INFINITY NATURAL RESOURCES, INC.

Previous wording

Commodity prices were volatile in the first quarter of 2026 and we expect commodity prices to continue to be volatile for the remainder of 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in the Middle East, Venezuela, Russia and Ukraine, and potential further imposition of domestic and foreign tariffs. For example, in late February and early March 2026, military conflict involving the United States, Israel and Iran escalated in the Middle East, increasing geopolitical uncertainty in global energy markets. Concerns over disruptions to oil, natural gas and LNG production and shipping routes in the region may contribute to market price volatility for an undeterminable period of time. Domestically, natural gas prices have been negatively impacted in recent months by a combination of mild weather and increased production. Our revenue, profitability, liquidity and financial position will continue to be impacted in the future by the market prices for oil, natural gas and NGLs.

Current wording

Commodity prices were volatile in the first half of 2026, and we expect commodity prices to continue to be volatile for the remainder of 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in the Middle East, Russia and Ukraine, and potential further imposition of domestic and foreign tariffs. For example, since late February, there has been an ongoing military conflict involving the United States, Israel and Iran in the Middle East, causing geopolitical uncertainty in global energy markets. Concerns over disruptions to oil, natural gas and LNG production and shipping routes in the region have contributed to, and may continue to contribute to, market price volatility for an undeterminable period of time. Domestically, natural gas prices have been negatively impacted in recent months by a combination of mild weather and increased production. Our revenue, profitability, liquidity and financial position will continue to be impacted in the future by the market prices for oil, natural gas and NGLs.

Previous wording

The oil and gas industry is cyclical and commodity prices are highly volatile. During the period from January 1, 2026 through March 31, 2026, monthly index prices for NYMEX WTI crude oil ranged from $60.04 per Bbl to $91.38 per Bbl, while the range for NYMEX Henry Hub natural gas monthly index prices were between $2.98 per MMBtu and $7.49 per MMBtu. We expect that the commodity market will continue to be volatile in the future. The prices we receive for our production, and the levels of our production, depend on numerous factors beyond our control. We use a derivative portfolio and firm sales contracts to mitigate the risks of price volatility.

Current wording

The oil and gas industry is cyclical and commodity prices are highly volatile. During the period from January 1, 2026 through June 30, 2026, monthly index prices for NYMEX WTI crude oil ranged from $60.04 per Bbl to $102.13 per Bbl, while the range for NYMEX Henry Hub natural gas monthly index prices were between $2.56 per MMBtu and $7.49 per MMBtu. We expect that the commodity market will continue to be volatile in the future. The prices we receive for our production, and the levels of our production, depend on numerous factors beyond our control. We use a derivative portfolio and firm sales contracts to mitigate the risks of price volatility.

Previous wording

On February 23, 2026, we issued and sold an aggregate 350,000 shares of Series A Preferred Stock to affiliates of Quantum and Carnelian for consideration of $350 million. After deducting placement agent fees, Infinity received net proceeds of approximately $334.0 million. Quantum acquired 275,000 shares of Series A Preferred Stock, and Carnelian acquired 75,000 shares of Series A Preferred Stock. The Company used the proceeds of the Preferred Stock Transaction to fund a portion of the purchase price for the Antero Acquisition and used the remaining proceeds for general corporate purposes.

Current wording

On February 23, 2026, we issued and sold an aggregate 350,000 shares of Series A Preferred Stock to affiliates of Quantum and Carnelian for consideration of $350 million in the Preferred Stock Transaction. After deducting placement agent fees, Infinity received net proceeds of approximately $334.0 million. Quantum acquired 275,000 shares of Series A Preferred Stock, and Carnelian acquired 75,000 shares of Series A Preferred Stock. The Company used the proceeds of the Preferred Stock Transaction to fund a portion of the purchase price for the Antero Acquisition and used the remaining proceeds for general corporate purposes.

Previous wording

Full‑Period Versus Partial‑Period Effects. The Company’s results for the three months ended March 31, 2026 reflect the impact of assets placed into service or acquired at different points in time, including wells placed on production throughout 2025 and early 2026 and the partial‑period contribution from the Antero Acquisition. As a result, production volumes, revenues, and certain operating costs for the current period are not directly comparable to the prior‑year period, which did not include the acquired properties or a full period of production from certain development activity. Additionally, certain operating costs include a higher proportion of fixed or semi‑fixed components that do not scale linearly with production; therefore, per‑unit cost metrics may fluctuate between periods as production volumes increase.

