Infinity Natural Resources Announces Third Quarter 2025 Results, Updates 2025 Guidance and Announces $75 Million Share Repurchase Program

Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its third quarter 2025 financial and operating results and updated 2025 guidance. Additionally, Infinity's Board of Directors approved a share repurchase program of up to $75 million.

Third Quarter 2025 & Recent Highlights

• Delivered 39% growth in total net daily production to 36.0 MBoe/d in the third quarter 2025 compared to the third quarter 2024
  • Increased natural gas production 70% compared to third quarter 2024 with an additional three-well natural gas pad expected to be turned in line in the fourth quarter 2025
• Reported net income of $40.0 million
• Delivered Adjusted EBITDAX⁽¹⁾ of $60.0 million, representing an Adjusted EBITDAX Margin⁽¹⁾ of $18.12 / Boe, which we believe is the best among our Appalachian Basin peers
• Placed ten wells into sales in the third quarter totaling approximately 162,000 lateral feet comprised of (a) six oil-weighted wells in the Ohio Utica Shale and (b) four natural gas-weighted wells in the Marcellus Shale in Pennsylvania
• Acquired approximately 3,000 net acres during the quarter, increasing working interest in our active development projects and enhancing future projects
• Generated $186.7 million of net cash provided by operating activities for the nine months ended September 30, 2025
• Development capital expenditures incurred of $83.2 million, including drilling and completion (“D&C”) and midstream
• Total net debt was approximately $70.8 million as of September 30, 2025
• Increased the borrowing base under its revolving credit facility to $375 million on October 1, 2025
• Total liquidity was $304.3 million as of October 1, 2025

(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

"We delivered exceptional operational performance in the third quarter, with production averaging 36.0 MBoe/d, representing 39% total production growth and 70% natural gas production growth compared to the third quarter 2024," said Zack Arnold, President & CEO of Infinity. "Our production growth was driven by bringing ten wells online during the quarter, the most in Company history, in a nearly balanced mix between oil-weighted wells in the Ohio Utica and natural gas wells in the Pennsylvania Marcellus. The turn in lines led to a Company single day net production record of 47.9 MBoe/d in October, continuing to elevate our position as a leading oil and natural gas producer in the Appalachian Basin. We continue to have success in the ground game, adding approximately 3,000 net acres this quarter and approximately 4,300 net acres year to date. These acres are important as they have increased our working interest ahead of the drill bit in our active projects and enhance future development potential."

"We are updating our 2025 guidance ranges, reflecting our enhanced visibility late in the year and continued strong execution. Specifically, we are tightening our net daily production guidance to the high end of the range at 33.5 to 35 MBoe/d and narrowing our development capital expenditures to the high end of our previous ranges. As a growth-oriented company, we remain committed to disciplined capital allocation that creates long-term value. The operational momentum we've built year to date provides a solid foundation as we look ahead to 2026."

"We are also pleased to announce that our Board has approved a $75 million share repurchase program. Given our current stock price, we believe this open market share repurchase program is an opportunistic way to deliver meaningful value to our shareholders," concluded Mr. Arnold.

Operational Update

Infinity’s net daily production for the third quarter of 2025 averaged 36.0 MBoe/d, consisting of 21.0 MBoe/d in Ohio and 15.0 MBoe/d in Pennsylvania. Infinity’s net daily production mix was comprised of approximately 22% oil, 14% NGLs and 64% natural gas. We turned into sales six gross oil-weighted wells (5.5 net) in the Utica Shale in Ohio and four gross natural gas-weighted wells (3.3 net) in the Marcellus Shale in Pennsylvania during the third quarter.

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, 2025 and 2024:

(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 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 ("IPO").

Capital Investment

Capital expenditures incurred during the quarter were $95.0 million, which included $83.2 million on development activities and $11.8 million on land activities.

Financial Position and Liquidity

As of September 30, 2025, Infinity had approximately $4.6 million of cash and cash equivalents and $75.3 million of borrowings under its revolving credit facility. Infinity’s liquidity as of September 30, 2025 totaled approximately $279.3 million comprised of $4.6 million of cash and cash equivalents and approximately $274.7 million of available borrowing capacity under its revolving credit facility. After giving effect to the October 1, 2025 borrowing base increase, Infinity's liquidity was $304.3 million with $299.7 million of available borrowing capacity under its revolving credit facility.

2025 Outlook

Infinity has narrowed its net production guidance to the high end of the previous range of 32 to 35 Mboe/d to 33.5 to 35 Mboe/d for 2025. Infinity has also narrowed its development capital budget for 2025 to $270 million to $292 million, which reflects the combined high end of the previous ranges for D&C and midstream.

Share Repurchase Program

On November 10, 2025, Infinity's 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. Repurchases under the program may be made from time to time in the open market, in privately negotiated transactions, through purchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or by such other means as will comply with applicable state and federal securities laws. The timing of any such repurchases will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.

Conference Call and Webcast Details

Infinity will host a conference call Tuesday, November 11, 2025, at 10:00 a.m. ET to discuss the results. The conference call will be webcast live on the Company's investor relations (IR) website at https://ir.infinitynaturalresources.com/. In addition, you may participate in the conference call by dialing (800) 715-9871 (U.S.), or +1 (646) 307-1963 (International), and referencing "Infinity." A replay of the call will be available for 14 days following the call at the Company’s website or by phone at (800) 770-2030 (U.S.) or +44 20 3433 3849 (International) using the conference ID: 3466956#.

About Infinity

Infinity (NYSE: INR) is a growth oriented, free cash flow generating, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Our operations are focused on the volatile oil window of 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, future capital spending plans, capital efficiency, our ability to make share repurchases, expected drilling and completions plans and projected well costs are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made.

Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond the control of the Company. These include, but are not limited to, 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, continued hostilities in the Middle East 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 in the future, 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 to 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.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(amounts in thousands, except share and per share amounts)

(1) General and administrative expense 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.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(amounts in thousands, except share and per share amounts)

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(amounts in thousands)

Non-GAAP Financial Measures

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

Adjusted EBITDAX, Adjusted EBITDAX Margin and Net Debt

We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income (loss) to arrive at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered more meaningful than or as an alternative to net income (loss) determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production.

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

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

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

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