Infinity Natural Resources, Inc. · NYSE:INR
Infinity Natural Resources — Q2 2025 Earnings Presentation
21 slides from Infinity Natural Resources's earnings presentation, Aug 12, 2025
Slide 1: 2nd Quarter 2025 Earnings Presentation
2nd Quarter 2025 Earnings Presentation August 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements. This presentation contains “forward-looking statements” that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical fact
Slide 3: Premier Appalachian Operator with Balanced Inventory
Premier Appalachian Operator with Balanced Inventory Infinity Natural Resources Overview Key INR Statistics Unique Appalachian Footprint Top Tier Inventory with Leading Capital Efficiency Ohio Utica Shale Marcellus & Utica Deep Dry Gas Production: 19.5 Mboe/d(1) (Largely HBP) Technical focus with
Slide 4: Balanced Inventory Accommodates All Commodity Environments
Balanced Inventory Accommodates All Commodity Environments INR optimizes the value of its resources with significant inventory within two distinct acreage positions that are uniquely oil and gas focused Gas-Weighted Pennsylvania Dry Gas Oil-Weighted Ohio Utica 152 Locations Flexible Capital Program
Slide 5: Recent Operational Activity
Recent Operational Activity Operational Update Pennsylvania Drilling Operations Targeting longer laterals efficiently; reducing costs, enhancing returns Operated two rigs and two frac fleets for much of Q2’25, busiest quarter on record Dropped to one rig in May and one frac fleet in July, as p
Slide 6: 2nd Quarter 2025 Highlights
2nd Quarter 2025 Highlights Highlights Financial Highlights Continued development activity during quarter: Q2 2025 Q2 2024 Drilled 7 wells and completed 8 wells with 13 WIPs at 6/30 Drilled ~119k lateral feet while completing 777 stages Total Production 33.1 25.2 Drilled the longest well in
Slide 7: High Returns and Low Finding Cost Yields Leading Capital Efficiency
High Returns and Low Finding Cost Yields Leading Capital Efficiency 2024A Capital Efficiency Ratio(1)(2) (x) • Leading capital efficiency among Appalachian peers 3.0x • INR three-year average capital efficiency of 3.5x 2.6x 2.1x • Leading Adjusted EBITDAX margin(2) driven by oil- 2.0x 1.9x 1.7x weig
Slide 8: Low Leverage Provides Operational and Financial Flexibility
Low Leverage Provides Operational and Financial Flexibility Financial Profile and Commentary Leverage Benchmarking vs Select Natural Gas Peers 2nd Quarter 2025 Net Debt(1) / Q2’25A Adjusted EBITDAX(1)(2) • Target net leverage of less than 1.0x (x) • 2nd quarter 2025 leverage of 0.1x(1) provides fina
Slide 9: 2025 Outlook and Guidance
2025 Outlook and Guidance Drilling & Completion Capital Expenditures: $240 million - $280 million Midstream Capital Expenditures: $9 million - $12 million Total Net Daily Production: 32 - 35 MBoe/d Representing growth of approximately 40% over 2024 at the midpoint of the range Development Plan: Anti
Slide 10: Environmental, Social and Governance
Environmental, Social and Governance Infinity’s ESG Focus Achievements • Owns and operates modern, unconventional assets; minimal near- Diligent Tracking and Reporting term P&A liability • Operates in highly regulated operating environment with stringent environmental standards in Ohio and Pennsylva
Slide 11: Investment Highlights
Investment Highlights Core Acreage with Deep, High-Return Drilling Inventory Across Commodities Disciplined, Low-Cost Operator Generating Top Tier Well Results Strategic Long-Term Growth Driven by Deep Appalachian Roots Strong Balance Sheet with Minimal Debt Proven Management Team Backed by Leading
Slide 12: Appendix
Appendix NEN Y- NATURAL RESOURCES
Slide 13: Initial Public Offering Highlights
Initial Public Offering Highlights January 30th, 2025 Priced Initial Public Offering (IPO) $286 million(1) in Proceeds 15.2 million(2) Shares Issued via IPO 60.9 million(3) Total Shares Outstanding (1) Total net proceeds from offering net of underwriting fees, but not net of $10.4 million of estimat
Slide 14: Reserves Summary
Reserves Summary Total Proved Reserves Total Proved Developed Reserves (Net MMBoe) (Net MMBoe) 170 68 69 142 83 33 YE '22 YE '23 YE '24 YE '22 YE '23 YE '24 Inventory Replacement (Stick Count) Reserve Categories(1) Commodity Category(1) 42 328 300 (14) 18% 22% 40% 60% 60% (1) YE '23 FY '24 TILs 2024
Slide 15: Hedge Book Overview
Hedge Book Overview FY 2025 FY 2026 FY 2027 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 WTI Fixed Price Swaps Crude Oil Total Volume (Bbl) 633,800 582,800 551,000 689,600 2,457,200 297,000 249,000 216,000 190,000 952,000 - - - - - Daily Volume (Bbl/d) 7,042 6,404 5,989 7,496 6,732 3,300 2,736
Slide 16: Hedge Book Overview
Hedge Book Overview FY 2025 FY 2026 FY 2027 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Ethane Fixed Price Swaps Ethane Total Volume (Gallons) 3,293,000 3,572,500 3,488,000 3,627,000 13,980,500 - 2,441,000 2,440,000 2,294,000 2,137,000 9,312,000 - - - - - - Daily Volume (Bbl/d) 871 935 903 93
Slide 17: Non-GAAP Definitions
Non-GAAP Definitions Adjusted EBITDAX is defined as net income plus interest, net, income tax expense, depreciation, depletion, and amortization, unrealized gain (loss) on derivative instruments, net cash settlements received (paid) on derivatives, non-cash compensation expense and non-recurring tra
Slide 18: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation (in thousands, unless specified) Three Months Ended Six Months Ended Ended June 30, Ended June 30, 2025 2024 2025 2024 Net Income $71,954 $24,070 ($56,409) $10,014 Interest, net (1,360) (4,398) (4,427) (8,971) Income ta
Slide 19: Reconciliation of PV-10 to Standardized Measure of Oil and Gas
Reconciliation of PV-10 to Standardized Measure of Oil and Gas PV-10 Reconciliation (in thousands, unless specified) December 31, 2024 2023 2022 Future cash inflows $4,181,440 $3,865,302 $3,116,373 (1) Future development costs (652,135) (545,803) (273,522) Future production costs (1,548,957) (1,281,
Slide 20: Reconciliation of All-In F&D
Reconciliation of All-In F&D All-In F&D (in thousands, unless specified) December 31, 2024 2023 2022 Acquisition costs: Proved properties $19,172 274,732 2,066 Unproved properties 89,174 1,047 - Development costs 165,795 144,121 108,544 Exploration costs - - - $274,141 $419,900 $110,610 Reserve Addi
Slide 21: Reconciliation of Capital Efficiency
Reconciliation of Capital Efficiency Capital Efficiency (in thousands, unless specified) December 31, 2024 2023 2022 Adjusted EBITDAX $195,719 126,494 75,971 Adjusted EBITDAX Margin ($ / Boe) $22.20 $18.33 $23.54 All-In F&D ($ / Boe) $7.30 $6.11 $4.08 Capital Efficiency (x) 3.04x 3.00x 5.77x 21
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