Infinity Natural Resources (INR) Q1 2026 earnings summary

Executive summary

• Closed transformative acquisitions in Ohio and Pennsylvania, increasing operated well count from 154 to 395 and expanding midstream system to over 250 miles of pipelines, with 48,000 net horizon acres added and a $1.2 billion asset purchase.

• Achieved 88% year-over-year production growth in Q1 2026 to 299.3 MMcfe/d, driven by acquisitions and gas-weighted development.

• Net revenues reached $154.9 million, up 79% year-over-year, with net loss narrowing to $4.98 million, a significant improvement from prior year.

• Raised $550 million in senior notes and $350 million in preferred equity, expanding liquidity and paying down revolver debt.

• Integration of acquired assets is underway, with focus on operational optimization, onboarding personnel, and maximizing returns.

Financial highlights

• Q1 2026 net production averaged 299 MMcfe/d, with oil production at 9,600 bpd (+16% YoY), natural gas at 195 MMcfe/d (+169% YoY), and NGLs at 7,800 bpd (+25% YoY).

• Revenues reached $155 million; adjusted EBITDAX was $97.3 million with margins of $3.61/Mcfe, highest among Appalachian peers.

• Operating costs per Mcfe declined 14% year-over-year, reaching $0.95–$1.20/Mcfe.

• Controllable cash operating costs were $1.43 per Mcfe, down 18% YoY.

• Capital expenditures totaled $123 million, with $112 million on development and $11 million on land.

Outlook and guidance

• 2026 net production expected to average 345–375 MMcfe/d, with gas at 235–255 MMcfe/d and oil/liquids at 18,000–20,000 bpd, representing 70% YoY growth at midpoint.

• Development capital expenditures for 2026 projected at $450–$500 million.

• Each quarter's production is expected to increase sequentially, with Q4 anticipated as the highest.

• 77% of drilling activity allocated to Ohio, 23% to Pennsylvania, with focus on long laterals averaging 14,000 feet.

• Management remains focused on maintaining liquidity, operational flexibility, and disciplined capital allocation.