Key Highlights

  • Total revenues were USD 197.6 million, compared with USD 79.7 million.
  • Net production was 39.7 Bcfe, up approximately 100%.
  • Average realized oil prices increased 36%; NGL prices increased 82%.
  • The Antero Acquisition closed on February 23, 2026 for USD 681.7 million.

Infinity Natural Resources, Inc. (NYSE:INR) reported third quarter 2026 total revenues of USD 197.6 million, compared with USD 79.7 million in the third quarter of 2025, an increase of 148%. Reported EPS was negative USD 0.37 and Revenue was USD 197.58 million, compared with estimates of EPS of USD 0.76 and revenue of USD 180.52 million.

Total oil, Natural Gas and NGL net revenues increased USD 116.7 million, or 149%. Midstream and other revenue increased USD 1.1 million, or 76%, to USD 2.6 million.

Production and Pricing

Net production increased 19.8 Bcfe, or approximately 100%, to 39.7 Bcfe, compared with 19.9 Bcfe in the prior year period. Natural gas production increased 104%, NGL production increased 110% and oil production increased 79%. Excluding production from the Antero Acquisition, net production increased 63%, with oil volumes up 72%, natural gas volumes up 64% and NGL volumes up 47%.

Average realized oil prices increased 36%, primarily reflecting higher NYMEX WTI oil prices. Average realized natural gas prices increased 1%, despite a 4% decrease in NYMEX natural gas prices, primarily reflecting an improvement in realized differentials, including the incremental price realized on volumes delivered to the REX Zone 3 market under the firm transportation commitment. Average realized NGL prices increased 82%, primarily reflecting changes in product composition and stronger Commodity pricing.

Costs

On a per unit basis, gathering, processing and transportation expense increased to USD 0.82 per Mcfe from USD 0.64, including approximately USD 0.15 per Mcfe of firm transportation expense. Excluding firm transportation, the figure was USD 0.67 per Mcfe, with the modest increase tied to higher gathering and processing rates and greater volumes transported through third party midstream systems, partly offset by lower per unit costs on volumes moved through company owned midstream assets.

Lease operating expenses increased USD 7.9 million, driven primarily by higher production volumes, an increased well count from development activity and the contribution of wells acquired in the Antero Acquisition. On a per unit basis, Lease Operating Expense increased to USD 0.33 per Mcfe from USD 0.26.

Nine Month Results and Corporate Items

For the nine months ended September 30, 2026, total revenues were USD 523.5 million, compared with USD 239.4 million, an increase of 119%. Net production was 98.4 Bcfe, compared with 52.3 Bcfe, an increase of 88%.

The filing shows a net loss of USD 0.4 million for the third quarter, compared with Net Income of USD 40.0 million, and net income of USD 101.3 million for the nine months, compared with a net loss of USD 16.4 million.

On February 23, 2026, the company completed the Antero Acquisition of certain Upstream oil and gas properties and related midstream Assets in Ohio for aggregate cash consideration of approximately USD 681.7 million. During the third quarter, the company paid cash dividends on its Series A Preferred Stock of approximately USD 14.1 million, covering the dividends declared for the quarters ended June 30 and September 30, 2026.

Production and Price Effects

Infinity Natural Resources' revenue of USD 197.6 million followed net production of 39.7 Bcfe, with realized oil prices up 36% and NGL prices up 82%. The filing separates production growth with and without the Antero Acquisition and lists per unit cost lines.