Infinity Natural Resources, Inc. · NYSE:INR

Infinity Natural Resources — Merger or Acquisition (December 2025)

13 slides from Infinity Natural Resources's merger presentation, Dec 8, 2025

  1. Slide 1: Transformational Utica Shale Acquisition

    Transformational Utica Shale Acquisition Infinity Acquires Antero’s Ohio Assets December 2025

  2. Slide 2: Transformational Acquisition in Core of Utica Shale

    Transformational Acquisition in Core of Utica Shale INR to acquire undivided 51% interest of a high growth, high-return acquisition adjacent to its existing assets in Ohio that provide yet another significant growth engine Infinity Natural Resources Target acreage Transaction Overview (8/8ths) $1.2

  3. Slide 3: Transformational Acquisition in Ohio Utica Shale

    Transformational Acquisition in Ohio Utica Shale SIGNIFICANT ADDITION TO TOP TIER OHIO UTICA POSITION (~50% INCREASE IN ACREAGE) • Pro forma INR will control ~102k net acres in the Ohio Utica Shale with ~1.4 Tcfe of undeveloped net reserves EXTENDS PREMIUM DRILLING INVENTORY RUNWAY • Highly contiguo

  4. Slide 4: Attractive Purchase Price

    Attractive Purchase Price  Acquisition provides unique combination of high quality midstream and upstream assets capable of delivering growth on both assets  Attractive acquisition multiple of ~4.7x NTM Adjusted EBITDAX and ~3.6x 2027E Adjusted EBITDAX(1)(2)  Implies ~4x NTM Adjusted EBITDAX for

  5. Slide 5: Combination Creates Leading Position in Core of Utica

    Combination Creates Leading Position in Core of Utica Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline Infinity Natural Resources Key Takeaways Target acreage  ~102k Ohio Utica net acres (~166k total net horizon acres)  Adds subst

  6. Slide 6: Bolsters Basin Leading Inventory Quality and Depth

    Bolsters Basin Leading Inventory Quality and Depth Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline Economic Capital Projects by DROI(1) Total Inventory Lateral Footage by Development Area Pro-Forma INR $5.2Bn AR INR PA Utica 14% Ac

  7. Slide 7: Strategic Midstream System Lowers INR Break-evens

    Strategic Midstream System Lowers INR Break-evens Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline System Highlights  ~141 miles of gathering lines and 6 compressor facilities, supporting 600 mmcf/d of throughput capacity  ~90 mil

  8. Slide 8: Delivers Significant Operational and Financial Synergies

    Delivers Significant Operational and Financial Synergies Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline Multiple Avenues for Incremental Value Creation Firm Operational / Land Midstream Transportation Scale ~$25mm of near term ide

  9. Slide 9: Immediately Accretive and Value Enhancing

    Immediately Accretive and Value Enhancing Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline 2026E and 2027E Production  Expect to increase to 2 rigs during calendar year 2026 upon closing acquisition; significantly increases product

  10. Slide 10: Management Committed to Maintaining Financial Discipline

    Management Committed to Maintaining Financial Discipline Enhances Scale Extends Inventory Vertical Integration Significant Synergies Immediate Accretion Financial Discipline Target net leverage of less than 1.0x 2026E Net Leverage (x)  Strategic opportunity with a clear pathway to delever 1.9x 1.8x

  11. Slide 11: Transformational Acquisition in Ohio Utica Shale

    Transformational Acquisition in Ohio Utica Shale SIGNIFICANT ADDITION TO TOP TIER OHIO UTICA POSITION (~50% INCREASE IN ACREAGE) • Pro forma INR will control ~102k net acres in the Ohio Utica Shale with ~1.4 Tcfe of undeveloped net reserves EXTENDS PREMIUM DRILLING INVENTORY RUNWAY • Highly contiguo

  12. Slide 12: Disclaimer

    Disclaimer Forward-Looking Statements. This presentation contains “forward-looking statements” that express Infinity Natural Resources, Inc’s (the “Company”) opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with sta

  13. Slide 13: Disclaimer (Cont.)

    Disclaimer (Cont.) Preliminary Information. This presentation contains certain preliminary estimated production, reserve and financial information of the Antero Ohio Assets as of July 1, 2025. This information is preliminary in nature based only upon information available at this time provided by An

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