Here are a couple of analogies for Infinity Natural Resources:

• They're like a Pioneer Natural Resources for the Appalachian Basin, uniquely focused on developing both oil and natural gas assets.

• Imagine an Appalachian energy company similar to EQT, but with a significant and differentiating focus on profitable oil production alongside natural gas.

• Crude Oil: Infinity Natural Resources extracts and sells crude oil, primarily from the Utica Shale in Ohio.
• Natural Gas: Infinity Natural Resources extracts and sells natural gas from the Marcellus and Utica Shales in Pennsylvania.
• Natural Gas Liquids (NGLs): Infinity Natural Resources extracts and sells natural gas liquids, which are co-produced with natural gas.

Infinity Natural Resources (INR) is an independent energy company focused on the acquisition, development, and production of hydrocarbons (oil, natural gas, and natural gas liquids). As an upstream exploration and production (E&P) company, it sells its raw products primarily to other companies within the energy value chain.

The provided company description does not name specific customer companies. However, based on the nature of its business, INR's major customers would typically include:

• Midstream Companies: These companies gather, process, and transport crude oil, natural gas, and NGLs from production sites to market centers.
• Refineries: For crude oil, these facilities process crude into refined products like gasoline, diesel, and jet fuel.
• Utilities and Industrial Consumers: For natural gas, these include power generation plants, industrial facilities, and local distribution companies that deliver gas to end-users.
• Marketing Companies: These companies purchase hydrocarbons for resale to various end-users or other intermediaries.

Specific names and symbols of these customer companies are not disclosed in the provided background information.

Zack Arnold, President, Chief Executive Officer, and Director

Mr. Arnold co-founded Infinity Natural Resources, LLC in June 2017 and has served as its President and Chief Executive Officer since then. Prior to that, from 2014 to 2017, he was the General Manager of Operations at Northeast Natural Energy. Before joining Northeast Natural Energy, Mr. Arnold held various roles at Chesapeake Energy Corp., including Drilling Engineer, Completions Superintendent, and Operations Manager. He began his career as a Production Engineer with Chevron. Infinity Natural Resources was initially backed by private equity firms Pearl Energy Investments and Natural Gas Partners (NGP).

David Sproule, Executive Vice President, Chief Financial Officer, Principal Accounting Officer, and Director

Mr. Sproule co-founded Infinity Natural Resources, LLC in June 2017 and has been its Executive Vice President and Chief Financial Officer since then. From July 2015 to June 2017, he worked as a consultant, advising exploration and production companies operating within the Appalachian Basin. Before that, Mr. Sproule was a director at Tudor Pickering, Holt & Co., where he advised exploration and production companies, primarily in the Appalachian Basin, on strategic mergers and acquisitions and capital raising activities. Infinity Natural Resources was initially backed by private equity firms Pearl Energy Investments and Natural Gas Partners (NGP).

Brian P. Pietrandrea, Chief Accounting Officer

Mr. Pietrandrea joined Infinity Natural Resources as Chief Accounting Officer in July 2025. He brings over 20 years of experience as an accounting executive, with expertise in SEC reporting, financial operations, and regulatory compliance. Before joining Infinity Natural Resources, Mr. Pietrandrea was with Equitrans Midstream Corporation.

Raleigh Wolfe, General Counsel and Secretary

Mr. Wolfe serves as the General Counsel and Secretary for Infinity Natural Resources.

Ian Costello, Senior Vice President of Operations

Mr. Costello was appointed Senior Vice President of Operations in December 2023, having served as Vice President of Operations for Infinity Natural Resources, LLC since June 2017. Prior to joining Infinity Natural Resources, he held various positions at Northeast Natural Energy in drilling, completions, and production. He is currently an Unconventional Operating Committee member for the Ohio Natural Energy Institute and a Board Member for the Marcellus Shale Coalition.

