Infinity Natural Resources, Inc. · NYSE:INR
Infinity Natural Resources — Q1 2025 Earnings Presentation
21 slides from Infinity Natural Resources's earnings presentation, May 13, 2025
Slide 1: 1st Quarter 2025 Earnings Presentation
1st Quarter 2025 Earnings Presentation May 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 (Largely HBP) Technical focus with sector leading operational
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 149 Locations Flexible Capital Program
Slide 5: Recent Operational Activity
Recent Operational Activity Operational Update Pennsylvania Drilling Operations • Maintained continuous operations despite challenging winter conditions, drilling ~62k lateral feet and completing 522 stages during the period • Added a second, spot rig to accelerate natural gas weighted development •
Slide 6: 1st Quarter 2025 Highlights
1st Quarter 2025 Highlights Operational Highlights Financial Highlights Most operationally active quarter in company history Q1 2025 Q1 2024 Turned in line one oil weighted well and five natural gas weighted wells totaling approximately 83k lateral feet Total Production 26.5 21.2 Drilled the f
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 1st Quarter 2025 Net Debt(1) / Q1’25A Adjusted EBITDAX(1)(2) • Target net leverage of less than 1.0x (x) • 1st quarter 2025 leverage of 0.0x(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) 633,800 582,800 551,000 419,600 2,187,200 131,000 124,000 116,000 107,000 478,000 - - - - - Daily Volume (Bbl/d) 7,042 6,404 5,989 4,561 5,992 1,456 1,363
Slide 16: Hedge Book Overview
Hedge Book Overview FY 2025 FY 2025 FY 2027 ai a2 a3 04 2025 ai a2 3 a4 2026 ai a2 a3 Q4 2027 Ethane Fixed Price Swaps Total Volume (Gallons) 3,293,000 3,033,500 2,828,000 2,625,000 11,779,500 2,300,000 2,190,000 1,796,000 1,713,000 7,999,000 E E : : 2 Daily Volume (Bbid) Cal 794 732 679 768 08 513
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 interest expense (amortization) and non-re
Slide 18: Reconciliation of Adjusted EBITDAX to Net Income
Reconciliation of Adjusted EBITDAX to Net Income Adjusted EBITDAX Reconciliation (in thousands, unless specified) For the Year Ended For the Three Months Ended December 31, Ended March 31, 2024 2023 2025 2024 Net Income $49,286 $86,672 ($128,363) ($14,056) Interest, net 21,529 11,910 3,067 4,573 Inc
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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