INFINITY NATURAL RESOURCES, INC.

Condensed Consolidated Balance Sheets (Unaudited)

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

Condensed Consolidated Statements of Operations (Unaudited)

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

(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 initial public offering (“IPO”).

Condensed Consolidated Statements of Stockholders' Equity, Redeemable Non-controlling Interest and Series A Preferred Stock (Unaudited)

(amounts in thousands, except share amounts)

Condensed Consolidated Statements of Cash Flows (Unaudited)

(amounts in thousands)

The accompanying notes are an integral part of these condensed consolidated financial statements

Note 1 –Description of the Business and Basis of Presentation

Description of Business. Infinity Natural Resources, Inc., together with its subsidiaries (collectively referred to as “INR,” the “Company,” “we,” “our,” or “us,” unless the context otherwise indicates), is an independent oil and natural gas exploration, production and midstream company engaged in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids (“NGLs”) from underground reservoirs, as well as the gathering of natural gas. Our operations are located in the Appalachian Basin, primarily in Pennsylvania and Ohio, targeting the Utica and Marcellus formations.

Principles of Consolidation and Basis of Presentation. The accompanying unaudited condensed consolidated financial statements present the financial position, results of operations, and cash flows of the Company in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025 and the related notes included in the Company’s 2025 Form 10-K. The December 31, 2025, condensed consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of that date.

In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. The consolidated financial statements include the accounts of the Company, its subsidiary, Infinity Natural Resources, LLC (“INR Holdings”), and INR Holdings' wholly-owned subsidiaries. Noncontrolling interests represent third-party ownership in INR Holdings and are presented as a component of equity. Refer to Note 12 – Stockholders' Equity and Noncontrolling Interest for a discussion of noncontrolling interest.

The Company had no material other comprehensive income or loss items. Accordingly, a separate statement of comprehensive loss has not been presented in these unaudited condensed consolidated financial statements. All intercompany balances and transactions are eliminated upon consolidation.

Reclassification. Certain previously reported amounts have been reclassified to conform with the current financial statement presentation. These reclassifications have no impact on previously reported total assets, total liabilities, net income or total operating cash flows.

Note 2 –Summary of Significant Accounting Policies

Refer to Note 2 – Summary of Significant Accounting Policies of our 2025 Form 10-K for the full list of our significant accounting policies.

Business Combinations. We account for business combinations under the Business Combinations Topic of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification ("ASC 805"), which requires identifiable assets acquired and liabilities assumed to be recognized at their acquisition date fair values. See Note 4 for further discussion of the Antero acquisition.

Midstream operations and maintenance expense. Midstream operations and maintenance expense consists primarily of costs incurred to operateand maintain the Company’s owned gathering, compression, and related midstream infrastructure, including labor, power, repairs and maintenance, and insurance. These costs exclude third‑party gathering, processing, and transportation fees, which are presented separately within gathering, processing, and transportation expense.

Series A Preferred Stock. The Company accounts for its Series A Preferred Stock (as defined herein) in accordance with the applicable guidance in ASC 480 and SEC guidance for redeemable equity instruments. The Series A Preferred Stock is classified as mezzanine equity because it is redeemable upon the occurrence of events that are not solely within the

Company’s control. All financial instruments are evaluated for embedded derivative features by analyzing each feature against the nature of the host instrument (e.g., more equity-like or debt-like). Features identified as freestanding instruments or bifurcated embedded derivatives that are material are recognized separately as a derivative asset or liability. The Series A Preferred Stock is initially recorded at the net proceeds received, net of directly attributable issuance costs. The carrying amount of the Series A Preferred Stock is not adjusted to redemption value unless the instrument becomes redeemable or probable of becoming redeemable. If redemption becomes probable, the Company will accrete the carrying amount to redemption value using the interest method over the period to the earliest redemption date. Accretion to redemption value (when applicable) and cumulative dividends, including PIK dividends, are treated as deemed dividends and reduce income available to holders of the Company's Class A common stock in the calculation of earnings per share.

Accretion to redemption value (when applicable) and cumulative dividends, including PIK dividends, are treated as deemed dividends and reduce income available to holders of the Company's Class A common stock in the calculation of earnings per share.

In April 2026, the FASB issued Accounting Standards Update (“ASU”) 2026‑01, Initial Measurement of Paid‑in‑Kind Dividends on Equity‑Classified Preferred Stock. The ASU requires paid‑in‑kind (“PIK”) dividends on equity‑classified preferred stock to be measured using the stated PIK dividend rate applied to the liquidation preference of the preferred stock, thereby reducing diversity in practice related to the measurement of such dividends.

The Company early adopted ASU 2026‑01 during the three months ended March 31, 2026 using a prospective transition method. Upon adoption, the Company measures PIK dividends based on the stated dividend rate applied to the liquidation preference of its Series A Preferred Stock. The adoption of this guidance impacted the measurement of PIK dividends and the amount of income (loss) available to common stockholders used in the calculation of earnings (loss) per share. The adoption did not have a material impact on the Company’s consolidated financial statements.

Use of Estimates. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods it considers reasonable in the particular circumstances. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Estimates significant to our consolidated financial statements include the following:

•proved reserves used in calculating depletion;

•estimates of accrued revenues and unbilled costs;

•future cash flows from proved oil and natural gas reserves used in the impairment assessment;

•derivative financial instruments;

•asset retirement obligations;

•the fair value of share-based compensation awards;

•estimates related to the TRA (as defined herein); and

•determining fair value and allocating purchase price in connection with business combinations and asset acquisitions.

