Form 8-K

8-K — INFINITY NATURAL RESOURCES, INC.

Accession: 0002029118-26-000050

Filed: 2026-05-12

Period: 2026-05-12

CIK: 0002029118

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — inr-20260512.htm (Primary)

EX-99.1 (inr1q26earningsrelease.htm)

GRAPHIC (infinitylogo_horizontalxfu.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: inr-20260512.htm · Sequence: 1

inr-20260512

FALSE000202911800020291182026-05-122026-05-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 12, 2026

__________________________

INFINITY NATURAL RESOURCES, INC.

(Exact name of registrant as specified in its charter)

__________________________

Delaware 001-42499 99-3407012

(State or other jurisdiction

of incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

2605 Cranberry Square

Morgantown, WV 26508

(Address of principal executive offices, including zip code)

(304) 212-2350

(Registrant’s telephone number, including area code)

__________________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange

on which registered

Class A common stock, par value $0.01 per share INR The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 12, 2026, Infinity Natural Resources, Inc. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

On May 12, 2026, the Company posted an investor presentation related to the financial and operating results for the quarter ended March 31, 2026 to its website at ir.infinitynaturalresources.com.

The information furnished in this Current Report on Form 8-K pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.

Financial Statements and Exhibits.

(d)Exhibits.

Exhibit

Number Description

99.1

Press Release, dated May 12, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INFINITY NATURAL RESOURCES, INC.

By: /s/ Zack Arnold

Zack Arnold

President and Chief Executive Officer

Dated: May 12, 2026

EX-99.1

Filename: inr1q26earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

Infinity Natural Resources Announces First Quarter 2026 Results

May 12, 2026

Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its first quarter 2026 financial and operating results.

First Quarter 2026 & Recent Highlights

•Completed the transformative $1.2 billion acquisition of upstream and midstream assets from Antero Resources and Antero Midstream in Ohio (the “Antero Acquisition”) and the acquisition from Chase Oil Corp to increase our working interest in Pennsylvania

•Completed upsized offering of $550 million of 7.625% Senior Notes due 2031

•Completed $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital

•Delivered 88% growth in total net daily production to 299.3 MMcfe/d in the first quarter 2026 compared to the first quarter 2025

•Completed and placed four oil-weighted wells in the volatile oil window of the Ohio Utica Shale into sales in the first quarter totaling approximately 53,000 lateral feet

•Increased natural gas net production 169% in the first quarter 2026 compared to first quarter 2025

•Narrowed net loss to $6.3 million, or $0.28 per share of Class A common stock, during the first quarter 2026 compared to a net loss of $2.27 per share of Class A common stock during the first quarter 2025

•Delivered 70% growth in Adjusted EBITDAX(1) to $97.3 million in the first quarter 2026 compared to the first quarter 2025, representing an Adjusted EBITDAX Margin(1) of $3.61 / Mcfe, which we believe is the best among our Appalachian Basin peers

•Acquired approximately 44,000 net surface acres through acquisitions and approximately 1,285 net surface acres through organic leasing efforts during the quarter

•Generated $58.4 million of net cash provided by operating activities for the quarter

•Incurred $111.5 million of development capital expenditures, including drilling and completion (“D&C”) and midstream

•Total net debt(1) was approximately $477.0 million and total liquidity was $928.8 million as of March 31, 2026

(1) Adjusted EBITDAX, Adjusted EBITDAX Margin and net debt are non-GAAP financial measures. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled "Non-GAAP Financial Measures."

Management Commentary

“Our focus at Infinity is executing and advancing development of our assets in a safe and capitally efficient manner,” said Zack Arnold, President and CEO of Infinity. “Following the recent closing of our Ohio and Pennsylvania acquisitions, the preferred equity investment and the successful issuance of our inaugural senior notes, Infinity is well positioned with increased scale, expanded inventory and enhanced financial flexibility to support continued growth across our Appalachian portfolio.”

“Our team is focused on continuing to integrate the newly acquired assets, evaluating development opportunities and identifying operational and infrastructure synergies that can enhance returns. Our integrated upstream and midstream footprint allows us to control the development cadence of our inventory while utilizing existing infrastructure to reduce costs and enhance market access. At the end of the first quarter, approximately 75% of our natural gas volumes were flowing through our owned midstream system.”

“Looking ahead, our development strategy remains focused on disciplined capital allocation and delivering attractive returns. The depth and diversity of our portfolio across the Utica and Marcellus Shales provide meaningful flexibility as we allocate capital to maximize returns. We will continue to align our development plans with hedging opportunities to ensure we remain well positioned as market conditions evolve,” concluded Mr. Arnold.

