Infinity Natural Resources (INR) Registration Filing summary

Company overview and business model

• Growth-oriented, independent energy company focused on acquiring, developing, and producing hydrocarbons in the Appalachian Basin, with a balanced portfolio of oil and natural gas assets across Ohio and Pennsylvania.

• Operates 131 horizontal wells, with 93,000 net surface acres and 334 gross drilling locations, providing 19 years of inventory at current drilling pace.

• Early mover in the Utica Shale's volatile oil window in Ohio and deep dry gas Utica in Pennsylvania, leveraging company-owned midstream infrastructure for operational flexibility.

• Business strategy emphasizes disciplined development, operational efficiency, and opportunistic acquisitions to drive sustainable production and reserve growth.

Financial performance and metrics

• For the nine months ended September 30, 2024, revenues were $189.9 million, with net income of $54.8 million and Adjusted EBITDAX of $149.5 million.

• Year ended December 31, 2023: revenues of $161.7 million, net income of $86.7 million, Adjusted EBITDAX of $126.5 million.

• Proved reserves as of December 31, 2023: 141.6 MMBoe (48% developed), with a PV-10 value of $938 million.

• Production for the nine months ended September 30, 2024 averaged 24,362 Boe/d, up 53% year-over-year.

• Operating expenses per Boe for the nine months ended September 30, 2024: $18.64, up from $14.32 in the prior year period.

Use of proceeds and capital allocation

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

• As of September 30, 2024, $224.7 million was outstanding under the Credit Facility, which matures in September 2028.

• 2024 capital budget for operated development activities is approximately $108.9 million incurred as of September 30, 2024, expected to be funded from operating cash flow.