Infinity Natural Resources swings to $400K Q3 loss
2026 net development capital expenditures are expected at $450 million to $475 million, alongside net production guidance of 355 to 375 MMcfe/d.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Infinity Natural Resources, Inc. (INR) reported third-quarter 2026 revenue of $197.6 million, compared with $79.7 million a year earlier, and a consolidated net loss of $0.4 million versus $40.0 million net income. The loss included $63.2 million of mark-to-market hedge losses. Average daily production reached a record 431.7 MMcfe/d, up 100% year over year, and record Adjusted EBITDAX was $137.7 million.
Operating activities provided $137.2 million of net cash during the quarter; capital expenditures were $126.2 million, including $105.9 million for development. At September 30, 2026, liquidity was $901.2 million, including $26.2 million in cash and $875.0 million of available revolving credit capacity; there were no revolving credit facility borrowings.
For 2026, Infinity narrowed guidance to net capital expenditures related to development activities of $450 million to $475 million and net production of 355 to 375 MMcfe/d. The production range includes natural gas of 235 to 245 MMcfe/d and oil and liquids of 20 to 22 Mbbls/d. Its first deep dry gas Utica well remained on track to turn inline by year-end.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly revenue rose to $197.6 million from $79.7 million a year earlier.
- Moderate pointAdjusted EBITDAX reached $137.7 million, versus $60.0 million in Q3 2025.
- Moderate pointQ3 net production reached 431.7 MMcfe/d, up 100% year over year.
Negative
- Moderate pointQ3 produced a $0.4 million net loss, versus $40.0 million net income.
Filing Explained
At September 30, 350,000 Series A preferred shares were outstanding alongside common stock.
At
The company’s reconciliation defines net debt as total long-term debt less cash and cash equivalents.
For the nine months ended
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, or exhibit attachments filed with this report.
Key Figures
Total revenue: $197.6 million
Net income (loss): $0.4 million net loss
Average daily production: 431.7 MMcfe/d
+5 more
8 metrics
Total revenue
$197.6 million
Three months ended September 30, 2026; $79.7 million in the same period of 2025
Net income (loss)
$0.4 million net loss
Three months ended September 30, 2026; $40.0 million net income in the same period of 2025
Average daily production
431.7 MMcfe/d
Third quarter 2026; up 100% compared with the third quarter of 2025
Adjusted EBITDAX
$137.7 million
Third quarter 2026; $60.0 million in the third quarter of 2025; non-GAAP measure
Net cash provided by operating activities
$137.2 million
Third quarter 2026
Capital expenditures
$126.2 million
Third quarter 2026, including $105.9 million on development activities
Net development capital expenditure guidance
$450 million to $475 million
2026 guidance
Net production guidance
355 to 375 MMcfe/d
2026 guidance
Key Terms
Adjusted EBITDAX, mark-to-market hedge losses, Controllable Cash Costs, Net debt
4 terms
Adjusted EBITDAX financial
"record Adjusted EBITDAX of $137.7 million"
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.
mark-to-market hedge losses financial
"$63.2 million of mark-to-market hedge losses"
Controllable Cash Costs financial
"Controllable Cash Costs (per Mcfe)"
Net debt financial
"Net debt is defined as total long-term debt less cash and cash equivalents"
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.
Earnings Snapshot
Total revenue: $197.6 million · Guidance included
Third quarter 2026
Total revenue
$197.6 million
Compared with $79.7 million in the third quarter of 2025
Net income (loss)
$0.4 million net loss
Compared with $40.0 million net income in the third quarter of 2025
Average daily production
431.7 MMcfe/d
Up 100% compared with the third quarter of 2025
Adjusted EBITDAX
$137.7 million
Compared with $60.0 million in the third quarter of 2025
Guidance
For 2026, net capital expenditures related to development activities, including drilling and completions and midstream, are expected to be $450 million to $475 million. Net production is expected to be 355 to 375 MMcfe/d, including natural gas of 235 to 245 MMcfe/d and oil and liquids of 20 to 22 Mbbls/d.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were INR's third-quarter 2026 revenue and earnings?
