November 10, 2025

Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its third quarter 2025 financial and operating results and updated 2025 guidance. Additionally, Infinity's Board of Directors approved a share repurchase program of up to $75 million.

•Delivered 39% growth in total net daily production to 36.0 MBoe/d in the third quarter 2025 compared to the third quarter 2024

•Increased natural gas production 70% compared to third quarter 2024 with an additional three-well natural gas pad expected to be turned in line in the fourth quarter 2025

•Reported net income of $40.0 million

•Delivered Adjusted EBITDAX(1) of $60.0 million, representing an Adjusted EBITDAX Margin(1) of $18.12 / Boe, which we believe is the best among our Appalachian Basin peers

•Placed ten wells into sales in the third quarter totaling approximately 162,000 lateral feet comprised of (a) six oil-weighted wells in the Ohio Utica Shale and (b) four natural gas-weighted wells in the Marcellus Shale in Pennsylvania

•Acquired approximately 3,000 net acres during the quarter, increasing working interest in our active development projects and enhancing future projects

•Generated $186.7 million of net cash provided by operating activities for the nine months ended September 30, 2025

•Development capital expenditures incurred of $83.2 million, including drilling and completion (“D&C”) and midstream

•Total net debt was approximately $70.8 million as of September 30, 2025

•Increased the borrowing base under its revolving credit facility to $375 million on October 1, 2025

•Total liquidity was $304.3 million as of October 1, 2025

            

(1) Adjusted EBITDAX, Adjusted EBITDAX Margin and net debt are non-GAAP financial measures. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled "Non-GAAP Financial Measures."

"We delivered exceptional operational performance in the third quarter, with production averaging 36.0 MBoe/d, representing 39% total production growth and 70% natural gas production growth compared to the third quarter 2024," said Zack Arnold, President & CEO of Infinity. "Our production growth was driven by bringing ten wells online during the quarter, the most in Company history, in a nearly balanced mix between oil-weighted wells in the Ohio Utica and natural gas wells in the Pennsylvania Marcellus. The turn in lines led to a Company single day net production record of 47.9 MBoe/d in October, continuing to elevate our position as a leading oil and natural gas producer in the Appalachian Basin.

We continue to have success in the ground game, adding approximately 3,000 net acres this quarter and approximately 4,300 net acres year to date. These acres are important as they have increased our working interest ahead of the drill bit in our active projects and enhance future development potential."

"We are updating our 2025 guidance ranges, reflecting our enhanced visibility late in the year and continued strong execution. Specifically, we are tightening our net daily production guidance to the high end of the range at 33.5 to 35 MBoe/d and narrowing our development capital expenditures to the high end of our previous ranges. As a growth-oriented company, we remain committed to disciplined capital allocation that creates long-term value. The operational momentum we've built year to date provides a solid foundation as we look ahead to 2026."

"We are also pleased to announce that our Board has approved a $75 million share repurchase program. Given our current stock price, we believe this open market share repurchase program is an opportunistic way to deliver meaningful value to our shareholders," concluded Mr. Arnold.

Infinity’s net daily production for the third quarter of 2025 averaged 36.0 MBoe/d, consisting of 21.0 MBoe/d in Ohio and 15.0 MBoe/d in Pennsylvania. Infinity’s net daily production mix was comprised of approximately 22% oil, 14% NGLs and 64% natural gas. We turned into sales six gross oil-weighted wells (5.5 net) in the Utica Shale in Ohio and four gross natural gas-weighted wells (3.3 net) in the Marcellus Shale in Pennsylvania during the third quarter.

The following table sets forth information regarding our production, revenues and realized prices and production costs for the three and nine months ended September 30, 2025 and 2024:

     

(1) Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.

(2) General and administrative expense includes a one-time share-based compensation expense of $126.1 million for the nine months ended September 30, 2025 incurred in connection with the Company's initial public offering ("IPO").

Capital expenditures incurred during the quarter were $95.0 million, which included $83.2 million on development activities and $11.8 million on land activities.

As of September 30, 2025, Infinity had approximately $4.6 million of cash and cash equivalents and $75.3 million of borrowings under its revolving credit facility. Infinity’s liquidity as of September 30, 2025 totaled approximately $279.3 million comprised of $4.6 million of cash and cash equivalents and approximately $274.7 million of available borrowing capacity under its revolving credit facility. After giving effect to the October 1, 2025 borrowing base increase, Infinity's liquidity was $304.3 million with $299.7 million of available borrowing capacity under its revolving credit facility.

