Infinity Natural Resources (INR) Registration Filing summary

Company overview and business model

• Growth-oriented, independent energy company focused on oil and natural gas in the Appalachian Basin, with a balanced portfolio of high-return drilling locations in the Utica and Marcellus Shales.

• Operates 125 horizontal wells (as of June 30, 2024), with 25 Mboe/d net daily production, 29% oil and 48% liquids.

• Strategy emphasizes disciplined development, operational efficiency, and financial flexibility, leveraging technical expertise and local presence.

• Recent acquisitions expanded Ohio Utica oil position and added significant drilling inventory.

Financial performance and metrics

• For the six months ended June 30, 2024: $120.7M in revenues, $10.0M net income, $92.6M Adjusted EBITDAX.

• For the year ended December 31, 2023: $161.7M in revenues, $86.7M net income, $126.5M Adjusted EBITDAX.

• As of June 30, 2024: $6.9M cash, $187.5M debt outstanding, $468.9M equity.

• Proved reserves as of December 31, 2023: 141,587 MBoe (48% developed; 22% oil, 18% NGLs, 60% gas), PV-10 of $938.4M.

• Production for 2023: 1,205 MBbl oil, 27,506 MMcf gas, 1,112 MBbl NGLs; average realized prices: $70.77/Bbl oil, $1.80/Mcf gas, $22.16/Bbl NGL.

Use of proceeds and capital allocation

• Net proceeds from IPO will be contributed to INR Holdings and used to repay outstanding borrowings under the Credit Facility and for general corporate purposes.

• 2024 capital budget for operated development activities is approximately $95.1M incurred as of June 30, 2024, expected to be funded from operating cash flow.