Infinity Natural Resources (INR) Registration Filing summary

Company overview and business model

• Growth-oriented, independent energy company focused on oil and natural gas acquisition, development, and production in the Appalachian Basin.

• Operates in the Utica Shale (volatile oil window, Ohio) and Marcellus/Utica Shale (dry gas, Pennsylvania), with 93,000 net surface acres and 333 gross horizontal drilling locations.

• Balanced portfolio allows optimization of development plans based on commodity price changes.

• Technical team with a decade of experience; strong track record of organic growth and accretive acquisitions.

Financial performance and metrics

• For the nine months ended September 30, 2024: revenues of $189.9M, net income of $67.1M, and Adjusted EBITDAX of $149.5M.

• Pro forma net income per share for the nine months ended September 30, 2024: $1.14; for 2023: $0.31.

• As of September 30, 2024: $1.6M cash, $224.7M outstanding under the credit facility, and $513.8M equity.

• Proved reserves as of December 31, 2023: 141.6 MMBoe (48% developed, 22% oil, 18% NGLs, 60% gas), PV-10 of $938M.

• Production for Q4 2024 estimated at 23–24 MBoe/d (29% oil, 49% liquids).

Use of proceeds and capital allocation

• IPO expected to raise $232.4M net (at $19.50/share midpoint), all proceeds to repay credit facility borrowings and for general corporate purposes.

• 2023 development capex: $141.2M; 2024 estimated at $175–185M, funded from operations.

• Conservative leverage target: net leverage below 1.0x Adjusted EBITDAX.