Infinity Natural Resources (INR) Q4 2024 earnings summary

Executive summary

• Achieved 28% production growth in 2024, averaging 24.1 MBOE per day, with 97% oil production growth and a balanced oil, NGL, and gas mix.

• Completed IPO in early 2025, raising $286.5 million, listing on NYSE, and eliminating all outstanding debt.

• Maintained a strong balance sheet with zero net leverage and $354 million liquidity at year-end 2024.

• Year-end 2024 proved reserves increased 20% to 170.3 MMBoe, with 40% proved developed.

• Operates in both oil and natural gas windows in Appalachia, providing capital allocation flexibility.

Financial highlights

• Full-year 2024 revenues reached $259.0 million, with Adjusted EBITDAX of $195.7 million and net income of $49.3 million.

• Adjusted EBITDAX margin for 2024 was $22.20 per BOE and 76% of revenue.

• Operating costs for Q4 and full-year 2024 were $8.72 and $8.84 per BOE, respectively.

• All-in realized price for 2024 was $29.22 per BOE, despite a 20% drop in natural gas prices.

• D&C capital expenditures totaled $165.8 million; total capital investment was $279.7 million in 2024.

Outlook and guidance

• 2025 net daily production expected between 32–35 MBOE/d, representing ~40% year-over-year growth at midpoint.

• D&C capital budget for 2025 set at $240–$280 million; midstream capital budget $9–$12 million.

• Plan to operate 1.2 rigs in 2025, focusing on both oil and dry gas projects.

• Anticipates a higher proportion of gas-weighted wells in 2025, with oil as a percentage of production mix expected to decline by less than 5%.

• Operational costs per unit expected to decline in 2025 due to increased gas production in Pennsylvania.