Infinity Natural Resources Announces Q1 2025 Results and Maintains 2025 Guidance

Source: www.gulfoilandgas.com 5/12/2025, Location: North America

Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its first quarter 2025 financial and operating results.

First Quarter 2025 & Recent Highlights

Placed into sales six wells on budget and ahead of schedule during the quarter totaling approximately 83,000 lateral feet comprised of (a) one oil well in the Utica Shale in Ohio in early January and (b) five natural gas wells in late March in the Marcellus Shale in Pennsylvania
Accelerated a natural gas weighted project by contracting a second drilling rig to drill four natural gas weighted wells in the Marcellus Shale in Pennsylvania expected to be turned into sales this summer
Delivered total net daily production of 26.5 MBoe/d, approximately 31% oil and 55% liquids Reported net loss of $128.4 million, which includes a one-time non-cash share-based compensation expense of $126.1 million related to the IPO
Delivered Adjusted EBITDAX(1) of $57.2 million, representing an Adjusted EBITDAX Margin(1) of $23.96 / Boe, which is an increase of $1.73 / Boe from the first quarter of 2024
Generated $74.2 million of net cash provided by operating activities
Drilling and completion (“D&C”) capital expenditures incurred of $78.2 million and midstream capital expenditures incurred of $3.5 million
Total net debt was reduced by approximately $250.7 million to approximately $6.6 million as of March 31, 2025
Total liquidity was $343.6 million as of March 31, 2025

Management Commentary

"We delivered strong operational performance in the first quarter, with production of approximately 26.5 MBoe/d, representing 13% sequential growth over fourth quarter 2024, driven by consistent well performance across our asset base," said Zack Arnold, President & CEO of Infinity. "Despite unseasonably cold weather in the Northeast that impacted operating costs for well maintenance and additional equipment needs, our team's operational excellence allowed us to maintain strong production levels and bring wells online ahead of schedule. I'm proud of our team's execution through these challenging conditions."

"Our flexible operating model and balanced portfolio across the Marcellus and Utica Shales enable us to pivot between oil and natural gas development based on market conditions. This adaptability, combined with our clean balance sheet, positions us to fund development through cash flow while pursuing strategic opportunities that create long-term value for our stakeholders.”

"Looking ahead to the second quarter, we're executing as planned and remain on track with the development program embedded in our full year 2025 outlook. The macro landscape has recently shifted and market sentiment remains cautious about the outlook for oil prices in the back half of this year. However, the market remains more constructive regarding natural gas prices. In response to the current environment, we have elected to bring forward our next natural gas project. We will be constructing this pad during the second quarter and expect to begin drilling these wells this summer. Concurrently, we are reviewing our oil-weighted development plans in the second half of the year and will be flexible with our operations depending on estimated project returns as we progress through our one rig schedule," concluded Mr. Arnold.

Operational Update

Infinity’s net daily production for the first quarter of 2025 averaged 26.5 MBoe/d, consisting of 22.7 MBoe/d in Ohio and 3.9 MBoe/d in Pennsylvania. Infinity’s net daily production mix was comprised of approximately 31% oil, 23% NGLs and 45% natural gas. We turned into sales 6.0 gross (5.2 net) wells during the first quarter, including 5 gross wells in the Marcellus Shale in Pennsylvania and 1 gross well in the Utica Shale in Ohio, representing approximately 83,000 lateral feet.

Capital Investment

Capital expenditures incurred during the quarter were $88.3 million, which included $78.2 million on D&C activities, $3.5 million on midstream and $6.6 million on land activities.

Financial Position and Liquidity

As of March 31, 2025, Infinity had approximately $4.9 million of cash and cash equivalents and $11.3 million of borrowings under its revolving credit facility. On March 31, 2025, Infinity increased the borrowing base under its credit facility from $325 million to $350 million as part of its periodic redetermination. Infinity’s liquidity as of March 31, 2025 totaled approximately $343.6 million comprised of $4.9 million of cash and cash equivalents and approximately $338.7 million of available borrowing capacity under its revolving credit facility.

2025 Outlook

Infinity is maintaining its 2025 capital & production guidance from its fourth quarter earnings press release. Consistent with its corporate hedging strategy, the Company has supported its development program by significantly hedging its anticipated near-term drilling program, securing attractive discounted returns on investment for those projects. The Company expects to maintain optionality with its operations and deploy capital based on estimated project returns.


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