INR reported total revenue of $197.6 million and a consolidated net loss of $0.4 million for Q3 2026, compared with revenue of $79.7 million and net income of $40.0 million for Q3 2025. The quarterly loss included $63.2 million of mark-to-market hedge losses.
What was INR's production in Q3 2026?
Net daily production reached 431.7 MMcfe/d. Natural gas net production was 282.6 MMcf/d, up 104% year over year, while oil net production was 14.0 Mbbls/d, up 79%.
What is INR's 2026 production and capital guidance?
Net capital expenditures related to development activities are expected to be $450 million to $475 million. Net production is expected to be 355 to 375 MMcfe/d, including natural gas of 235 to 245 MMcfe/d and oil and liquids of 20 to 22 Mbbls/d.
What synergies does INR expect from the Antero acquisition?
Infinity said it was on track to exceed $25 million in synergies during 2026 associated with the Antero acquisition.
When is INR's third-quarter 2026 earnings call?
Infinity scheduled its results conference call for Tuesday, November 10, 2026, at 10:00 a.m. ET, with a live webcast on its investor relations website.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 9, 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 November 9, 2026 , Infinity Natural Resources, Inc. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
On November 9, 2026 , the Company posted an investor presentation related to the financial and operating results for the quarter ended September 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 November 9, 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: November 9, 2026
Exhibit 99.1
Infinity Natural Resources Announces Third Quarter 2026 Results
and Updates 2026 Guidance
November 9, 2026
Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its third quarter 2026 financial and operating results and narrowed its 2026 guidance.
Third Quarter 2026 Results and Recent Highlights
•Delivered record net daily production of 431.7 MMcfe/d, a 100% increase compared to the third quarter 2025
◦104% increase in natural gas net production to 282.6 MMcf/d
◦79% increase in oil net production to 14.0 Mbbls/d
•Inclusive of $63.2 million of mark-to-market hedge losses, net loss was $(0.4) million
•Delivered record Adjusted EBITDAX(1) of $137.7 million, representing an Adjusted EBITDAX Margin(1) of $3.47 / Mcfe
•Generated $137.2 million of net cash provided by operating activities and incurred $105.9 million of development capital expenditures
•On track to exceed $25 million in synergies during 2026 associated with the Antero acquisition
•Narrowing guidance for 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 U.S. GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”
Management Commentary
“Our third quarter results reflect a transition from integration to execution with record production and Adjusted EBITDAX,” said Zack Arnold, President and CEO of Infinity. “We laid out a clear set of strategic objectives and are demonstrating our ability to execute on those objectives. We delivered meaningful growth while funding nearly all of our capital program from operating cash flow.”
“We produced strong well performance from our acquired Ohio Utica assets and completed our first deep dry gas Utica well, which remains on track to turn inline by year-end. Increased gathering utilization drove sequential declines in per-unit GP&T costs, while our acquired REX Zone 3 capacity was a competitive advantage that helped us achieve stronger pricing realizations in Ohio during the period. These are just some of the efficiencies and synergies that translated into strong Adjusted EBITDAX margins.”
“Moving forward, our focus remains on organic and strategic growth, operational efficiency and maximizing the value of our assets. With a strong balance sheet, integrated midstream infrastructure, good visibility of our cash flow through our hedging program, and a deep inventory of development opportunities, Infinity is well positioned to navigate market conditions, and deliver sustainable long-term stockholder value,” concluded Mr. Arnold.