Infinity has narrowed its net production guidance to the high end of the previous range of 32 to 35 Mboe/d to 33.5 to 35 Mboe/d for 2025. Infinity has also narrowed its development capital budget for 2025 to $270 million to $292 million, which reflects the combined high end of the previous ranges for D&C and midstream.

On November 10, 2025, Infinity's Board of Directors authorized a share repurchase program, whereby we may purchase up to an aggregate of $75.0 million of our Class A common stock. Repurchases under the program may be made from time to time in the open market, in privately negotiated transactions, through purchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or by such other means as will comply with applicable state and federal securities laws. The timing of any such repurchases will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.

Infinity will host a conference call Tuesday, November 11, 2025, at 10:00 a.m. ET to discuss the results. The conference call will be webcast live on the Company's investor relations (IR) website at https://ir.infinitynaturalresources.com/. In addition, you may participate in the conference call by dialing (800) 715-9871 (U.S.), or +1 (646) 307-1963 (International), and referencing "Infinity." A replay of the call will be available for 14 days following the call at the Company’s website or by phone at (800) 770-2030 (U.S.) or +44 20 3433 3849 (International) using the conference ID: 3466956#.

Infinity (NYSE: INR) is a growth oriented, free cash flow generating, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Our operations are focused on the volatile oil window of the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.

Infinity Natural Resources, Inc.

Gregory Pipkin Jr.

Senior Vice President of Corporate Development and Strategy

ir@infinitynr.com

Source: Infinity Natural Resources, Inc.

(amounts in thousands, except share and per share amounts)

(1) General and administrative expense includes a one-time share-based compensation expense of $126.1 million for the nine months ended September 30, 2025 incurred in connection with the IPO.

(amounts in thousands, except share and per share amounts)

			September 30, 2025						December 31, 2024
Assets
Current assets:
Cash and cash equivalents			$	4,572					$	2,203
Accounts receivable:
Oil and natural gas sales, net			37,017						39,314
Joint interest and other, net			12,830						32,229
Prepaid expenses and other current assets			1,566						11,822
Commodity derivative assets			10,823						—
Total current assets			$	66,808					$	85,568
Oil and natural gas properties, full cost method (including $99.0 million and $86.5 million as of September 30, 2025 and December 31, 2024, respectively excluded from amortization)			1,202,629						933,228
Midstream and other property and equipment			55,726						40,053
Less: Accumulated depreciation, depletion, and amortization			(225,508)						(153,233)
Property and equipment, net			$	1,032,847					$	820,048
Operating lease right-of-use assets, net			1,190						1,389
Deferred tax asset, net			4,178						—
Other assets			7,112						8,461
Commodity derivative assets			416						—
Total assets			$	1,112,551					$	915,466
Total Liabilities, Redeemable Interest and Stockholders’ Equity / Members’ Equity
Current liabilities:
Accounts payable			$	68,411					$	51,370
Royalties payable			26,632						23,129
Accrued liabilities			29,301						46,004
Operating lease liabilities			177						247
Commodity derivative liabilities, short-term			4,203						12,596
Total current liabilities			$	128,724					$	133,346
Credit facility borrowings			75,363						259,406
Operating lease liabilities, net of current portion			1,013						1,142
Asset retirement obligations			3,517						2,988
Commodity derivative liabilities			5,387						10,342
Tax Receivable Agreement			1,552						—
Total liabilities			$	215,556					$	407,224
Redeemable non-controlling interest			608,375						—
Stockholders’ equity / members’ equity
Members’ equity			—						508,242
Class A common stock—$0.01 par value; 400,000,000 shares authorized, 15,629,653 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			156						—
Class B common stock—$0.01 par value; 150,000,000 shares authorized, 45,247,974 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			452						—
Additional paid-in capital			312,465						—
Accumulated deficit			(24,453)						—
Total stockholders’ equity / members’ equity			288,620						508,242
Total liabilities, redeemable interest and stockholders’ equity / members’ equity			$	1,112,551					$	915,466

(amounts in thousands)

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), our earnings release contains non-GAAP financial measures as described below.

We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income (loss) to arrive at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered more meaningful than or as an alternative to net income (loss) determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production.

Net debt is defined as total long-term debt less cash and cash equivalents. Management uses net debt to evaluate its financial position, including its ability to service its debt obligations.

The following table provides a reconciliation of our net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein:

The following tables provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt: