Infinity Natural Resources (INR) Q3 2026 earnings summary

Executive summary

• Q3 net production reached 431.7 MMcfe/d, up 100% YoY; Adjusted EBITDAX was $137.7 million, up 130% YoY.

• Q3 revenue rose 148% YoY to $197.6 million; net loss was $0.4 million, including $63.2 million of mark-to-market hedge losses.

• Integration, higher midstream utilization and operating efficiencies supported record results; 2026 Antero-related synergies are expected to exceed $25 million.

Financial highlights

• Q3 Adjusted EBITDAX was $137.7 million versus $60.0 million YoY; nine-month Adjusted EBITDAX was $349.6 million versus $166.8 million.

• Q3 operating income was $79.2 million versus $23.9 million YoY; operating expenses totaled $118.4 million.

• Nine-month revenue increased 119% YoY to $523.5 million; net income was $101.3 million versus a $16.4 million net loss in 2025.

• Q3 capital expenditures were $126.2 million, including $105.9 million for development; nine-month operating cash flow was $333.5 million.

• Q3 oil, gas and NGL sales rose 149% to $195.0 million; midstream and other revenue increased 76% to $2.6 million.

Outlook and guidance

• 2026 net production guidance is 355–375 MMcfe/d, including 235–245 MMcf/d of natural gas and 20–22 Mbbl/d of liquids; production is expected at the high end.

• 2026 development capital guidance narrowed to $450–$475 million, at the lower end of prior guidance; plan includes ~2 operated rigs and 28 wells.

• 2026 cost and capital savings are expected to exceed the previously announced $25 million in Antero-related synergies.

• 2027 activity is modeled similar to 2026; final capital allocation will reflect project economics, inflation, efficiencies, commodity outlook and hedges.

• REX Zone 3 contracted capacity is expected to be maximized in 2027, with estimated net realizations 15%–25% above in-basin pricing, including transportation.