$INR

INFINITY NATURAL RESOURCES, INC.

CIK:0002029118|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Total revenues

$ 171,019

$ 74,476

$ 325,891

$ 159,641

Operating expenses:

Gathering, processing, and transportation

29,401

14,515

49,124

26,585

Lease operating

10,028

5,583

18,944

12,354

Production and ad valorem taxes

1,902

3,071

4,251

3,703

Midstream operations and maintenance expense

2,359

711

3,837

1,374

Depreciation, depletion, and amortization

44,414

23,652

80,074

44,910

General and administrative

^[1]

12,411

5,265

33,824

137,015

Total operating expenses

100,515

52,797

190,054

225,941

Operating income (loss)

70,504

21,679

135,837

(66,300)

Other income (expense):

Interest, net

(14,733)

(1,360)

(20,522)

(4,427)

Gain (loss) on derivative instruments

57,542

52,121

(7,592)

14,903

Other income (expense)

144

(1,075)

(957)

(1,138)

Net income (loss) before income tax expense (benefit)

113,457

71,365

106,766

(56,962)

Income tax expense (benefit)

5,458

(588)

5,110

(553)

Net income (loss)

107,999

71,954

101,656

(56,409)

Net income attributable to Infinity Natural Resources, LLC prior to the reorganization

9,914

Net income (loss) attributable to redeemable non-controlling interests

76,247

53,966

71,769

(49,742)

Net income (loss) attributable to Infinity Natural Resources, Inc.

$ 31,752

$ 17,988

$ 29,887

$ (16,581)

Weighted-average common stock outstanding—basic (in shares)

18,711,659

15,237,500

18,190,162

15,237,500

Weighted-average common stock outstanding—diluted (in shares)

36,207,325

15,237,500

30,558,472

15,237,500

Net income (loss) attributable to Infinity Natural Resources, Inc.—basic (in dollars per share)

^[2]

$ 1.35

$ 1.18

$ 1.11

$ (1.09)

Net income (loss) attributable to Infinity Natural Resources, Inc. — diluted (in dollars per share)

^[2]

$ 0.88

$ 1.18

$ 0.98

$ (1.09)

Oil, natural gas, and natural gas liquids sales

Revenues:

Total revenues

$ 170,410

$ 72,471

$ 321,114

$ 156,655

Midstream and other revenues

Revenues:

Total revenues

$ 609

$ 2,005

$ 4,777

$ 2,986

[1]	General and administrative expense includes a one-time share-based compensation expense of $126.1 million for the six months ended June 30, 2025, incurred in connection with the Company’s initial public offering (“ IPO”).
[2]	Refer to Note 14 – Earnings Per Share to this Quarterly Report for basic and diluted earnings per share calculations.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 101,656	$ (56,409)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	80,074	44,892
Amortization of debt issuance costs	4,313	1,090
Share-based compensation expense	5,461	129,188
Loss (gain) on derivative instruments	7,592	(14,903)
Cash paid on settlement of derivative instruments	(24,419)	(808)
Non-cash lease expense	222	163
Deferred income taxes	4,557	(569)
Changes in operating assets and liabilities:
Accounts receivable	(37,973)	37,196
Prepaid expenses and other	(2,015)	863
Accounts payable	7,587	11,443
Royalties payable	25,363	496
Accrued and other expenses	24,091	(2,941)
Other assets and liabilities	(232)	(5,070)
Net cash provided by operating activities	196,277	144,631
Cash flows from investing activities:
Additions to oil and gas properties	(241,128)	(188,271)
Antero Acquisition	(622,697)	0
Additions to midstream and other property and equipment	(13,784)	(6,275)
Net cash used in investing activities	(877,609)	(194,546)
Cash flows from financing activities:
Borrowings under revolving credit facility	430,530	82,000
Payments on revolving credit facility	(581,376)	(307,000)
Proceeds from issuance of Notes	550,000	0
Proceeds from capital contributions	0	286,465
Proceeds from issuance of Series A Preferred Stock	350,000	0
Payments of credit facility debt issuance costs	(13,625)	(645)
Payments of Notes debt issuance costs	(11,667)	0
Shares of Class A common stock withheld for employee tax obligations upon vesting RSUs	(1,201)	0
Repurchases of Class A common stock	(1,505)	0
Payments on notes payable	(55)	(66)
Net cash provided by (used in) financing activities	704,366	53,994
Net increase (decrease) in cash and cash equivalents	23,034	4,079
Cash and cash equivalents at beginning of period	2,849	2,203
Cash and cash equivalents at end of period	25,883	6,282
Series A Preferred Stock
Cash flows from financing activities:
Underwriting discounts and commissions	(16,736)	0
Common Stock
Cash flows from financing activities:
Underwriting discounts and commissions	$ 0	$ (6,760)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 25,883	$ 2,849
Oil and natural gas sales, net	69,690	54,836
Joint interest and other, net	36,031	12,912
Short-term deposit on acquisitions	0	61,200
Prepaid expenses and other current assets	6,537	4,002
Commodity derivative assets	24,599	24,838
Total current assets	162,740	160,637
Oil and natural gas properties, full cost method (including $114.2 million and $88.7 million as of June 30, 2026 and December 31, 2025, respectively, excluded from amortization)	1,971,289	1,264,212
Midstream and other property and equipment	352,635	57,116
Less: Accumulated depreciation, depletion, and amortization	(336,501)	(256,712)
Property and equipment, net	1,987,423	1,064,616
Operating lease right-of-use assets, net	1,852	1,147
Deferred tax asset, net	301	4,858
Other assets	16,883	6,709
Commodity derivative assets	17,918	2,885
Total assets	2,187,117	1,240,852
Current liabilities:
Accounts payable	29,852	38,572
Royalties payable	78,105	39,686
Accrued liabilities and other	76,483	23,021
Operating lease liabilities	593	181
Commodity derivative liabilities, short-term	2,137	1,106
Total current liabilities	187,170	102,566
Long-term debt	538,150	150,862
Operating lease liabilities, non-current	1,275	966
Asset retirement obligations	7,497	3,636
Commodity derivative liabilities	298	3,361
Tax receivable agreement	3,592	1,537
Total liabilities	737,982	262,928
Redeemable non-controlling interest	706,595	670,785
Stockholders’ equity
Additional paid-in capital	382,734	310,972
Retained earnings (accumulated deficit)	15,582	(4,440)
Total stockholders’ equity	398,949	307,139
Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock	2,187,117	1,240,852
Series A Convertible Preferred Stock
Current liabilities:
Series A Preferred Stock ($0.01 par value; 350,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	343,591	0
Class A
Stockholders’ equity
Common stock value	186	155
Class B
Stockholders’ equity
Common stock value	$ 447	$ 452