Infinity Natural Resources (INR) Q4 2025 earnings summary

Executive summary

• Achieved transformational and record operational growth in 2025, with production up 46%–93% year-over-year and significant expansion through strategic acquisitions and partnerships.

• Maintained a balanced, high-quality portfolio with exposure to oil and gas in Ohio and Pennsylvania, integrating upstream and midstream assets for cost and operational advantages.

• Closed $1.2B Ohio Utica acquisition, increased working interest in Pennsylvania, and completed over 420 acquisitions in 2025, expanding inventory and scale.

• Issued $350M perpetual convertible preferred stock and secured strategic equity investments to support acquisitions and balance sheet strength.

• Reported Q4 2025 net income of $80.4M and full-year net income of $64.0M.

Financial highlights

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

• Q4 Adjusted EBITDA/EBITDAX was $94M, with full-year Adjusted EBITDA/EBITDAX at $261M; Q4 margin $3.76/Mcfe or $22.58/Boe.

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

• Operating costs averaged $5.56/Boe in Q4, down 36% year-over-year; all-in F&D costs for 2025 were $0.80/mcfe.

• Year-end 2025 net debt was $148M; liquidity $227M–$226.9M, rising to $413.1M by February 2026.

Outlook and guidance

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

• Development CapEx for 2026 expected at $450–$500M, reflecting increased working interest and midstream investments.

• Plan to operate two rigs, turning 31 gross wells to sales in 2026, with 72% of drilling in Ohio.

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

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