Current wording

Full‑Period Versus Partial‑Period Effects. The Company’s results for the three and six months ended June 30, 2026 reflect the impact of assets placed into service or acquired at different points in time, including wells placed on production throughout 2025 and early 2026 and the partial‑period contribution from the Antero Acquisition. As a result, production volumes, revenues, and certain operating costs for the current period are not directly comparable to the prior‑year period, which did not include the acquired properties or a full period of production from certain development activity. Additionally, certain operating costs include a higher proportion of fixed or semi‑fixed components that do not scale linearly with production; therefore, per‑unit cost metrics may fluctuate between periods as production volumes increase.

Previous wording

Midstream Operations and Maintenance Expense. Midstream operations and maintenance expense increased $0.8 million to $1.5 million for the three months ended March 31, 2026, primarily reflecting the addition of acquired midstream assets in connection with the Antero Acquisition and higher throughput volumes during the period. On a per‑unit basis, midstream operating expenses remained generally consistent with the prior‑year period, as increased operating activity and integration‑related costs were largely offset by higher volumes and improved utilization of the acquired midstream assets.

Current wording

Midstream Operations and Maintenance Expense. Midstream operations and maintenance expense increased $1.6 million to $2.4 million for the three months ended June 30, 2026, primarily reflecting the addition of acquired midstream assets in connection with the Antero Acquisition and higher throughput volumes during the period. On a per‑unit basis, midstream operating expenses remained generally consistent with the prior‑year period, as increased operating activity and integration‑related costs were largely offset by higher volumes and improved utilization of the acquired midstream assets.

Previous wording

Total revenues for the three months ended March 31, 2026 increased $66.5 million, or 79%, compared to the three months ended March 31, 2025, primarily driven by higher production volumes resulting from development activity and the partial‑period contribution of assets acquired in the Antero Acquisition, as well as higher realized natural gas and oil prices. Net production increased 88% period over period, reflecting a partial period of production from assets acquired in the Antero Acquisition and production from wells placed on production throughout 2025 and early 2026.

Current wording

Total revenues for the six months ended June 30, 2026 increased $166.3 million, or 104%, compared to the six months ended June 30, 2025, primarily driven by higher production volumes resulting from development activity and contribution of assets acquired in the Antero Acquisition, as well as higher realized natural gas and oil prices. Net production increased 81% period over period, reflecting production from assets acquired in the Antero Acquisition and production from wells placed on production throughout 2025 and early 2026.

Previous wording

Total operating expenses for the three months ended March 31, 2026 decreased $83.6 million, or 48%, compared to the prior‑year period, primarily due to the absence of $126.1 million of non‑recurring, non‑cash stock‑based compensation expense recognized in connection with the Company’s initial public offering in the prior‑year period. Excluding this item, operating expenses increased due to higher production volumes, the partial‑period contribution of assets acquired in the Antero Acquisition, and increased development and operating activity.

Current wording

Total operating expenses for the six months ended June 30, 2026 decreased $35.9 million, or 16%, compared to the prior‑year period, primarily due to the absence of $126.1 million of non‑recurring, non‑cash stock‑based compensation expense recognized in connection with the Company’s IPO in the prior‑year period. Excluding this item, operating expenses increased due to higher production volumes, the contribution of assets acquired in the Antero Acquisition, and increased development and operating activity.

Previous wording

On a per‑unit basis, direct operating expenses for three months ended March 31, 2026 declined $0.20 per Mcfe to $1.20 per Mcfe, or 14%, compared to the prior-year period, reflecting improved cost absorption and scale benefits associated with higher production volumes.

Current wording

On a per‑unit basis, direct operating expenses for six months ended June 30, 2026 declined $0.05 per Mcfe to $1.30 per Mcfe, or 4%, compared to the prior-year period, reflecting improved cost absorption and scale benefits associated with higher production volumes.

