Infinity Natural Resources (INR) Q4 2025 earnings summary

Executive summary

• Achieved transformational growth in 2025, with record operational activity and 46%–93% year-over-year production growth, driven by strategic acquisitions and expanded asset base in Ohio and Pennsylvania.

• Maintained operational and financial flexibility, integrating upstream and midstream assets for cost advantages and strong execution across the Appalachian platform.

• Secured $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital, supporting acquisitions and balance sheet strength.

• Closed major acquisitions, including $1.2B Ohio Utica assets and increased working interest in Pennsylvania, enhancing inventory and infrastructure.

• Maintained a balanced, high-quality portfolio with significant exposure to both oil and gas windows.

Financial highlights

• Q4 2025 net production averaged 45.3 MBOE/d (271.6 MMcfe/d); full year averaged 35.3 MBOE/d (211.8 MMcfe/d), up 46%–93% year-over-year.

• Q4 2025 net revenues reached $117.1 million; full-year revenues $356.4 million.

• Adjusted EBITDAX for Q4 was $94M ($3.76/Mcfe or $22.58/Boe); full year Adjusted EBITDAX totaled $261M ($3.38/Mcfe or $20.26/Boe).

• Operating costs averaged $5.56/Boe in Q4, down 36% from prior year; Q4 costs were $23.2 million.

• Year-end net debt was $148M; total liquidity $227M–$413.1M.

Outlook and guidance

• 2026 net production guidance: 345–375 MMcfe/d, representing ~70% year-over-year growth at midpoint.

• Development capital expenditures projected at $450–$500 million.

• Plan to turn 31 gross wells to sales in 2026, with two rigs operating across legacy and newly acquired assets.

• Flexibility to adjust capital allocation based on commodity prices and operational efficiencies.

• Natural gas production forecasted at 235–255 MMcfe/d; oil and liquids at 18–20 Mbbls/d.