Infinity Natural Resources, Inc.

Second-quarter revenue was approximately $171 million and adjusted EBITDAX was $115 million, a company record. Net production averaged 348 million Mcfe/d, up 75% year over year; oil production was about 12,400 bbl/d, up 102% year over year; natural gas production averaged about 217 MMcf/d, up 73% year over year; and NGL production was about 9,500 bbl/d, up 57% year over year. Adjusted EBITDAX margin was about $3.62 per Mcfe. Realizations included $2.34 per Mcfe on natural gas, $85.41/bbl on oil, and $32.27/bbl on NGLs. Controllable cash operating costs were $1.58 per Mcfe, down about 9% year over year excluding firm transportation, and capital expenditures incurred were about $137 million, including $129 million for development and $8 million for land. For full-year 2026, management reaffirmed net production of 345-375 Mcfe/d, implying about 70% year-over-year growth, and development capex of $450 million-$500 million.

Zack Arnold framed the quarter as continued execution of Infinity’s integrated Appalachian strategy: grow production, improve utilization of owned midstream, keep capital efficiency high, and lower controllable costs. He emphasized that the company is now actively developing the acquired Antero assets, with the first wells online and drilling moving to additional pads, and said conviction in the long-term value of those assets is increasing. His tone was confident and disciplined, repeatedly stressing that the company is not trying to chase commodity prices but rather to use hedging and operational flexibility to lock in returns.

The CFO role is changing: David Sproule is stepping down, and Cary Baetz will assume CFO duties effective August 12, with Andrew Judge joining as SVP of Finance. Financially, management highlighted a record $115 million of adjusted EBITDAX, $171 million of revenue, and adjusted EBITDAX margin of about $3.62 per Mcfe. On costs, controllable cash operating costs were $1.58/Mcfe, with GP&T at $0.93/Mcfe including firm transportation; excluding firm transportation, GP&T was $0.69/Mcfe. Capital expenditures were about $137 million in the quarter, and management said full-year 2026 development capex remains $450 million-$500 million. They also said 2026 is 81% hedged on natural gas and 78% hedged on total volumes based on midpoint guidance, which supports cash flow visibility and discipline.

Analysts focused on whether the company is timing oil versus gas well turn-in-lines to capture seasonality, and management said no—it is driven by rig cadence, hedging, and completion sequencing, not by trying to time gas prices. Questions also centered on the new leadership changes; management said Cary Baetz brings decades of public company experience and capital markets expertise, while Andrew Judge adds upstream, M&A, and investor relations skill. Other Q&A topics included the acquired asset performance and synergy potential, midstream utilization and third-party volumes, and the deep Utica test well. Management said the first three acquired wells are meeting or exceeding underwriting expectations, expects synergies to build over time, sees third-party midstream revenue as a longer-term opportunity, and said the deep Utica story is still in the science phase with core analysis ongoing.