Operational Update
1
The following table sets forth information regarding our production, revenues and realized prices and production costs for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Production data: | |||||||||||||||||||||||
Oil (MBbls) | 1,288 | 718 | 3,284 | 2,020 | |||||||||||||||||||
Natural gas (MMcf) | 26,001 | 12,722 | 63,257 | 30,660 | |||||||||||||||||||
NGL (MBbls) | 998 | 476 | 2,568 | 1,587 | |||||||||||||||||||
Total (MMcfe)(1) | 39,717 | 19,886 | 98,369 | 52,302 | |||||||||||||||||||
Average daily production (Mcfe/d)(1) | 431,707 | 216,157 | 360,326 | 191,582 | |||||||||||||||||||
Average wellhead realized prices (before giving effect to realized derivatives): | |||||||||||||||||||||||
Oil (/Bbl) | $ | 77.82 | $ | 57.14 | $ | 77.24 | $ | 59.22 | |||||||||||||||
Natural gas (/Mcf) | $ | 2.18 | $ | 2.15 | $ | 2.81 | $ | 2.63 | |||||||||||||||
NGL (/Bbl) | $ | 38.00 | $ | 20.88 | $ | 33.08 | $ | 21.84 | |||||||||||||||
Average wellhead realized prices (after giving effect to realized derivatives): | |||||||||||||||||||||||
Oil (/Bbl) | $ | 65.63 | $ | 61.69 | $ | 64.63 | $ | 63.68 | |||||||||||||||
Natural gas (/Mcf) | $ | 2.83 | $ | 2.37 | $ | 3.12 | $ | 2.63 | |||||||||||||||
NGL (/Bbl) | $ | 35.55 | $ | 21.41 | $ | 31.65 | $ | 20.87 | |||||||||||||||
Operating costs and expenses (per Mcfe)(1): | |||||||||||||||||||||||
Gathering, processing and transportation | $ | 0.82 | $ | 0.64 | $ | 0.83 | $ | 0.75 | |||||||||||||||
Lease operating | 0.33 | 0.26 | 0.32 | 0.31 | |||||||||||||||||||
Production and ad valorem taxes | 0.05 | 0.04 | 0.06 | 0.09 | |||||||||||||||||||
| Midstream operations and maintenance expense | 0.06 | 0.08 | 0.06 | 0.07 | |||||||||||||||||||
| Direct operating costs | 1.26 | 1.02 | 1.28 | 1.23 | |||||||||||||||||||
Depreciation, depletion, and amortization | 1.38 | 1.39 | 1.37 | 1.36 | |||||||||||||||||||
General and administrative(2) | 0.34 | 0.40 | 0.48 | 2.77 | |||||||||||||||||||
Total operating expenses | $ | 2.98 | $ | 2.81 | $ | 3.13 | $ | 5.36 | |||||||||||||||
Controllable Cash Costs (per Mcfe): | |||||||||||||||||||||||
Gathering, processing and transportation | $ | 0.82 | $ | 0.64 | $ | 0.83 | $ | 0.75 | |||||||||||||||
Lease operating | 0.33 | 0.26 | 0.32 | 0.31 | |||||||||||||||||||
Production and ad valorem taxes | 0.05 | 0.04 | 0.06 | 0.09 | |||||||||||||||||||
| Midstream operations and maintenance expense | 0.06 | 0.08 | 0.06 | 0.07 | |||||||||||||||||||
Recurring Cash G&A(3) | $ | 0.18 | $ | 0.28 | $ | 0.20 | $ | 0.24 | |||||||||||||||
| Total Controllable Cash Costs | $ | 1.45 | $ | 1.30 | $ | 1.48 | $ | 1.47 | |||||||||||||||
(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 nine months ended September 30, 2025, incurred in connection with the Company’s initial public offering (the “IPO”) and certain one-time transaction expenses of $16.9 million for the nine months ended September 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 U.S. GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”
2
Capital Investment
Capital expenditures incurred during the quarter were $126.2 million, which included $105.9 million on development activities and $20.3 million on land and other activities.
Financial Position and Liquidity
As of September 30, 2026, Infinity had no borrowings outstanding under its revolving credit facility and liquidity of $901.2 million, including $26.2 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 narrowing its 2026 capital & production guidance for 2026. Net capital expenditures related to development activities, including drilling and completions and midstream, are expected to be between $450 million and $475 million. Net production is expected to be between 355 and 375 MMcfe/d for 2026, with natural gas expected to be between 235 and 245 MMcfe/d and oil and liquids expected to be between 20 and 22 Mbbls/d.
