Infinity Natural Resources, Inc. · NYSE:INR
Infinity Natural Resources — Q4 2025 Earnings Presentation
23 slides from Infinity Natural Resources's earnings presentation, Mar 11, 2026
Slide 1: Fourth Quarter 2025 Earnings Call Presentation
Fourth Quarter 2025 Earnings Call Presentation March 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 ▪ ~174,000 net horizon acres balanced across Ohio Pure Play and Pennsylvania(1) OHIO PENNSYLVANIA Appalachian (Volatile Oil) ▪ Greatest exposure to emerging volatile oil window in (Utica) Operator ▪ 169.3 MMcfe/d(1) Ohio and deep dry gas Utica
Slide 4: 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 5: Continuing to Execute on Plan: Fourth Quarter and Full Year 2025 Results
Continuing to Execute on Plan: Fourth Quarter and Full Year 2025 Results Key Highlights ▪ 2025 represented the most active operational year in Company history 4Q 2025 FY 2025 ▪ Spudded 25 wells totaling ~405,000 lateral feet(1) Total Production 272 212 Volumes MMcfe/d MMcfe/d ▪ 15 volatile oil wells
Slide 6: Track Record of Execution and Growth
Track Record of Execution and Growth… Since its first acquisition in 2018, Infinity has added ~146,000 net horizon acres through a combination of strategic bolt on acquisitions and privately sourced transactions Average Net Daily Production Since 2021 (MMcfe/d) 300 Ohio Production 272 Pennsylvania P
Slide 7: …While Increasing Cash Flow and Lowering Costs
…While Increasing Cash Flow and Lowering Costs YTD Oil Production (MBbls/d) YTD Nat. Gas Production (MMcfe/d) YTD Total Production (MMcfe/d) 12.0 11.5 11.5 200 300 272 272 162 162 160 240 216 9.0 138 7.8 6.9 120 180 6.0 141 80 71 120 3.0 40 60 0.0 0 0 Q4'24 Q4'25 Q3'25 Q4'25 Q4'24 Q4'25 Q3'25 Q4'25
Slide 8: Balanced Inventory Across Commodities Allows Strategic Flexibility in Ever Changing Environment
Balanced Inventory Across Commodities Allows Strategic Flexibility in Ever Changing Environment INR optimizes the value of its resources within two distinct acreage positions that are uniquely oil and gas focused Rich Gas Utica (OH) and Gas-Weighted Oil-Weighted Ohio Utica Wells TIL’d by Commodity (
Slide 9: With Ample High Return Inventory Across Operating Areas
With Ample High Return 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 10: Resulting in Leading Capital Efficiency
Resulting in 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 Ma
Slide 11: Developing Assets Across Our Portfolio
Developing Assets Across Our Portfolio Volatile Oil Utica (OH) Rich Gas Utica (OH) Dry Gas Marcellus (PA) Deep Dry Gas Utica (PA) Total Company 4Q25 1Q26 2026E 4Q25 1Q26 2026E 4Q25 1Q26 2026E 4Q25 1Q26 2026E 4Q25 1Q26 2026E Wells Spud Gross Wells 6.0 5.0 15.0 3.0 - 16.0 - 6.0 11.0 - - 1.0 9.0 11.0 4
Slide 12: Acquired Midstream Assets Support Development in Ohio Utica while Providing Additional Revenue Opportunities
Acquired Midstream Assets Support Development in Ohio Utica while Providing Additional Revenue Opportunities Addition of strategic midstream system supports development of acquired properties Key Highlights Ohio Infrastructure Map ▪ Acquired strategic assets from Antero Midstream Black Oil ▪ $400 mi
Slide 13: 2026 Outlook and Guidance
2026 Outlook and Guidance Net Production Additional Commentary Total Net Production (Mmcfe/d) 345 – 375 ▪ Anticipated to deliver ~70% production growth year over year at 235 – 255 the midpoint of the range Total Natural Gas Net Production (Mmcf/d) Total Liquids & Oil Net Production (Mbbls/d) 18 – 20
Slide 14: Strong Balance Sheet Supports Strategic and Financial Flexibility
Strong Balance Sheet Supports Strategic and Financial Flexibility ▪ Target net leverage of less than 1.0x Significant Liquidity with no Near-Term Maturities ▪ Maintain active hedge program $1,000 Debt Outstanding ▪ Natural gas hedges extend outward five years Liquidity under credit facility $875 ▪ O
Slide 15: Active Hedge Program to Lock in DROI and Maintain Balance Sheet Strength
Active Hedge Program to Lock in DROI and Maintain Balance Sheet Strength INR seeks to mitigate commodity fluctuations by actively hedging its anticipated PDP and near-term development production to support cash management and leverage. Hedging Philosophy Oil Hedges ▪ INR actively hedges its commodit
Slide 16: Appendix
R KX x Appendix
Slide 17: Reserve Summary as of December 31, 2025
Reserve Summary as of December 31, 2025 Key Points Proved Net Reserve Summary ▪ INR has increased its proved reserves 32% from 1,022 Bcfe to 1,350 Bcfe Natural Gas NGL's Oil Equivalent Undisc. Cash Flow Cap Ex SEC PV-10 Category ▪ INR 2025 all in F&D costs excluding recent (Mmcf) (MBbls) (MBbls) (Mm
Slide 18: Hedge Book Overview – As of 6-Mar-26
Hedge Book Overview – As of 6-Mar-26 FY 2026 FY 2027 FY 2028 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 2027 Q1 Q2 Q3 Q4 2028 WTI Fixed Crude Oil Total Volume (MBbl) 634 685 746 916 2,980 408 405 346 289 1,448 - - - - - Daily Volume (Bbl/d) 7,039 7,525 8,111 9,951 8,164 4,533 4,453 3,758 3,139 3,966 - - - - - WAV
Slide 19: Hedge Book Overview – As of 6-Mar-26
Hedge Book Overview – As of 6-Mar-26 FY 2029 FY 2030 FY 2031 Q1 Q2 Q3 Q4 2029 Q1 Q2 Q3 Q4 2030 Q1 Q2 Q3 Q4 2031 WTI Fixed Total Volume (MBbl) - - - - - - - - - - - - - - - Daily Volume (Bbl/d) - - - - - - - - - - - - - - - WAVG Floor Price ($ / Bbl) - - - - - - - - - - - - - - - - - Henry Hub Fixed
Slide 20: Hedge Book Overview – As of 6-Mar-26
Hedge Book Overview – As of 6-Mar-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 - - - - - - - - - - Daily Volume (Gal/d) 27,122 26,813 24,935 23,228 25,512 - - - - - - - - - - WAVG Floor Price ($ / Gal) $0
Slide 21: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Adjusted EBITDAX Adjusted EBITDAX Reconciliation Adjusted EBITDAX is defined as net income (loss) plus interest, net, income tax Twelve Months Ended expense (benefit), depreciation, depletion, and amortization, unrealized (gain) loss Three Months Ended Decemb
Slide 22: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Proved Reserves Pre-Tax PV-10 Proved Reserves Pre-Tax PV-10 ($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 23: 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
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