Redeemable Non-controlling Interest. Redeemable non-controlling interests are presented within our unaudited condensed consolidated balance sheet as of March 31, 2026 as mezzanine equity as they are redeemable upon the occurrence of an event that is not solely within our control. The carrying amount of the redeemable non-controlling interest is equal to the greater of (1) the carrying value of the non-controlling interest adjusted each reporting period for income or loss attributable to the non-controlling interest or (2) the redemption value. Remeasurements to the redemption value of the redeemable non-controlling interest are recognized in additional paid-in capital within the unaudited condensed consolidated balance sheet as of March 31, 2026. The redemption amount is calculated based on the 5-day volume-weighted average closing price of Class A common stock at the end of each reporting period. The portion of the net income or loss attributable to redeemable non-controlling interest is reported as net income or loss attributable to redeemable non- controlling interests on our unaudited condensed consolidated statement of operations for the three months ended March 31, 2026.

Income Taxes. The Company is subject to U.S. federal, state, and local income taxes on its share of taxable income earned through its interest in INR Holdings, which is treated as a pass-through entity for income tax purposes. INR Holdings itself is generally not subject to federal income tax, and instead, its income or loss is allocated to its members. INR Holdings may be subject to certain entity-level taxes imposed by specific states or jurisdictions. The Company uses the liability method to account for income taxes in accordance with ASC 740. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of differences between the financial reporting and tax bases of assets and liabilities. Deferred tax amounts are calculated using the enacted tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are recorded when it is considered more likely than not that they will be realized. The Company evaluates the need for a valuation allowance by considering all available evidence, including projections of future taxable income, the timing of temporary difference reversals, the existence of tax planning strategies and historical operating results. The Company evaluates uncertain tax positions using a recognition and measurement approach. A tax position is recognized in the financial statements only if it is more likely than not that the position would be sustained upon examination by the relevant taxing authority. The amount recognized is based on the largest amount of tax benefit that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties, if incurred, are recorded in income tax expense.

Tax Receivable Agreement. The Company entered into a Tax Receivable Agreement (“TRA”) with the owners of INR Holdings prior to the IPO (“Legacy Owners”), which generally provides for the payment by us to the Legacy Owners of 85% of the net cash savings, if any, in U.S. federal, state and local income tax that we (a) actually realize with respect to taxable periods ending after the IPO or (b) are deemed to realize in the event of a change of control (as defined under the TRA, which includes certain mergers, asset sales and other forms of business combinations and certain changes to the composition of our board of directors) or the TRA terminates early (at our election or as a result of our breach) with respect to any taxable periods ending on or after such change of control or early termination event, in each case, as a result of (i) the tax basis increases resulting from the exchange of common units representing limited liability company interests in INR Holdings (“INR Units”) and the corresponding surrender of an equivalent number of shares of the Company's Class B common stock, par value $0.01 per share (“Class B common stock”) by the Legacy Owners for a number of shares of Class A common stock on aone-for-one basis or, at our option, the receipt of an equivalent amount of cash pursuant to the Second Amended and Restated Limited Liability Company Agreement of INR Holdings (the “INR Holdings LLC Agreement”) and (ii) deductions arising from imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the TRA. The Company recognizes a liability for the estimated amounts payable under the TRA when it is probable that taxable income will be sufficient to realize the related tax benefits and the amounts can be reasonably estimated. The liability is measured using a “with and without” approach and is reassessed at each reporting period, with changes in estimates recognized in income tax expense. See Note 10 – Income Taxes and Tax Receivable Agreement for further details.

Earnings per Share. Basic earnings (loss) per share is calculated by dividing net income (loss) available to Class A common stockholders by the weighted average number of shares of Class A common stock outstanding during the period. Net income attributable to Class A common stock is reduced by dividends on the Company’s Series A Preferred Stock, including dividends paid in kind, whether or not declared.

Diluted net (loss) earnings per share gives effect, when applicable, to unvested restricted stock units and performance stock units granted under the Plan (as defined in Note 13 – Share-based Compensation), the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) held by the Legacy Owners into Class A common stock and the assumed conversion of the Company's Series A Preferred Stock. The Company uses the “if-converted” method to determine the potential dilutive effect of exchanges of INR Units (and the cancellation of an equal number of shares of Class B common stock), and the treasury stock method to determine the potential dilutive effect of vesting of outstanding equity awards.

Share-based Compensation. The Company accounts for share-based compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). Share-based awards, including restricted stock units and performance stock units, are measured at their grant-date fair value and recognized as compensation expense on a straight-line basis over the requisite service period, which generally corresponds to the vesting period of the award.

For restricted stock units (“RSUs”), fair value is determined based on the closing stock price of the Company’s Class A common stock on the grant date. RSUs represent awards that entitle the holder to receive shares of the Company’s Class A common stock upon vesting, subject to satisfaction of applicable service conditions. For performance stock units with market-based vesting conditions, fair value is estimated using a Monte Carlo simulation model and is not subsequently remeasured. Compensation expense for market-based awards is recognized regardless of whether the market condition is ultimately satisfied, provided the requisite service condition is met. The Company accounts for forfeitures as they occur.

Recently Issued Accounting Standards

Accounting Standards Recently Adopted. In April 2026, the FASB issued Accounting Standards Update (“ASU”) 2026‑01, Initial Measurement of Paid‑in‑Kind Dividends on Equity‑Classified Preferred Stock. The ASU provides guidance on the initial measurement of paid‑in‑kind (“PIK”) dividends on equity‑classified preferred stock by requiring such dividends to be measured based on the stated dividend rate applied to the liquidation preference of the preferred stock. The guidance is intended to reduce diversity in practice related to the measurement of PIK dividends. The ASU is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2026‑01 during the three months ended March 31, 2026 using a prospective transition method. The adoption did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Not Yet Adopted. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to clarify the scope and presentation requirements for interim GAAP financial statements and to consolidate interim disclosure requirements. Under this ASU, entities must disclose material events or changes occurring after year end that affect interim periods. The amendments in this ASU are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact ASU 2025-11 will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories within the footnotes, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) DD&A recognized as part of oil- and gas-producing activities or other depletion expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance.