Infinity Natural Resources (INR) faces several key risks inherent to the independent energy sector, with the most significant being:

1. Commodity Price Volatility: The company's financial performance is highly sensitive to fluctuations in hydrocarbon commodity prices, particularly oil and natural gas. Infinity Natural Resources explicitly states that the "oil component of our production provides greater revenue per Boe resulting in higher operating margins compared to our natural gas focused public peers in the Appalachian Basin." This highlights a significant reliance on favorable oil prices to maintain its competitive advantage and profitability. While the company aims to "optimize our development plan across our portfolio to capitalize on changes in commodity pricing over time," a sustained decline in oil and/or natural gas prices would directly impact its revenue, cash flow, and overall profitability.

2. Regulatory and Environmental Risks: As an oil and natural gas exploration and production company, Infinity Natural Resources is exposed to evolving environmental regulations, potential liabilities, and regulatory changes. Regulatory shifts can significantly disrupt operations, increase compliance costs, and affect market access. The nature of hydrocarbon extraction also carries inherent environmental risks, such as spills or emissions, which could lead to significant financial and reputational damage.

3. Operational and Execution Risks: The company's growth strategy is predicated on the "acquisition, development, and production of hydrocarbons." Achieving this involves inherent operational challenges and execution risks. These include potential cost overruns or delays in developing new wells, difficulties in acquiring new assets, and constraints related to infrastructure and supply chain. Disappointing well results, inflation, or the lack of availability and cost of drilling, completion, and production equipment and services could undermine the company's financial forecasts and growth objectives.

Addressable Market Size for Infinity Natural Resources (INR)

Infinity Natural Resources (INR) primarily operates within the Appalachian Basin, focusing on the production of natural gas, oil, and natural gas liquids (NGLs). The addressable market for these products is the Appalachian Basin region within the United States.

Natural Gas

The Appalachian Basin is the largest natural gas-producing region in the United States. In 2025, natural gas production in the Appalachian Basin reached an average of 36.6 billion cubic feet per day (Bcf/d), accounting for 31% of the total U.S. marketed natural gas production. In 2024, the basin's marketed natural gas production averaged 35.6 Bcf/d. The Marcellus and Utica shales, where INR operates, contributed significantly to this, with combined production averaging approximately 36 Bcf/d in 2023. Pennsylvania, a key state within the basin, produced 7.46 trillion cubic feet of natural gas in 2022, representing 20% of all U.S. natural gas production, making it the second-largest producing state after Texas. Estimates suggest that the Appalachian Basin holds recoverable natural gas exceeding 141 trillion cubic feet, with the Marcellus Shale alone believed to contain the largest volume of recoverable natural gas in the U.S., with an updated estimate of 214 TCF in 2019.

Oil

Oil production in the Ohio Utica/Point Pleasant shale, a core area for INR, has seen substantial growth. Ohio's Utica/Point Pleasant shale production achieved a record of more than 48 million barrels of oil in 2025, which was a 39% increase from the 34.5 million barrels produced in 2024. In July 2025, crude oil production in Ohio reached 151,000 barrels per day (b/d), tripling its volume since mid-2021 and marking an all-time high. This emerging oil play in the Ohio Utica Shale has seen its production grow by 70% since 2021, with a 40% annual increase from 2022 to 2023. First quarter 2024 data indicated Ohio produced 7,227,503 barrels of oil, suggesting 2024 would be another record year for the state's oil output. Across the Appalachian Basin, horizontal oil volumes were approximately 148,000 barrels per day as of December 2024.

Natural Gas Liquids (NGLs)

The Appalachian Basin is also a significant producer of natural gas liquids (NGLs), including ethane, propane, and butane. The Northeast region is identified as the second-largest NGL-producing basin in the United States. Regional fractionation capacity within the Appalachian Basin was projected to reach 1.1 million barrels per day (MMbbl/d) by 2019, with de-ethanization capacity on pace to reach 350,000 bbl/d by the same year. NGLs from the Appalachian Basin are crucial feedstocks for the chemicals and plastics industries. Furthermore, NGLs can be exported from the basin, with the Mariner East system having the capacity to export up to 400,000 barrels per day of NGLs from its Marcus Hook terminal. Northeast NGL production is anticipated to grow by 45 thousand barrels per day (Mb/d) in 2025.