Conference Call and Webcast Details
Infinity will host a conference call Tuesday, November 10, 2026, at 10:00 a.m. ET to discuss the results. To participate in the call, register at https://events.q4inc.com/analyst/336214291?pwd=GSZLPM2t or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 336 214 291. 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/336214291 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 and 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
3
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 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.
4
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(amounts in thousands, except share and per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Oil, natural gas, and NGL sales | $ | 194,990 | $ | 78,254 | $ | 516,104 | $ | 234,909 | |||||||||||||||
| Midstream and other revenue | 2,593 | 1,472 | 7,370 | 4,458 | |||||||||||||||||||
| Total revenues | $ | 197,583 | $ | 79,726 | $ | 523,474 | $ | 239,367 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Gathering, processing, and transportation | 32,578 | 12,737 | 81,702 | 39,322 | |||||||||||||||||||
| Lease operating | 12,961 | 5,102 | 31,905 | 16,463 | |||||||||||||||||||
| Production and ad valorem taxes | 2,101 | 799 | 6,352 | 4,502 | |||||||||||||||||||
| Midstream operations and maintenance expense | 2,482 | 1,553 | 6,319 | 3,920 | |||||||||||||||||||
| Depreciation, depletion, and amortization | 54,664 | 27,579 | 134,738 | 72,489 | |||||||||||||||||||
General and administrative(1) | 13,576 | 8,053 | 47,399 | 145,068 | |||||||||||||||||||
| Total operating expenses | $ | 118,362 | $ | 55,823 | $ | 308,415 | $ | 281,764 | |||||||||||||||
| Operating income (loss) | 79,221 | 23,903 | 215,059 | (42,397) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest, net | (13,488) | (2,290) | (34,010) | (6,717) | |||||||||||||||||||
| Gain (loss) on derivative instruments | (64,410) | 15,250 | (72,002) | 30,153 | |||||||||||||||||||
| Other expense | (1,329) | (232) | (2,287) | (1,370) | |||||||||||||||||||
| Net income (loss) before income tax expense (benefit) | (6) | 36,631 | 106,760 | (20,331) | |||||||||||||||||||
| Income tax expense (benefit) | 377 | (3,383) | 5,487 | (3,936) | |||||||||||||||||||
| Net income (loss) | $ | (383) | $ | 40,014 | $ | 101,273 | $ | (16,395) | |||||||||||||||
| Net income attributable to Infinity Natural Resources, LLC prior to the IPO reorganization transaction | — | — | — | 9,914 | |||||||||||||||||||
| Net income (loss) attributable to redeemable non-controlling interests | (261) | 29,610 | 71,508 | (19,469) | |||||||||||||||||||
| Net income (loss) attributable to Infinity Natural Resources, Inc. | $ | (122) | $ | 10,404 | $ | 29,765 | $ | (6,840) | |||||||||||||||
| Weighted-average shares of Class A common stock outstanding: | |||||||||||||||||||||||
| Basic | 19,435,466 | 15,433,443 | 18,609,825 | 15,303,532 | |||||||||||||||||||
| Diluted | 19,435,466 | 15,895,944 | 18,643,047 | 15,303,532 | |||||||||||||||||||
| Net income (loss) attributable to Infinity Natural Resources, Inc. per share of Class A common stock | |||||||||||||||||||||||
Basic | $ | (0.37) | $ | 0.67 | $ | 0.69 | $ | (0.45) | |||||||||||||||
Diluted | $ | (0.37) | $ | 0.65 | $ | 0.69 | $ | (0.45) | |||||||||||||||
(1) G&A includes a one-time share-based compensation expense of $126.1 million for the nine months ended September 30, 2025, incurred in connection with the IPO.