Note 3 –Revenues

Crude oil, natural gas, and NGL sales are recognized at the point in time when control of the product is transferred to the customer. Virtually all of our contract pricing provisions are based on market indices, with adjustments for transportation costs, quality differentials, and other contractual factors.

The table below provides disaggregated information on the Company’s oil, natural gas, and NGL revenues included in the consolidated statements of operations:

Oil Sales

Our crude oil sales contracts are generally structured such that oil is delivered to the customer at a contractually agreed-upon delivery point, typically at the wellhead. Revenue is recognized when control and legal title transfers to the customer at the delivery point based on the net price received. Downstream transportation or marketing costs incurred by purchasers are reflected in the price received and are presented as a net reduction to oil sales revenues.

The sales of crude oil, natural gas, and NGLs presented in the Condensed Consolidated Statements of Operations represent the Company’s share of the revenues net of royalties and exclude revenue interests by others. When marketing production on behalf of royalty or working interest owners, the Company acts as an agent and, therefore, reports the revenue on a net basis.

Natural Gas and NGL Sales

Under the Company’s natural gas processing contracts, liquids rich natural gas is delivered to a midstream gathering and processing entity at an agreed upon delivery point. The midstream entity gathers and processes the raw gas and then remits proceeds to the Company. The Company evaluates when control of the residue gas and NGLs transfers to determine whether revenues should be recognized on a gross or net basis. Fees incurred after transfer of control are recorded as gathering, processing and transportation expense, while fees incurred prior to transfer of control are reflected as a net reduction to natural gas and NGL revenues.

Performance Obligations

The Company has certain commodity sales contracts that contemplate the delivery of products over time. Under the Company’s revenue agreements, each individual delivery generally represents a separate performance obligation that is satisfied upon delivery. As a result, future volumes to be delivered under these contracts represent wholly unsatisfied performance obligations, and disclosure of the transaction price allocated to remaining performance obligations is not required.

For all commodity products, the Company recognizes revenue in the month production is delivered to the purchaser. Settlement statements for crude oil sales are generally received within 30 days following delivery, while settlement statements for natural gas and NGL sales may be received approximately 30 to 60 days after delivery. Payment is unconditional once the performance obligations have been satisfied. At that time, the delivered volumes and applicable sales prices can be reasonably estimated and amounts due from customers are accrued in Accounts receivable – oil and natural gas sales, net in the condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, such receivable balances were $72.4 million and $54.8 million, respectively.

Note 4 -Acquisitions

2026 Antero Acquisition

On February 23, 2026, the Company completed the acquisition of certain upstream oil and gas properties and related midstream assets in Ohio from affiliates of Antero Resources Corporation and Antero Midstream LLC (the “Antero Acquisition”), pursuant to purchase and sale agreements dated December 5, 2025, each as amended on February 22, 2026. The Antero Acquisition significantly increased the Company’s production volumes, proved reserves, gathering and transportation capacity, and overall asset base. The total gross purchase price was approximately $1.2 billion in cash, consisting of $800 million for the upstream assets and $400 million for the midstream assets. The Company acquired a 60% undivided interest in the assets, with Northern Oil and Gas Inc. acquiring the remaining 40%.

The Company’s aggregate consideration for its 60% interest in the Antero Acquisition was approximately $683.9 million, which reflects preliminary purchase price adjustments and remains subject to finalization. The acquisition was financed with borrowings under the Company’s Credit Facility and net proceeds from the issuance of Series A Preferred Stock. The Antero Acquisition was accounted for as an asset acquisition in accordance with ASC 805.

Transaction costs of $13.5 million and $0 related to the Antero Acquisition are included in the statements of operations for the three months ended March 31, 2026 and 2025, respectively.

Nonrecurring Fair Value Measurements

The fair values of assets acquired and liabilities assumed in an acquisition are measured on a non-recurring basis on the acquisition date. If the assets acquired and liabilities assumed are current and short-term in nature, the Company typically uses their approximate carrying values as it believes that it approximates their fair values. If the assets acquired are not short-term in nature, then the fair value is determined using the estimated future cash flows or other appropriate methods, and as such, are considered Level 3 inputs in the fair value hierarchy.

The Antero Acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, and the Company estimated the fair value of assets acquired and liabilities assumed as of February 23, 2026.

The fair values of the proved developed producing, proved undeveloped, probable and possible oil and natural gas reserves acquired in the Antero Acquisition were measured using an income approach based on discounted cash flow valuation techniques. The valuations utilize inputs that are not observable in the market and as such are Level 3 fair value measurements. Significant inputs used in the valuation of proved and unproved reserves included commodity prices based on NYMEX strip pricing as of February 23, 2026, projected reserve quantities based on a third-party reserve report, estimated future rates of production and production decline curves, projected reserve recovery factors, development plans including timing and amount of development, future development costs, operating costs and a weighted average cost of capital of 9.5%. The fair value of unevaluated acreage with no associated reserve development plans acquired in the Antero Acquisition was measured using a market approach based on guideline transactions involving comparable Appalachian Basin acreage. This measurement is classified as a Level 3 fair value measurement as the acreage pricing inputs are derived from market transactions that require significant judgment and adjustment.

The fair value of midstream and other property and equipment (gathering systems, compression facilities and water systems) acquired in the Antero Acquisition was measured using a cost approach based on estimated replacement cost new less physical depreciation, functional obsolescence and economic obsolescence. These measurements are classified as Level 3 fair value measurements as the replacement cost estimates and depreciation assumptions are not observable in the market.

Purchase Price Allocation

The following table presents the preliminary allocation of the Company’s consideration to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The allocation is preliminary and subject to change as the Company completes its valuation analysis and obtains additional information related to the fair values of the acquired assets and assumed liabilities.

(1) Inclusive of approximately $61.4 million of cash deposit held in escrow as of December 31, 2025.