Infinity Natural Resources (INR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• Expansion of Hydrocarbon Production from Extensive Drilling Inventory: The company possesses a substantial drilling inventory of 333 gross horizontal drilling locations, representing 4.6 million lateral feet and implying 19 years of inventory at its current drilling pace. Continued development and placement of new wells into sales, as evidenced by the recent addition of seven Ohio Utica wells, will directly increase production volumes and, consequently, revenue.
• Strategic Acreage and Asset Acquisitions: Infinity Natural Resources has a proven ability to grow its acreage position through "accretive acquisitions" and explicitly states this as a method. Strategic acquisitions will expand its asset base, leading to increased production capacity and revenue growth.
• Continued Emphasis on High-Margin Oil Production: The company highlights its unique advantage with oil volumes, which provide "greater revenue per Boe" compared to natural gas-focused peers. By strategically focusing on and increasing its oil production, as it has done significantly from 300 Bbls/d to approximately 7,110 Bbls/d, INR aims to enhance its revenue per unit of energy produced.
• Optimized Development of Stacked Pay Zones: In Pennsylvania, the company's Marcellus Shale development overlays its deep dry gas Utica assets, enabling highly economic stacked development inventory that leverages shared company-owned midstream infrastructure. This efficient dual-zone development strategy maximizes production from existing acreage, contributing to overall revenue growth.

Share Repurchases

• During the fourth quarter of 2025, Infinity Natural Resources repurchased approximately 87,000 shares of its common stock for a total of approximately $1.2 million at an average price of $13.60 per share.
• In November 2025, the company's Board of Directors authorized a share repurchase program of up to $75 million.

Share Issuance

• Infinity Natural Resources completed its Initial Public Offering (IPO) in early 2025, issuing 15.2 million Class A shares and using approximately $285.0 million to repay borrowings under its credit facility. The IPO raised $265 million by offering 13.3 million shares at $20 per share.
• In February 2025, the underwriters of the IPO fully exercised their over-allotment option, purchasing an additional 1,987,500 shares of Class A common stock at $20.00 per share, resulting in net proceeds of $37,365,000 to the company.
• In conjunction with the Antero acquisition in early 2026, Infinity successfully issued $350 million of perpetual convertible preferred stock to Quantum Capital Group ($275 million) and Carnelian Energy Capital ($75 million).

Inbound Investments

• Infinity Natural Resources received a $350 million strategic preferred equity investment in February 2026 from Quantum Capital Group and Carnelian Energy Capital, which was used to partially fund the acquisition of Ohio Utica assets.

Outbound Investments

• In February 2026, Infinity Natural Resources completed a $1.2 billion acquisition of upstream and midstream assets in the Ohio Utica Shale from Antero Resources and Antero Midstream, increasing its interest in these assets from 51% to 60%.
• Effective January 1, 2026, the company acquired working interests in its South Bend Field in Pennsylvania for approximately 2.5 million shares of its Class A common stock, valued at around $36 million.
• Infinity acquired approximately 2,500 net acres during the fourth quarter of 2025 and about 3,000 net acres during the third quarter of 2025, to increase working interests in its active development projects.

Capital Expenditures

• For fiscal year 2025, Infinity Natural Resources incurred approximately $326 million in capital expenditures, which included $274.7 million for drilling and completion (D&C), $35.5 million for land, and $16.1 million for midstream and infrastructure investments.
• The company's development capital expenditures for 2026 are projected to be between $450 million and $500 million, focusing on drilling, completions, and midstream activities, with a slight increase in capital allocation towards natural gas-weighted development.
• In 2024, total capital expenditures were $279.7 million, with $165.8 million allocated to D&C activities, $5.5 million to midstream, and $108.3 million to maintenance leasehold and land investment.