Operational Update

The following table sets forth information regarding our production, revenues and realized prices and production costs for the first quarter of 2026 and 2025:

Three Months Ended

March 31,

2026

2025

Production data:

Oil (MBbls)

864 742

Natural gas (MMcf)

17,531 6,519

NGL (MBbls)

703 561

Total (MMcfe)(1)

26,933 14,337

Average daily production (Mcfe/d)(1)

299,256 159,300

Average wellhead realized prices (before giving effect to realized derivatives):

Oil (/Bbl)

$ 65.77 $ 63.40

Natural gas (/Mcf)

$ 4.23 $ 3.51

NGL (/Bbl)

$ 28.17 $ 25.49

Average wellhead realized prices (after giving effect to realized derivatives):

Oil (/Bbl)

$ 58.40 $ 64.70

Natural gas (/Mcf)

$ 3.54 $ 3.30

NGL (/Bbl)

$ 28.89 $ 25.27

Operating costs and expenses (per Mcfe)(1):

Gathering, processing and transportation

$ 0.73 $ 0.84

Lease operating

0.33 0.47

Production and ad valorem taxes

0.09 0.04

Midstream operations and maintenance expense 0.05 0.05

Depreciation, depletion, and amortization

1.32 1.48

General and administrative(2)

0.80 9.19

Total

$ 3.32 $ 12.08

Controllable Cash Costs (per Mcfe):

Gathering, processing and transportation

$ 0.73

$ 0.84

Lease operating

0.33

0.47

Production and ad valorem taxes

0.09

0.04

Midstream operations and maintenance expense 0.05

0.05

Recurring Cash G&A(3)

0.22 0.34

Total Controllable Cash Costs $ 1.43 $ 1.74

(1) Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.

(2) General and administrative expense ("G&A") includes a one-time share-based compensation expense of $126.1 million for the three months ended March 31, 2025 incurred in connection with the Company's initial public offering ("IPO").

(3) Recurring Cash G&A is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled "Non-GAAP Financial Measures."

Capital Investment

Capital expenditures incurred during the quarter were $122.6 million, which included $111.5 million on development activities ($109.7 million on D&C and $1.8 million on midstream) and $11.1 million on land activities.

Financial Position and Liquidity

As of March 31, 2026, Infinity had no borrowings under its revolving credit facility, $19.2 million in letters of credit and liquidity of $928.8 million, including $73.0 million of cash and cash equivalents and $855.8 million of available borrowing capacity under its revolving credit facility.

2026 Capital & Production Guidance

Infinity is reaffirming its 2026 capital & production guidance from its fourth quarter earnings press release. Infinity’s capital budget for 2026 is $450 million to $500 million related to development activities, including D&C and midstream. Net production is expected to be between 345 and 375 MMcfe/d for 2026, with natural gas expected to be between 235 and 255 MMcfe/d and oil and liquids expected to be between 18 and 20 Mbbls/d.

Share Repurchase Program

In November 2025, our board of directors authorized a share repurchase program, whereby we may purchase up to an aggregate of $75.0 million of our Class A common stock. As of March 31, 2026, we have $73.8 million remaining under our existing repurchase program.

Conference Call and Webcast Details

Infinity will host a conference call Wednesday, May 13, 2026, at 10:00 a.m. ET to discuss the results.To participate in the call, register at https://events.q4inc.com/analyst/805823647?pwd=C2fZN5eO or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 805823647. A unique dial-in code will be provided upon registration via link. The conference call will also be webcast live on the Company’s investor relations website at https://ir.infinitynaturalresources.com/. A replay of the call will be available approximately two hours after the live call concludes and will remain accessible for 14 days at https://events.q4inc.com/attendee/80582364 and on the investor relations website.

About Infinity

Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, production and gathering of hydrocarbons in the Appalachian Basin. Our operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.

Cautionary Statement Regarding Forward-Looking Statements

This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact, included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, future commodity prices, future production targets, leverage targets or debt repayment, hedging strategy, future capital spending plans, capital efficiency, our ability to make share repurchases, expected drilling and completions plans and projected well costs are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” "target," "outlook," "guidance," “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made.

Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and

many of which are beyond the control of the Company. These include, but are not limited to, our failure to realize, in full or at all, the anticipated benefits of capital raising transactions and acquisitions, including synergies; commodity price volatility; inflation; lack of availability and cost of drilling, completion and production equipment and services; supply chain disruption; project construction delays; environmental risks; drilling, completion and other operating risks; lack of availability or capacity of midstream gathering and transportation infrastructure; regulatory changes; the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital; the timing of development expenditures; the concentration of the Company’s operations in the Appalachian Basin; difficult and adverse conditions in the domestic and global capital and credit markets; impacts of geopolitical events and world health events, including trade wars; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; potential financial losses or earnings reductions resulting from the Company’s commodity price risk management program or any inability to manage its commodity risks; failure to realize expected value creation from property acquisitions and trades; weather related risks; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and the Company’s inability to re-establish production; the Company’s ability to service its indebtedness; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, armed conflicts, political instability and civil unrest, including instability in the Middle East, Venezuela and Mexico and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; risks related to the Company’s ability to expand its business, including through the recruitment and retention of qualified personnel; and the other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimates depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any future production and development program. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, and in other filings we make with the SEC, for a discussion of the risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Therefore, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

Contacts

Infinity Natural Resources, Inc.