Pro Forma Financial Information

The following unaudited pro forma financial information represents a summary of the condensed combined results of operations of the Company for the three months ended March 31, 2026 and 2025, assuming the Antero Acquisition and related transactions, including the issuance of the Series A Preferred Stock, occurred on January 1, 2025. The pro forma financial information is provided for illustrative purposes and is not necessarily indicative of results that would have been achieved had the Antero Acquisition occurred on that date, nor is it indicative of future operating results.

The pro forma results include adjustments to depreciation, depletion and amortization based on the purchase price allocated to Oil and natural gas properties, full cost method and Midstream and other property and equipment and the estimated useful lives as well as adjustments to accretion expense and interest expense for the financing of the transactions.

The pro forma adjustments are based on estimates and assumptions that management believes are reasonable under the circumstances. The results of operations from the date of the Antero Acquisition through March 31, 2026 represented approximately $13.9 million of revenue and $8.6 million of income from operations. The pro forma results do not include anticipated synergies or integration-related costs.

Note 5 –Property, Plant, and Equipment

Oil and Natural Gas Properties

We utilize the full cost method of accounting for costs related to the exploration, development, and acquisition of oil and natural gas properties. Our capitalized costs of oil and natural gas properties and the related accumulated depreciation, depletion, and amortization as of March 31, 2026 and December 31, 2025 are as follows:

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. When the book value is in excess of the ceiling value, an impairment is recognized. No impairment expense was recorded for the three months ended March 31, 2026 based on the results of the quarterly ceiling test.

Capitalized costs of oil and natural gas properties are subject to a ceiling test that limits such pooled costs, net of applicable deferred taxes, to the aggregate of the present value of future net revenues attributable to proved oil, natural gas, and NGL reserves discounted at 10%. Any costs in excess of the ceiling are written off as a non-cash expense. The expense will not be reversed in future periods, despite commodity price increases which subsequently increase the ceiling. Companies using the full cost method are required to use the average quoted price from the first day of each month from the previous 12 months, including the impact of derivatives designated for hedge accounting, if any. Historically, the Company has not designated any of our derivative contracts as cash flow hedges.

Capitalized costs of proved properties are computed on a units-of-production basis based on estimated proved reserves, whereby the depletion rate is determined by dividing the total unamortized cost base plus future development costs by estimated proved reserves on a net equivalent basis at the beginning of the period. The depletion rate is multiplied by total production for the period to compute depletion expense. The following table shows our depletion expense for the three months ended March 31, 2026 and 2025 related to oil and gas properties:

Costs associated with unproved properties are excluded from the amortization base until the properties are evaluated or impairment is indicated. The costs associated with unproved leasehold acreage and related seismic data, wells currently drilling and related capitalized interest are initially excluded from the amortization base. Leasehold costs are either transferred to the amortization base with the costs of drilling a well on the lease or are assessed at least annually for possible impairment or reduction in value.

Our decision to exclude costs from amortization and the timing of the transfer of those costs into the amortization base involves judgment and may be subject to changes over time based on numerous factors, including drilling plans, availability of capital, project economics, and drilling results from adjacent acreage.

Costs of unproved properties excluded from amortization consist of leasehold acreage and relate to properties which are not individually significant for which the evaluation process has not been completed. The timing and amount of property acquisition and seismic costs included in the amortization computation will depend on the location and timing of drilling wells, results of drilling, and other assessments. Therefore, we are unable to estimate when these costs will be included in the amortization computation.

Other Property and Equipment

Our other property and equipment consists of the following assets that are recorded at cost and depreciated on a straight-line basis over the respective estimated useful lives.

The estimated useful lives of other property and equipment depreciated on a straight-line basis are as follows:

The carrying value of long-lived assets that are not part of the Company’s full cost pool are evaluated for recoverability whenever events or changes in circumstances indicate that such carrying values may not be recoverable. Should an impairment exist, the impairment loss would be measured as the amount that the asset’s carrying value exceeds its fair value. We did not recognize any impairment during the three months ended March 31, 2026 and 2025. Total depreciation expense for the three months ended March 31, 2026 and 2025 totaled approximately $1.6 million and $0.6 million, respectively.

Note 6 –Accrued Liabilities and Other

The Company’s accrued liabilities as of March 31, 2026 and December 31, 2025 consisted of the following amounts:

Note 7 –Long-Term Debt

Credit Facility

On September 25, 2024, INR Holdings entered into a credit facility led by Citibank, N.A. (the “Credit Facility” and the credit agreement governing the Credit Facility, as amended, the “Credit Agreement”) with a syndicate of financial institutions with an initial aggregate elected commitment amount and initial borrowing base of $325.0 million. On March 31, 2025, the Company amended the Credit Agreement to, among other things, increase each of the aggregate elected commitment amount and borrowing base from $325.0 million to $350.0 million. On May 29, 2025, the Company amended the Credit Agreement to, among other things, amend certain provisions relating to hedging requirements and restrictions in the Credit Agreement. Effective October 1, 2025, the borrowing base under the Credit Facility increased from

$350.0 million to $375.0 million and the aggregate elected commitment amount was also increased from $350.0 million to $375.0 million. On December 5, 2025, INR Holdings entered into that certain Third Amendment to Credit Agreement, which among other things amended certain provisions relating to hedging requirements and restrictions, debt incurrences and permitted acquisitions in the Credit Agreement. On February 23, 2026, INR Holdings entered into a fourth amendment to the Credit Agreement (the “Fourth Amendment”). The Fourth Amendment, among other things, increased the aggregate elected commitment and borrowing base under the Credit Agreement from $375.0 million to $875.0 million and removed the credit spread adjustment previously applicable to Secured Overnight Financing Rate (“SOFR”) borrowings. The borrowing base is based on the net present value of our oil and gas properties and is subject to semi-annual redeterminations. The Credit Facility is guaranteed by INR Holdings’ subsidiaries and is secured by first priority security interests on substantially all of INR Holdings’ consolidated assets.