5
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(amounts in thousands, except share and per share amounts)
September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 26,176 | $ | 2,849 | |||||||
| Accounts receivable: | |||||||||||
| Oil and natural gas sales, net | 89,567 | 54,836 | |||||||||
| Joint interest and other, net | 37,120 | 12,912 | |||||||||
| Short-term deposit on acquisitions | — | 61,200 | |||||||||
| Prepaid expenses and other current assets | 5,605 | 4,002 | |||||||||
| Commodity derivative assets | 18,437 | 24,838 | |||||||||
| Total current assets | $ | 176,905 | $ | 160,637 | |||||||
| Oil and natural gas properties, full cost method (including $131.6 million and $88.7 million as of September 30, 2026 and December 31, 2025, respectively, excluded from amortization) | 2,089,874 | 1,264,212 | |||||||||
| Midstream and other property and equipment | 358,811 | 57,116 | |||||||||
| Less: Accumulated depreciation, depletion, and amortization | (390,883) | (256,712) | |||||||||
| Property and equipment, net | $ | 2,057,802 | $ | 1,064,616 | |||||||
| Operating lease right-of-use assets, net | 2,340 | 1,147 | |||||||||
| Deferred tax asset, net | — | 4,858 | |||||||||
| Other assets | 14,959 | 6,709 | |||||||||
| Commodity derivative assets | 2,413 | 2,885 | |||||||||
| Total assets | $ | 2,254,419 | $ | 1,240,852 | |||||||
| Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 78,471 | $ | 38,572 | |||||||
| Royalties payable | 97,645 | 39,686 | |||||||||
| Accrued liabilities and other | 43,903 | 23,021 | |||||||||
| Operating lease liabilities | 697 | 181 | |||||||||
| Commodity derivative liabilities, short-term | 31,320 | 1,106 | |||||||||
| Total current liabilities | $ | 252,036 | $ | 102,566 | |||||||
| Long-term debt | 538,763 | 150,862 | |||||||||
| Operating lease liabilities, non-current | 1,643 | 966 | |||||||||
| Asset retirement obligations | 7,729 | 3,636 | |||||||||
| Commodity derivative liabilities | 12,657 | 3,361 | |||||||||
| Tax Receivable Agreement | 6,396 | 1,537 | |||||||||
| Deferred tax liability, net | 4,229 | — | |||||||||
| Total liabilities | $ | 823,453 | $ | 262,928 | |||||||
| Series A Preferred Stock ($0.01 par value; 350,000 and 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) | 336,470 | — | |||||||||
| Redeemable non-controlling interest | 706,334 | 670,785 | |||||||||
| Stockholders’ equity | |||||||||||
| Class A common stock ($0.01 par value; 400,000,000 shares authorized, 20,163,179 shares issued and outstanding as of September 30, 2026 and 15,542,521 shares issued and outstanding as of December 31, 2025) | 201 | 155 | |||||||||
| Class B common stock ($0.01 par value; 150,000,000 shares authorized, 43,258,649 shares issued and outstanding as of September 30, 2026 and 45,247,974 shares issued and outstanding as of December 31, 2025) | 432 | 452 | |||||||||
| Additional paid-in capital | 379,125 | 310,972 | |||||||||
| Retained earnings (accumulated deficit) | 8,404 | (4,440) | |||||||||
6
| Total stockholders’ equity | 388,162 | 307,139 | |||||||||
| Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock | $ | 2,254,419 | $ | 1,240,852 | |||||||
7
INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(amounts in thousands)
Nine Months Ended September 30, | |||||||||||
2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 101,273 | $ | (16,395) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion, and amortization | 134,762 | 72,489 | |||||||||
| Amortization of debt issuance costs | 6,798 | 1,705 | |||||||||
| Share-based compensation expense, including amounts capitalized | 8,745 | 131,441 | |||||||||
| Loss (gain) on derivative instruments | 72,002 | (30,153) | |||||||||
| Cash (paid) and received on settlement of derivative instruments | (25,618) | 5,567 | |||||||||