Thomas Marchetti

Vice President, Investor Relations

Email: ir@infinitynr.com

Source: Infinity Natural Resources, Inc.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(amounts in thousands, except share and per share amounts)

Three Months Ended March 31,

2026 2025

Revenues:

Oil, natural gas, and natural gas liquids sales $ 150,704 $ 84,184

Midstream activities 4,168 981

Total revenues $ 154,872 $ 85,165

Operating expenses:

Gathering, processing, and transportation 19,723 12,070

Lease operating 8,916 6,772

Production and ad valorem taxes 2,349 632

Midstream operations and maintenance expense

1,478

662

Depreciation, depletion, and amortization 35,660 21,258

General and administrative(1) 21,413 131,750

Total operating expenses $ 89,539 $ 173,144

Operating income (loss) 65,333 (87,979)

Other income (expense):

Interest, net (5,789) (3,067)

Loss on derivative instruments (65,134) (37,218)

Other expense (1,101) (63)

Net loss before income tax expense (benefit)

(6,691)

(128,327)

Income tax expense (benefit)

(348)

Net loss $ (6,343) $ (128,362)

Net income attributable to Infinity Natural Resources, LLC prior to the reorganization — 9,914

Net loss attributable to redeemable non-controlling interests (4,472) (103,707)

Net loss attributable to Infinity Natural Resources, Inc. $ (1,871) $ (34,569)

Net income attributable to Infinity Natural Resources, Inc. per share of Class A common stock

Basic:

Weighted-average common stock outstanding 17,662,870 15,237,500

Net loss per share of Class A common stock $ (0.28) (2.27)

Diluted:

Weighted-average common stock outstanding 17,662,870 15,237,500

Net loss per share of Class A common stock $ (0.28) (2.27)

(1) General and administrative expense includes share-based compensation of $126.1 million for the three months ended March 31, 2025, incurred in connection with the Company's IPO.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(amounts in thousands, except share and per share amounts)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 72,983 $ 2,849

Accounts receivable:

Oil and natural gas sales, net 72,380 54,836

Joint interest and other, net 13,042 12,912

Short-term deposit on acquisitions — 61,200

Prepaid expenses and other current assets 8,474 4,002

Commodity derivative assets 10,814 24,838

Total current assets $ 177,693 $ 160,637

Oil and natural gas properties, full cost method (including $126.4 million and $88.7 million as of March 31, 2026 and December 31, 2025, respectively excluded from amortization)

1,842,791 1,264,212

Midstream and other property and equipment 343,066 57,116

Less: Accumulated depreciation, depletion, and amortization (292,235) (256,712)

Property and equipment, net $ 1,893,622 $ 1,064,616

Operating lease right-of-use assets, net 1,684 1,147

Deferred tax asset, net 5,211 4,858

Other assets 18,585 6,709

Commodity derivative assets 2,692 2,885

Total assets $ 2,099,487 $ 1,240,852

Total Liabilities, Stockholders’ Equity, Redeemable Interest and Series A Preferred Stock

Current liabilities:

Accounts payable $ 47,586 $ 38,572

Royalties payable 59,205 39,686

Accrued liabilities and other 65,277 23,021

Operating lease liabilities 535 181

Commodity derivative liabilities, short-term 30,931 1,106

Total current liabilities $ 203,534 $ 102,566

Long-term debt 537,648 150,862

Operating lease liabilities, non-current 1,149 966

Asset retirement obligations 7,424 3,636

Commodity derivative liabilities 6,461 3,361

Tax receivable agreement 3,585 1,537

Total liabilities $ 759,801 $ 262,928

Series A Preferred Stock ($0.01 par value, 350,000 and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) 337,080 —

Redeemable non-controlling interest 822,165 670,785

Stockholders’ equity / members’ equity

Class A common stock—$0.01 par value; 400,000,000 shares authorized, 18,751,177 and 15,542,521 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

187 155

Class B common stock—$0.01 par value; 150,000,000 shares authorized, 44,780,230 and 45,247,974 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

447 452

Additional paid-in capital 189,222 310,972

Accumulated deficit (9,415) (4,440)

Total stockholders’ equity 180,441 307,139

Total liabilities, stockholders’ equity, redeemable interest and Series A preferred stock $ 2,099,487 $ 1,240,852

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(amounts in thousands)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss $ (6,343) $ (128,362)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion, and amortization 35,660 21,258