Previous wording

(2)Based on Netherland, Sewell and Associates Inc. found at https://netherlandsewell.com/resources/pricing-data/ and EIA commodity pricing. Weighted average is based on INR’s production in a given month during the course of the calendar year.

Current wording

(2)Based on Netherland, Sewell and Associates Inc. found at https://netherlandsewell.com/resources/pricing-data/ and EIA commodity pricing. Production-weighted average NYMEX benchmark prices are calculated using monthly benchmark prices weighted by the Company’s monthly production volumes during the applicable period.

Previous wording

Total oil, natural gas, and NGL revenues for the three months ended March 31, 2026 increased $66.5 million, or 79%, compared to the three months ended March 31, 2025. The increase was primarily driven by higher production volumes, partially offset by the effects of commodity price volatility and derivative settlements.

Current wording

Oil, Natural Gas and NGL Sales. Total oil, natural gas and NGL revenues for the six months ended June 30, 2026 increased $164.5 million, or 105%, compared to the six months ended June 30, 2025. The increase was primarily driven by higher production volumes, partially offset by the effects of commodity price volatility and derivative settlements.

Previous wording

Net production volumes increased 88% period over period, reflecting increased development activity and a full month of production from the 241 producing wells acquired in the Antero Acquisition. Oil production increased 16%, natural gas production increased 169%, and NGL production increased 25%, driven by wells placed on production across the Company’s oil‑weighted assets in the Ohio Utica Shale and natural gas‑weighted assets in the Marcellus Shale in Pennsylvania during the second quarter of 2025 through the first quarter of 2026, as well as the contribution of assets acquired in the Antero Acquisition.

Current wording

Net production volumes increased 81% period over period, reflecting increased development activity and production from the 241 producing wells acquired in the Antero Acquisition. Oil production increased 53%, natural gas production increased 108%, and NGL production increased 41%, driven by wells placed on production across the Company’s oil‑weighted assets in the Ohio Utica Shale and natural gas‑weighted assets in the Marcellus Shale in Pennsylvania during the second quarter of 2025 through the first half of 2026, as well as the contribution of assets acquired in the Antero Acquisition.

Previous wording

Average realized natural gas prices increased 20% compared to the prior‑year period, primarily due to higher NYMEX Henry Hub pricing and improved differentials. Average realized oil prices increased 4%, reflecting higher NYMEX WTI prices, partially offset by derivative settlements. Average realized NGL prices increased 11% due to changes in product mix and pricing dynamics. The combined impact of increased production volumes and higher realized commodity prices resulted in the significant increase in revenues compared to the prior‑year period.

Current wording

Average realized natural gas prices increased 9% compared to the prior‑year period, primarily due to higher NYMEX Henry Hub pricing. Average realized oil prices increased 27%, reflecting higher NYMEX WTI prices, partially offset by derivative settlements. Average realized NGL prices increased 35% due to changes in product mix and pricing dynamics. The combined impact of increased production volumes and higher realized commodity prices resulted in the significant increase in revenues compared to the prior‑year period.

Previous wording

Lease operating. Lease operating expenses increased $2.1 million to $8.9 million for the three months ended March 31, 2026, driven primarily by higher production volumes, an increased well count from development activity, and the partial‑period contribution of wells acquired in the Antero Acquisition. On a per‑unit basis, lease operating expense declined to $0.33 per Mcfe from $0.47 per Mcfe in the prior‑year period, reflecting improved cost efficiency and dilution of fixed and semi‑variable costs across higher production volumes, particularly in the Company’s Marcellus assets.

Current wording

Lease Operating Expenses. LOE increased $6.6 million to $18.9 million for the six months ended June 30, 2026, driven primarily by higher production volumes, an increased well count from development activity, and the contribution of wells acquired in the Antero Acquisition. On a per‑unit basis, lease operating expense declined to $0.32 per Mcfe from $0.38 per Mcfe in the prior‑year period, reflecting improved cost efficiency and dilution of fixed and semi‑variable costs across higher production volumes, particularly in the Company’s Marcellus Shale assets.

Previous wording

Production and ad valorem taxes. Production and ad valorem taxes increased $1.7 million to $2.3 million for the three months ended March 31, 2026, primarily due to higher production volumes and the addition of acquired properties.