| Non-cash lease expense | 399 | 205 | |||||||||
| Deferred income taxes | 4,933 | (4,178) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (58,939) | 21,696 | |||||||||
| Prepaid expenses and other | (1,084) | 645 | |||||||||
| Accounts payable | 36,883 | 11,521 | |||||||||
| Royalties payable | 44,903 | 3,503 | |||||||||
| Accrued and other expenses | 9,017 | (4,695) | |||||||||
| Other assets and liabilities | (600) | (6,651) | |||||||||
| Net cash provided by operating activities | $ | 333,474 | $ | 186,700 | |||||||
| Cash flows from investing activities: | |||||||||||
| Additions to oil and gas properties | (355,455) | (269,115) | |||||||||
| Antero Acquisition | (620,500) | — | |||||||||
| Additions to midstream and other property and equipment | (25,020) | (10,182) | |||||||||
| Net cash used in investing activities | $ | (1,000,975) | $ | (279,297) | |||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under Credit Facility | 462,530 | 143,000 | |||||||||
| Payments on Credit Facility | (613,376) | (327,000) | |||||||||
| Proceeds from issuance of Notes | 550,000 | — | |||||||||
| Proceeds from issuance of Class A common stock in IPO, 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 | (13,420) | (645) | |||||||||
| Payments of Notes debt issuance costs | (11,794) | — | |||||||||
| Shares of Class A common stock withheld for employee tax obligations upon vesting RSUs | (1,201) | (8) | |||||||||
| Repurchases of Class A common stock | (1,505) | — | |||||||||
| Payments of Series A Preferred Stock issuance costs | (16,239) | — | |||||||||
| Payments on notes payable | (55) | (86) | |||||||||
| Payment of Series A Preferred Stock dividends | (14,112) | — | |||||||||
| Payments of IPO costs | — | (6,760) | |||||||||
| Net cash provided by (used in) financing activities | $ | 690,828 | $ | 94,966 | |||||||
| Net increase (decrease) in cash and cash equivalents | 23,327 | 2,369 | |||||||||
| Cash and cash equivalents at beginning of period | 2,849 | 2,203 | |||||||||
| Cash and cash equivalents at end of period | $ | 26,176 | $ | 4,572 | |||||||
8
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-cash compensation expense and non-recurring transaction expenses. 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Net income (loss) | $ | (383) | $ | 40,014 | $ | 101,273 | $ | (16,395) | |||||||||||||||
Interest, net | 13,488 | 2,290 | 34,010 | 6,717 | |||||||||||||||||||
Income tax expense (benefit) | 377 | (3,383) | 5,487 | (3,936) | |||||||||||||||||||
Depreciation, depletion, and amortization | 54,664 | 27,579 | 134,738 | 72,489 | |||||||||||||||||||
(Gain) loss on derivative instruments | 64,410 | (15,250) | 72,002 | (30,153) | |||||||||||||||||||
Net cash settlements received (paid) on derivatives | (1,198) | 6,374 | (25,618) | 5,567 | |||||||||||||||||||
Non-cash compensation expense | 2,957 | 172 | 7,872 | 5,301 | |||||||||||||||||||
Non-recurring transaction expenses(1) | 3,348 | 2,253 | 19,835 | 127,191 | |||||||||||||||||||
Adjusted EBITDAX | 137,663 | 60,049 | 349,599 | 166,781 | |||||||||||||||||||
(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:
September 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 | $ | 26,176 | 2,849 | |||||||||||
Net debt(1) | $ | 523,824 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
General and administrative | 13,576 | 8,053 | 47,399 | 145,068 | ||||||||||||||||||||||
| Non-cash compensation expense | 2,957 | 172 | 7,872 | 5,301 | ||||||||||||||||||||||
Non-recurring transaction expenses(1) | 3,348 | 2,253 | 19,835 | $ | 127,191 | |||||||||||||||||||||
Recurring Cash G&A | $ | 7,271 | $ | 5,628 | $ | 19,692 | $ | 12,576 | ||||||||||||||||||
| Recurring Cash G&A per Mcfe | $ | 0.18 | $ | 0.28 | $ | 0.20 | $ | 0.24 | ||||||||||||||||||
(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