Amortization of debt issuance costs 1,511 527

Loss on extinguishment of debt 316 —

Share-based compensation expense 2,262 126,895

Loss on derivative instruments 65,134 37,218

Cash paid on settlement of derivative instruments (17,992) (3,585)

Non-cash lease expense 72 80

Deferred income taxes (353) 35

Changes in operating assets and liabilities:

Accounts receivable (17,674) 22,013

Prepaid expenses and other assets (4,635) (1,151)

Accounts payable (13,697) (978)

Royalties payable 6,463 3,319

Accrued and other expenses 7,812 (4,707)

Other assets and liabilities (109) 1,667

Net cash provided by operating activities $ 58,427 $ 74,229

Cash flows from investing activities:

Additions to oil and gas properties (75,570) (105,665)

Acquisitions of oil and gas properties and midstream assets (622,534) —

Additions to midstream and other property and equipment (808) (2,766)

Net cash used in investing activities $ (698,912) $ (108,431)

Cash flows from financing activities:

Borrowings under revolving credit facility 430,530 56,000

Payments on revolving credit facility (581,376) (304,000)

Proceeds from issuance of Notes 550,000 —

Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions — 286,465

Proceeds from issuance of Series A preferred stock 350,000 —

Payments of credit facility debt issuance costs (13,257) (645)

Payments of Notes debt issuance costs (9,626) —

Cancelled shares withheld for taxes from vesting of RSUs (1,201) —

Payments of Series A preferred stock issuance costs (14,396) —

Payments on notes payable (55) (37)

Payments of initial public offering costs — (925)

Net cash provided by financing activities $ 710,619 $ 36,858

Net increase in cash and cash equivalents 70,134 2,656

Cash and cash equivalents at beginning of period 2,849 2,203

Cash and cash equivalents at end of period $ 72,983 $ 4,859

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), our earnings release contains non-GAAP financial measures as described below.

Adjusted EBITDAX, Adjusted EBITDAX Margin, Net Debt and Recurring Cash G&A

We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income (loss) to arrive at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered more meaningful than or as an alternative to net income (loss) determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production.

Net debt is defined as total long-term debt less cash and cash equivalents. Management uses net debt to evaluate its financial position, including its ability to service its debt obligations.

Recurring Cash G&A is defined as GAAP general and administrative expense exclusive of the Company's stock-based compensation and non-recurring transaction expenses. Recurring Cash G&A per Mcfe is defined as Recurring Cash G&A divided by total production for a period. These metrics are used by management because they isolate cash costs within G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. We believe Recurring Cash G&A and Recurring Cash G&A per Mcfe provide external users of the Company’s consolidated financial statements with additional information to assist in their analysis of the Company.

The following table provides a reconciliation of our net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein:

Three Months Ended

March 31,

(in thousands)

2026

2025

Net income (loss)

$ (6,343) $ (128,363)

Interest, net

5,789 3,067

Income tax expense (benefit)

(348) 35

Depreciation, depletion, and amortization

35,660 21,258

Loss on derivative instruments

65,134 37,218

Net cash settlements received (paid) on derivatives

(17,992) (3,585)

Non-cash compensation expense

1,912 755

Non-recurring transaction expenses(1)

13,452 126,860

Adjusted EBITDAX

$ 97,264 $ 57,246

(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.

The following table provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt:

March 31, 2026

December 31, 2025

(in thousands)

Credit facility borrowings

$ — $ 150,862

7.625% senior notes due 2031 550,000 —

Total long-term debt(1)

$ 550,000 $ 150,862

Less: Cash and cash equivalents

$ 72,983 2,849

Net debt(1)

$ 477,017 $ 148,013

(1) Includes $61.2 million of borrowings to fund a short-term deposit associated with the Antero Acquisition as of December 31, 2025.

The following table provides a reconciliation of general and administrative expense, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Recurring Cash G&A:

Three months ended March 31,

2026

2025

(in thousands)

General and administrative

21,413 131,750

Non-cash compensation expense 1,912 755

Non-recurring transaction expenses(1)

13,452 126,860

Recurring Cash G&A

$ 6,049 4,135

(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.

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Cover

May 12, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 12, 2026

Registrant Name

INFINITY NATURAL RESOURCES, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-42499

Entity Tax Identification Number

99-3407012

Entity Address, Address Line One

2605 Cranberry Square

Entity Address, City or Town

Morgantown

Entity Address, State or Province

Entity Address, Postal Zip Code

26508

City Area Code

304

Local Phone Number

212-2350

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Pre-commencement Tender Offer

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Pre-commencement Issuer Tender Offer

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Title of 12(b) Security

Class A common stock, par value $0.01 per share

Trading Symbol

INR

Security Exchange Name

NYSE

Entity Emerging Growth Company

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Entity Ex Transition Period

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Central Index Key

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- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

dei_EntityExTransitionPeriod

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration