity Natural Resources Announces First Quarter 2026 Results
May 12, 2026
Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its first quarter 2026 financial and operating results.
First Quarter 2026 & Recent Highlights
•Completed the transformative $1.2 billion acquisition of upstream and midstream assets from Antero Resources and Antero Midstream in Ohio (the “Antero Acquisition”) and the acquisition from Chase Oil Corp to increase our working interest in Pennsylvania
•Completed upsized offering of $550 million of 7.625% Senior Notes due 2031
•Completed $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital
•Delivered 88% growth in total net daily production to 299.3 MMcfe/d in the first quarter 2026 compared to the first quarter 2025
•Completed and placed four oil-weighted wells in the volatile oil window of the Ohio Utica Shale into sales in the first quarter totaling approximately 53,000 lateral feet
•Increased natural gas net production 169% in the first quarter 2026 compared to first quarter 2025
•Narrowed net loss to $6.3 million, or $0.28 per share of Class A common stock, during the first quarter 2026 compared to a net loss of $2.27 per share of Class A common stock during the first quarter 2025
•Delivered 70% growth in Adjusted EBITDAX(1) to $97.3 million in the first quarter 2026 compared to the first quarter 2025, representing an Adjusted EBITDAX Margin(1) of $3.61 / Mcfe, which we believe is the best among our Appalachian Basin peers
•Acquired approximately 44,000 net surface acres through acquisitions and approximately 1,285 net surface acres through organic leasing efforts during the quarter
•Generated $58.4 million of net cash provided by operating activities for the quarter
•Incurred $111.5 million of development capital expenditures, including drilling and completion (“D&C”) and midstream
•Total net debt(1) was approximately $477.0 million and total liquidity was $928.8 million as of March 31, 2026
(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."
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Management Commentary
“Our focus at Infinity is executing and advancing development of our assets in a safe and capitally efficient manner,” said Zack Arnold, President and CEO of Infinity. “Following the recent closing of our Ohio and Pennsylvania acquisitions, the preferred equity investment and the successful issuance of our inaugural senior notes, Infinity is well positioned with increased scale, expanded inventory and enhanced financial flexibility to support continued growth across our Appalachian portfolio.”
“Our team is focused on continuing to integrate the newly acquired assets, evaluating development opportunities and identifying operational and infrastructure synergies that can enhance returns. Our integrated upstream and midstream footprint allows us to control the development cadence of our inventory while utilizing existing infrastructure to reduce costs and enhance market access. At the end of the first quarter, approximately 75% of our natural gas volumes were flowing through our owned midstream system.”
“Looking ahead, our development strategy remains focused on disciplined capital allocation and delivering attractive returns. The depth and diversity of our portfolio across the Utica and Marcellus Shales provide meaningful flexibility as we allocate capital to maximize returns. We will continue to align our development plans with hedging opportunities to ensure we remain well positioned as market conditions evolve,” concluded Mr. Arnold.
Operational Update
The following table sets forth information regarding our production, revenues and realized prices and production costs for the first quarter of 2026 and 2025:
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Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Production data: | |||||||||||
Oil (MBbls) | 864 | 742 | |||||||||
Natural gas (MMcf) | 17,531 | 6,519 | |||||||||
NGL (MBbls) | 703 | 561 | |||||||||
Total (MMcfe)(1) | 26,933 | 14,337 | |||||||||
Average daily production (Mcfe/d)(1) | 299,256 | 159,300 | |||||||||
Average wellhead realized prices (before giving effect to realized derivatives): | |||||||||||
Oil (/Bbl) | $ | 65.77 | $ | 63.40 | |||||||
Natural gas (/Mcf) | $ | 4.23 | $ | 3.51 | |||||||
NGL (/Bbl) | $ | 28.17 | $ | 25.49 | |||||||
Average wellhead realized prices (after giving effect to realized derivatives): | |||||||||||
Oil (/Bbl) | $ | 58.40 | $ | 64.70 | |||||||
Natural gas (/Mcf) | $ | 3.54 | $ | 3.30 | |||||||
NGL (/Bbl) | $ | 28.89 | $ | 25.27 | |||||||
Operating costs and expenses (per Mcfe)(1): | |||||||||||
Gathering, processing and transportation | $ | 0.73 | $ | 0.84 | |||||||
Lease operating | 0.33 | 0.47 | |||||||||
Production and ad valorem taxes | 0.09 | 0.04 | |||||||||
| Midstream operations and maintenance expense | 0.05 | 0.05 | |||||||||
Depreciation, depletion, and amortization | 1.32 | 1.48 | |||||||||
General and administrative(2) | 0.80 | 9.19 | |||||||||
Total | $ | 3.32 | $ | 12.08 | |||||||
Controllable Cash Costs (per Mcfe): | |||||||||||
Gathering, processing and transportation | $ | 0.73 | $ | 0.84 | |||||||
Lease operating | 0.33 | 0.47 | |||||||||
Production and ad valorem taxes | 0.09 | 0.04 | |||||||||
| Midstream operations and maintenance expense | 0.05 | 0.05 | |||||||||
Recurring Cash G&A(3) | 0.22 | 0.34 | |||||||||
| Total Controllable Cash Costs | $ | 1.43 | $ | 1.74 | |||||||
(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 three months ended March 31, 2025 incurred in connection with the Company's initial public offering ("IPO").
(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 $122.6 million, which included $111.5 million on development activities ($109.7 million on D&C and $1.8 million on midstream) and $11.1 million on land activities.
Financial Position and Liquidity
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As of March 31, 2026, Infinity had no borrowings under its revolving credit facility, $19.2 million in letters of credit and liquidity of $928.8 million, including $73.0 million of cash and cash equivalents and $855.8 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 earnings press release. 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.
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. As of March 31, 2026, we have $73.8 million remaining under our existing repurchase program.
Conference Call and Webcast Details
Infinity will host a conference call Wednesday, May 13, 2026, at 10:00 a.m. ET to discuss the results.To participate in the call, register at https://events.q4inc.com/analyst/805823647?pwd=C2fZN5eO or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 805823647. 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/80582364 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 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,” "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 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
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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; 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 conflicts, 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.
Contacts
Infinity Natural Resources, Inc.
Thomas Marchetti
Vice President, Investor Relations
Email: ir@infinitynr.com
Source: Infinity Natural Resources, Inc.
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INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(amounts in thousands, except share and per share amounts)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| Oil, natural gas, and natural gas liquids sales | $ | 150,704 | $ | 84,184 | |||||||
| Midstream activities | 4,168 | 981 | |||||||||
| Total revenues | $ | 154,872 | $ | 85,165 | |||||||
| Operating expenses: | |||||||||||
| Gathering, processing, and transportation | 19,723 | 12,070 | |||||||||
| Lease operating | 8,916 | 6,772 | |||||||||
| Production and ad valorem taxes | 2,349 | 632 | |||||||||
| Midstream operations and maintenance expense | 1,478 | 662 | |||||||||
| Depreciation, depletion, and amortization | 35,660 | 21,258 | |||||||||
| General and administrative(1) | 21,413 | 131,750 | |||||||||
| Total operating expenses | $ | 89,539 | $ | 173,144 | |||||||
| Operating income (loss) | 65,333 | (87,979) | |||||||||
| Other income (expense): | |||||||||||
| Interest, net | (5,789) | (3,067) | |||||||||
| Loss on derivative instruments | (65,134) | (37,218) | |||||||||
| Other expense | (1,101) | (63) | |||||||||
| Net loss before income tax expense (benefit) | (6,691) | (128,327) | |||||||||
| Income tax expense (benefit) | (348) | 35 | |||||||||
| Net loss | $ | (6,343) | $ | (128,362) | |||||||
| Net income attributable to Infinity Natural Resources, LLC prior to the reorganization | — | 9,914 | |||||||||
| Net loss attributable to redeemable non-controlling interests | (4,472) | (103,707) | |||||||||
| Net loss attributable to Infinity Natural Resources, Inc. | $ | (1,871) | $ | (34,569) | |||||||
| Net income attributable to Infinity Natural Resources, Inc. per share of Class A common stock | |||||||||||
| Basic: | |||||||||||
| Weighted-average common stock outstanding | 17,662,870 | 15,237,500 | |||||||||
| Net loss per share of Class A common stock | $ | (0.28) | (2.27) | ||||||||
| Diluted: | |||||||||||
| Weighted-average common stock outstanding | 17,662,870 | 15,237,500 | |||||||||
| Net loss per share of Class A common stock | $ | (0.28) | (2.27) | ||||||||
(1) General and administrative expense includes share-based compensation of $126.1 million for the three months ended March 31, 2025, incurred in connection with the Company's IPO.
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INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(amounts in thousands, except share and per share amounts)
March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 72,983 | $ | 2,849 | |||||||
| Accounts receivable: | |||||||||||
| Oil and natural gas sales, net | 72,380 | 54,836 | |||||||||
| Joint interest and other, net | 13,042 | 12,912 | |||||||||
| Short-term deposit on acquisitions | — | 61,200 | |||||||||
| Prepaid expenses and other current assets | 8,474 | 4,002 | |||||||||
| Commodity derivative assets | 10,814 | 24,838 | |||||||||
| Total current assets | $ | 177,693 | $ | 160,637 | |||||||
Oil and natural gas properties, full cost method (including $126.4 million and $88.7 million as of March 31, 2026 and December 31, 2025, respectively excluded from amortization) | 1,842,791 | 1,264,212 | |||||||||
| Midstream and other property and equipment | 343,066 | 57,116 | |||||||||
| Less: Accumulated depreciation, depletion, and amortization | (292,235) | (256,712) | |||||||||
| Property and equipment, net | $ | 1,893,622 | $ | 1,064,616 | |||||||
| Operating lease right-of-use assets, net | 1,684 | 1,147 | |||||||||
| Deferred tax asset, net | 5,211 | 4,858 | |||||||||
| Other assets | 18,585 | 6,709 | |||||||||
| Commodity derivative assets | 2,692 | 2,885 | |||||||||
| Total assets | $ | 2,099,487 | $ | 1,240,852 | |||||||
| Total Liabilities, Stockholders’ Equity, Redeemable Interest and Series A Preferred Stock | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 47,586 | $ | 38,572 | |||||||
| Royalties payable | 59,205 | 39,686 | |||||||||
| Accrued liabilities and other | 65,277 | 23,021 | |||||||||
| Operating lease liabilities | 535 | 181 | |||||||||
| Commodity derivative liabilities, short-term | 30,931 | 1,106 | |||||||||
| Total current liabilities | $ | 203,534 | $ | 102,566 | |||||||
| Long-term debt | 537,648 | 150,862 | |||||||||
| Operating lease liabilities, non-current | 1,149 | 966 | |||||||||
| Asset retirement obligations | 7,424 | 3,636 | |||||||||
| Commodity derivative liabilities | 6,461 | 3,361 | |||||||||
| Tax receivable agreement | 3,585 | 1,537 | |||||||||
| Total liabilities | $ | 759,801 | $ | 262,928 | |||||||
| Series A Preferred Stock ($0.01 par value, 350,000 and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 337,080 | — | |||||||||
| Redeemable non-controlling interest | 822,165 | 670,785 | |||||||||
| Stockholders’ equity / members’ equity | |||||||||||
Class A common stock—$0.01 par value; 400,000,000 shares authorized, 18,751,177 and 15,542,521 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 187 | 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 March 31, 2026 and December 31, 2025, respectively | 447 | 452 | |||||||||
| Additional paid-in capital | 189,222 | 310,972 | |||||||||
| Accumulated deficit | (9,415) | (4,440) | |||||||||
| Total stockholders’ equity | 180,441 | 307,139 | |||||||||
| Total liabilities, stockholders’ equity, redeemable interest and Series A preferred stock | $ | 2,099,487 | $ | 1,240,852 | |||||||
7
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(amounts in thousands)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (6,343) | $ | (128,362) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion, and amortization | 35,660 | 21,258 | |||||||||
| Amortization of debt issuance costs | 1,511 | 527 | |||||||||
| Loss on extinguishment of debt | 316 | — | |||||||||
| Share-based compensation expense | 2,262 | 126,895 | |||||||||
| Loss on derivative instruments | 65,134 | 37,218 | |||||||||
| Cash paid on settlement of derivative instruments | (17,992) | (3,585) | |||||||||
| Non-cash lease expense | 72 | 80 | |||||||||
| Deferred income taxes | (353) | 35 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (17,674) | 22,013 | |||||||||
| Prepaid expenses and other assets | (4,635) | (1,151) | |||||||||
| Accounts payable | (13,697) | (978) | |||||||||
| Royalties payable | 6,463 | 3,319 | |||||||||
| Accrued and other expenses | 7,812 | (4,707) | |||||||||
| Other assets and liabilities | (109) | 1,667 | |||||||||
| Net cash provided by operating activities | $ | 58,427 | $ | 74,229 | |||||||
| Cash flows from investing activities: | |||||||||||
| Additions to oil and gas properties | (75,570) | (105,665) | |||||||||
| Acquisitions of oil and gas properties and midstream assets | (622,534) | — | |||||||||
| Additions to midstream and other property and equipment | (808) | (2,766) | |||||||||
| Net cash used in investing activities | $ | (698,912) | $ | (108,431) | |||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under revolving credit facility | 430,530 | 56,000 | |||||||||
