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, driven by strategic acquisitions and expanded asset base in Ohio and Pennsylvania.

• Maintained operational and financial flexibility, integrating upstream and midstream assets, and entering strategic partnerships.

• Balanced, high-quality portfolio with significant exposure to both oil and gas windows, supported by disciplined capital allocation.

• Secured $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital.

• Placed 23 wells into sales in 2025, totaling approximately 363,000 lateral feet.

Financial highlights

• Q4 2025 net production averaged 45.3 MBOE/d; full year averaged 35.3 MBOE/d, up 46% year-over-year.

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

• Q4 Adjusted EBITDA/EBITDAX was $94M, with full year at $261M, up 104% year-over-year in Q4.

• 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 net debt was $148M; total liquidity $227M; net leverage at -0.3x.

Outlook and guidance

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

• Development capital expenditures projected at $450–$500 million.

• Plan to run two rigs, turn 31 gross wells to sales, and drill >600,000 lateral feet in 2026.

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