The Credit Facility bears interest at a rate equal to, at the Company’s election, either (a) SOFR benchmark plus an applicable margin that varies from 2.75% to 3.75% per annum or (b) a base rate plus an applicable margin that varies from 1.75% to 2.75% per annum, based on borrowing base utilization. The Company is also required to pay a commitment fee of 0.50% per annum on the average daily unused portion of the current aggregate commitments under the Credit Facility. The Company is also required to pay customary letter of credit and fronting fees. As of March 31, 2026, the Company hadno borrowings outstanding under the Credit Facility with $19.2 million in letters of credit, leaving $855.8 million of unused capacity.

For the three months ended March 31, 2026 and 2025, total interest expense on the Credit Facility was $4.4 million and $2.6 million, respectively. We had $0.1 million andzero capitalized interest expense for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the Company’s weighted-average interest rate was 6.9% and 5.2%, respectively.

Debt issuance costs associated with the Credit Facility are capitalized and presented as other assets within the unaudited condensed consolidated balance sheets. Because debt issuance costs are related to a line of credit, they are presented as an asset, rather than an offset to the corresponding liability.

We had $13.6 million of additional capitalized debt issuance costs related to the Credit Facility for the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, capitalized debt issuance costs were approximately $18.5 million and $6.7 million, respectively.

Amortization of debt issuance costs, which is included within interest expense in the condensed consolidated statements of operations, was approximately $1.8 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

The Credit Facility also requires INR Holdings to maintain compliance as of the end of each fiscal quarter with financial covenants consisting of a current ratio of not less than 1.0 to 1.0 and a leverage ratio no greater than 3.0 to 1.0, each of which is defined within the terms of the Credit Facility. We were in compliance with the covenants and financial ratios under the Credit Facility described above through the date these unaudited condensed consolidated financial statements were available to be issued.

7.625% Senior Notes due 2031

On March 20, 2026, INR Holdings issued $550.0 million aggregate principal amount of 7.625% senior notes due 2031 (the “Notes”) at par. The Notes were issued pursuant to an indenture, dated March 20, 2026 (the “Indenture”), by and among INR Holdings, certain subsidiary guarantors (the “Guarantors”), and U.S. Bank Trust Company, National Association, as trustee. The Notes bear interest at a fixed rate of 7.625% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2026. The Notes will mature on April 1, 2031, unless earlier redeemed or repurchased.

The Notes are the general, unsecured, senior obligations of INR Holdings. The Notes are guaranteed on a senior unsecured basis by the Guarantors and may be guaranteed by certain future subsidiaries of INR Holdings. The Notes and the related guarantees rank equally in right of payment with the borrowings under our Credit Facility and any of our other future senior indebtedness and senior to any of our future subordinated indebtedness. The Notes and the guarantees are effectively subordinated to all of our secured indebtedness (including all borrowings and other obligations under our Credit

Facility) to the extent of the value of the collateral securing such indebtedness and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of any future subsidiaries that do not guarantee the Notes.

INR Holdings may, at its option, redeem all or a portion of the Notes at any time on or after April 1, 2028 at certain redemption prices. At any time prior to April 1, 2028, INR Holdings may redeem up to 40% of the aggregate principal amount of the Notes, with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 107.625% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to April 1, 2028, INR Holdings may, on any one or more occasions, redeem all or a part of the Notes at a redemption price equal to 100.00% of the principal amount of the Notes redeemed, plus a “make whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption.

If INR Holdings experiences certain kinds of changes of control, each holder of the Notes may require INR Holdings to repurchase all or a portion of its Notes for cash at a price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest, if any, to the date of repurchase.

The Indenture contains covenants that, among other things and subject to certain exceptions and qualifications, limit the ability of INR Holdings and its restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire its capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from its restricted subsidiaries to INR Holdings or any of their restricted subsidiaries; (vii) consolidate, merge or transfer all or substantially all of its assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries.

Debt issuance costs associated with the Notes are offset against the corresponding liability on the unaudited condensed consolidated balance sheet. Debt issuance costs are amortized using the straight-line method over the term of the related agreement.

We had $12.4 million of debt issuance costs related to the Notes for the three months ended March 31, 2026. As of March 31, 2026, debt issuance costs netted against the corresponding liability was approximately $12.4 million.

Amortization of debt issuance costs associated with the Notes, which is included within interest expense in the condensed consolidated statements of operations, was approximately $0.1 million for the three months ended March 31, 2026.

Note 8 –Derivatives and Risk Management

The Company is exposed to volatility in market prices and basis differentials for oil, natural gas, and NGLs, which can impact the predictability of our cash flows related to the sale of those commodities. The overall objective of the Company’s hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices, which we do by using various derivative instruments including fixed price swaps, basis swaps, and collars. The Company’s oil option positions primarily consist of costless collars, which combine purchased put options and sold call options with offsetting volumes and differing strike prices. The tables below present these component instruments on a gross basis. As a result of our hedging activities, we may realize prices that are greater or less than the market prices that we would have otherwise received.

We typically enter into over-the-counter (OTC) derivative contracts with financial institutions and regularly monitor the creditworthiness of all counterparties. Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under our Credit Facility. As of March 31, 2026 and December 31, 2025, we did not have any cash or letters of credit posted as collateral for our derivative financial instruments.

The Company does not designate any of its derivative instruments as cash flow hedges; therefore, all changes in fair value of our derivative instruments are recognized in other income within the consolidated statements of operations. We recognize all derivative instruments as either assets or liabilities at fair value within the consolidated balance sheets, subject to netting arrangements with our counterparties that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities.

Contracts that result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal purchases and normal sales and are exempt from derivative accounting. Contracts that result in the physical receipt or delivery of a commodity but are not designated or do not meet all of the criteria to qualify for the normal purchase and normal sale scope exception are subject to derivative accounting.

The following tables provide information about the Company’s derivative financial instruments. The tables present the notional amount, the weighted average contract prices and the fair values by expected maturity dates as of March 31, 2026.

Derivative assets and liabilities are presented below as gross assets and liabilities, without regard to master netting arrangements, which are considered in the presentation of derivative assets and liabilities in the accompanying balance sheets.

The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of March 31, 2026 and December 31, 2025:

Our total derivative gains and losses for the three months ended March 31, 2026 and 2025 were as follows:

Note 9 –Fair Value Measurements

Certain of the Company’s assets and liabilities are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The Company has categorized its assets and liabilities at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities that use Level 2 inputs include the Company’s fixed price swaps, basis swaps, and collars.

The carrying values of cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their short-term nature. Additionally, the carrying value of outstanding borrowings under our Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. We consider the fair value of our Credit Facility to be a Level 2 measurement on the fair value hierarchy.

The Notes were issued in a private placement and are carried at amortized cost. The estimated fair value of the Notes is determined using observable market inputs, including prices and yields for similar debt instruments with comparable terms and maturities, and is categorized as a Level 2 fair value measurement within the fair value hierarchy. As of March 31, 2026, the carrying value of the Notes approximated their estimated fair value.

Recurring Fair Value Measurements

The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis.

Derivative assets and liabilities are categorized within the above fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. We have classified our derivative instruments into levels depending upon the data utilized to determine their fair values. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. As such, we use Level 2 inputs to measure the fair value of commodity derivative contracts.

Note 10 –Income Taxes and Tax Receivable Agreement

The Company recorded income tax (benefit) of $(0.4) million for the three months ended March 31, 2026. No income tax expense (benefit) was recorded for the three months ended 2025.

In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon currently known facts and circumstances and applies that rate to its year-to-date earnings or losses. The Company’s effective tax rate is based on expected income and statutory tax rates and takes into consideration permanent differences between financial statement and tax return income applicable to the Company in the various jurisdictions in which the Company operates. The effect of discrete items, such as changes in estimates, changes in enacted tax laws or rates or tax status, and unusual or infrequently occurring events, is recognized in the interim period in which the discrete item occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the result of new judicial interpretations or regulatory or tax law changes. The Company’s interim effective tax rate, inclusive of any discrete items, was 4.97% and (0.03)% for the three months ended March 31, 2026 and 2025. The Company’s effective income tax rate differs from the U.S. statutory rate primarily because the income attributable to the redeemable non-controlling interest is pass-through income not subject to U.S. federal income tax within the entities included in the Company’s condensed consolidated financial statements.

Our predecessor, OpCo, is a limited liability company treated as a partnership for U.S. federal income tax purposes and, therefore, has not been subject to U.S. federal income tax at an entity level. As a result, the consolidated net income/(loss) in our historical financial statements does not reflect the tax expense/(benefit) we would have incurred if we were subject to U.S. federal income tax at an entity level during the periods prior to the Offering. OpCo continues to be treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to members, including the Company, and any taxable income of OpCo is reported in the respective tax returns of its members.

The Company had no activity or holdings prior to the Offering.

Tax Receivable Agreement. We entered into the TRA with the Legacy Owners in connection with the IPO. This agreement generally provides for the payment by us to the Legacy Owners of 85% of the net cash savings, if any, in U.S. federal, state and local income tax that we (a) actually realize with respect to taxable periods ending after the IPO or (b) are deemed to realize in the event of a change of control (as defined under the TRA, which includes certain mergers, asset sales and other forms of business combinations and certain changes to the composition of our board of directors) or the TRA terminates early (at our election or as a result of our breach) with respect to any taxable periods ending on or after such change of control or early termination event, in each case, as a result of (i) the tax basis increases resulting from the exchange of INR Units and the corresponding surrender of an equivalent number of shares of Class B common stock by the Legacy Owners for a number of shares of Class A common stock on a one-for-one basis or, at our option, the receipt of an equivalent amount of cash pursuant to the INR Holdings LLC Agreement and (ii) deductions arising from imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the TRA. We will retain the benefit of the remaining 15% of these cash savings, if any.

On March 13, 2026, Legacy Owners redeemed 467,744 INR Units for shares of Class A common stock on aone-for-one basis. Concurrently with each redemption of the INR Units, an equal number of shares of Class B common stock were cancelled. The Company recognizes a liability for the estimated amounts payable under the TRA when it is probable that taxable income will be sufficient to realize the related tax benefits and the amounts can be reasonably estimated. The estimation of liability under the TRA is by its nature imprecise and subject to significant assumptions regarding the amount, character, and timing of the taxable income of the Company in the future. Changes in tax laws or rates could also materially impact the estimated liability. As of March 31, 2026, the Company recorded a TRA liability of $3.6 million, all of which has been classified as a non-current liability.

Note 11 –Series A Convertible Preferred Stock

On February 18, 2026, Infinity Natural Resources, Inc. (the "Company" or "INR") entered into a Securities Purchase Agreement with affiliates of Quantum Capital Group ("Quantum") and Carnelian Energy Capital Management ("Carnelian") pursuant to which the Company issued and sold an aggregate of 350,000 shares of Series A Convertible Preferred Stock (the "Series A Preferred Stock"), par value $0.01 per share, at an original purchase price of $1,000.00 per share, for total gross proceeds of $350.0 million on February 23, 2026 (the "Preferred Stock Transaction"). The Series A Preferred Stock carries an initial liquidation preference of $1,000 per share and ranks senior to the Company's Class A common stock with respect to dividend rights and rights upon liquidation.

Holders of the Series A Preferred Stock are entitled to receive cumulative quarterly dividends at a rate of 8.0% per annum through the fifth anniversary of the initial issuance date, increasing to 12.0% per annum thereafter. Dividends accrue quarterly and may be paid in cash when declared or added to the liquidation preference if unpaid through the second anniversary of the initial issuance date. The dividend rate is subject to an automatic increase of 2.0% per annum if the Company is unable to pay dividends in cash due to restrictions under its Credit Agreement after the second anniversary of the initial issuance date. Each holder of Series A Preferred Stock has the right to participate in any dividends declared on the Class A common stock on an as-converted basis.

The Series A Preferred Stock is convertible into shares of Class A common stock at the option of the holders at an initial conversion price of $21.39 per share, subject to customary anti-dilution adjustments for stock splits, stock dividends, tender offers, spin-offs, and rights distributions.

Beginning three years after issuance, the Company has the right to require mandatory conversion of all or any portion of the Series A Preferred Stock into shares of Class A common stock, provided that the closing price of the Company's Class A common stock exceeds 140% of the conversion price for 20 of 30 consecutive trading days and certain liquidity conditions are met.

The Company has the option to redeem the Series A Preferred Stock beginning on the fifth anniversary of the initial issuance date at a redemption price that will provide the holders with a 15.0% per annum internal rate of return ("IRR") based on the initial liquidation preference through the redemption date.

Holders of the Series A Preferred Stock have the right to require the Company to repurchase their shares upon the occurrence of a Change of Control (as defined in the Certificate of Designation of the Series A Preferred Stock). A Change of Control is defined to include, among other events, the acquisition by a third party of more than 50% of the Company's voting stock, a sale of all or substantially all of the Company's assets, or a delisting of the Class A common stock from a national securities exchange. Upon a Change of Control, each holder may elect to either (i) convert at the then-current conversion price or (ii) require the Company to repurchase such shares at the Change of Control Repurchase Price (as defined in the Certificate of Designation), which is the greater of (a) an amount (together with all prior distributions) necessary to achieve a 13.0% per annum IRR on the initial liquidation preference or (b) a 1.30 x return on the initial liquidation preference.

The Series A Preferred Stock is classified as temporary (mezzanine) equity on the consolidated balance sheets because the instrument is redeemable for cash upon the occurrence of a Change of Control, an event that is not solely within the

Company's control. The Company evaluated the Series A Preferred Stock for embedded derivative features, including certain dividend rate step-up provisions related to credit agreement restrictions and share issuance limitations. Based on this evaluation, the Company concluded that these features do not result in material derivative instruments requiring separate accounting as of the issuance date or as of March 31, 2026.

The Series A Preferred Stock was initially recorded at approximately $334.0 million, representing $350.0 million in aggregate gross proceeds less approximately $16.0 million of directly attributable issuance costs. Issuance costs consisted of registration fees, filing fees, listing fees, legal and accounting fees, and other directly attributable costs, and were recorded as a direct reduction of the carrying amount of the Series A Preferred Stock within mezzanine equity.

The Series A Preferred Stock had a carrying value of $337.1 million, including accrued dividends of $3.1 million, as of March 31, 2026.

Note 12 –Stockholders' Equity and Noncontrolling Interest

As of March 31, 2026, the Company’s equity structure consists of Class A common stock, Class B common stock and Series A Preferred Stock. Each share of Class A common stock entitles its holder toone vote per share and the right to receive dividends and other distributions when, as, and if declared by our board of directors. Class A stockholders are also entitled to share in any assets remaining upon liquidation, after satisfaction of all debts and liabilities. Holders of Class A common stock do not have preemptive or conversion rights. The Class A common stock is economically entitled to the results of operations of the Company, through its ownership interest in INR Holdings. Legacy Owners own an approximate 70.5% interest in INR Holdings and we own an approximate 29.5% interest in INR Holdings.

Each share of Class B common stock entitles its holder toone vote per share on matters submitted to the Company’s stockholders but does not provide the holder with economic rights. Class B common stockholders do not participate in dividends or other distributions and have no rights to Company assets upon liquidation. Each share of Class B common stock is paired with one INR Unit and is cancellable upon exchange or redemption of the corresponding INR Unit for one share of Class A common stock or, at our option, the receipt of an equivalent amount of cash. INR Units represent economic interests in INR Holdings.

Holders of Series A Preferred Stock generally are entitled to vote with the holders of the shares of Class A common stock on all matters submitted for a vote of holders of shares of Class A common stock (voting together with the holders of shares of Class A common stock as one class) on an as-converted basis, subject to certain limitations.

Distributions by INR Holdings, if any, are made to the holders of INR Units on a pro rata basis, subject to applicable law and the INR Holdings LLC Agreement. Distributions, if any, are expected to be made to fund the Company’s payment of taxes, payments under the TRA, any dividends declared on Class A common stock, and other corporate purposes.

As of March 31, 2026, the Company consolidates the financial results of INR Holdings in its unaudited condensed consolidated financial statements. The portion of net income and equity attributable to the INR Units held by the Legacy Owners is reported as a redeemable non-controlling interest within mezzanine equity in the unaudited condensed consolidated financial statements.

Note 13 –Share-based Compensation

Omnibus Incentive Plan

Infinity Natural Resources, Inc. adopted the Infinity Natural Resources, Inc. Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of stock-based awards to the Company’s employees, non-employee directors, and consultants, including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options, stock appreciation rights, restricted stock, dividend equivalent rights and other stock or stock-based awards. An aggregate of 5,888,889 shares of Class A common stock has been reserved for issuance under the Plan, subject to adjustments for stock splits, recapitalizations, and other corporate events. We recognize share-based compensation expense in the consolidated statement of operations as a component of General and administrative, with a corresponding credit to APIC in the consolidated balance sheet.

Restricted Stock Units

In March 2026, the Company granted an additional 531,623 RSUs to certain employees and non-employee directors under the Plan. The RSUs granted to employees generally vest ratably over athree-year service period, while the RSUs granted to non-employee directors vest in full on the one-year anniversary of the grant date.

In February and March 2026,294,638 previously issued RSUs vested and settled in Class A common stock, of which 70,571 were withheld to cover employee tax obligations. The total fair value of shares vested was $5.2 million and the fair value of shares withheld $1.2 million which was remitted in cash to the tax authorities.

