Slide 1: First Quarter 2026 Earnings Call Presentation
First Quarter 2026 Earnings Call Presentation May 2026
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: High Growth, High Return Pure Play Appalachian Operator
High Growth, High Return Pure Play Appalachian Operator ~175,000 net horizon acres balanced across Ohio Pure Play Infinity Ohio: and Pennsylvania Volatile Oil, Rich Gas, and Dry Appalachian Operator Greatest exposure to emerging volatile oil window in Gas Inventory with Owned Midstream in Southe
Slide 4: Continuing to Execute on Plan: First Quarter 2026 Results
Continuing to Execute on Plan: First Quarter 2026 Results Key Highlights Added second rig in January and second frac fleet in March 1Q26 1Q25 Spudded 7 wells totaling ~107,000 lateral feet Total Production 299 159 Volumes MMcfe/d MMcfe/d 3 volatile oil wells in Ohio, 4 dry gas PA Marcellus wel
Slide 5: Why Own Infinity Natural Resources
Why Own Infinity Natural Resources “A differentiated Appalachian E&P combining rare production growth with an integrated, high-margin operating platform.” Balanced High-Quality Portfolio Operational Flexibility $3.4 Billion Economic Projects >2.0x DROI(1) Capital flexibility to shift development
Slide 6: Balanced, High Quality Portfolio
Balanced, High Quality Portfolio 1Q26 Net Production (MMcfe/d) Location Count by State(1) Net Horizon Acres by State (000’s) OH OH OH PA PA PA 119 69 173 299 >400 ~175,000 MMcfe/d Locations Net Acres 179 234 107 1Q26 Production Mix (%) Location Count by Operating Area(1) Net Horizon Acres by Reservo
Slide 7: Expansive High DROI(x) Inventory Across Operating Areas
Expansive High DROI(x) Inventory Across Operating Areas Economic Capital Projects by DROI(1) Total Inventory Lateral Footage by Area (Mft. , %) INR OH Acq. $4.8Bn Legacy INR PA Utica, 812 , 14% Volatile Oil, $3.4 Billion Economic 1,775 , 32% Projects >2.0x DROI PA Marcellus, 1,326 , 24% OH Gas Weigh
Slide 8: Expansive Company Owned Midstream System
Expansive Company Owned Midstream System Key Highlights Ohio Midstream System ~1 Bcf/d of throughput capacity capable of supporting Black Oil INR growth thru end of decade 75% of INR net operated natural gas volumes flowing Dry Gas through system Vast operational reach supporting operating fle
Slide 9: Delivering Growth with Leading Margins
Delivering Growth with Leading Margins 88% production growth from 1Q25, driven by gas-weighted development in 2025 and strategic acquisitions in 1Q26 Production growth and increasing natural gas weighting continuing to drive operational costs lower – down 14% year over year Total Production (MMc
Slide 10: Generating Leading Capital Efficiency
Generating Leading Capital Efficiency 3 Year Average Capital Efficiency Ratio (x)(1)(2) 5.0x 4.0x 3.5x 3.0x 2.1x 2.1x 2.0x 2.0x 1.8x 1.8x 1.8x 1.7x 1.7x 1.6x 1.5x 1.3x 1.3x 1.0x 1.0x 0.0x INR Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer M 2025 EBITDAX Marg
Slide 11: Near Term Development Assets Across Our Portfolio
Near Term Development Assets Across Our Portfolio Volatile Oil Utica (OH) Rich Gas Utica (OH) Dry Gas Marcellus (PA) Deep Dry Gas Utica (PA) Total Company 1Q26 2Q26 2026E 1Q26 2Q26 2026E 1Q26 2Q26 2026E 1Q26 2Q26 2026E 1Q26 2Q26 2026E Wells Spud Gross Wells 3.0 8.0 20.0 - 2.0 13.0 4.0 2.0 9.0 - 1.0
Slide 12: Strong Balance Sheet Supports Strategic and Financial Flexibility
Strong Balance Sheet Supports Strategic and Financial Flexibility Target net leverage of less than 1.0x(1) Significant Liquidity with no Near-Term Maturities $1,000 Active hedge program to support forecasted development and Debt Outstanding cash flow Liquidity under credit facility LC’s Outstand
Slide 13: Appendix
Appendix 13
Slide 14: 2026 Outlook and Guidance
2026 Outlook and Guidance Net Production Additional Commentary 345 – 375 Total Net Production (Mmcfe/d) Anticipated to deliver ~70% production growth year over year at Total Natural Gas Net Production (Mmcf/d) 235 – 255 the midpoint of the range Total Liquids & Oil Net Production (Mbbls/d) 18 – 20
Slide 15: INR Hedge Position and Philosophy
INR Hedge Position and Philosophy INR seeks to mitigate commodity fluctuations by actively hedging its anticipated PDP and near-term development production to support cash management and leverage. Hedging Overview Oil Hedges INR actively hedges within its bank group to secure DROIs and $64.37 $64.
Slide 16: Hedge Book Overview – As of 8-May-26
Hedge Book Overview – As of 8-May-26 FY 2026 FY 2027 FY 2028 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Crude Oil Total Volume (MBbl) 634 685 746 916 2,980 408 405 346 289 1,448 98 88 81 73 340 Daily Volume (Bbl/d) 7,039 7,525 8,111 9,951 8,164 4,533 4,453 3,758 3,139 3,966 1,077 9
Slide 17: Hedge Book Overview – As of 8-May-26
Hedge Book Overview – As of 8-May-26 FY 2029 FY 2030 FY 2031 Q1 Q2 Q3 Q4 2029 Q1 Q2 Q3 Q4 2030 Q1 Q2 Q3 Q4 2031 WTI Fixed Total Volume (MBbl) - - - - - - - - - - - - - - - Daily Volume (Bbl/d) - - - - - - - - - - - - - - - WAVG Floor Price ($ / Bbl) - - - - - - - - - - - - - - - - - Henry Hub Fixed
Slide 18: Hedge Book Overview – As of 8-May-26
Hedge Book Overview – As of 8-May-26 FY 2026 FY 2027 FY 2028 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 Ethane Fixed Total Volume (MGal) 2,441 2,440 2,294 2,137 9,312 1,902 1,854 1,750 1,610 7,116 - - - - - Daily Volume (Gal/d) 27,122 26,813 24,935 23,228 25,512 21,133 20,374 19,022 17,500 1
Slide 19: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Adjusted EBITDAX Adjusted EBITDAX Reconciliation Adjusted EBITDAX is defined as net income (loss) plus interest, net, income Three Months Ended tax expense (benefit), depreciation, depletion, and amortization, unrealized ($ in thousands) 06/30/25 09/30/25 12/
Slide 20: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Proved Reserves Pre-Tax PV-10 Proved Reserves Pre-Tax PV-10 ($mm) Proved Reserves SEC PV-10 represents the estimated present value of the future Fiscal Year Ending December 31, cash flows less future development and production costs from our proved and ($ in
Slide 21: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Capital Efficiency Capital Efficiency (x) Capital Efficiency Ratio means Adjusted EBITDAX per unit of production divided Fiscal Year Ending December 31, by finding and development costs (“F&D”) per mcfe. F&D is calculated by dividing ($ in thousands) 2023 202