| Payments on revolving credit facility | (581,376) | (304,000) | |||||||||
| Proceeds from issuance of Notes | 550,000 | — | |||||||||
| Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions | — | 286,465 | |||||||||
| Proceeds from issuance of Series A preferred stock | 350,000 | — | |||||||||
| Payments of credit facility debt issuance costs | (13,257) | (645) | |||||||||
| Payments of Notes debt issuance costs | (9,626) | — | |||||||||
| Cancelled shares withheld for taxes from vesting of RSUs | (1,201) | — | |||||||||
| Payments of Series A preferred stock issuance costs | (14,396) | — | |||||||||
| Payments on notes payable | (55) | (37) | |||||||||
| Payments of initial public offering costs | — | (925) | |||||||||
| Net cash provided by financing activities | $ | 710,619 | $ | 36,858 | |||||||
| Net increase in cash and cash equivalents | 70,134 | 2,656 | |||||||||
| Cash and cash equivalents at beginning of period | 2,849 | 2,203 | |||||||||
| Cash and cash equivalents at end of period | $ | 72,983 | $ | 4,859 | |||||||
8
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, 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 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 March 31, | |||||||||||
(in thousands) | 2026 | 2025 | |||||||||
Net income (loss) | $ | (6,343) | $ | (128,363) | |||||||
Interest, net | 5,789 | 3,067 | |||||||||
Income tax expense (benefit) | (348) | 35 | |||||||||
Depreciation, depletion, and amortization | 35,660 | 21,258 | |||||||||
Loss on derivative instruments | 65,134 | 37,218 | |||||||||
Net cash settlements received (paid) on derivatives | (17,992) | (3,585) | |||||||||
Non-cash compensation expense | 1,912 | 755 | |||||||||
Non-recurring transaction expenses(1) | 13,452 | 126,860 | |||||||||
Adjusted EBITDAX | $ | 97,264 | $ | 57,246 | |||||||
(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.
9
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:
March 31, 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 | $ | 72,983 | 2,849 | |||||||||||
Net debt(1) | $ | 477,017 | $ | 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 March 31, | ||||||||||||||
2026 | 2025 | |||||||||||||
(in thousands) | ||||||||||||||
General and administrative | 21,413 | 131,750 | ||||||||||||
| Non-cash compensation expense | 1,912 | 755 | ||||||||||||
Non-recurring transaction expenses(1) | 13,452 | 126,860 | ||||||||||||
Recurring Cash G&A | $ | 6,049 | 4,135 | |||||||||||
(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
FAQ
How did Infinity Natural Resources (INR) perform financially in Q1 2026?
Infinity reported Q1 2026 revenue of $154.9 million, up from $85.2 million a year earlier. Net loss narrowed to $6.3 million, or $0.28 per Class A share, while Adjusted EBITDAX rose 70% to $97.3 million, showing improved operating performance.
What major acquisitions did Infinity Natural Resources (INR) complete in early 2026?
Infinity completed a $1.2 billion acquisition of upstream and midstream assets from Antero Resources and Antero Midstream in Ohio. It also acquired additional working interests from Chase Oil Corp in Pennsylvania, significantly expanding its Appalachian Basin footprint and future development inventory.
How did production change for Infinity Natural Resources (INR) in Q1 2026?
Total net daily production increased 88% to 299.3 MMcfe/d in Q1 2026 versus Q1 2025. Natural gas net production grew 169% year over year, supported by new Ohio Utica wells and acquired volumes, strengthening the company’s scale across the Utica and Marcellus Shales.
What is Infinity Natural Resources’ (INR) liquidity and debt position as of March 31, 2026?
As of March 31, 2026, Infinity reported $477.0 million in net debt and total liquidity of $928.8 million. Liquidity included $73.0 million of cash and $855.8 million of available borrowing capacity on its revolving credit facility, providing financial flexibility.
What capital spending and production guidance did Infinity Natural Resources (INR) give for 2026?
Infinity reaffirmed a $450–$500 million 2026 capital budget for development activities, including drilling, completion and midstream. It expects 2026 net production between 345 and 375 MMcfe/d, with natural gas at 235–255 MMcfe/d and oil and liquids at 18–20 Mbbls/d.
What financing actions did Infinity Natural Resources (INR) take in Q1 2026?
Infinity completed an upsized offering of $550 million 7.625% senior notes due 2031 and closed a $350 million strategic equity investment. These transactions supported the Antero Acquisition, boosted liquidity, and reshaped the company’s capital structure alongside its revolving credit facility.