The grant-date fair value of each RSU is determined based on the closing stock price of the Company’s Class A common stock on the grant date. Share-based compensation expense related to RSUs is recognized on a straight-line basis over the requisite service period, which corresponds to the vesting terms of the respective awards. We account for forfeitures as they occur. The following table summarizes the RSU activity for the three months ended March 31, 2026:

The RSUs are entitled to Dividend Equivalent Rights (as defined in the Plan) on unvested RSUs, which are payable only if the underlying RSUs vest. The Company recognized compensation expense for RSUs of $1.1 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, unrecognized compensation expense related to unvested RSU awards was $11.2 million, which is expected to be recognized over a weighted-average remaining service period of 2.5 years.

Performance Stock Units

In March 2025, the Company granted Performance Stock Units ("PSUs") under the Plan to certain employees. The PSUs are subject to a performance period from the grant date to December 31, 2027.

In March 2026, the Company granted additional PSUs under the Plan to certain employees. The PSUs are subject to a performance period from January 1, 2026 to December 31, 2028.

For all PSUs, vesting is based on the Company's Total Shareholder Return (“TSR”) relative to a defined peer group and the Company's absolute TSR over the applicable performance period. The number of PSUs that may vest ranges from 0% to 300% of the target award, depending on performance outcomes.

The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation model, which reflects the probability of achieving various market-based outcomes and incorporates key assumptions such as expected volatility, risk-free interest rate, expected dividend yield and correlation with the peer group.

The fair value was determined on the grant date and will not be remeasured. Compensation expense for the PSUs is recognized on a straight-line basis over the requisite service period, which begins on the grant date and ends on the certification date. Expense is recognized regardless of whether the market conditions are ultimately achieved, provided the service condition is satisfied. The Company accounts for forfeitures as they occur. The PSUs are entitled to Dividend Equivalent Rights (as defined in the Plan) on unvested PSUs, which are payable only if the underlying PSUs vest. The following table summarizes the PSU activity for the three months ended March 31, 2026:

The Company recognized compensation expense for PSUs of $1.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, unrecognized compensation expense related to unvested PSU awards was $19.5 million, which is expected to be recognized over a weighted-average remaining service period of 2.6 years.

Note 14 –Earnings Per Share

Income available to Class A common stockholders is reduced by accretion on the Series A Preferred Stock, which is treated as a deemed dividend. Although the Series A Preferred Stock is not currently redeemable and redemption is not considered probable, the Company elected, as an accounting policy, to accrete the carrying amount from inception to the maximum redemption value using the interest method. Basic earnings per share is calculated by dividing income available to Class A common stockholders by the weighted average number of shares of Class A common stock outstanding during the period. Diluted net (loss) earnings per share gives effect, when applicable, to unvested RSUs and PSUs granted under the Plan and the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) held by the Legacy Owners into shares of Class A common stock. The Series A Preferred Stock is not included in diluted earnings per share because conversion is not considered probable, and the effect would be anti‑dilutive for the periods presented.

The following table summarizes the calculation of weighted average shares of Class A common stock outstanding used in the computation of diluted loss per share:

The calculation of diluted net loss per share for the three months ended March 31, 2026 and 2025 excludes (i) the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) to Class A common stock, (ii) and unvested RSUs and PSUs, respectively, and (iii) the assumed conversion of the Company’s Series A Preferred Stock, because their inclusion in the calculation would be anti-dilutive.

Note 15 –Supplemental Cash Flow Information

The following table provides additional information concerning non-cash activities and cash paid for interest, for the three months ended March 31, 2026 and 2025:

Note 16 –Commitments and Contingencies

Drilling Rig Service Commitments. As of March 31, 2026, we have a minimum payment of $6.8 million related to our drilling rig services contracts.

Firm Transportation Commitment. In February 2026, we entered into a firm transportation agreement for an average daily commitment of 300,000 dth/d through January 2030, and thereafter 100,000 dth/d through January 2035.

Litigation. From time to time, the Company is party to various legal and/or regulatory proceedings arising in the ordinary course of business. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that all such matters are without merit and involve amounts which, if resolved unfavorably, either individually or in aggregate, will not have a material effect on our financial condition, results of operations or cash flows.

When it is determined that a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at the time. The Company discloses contingencies where an adverse outcome may be material, or in the judgment of management, the matter should otherwise be disclosed.

Note 17 –Segment Information

The Company hasone reportable segment, which is engaged in the acquisition, exploration, development and production of crude oil and natural gas in the United States. All of our oil and natural gas sales come from customers in the United States. The segment’s revenues are primarily derived from our interests in the sales of crude oil and natural gas production. The Company’s chief operating decision maker (“CODM”) is our chief executive officer, who manages the Company’s business activities as a single operating and reporting segment.

The accounting policies of theone reportable segment are the same as those described in the summary of significant accounting policies. The CODM uses net income, as reported in our statement of operations, to measure segment profit or loss, assess performance, and make strategic capital resources allocations. The measure of segment assets is reported on our balance sheet as total assets. The significant expense categories regularly provided to the CODM are the expenses as noted on the face of the statements of operations. See our Condensed Consolidated Statement of Operations.

The following table provides information about the Company’sone reportable segment and includes the reconciliation to consolidated net income:

(1) Other segment (income) expenses are comprised of net interest expense of $5.8 million and $3.1 million for the three months ended March 31, 2026 and 2025, respectively, gain (loss) on derivative instruments of $(65.1) million and $(37.2) million for the three months ended March 31, 2026 and 2025, respectively, other income (loss) of $(1.1) million and $(0.1) million for the three months ended March 31, 2026 and 2025, respectively and income tax expense (benefit) of $(0.3) million for the three months ended March 31, 2026.

Note 18 –Subsequent Events

The Company has evaluated subsequent events that occurred subsequent to March 31, 2026 and determined that there were no events requiring recognition or disclosure in these unaudited condensed consolidated financial statements.