Current wording

Production and Ad Valorem Taxes. Production and ad valorem taxes increased $0.5 million to $4.3 million for the three months ended June 30, 2026, primarily due to higher production volumes and the addition of acquired properties.

Previous wording

Depreciation, Depletion and Amortization. Depreciation, depletion and amortization (“DD&A”) expense increased $14.4 million to $35.7 million for the three months ended March 31, 2026, primarily due to higher production volumes and the partial‑period contribution of acquired assets from the Antero Acquisition. On a per‑unit basis, DD&A declined to $1.32 per Mcfe from $1.48 per Mcfe in the prior‑year period, reflecting increased production volumes and the effect of spreading the depreciable base over a larger production base.

Current wording

Depreciation, Depletion and Amortization. DD&A expense increased $35.2 million to $80.1 million for the six months ended June 30, 2026, primarily due to higher production volumes and the contribution of acquired assets from the Antero Acquisition. On a per‑unit basis, DD&A increased to $1.37 per Mcfe from $1.36 per Mcfe in the prior‑year period.

Previous wording

General and Administrative Expenses. General and administrative expense decreased $110.3 million to $21.4 million for the three months ended March 31, 2026, compared to the prior‑year period. The decrease was primarily attributable to the absence of $126.1 million of non‑recurring, non‑cash stock‑based compensation expense related to the Company’s IPO recognized in the prior‑year period, partially offset by transaction costs associated with the Antero Acquisition of $13.5 million.

Current wording

General and Administrative Expenses. G&A expense decreased $103.2 million to $33.8 million for the six months ended June 30, 2026, compared to the prior‑year period. The decrease was primarily attributable to the absence of $126.1 million of non‑recurring, non‑cash stock‑based compensation expense related to the Company’s IPO recognized in the prior‑year period, partially offset by transaction costs associated with the Antero Acquisition of $15.2 million.

Previous wording

2026 from cash flows from operations, borrowings incurred under the Credit Facility and net proceeds from capital market activities. We expect to fund our 2026 capital expenditures budget through a combination of cash flows from operations and additional borrowings under the Credit Facility, as well as the proceeds of the Preferred Stock Transaction and the Notes offering. Our ability to utilize cash flows from operations to fund our development program is driven by our oil and gas production, current commodity prices and our commodity hedge positions in place.

Current wording

We continually evaluate our capital needs and compare them to our capital resources. Our total capital expenditures incurred for the three and six months ended June 30, 2026 were $137.3 million and $259.9 million, respectively. For the three months ended June 30, 2026, we incurred $129.1 million in development activities, including drilling and completion and midstream, and $8.2 million related to land activities. During the six months ended June 30, 2026 , we incurred $240.6 million in development activities and $19.3 million related to land activities. We funded our capital expenditures for the three and six months ended June 30, 2026 from cash flows from operations and cash provided by financing activities (including the proceeds from the issuance of the Notes and the Series A Preferred Stock), which we expect to continue for the remainder of 2026. Our ability to utilize cash flows from operations to fund our development program is driven by our oil and gas production, current commodity prices and our commodity hedge positions in place.

Previous wording

In connection with the closing of the Antero Acquisition, we also completed the Preferred Stock Transaction, which generated gross proceeds of $350 million and net proceeds of $334.0 million after deducting placement agent fees and offering expenses. The Series A Preferred Stock provides long‑term capital with no stated maturity; however, it accrues cumulative dividends that may be paid in kind for a limited period, after which dividends must be paid in cash, subject to restrictions under our Credit Facility. Any dividends paid in kind increase the liquidation preference of the Series A Preferred Stock and may increase future cash requirements. We believe the Preferred Stock Transaction enhances our overall liquidity and financial flexibility while supporting the execution of our development and acquisition strategy.

Current wording

In connection with the closing of the Antero Acquisition, we also completed the Preferred Stock Transaction, which generated gross proceeds of $350 million and net proceeds of $334.0 million after deducting placement agent fees and offering expenses. The Series A Preferred Stock provides long-term capital with no stated maturity and accrues cumulative dividends in accordance with its terms. The Company elected a PIK dividend for the quarter ended March 31, 2026, which increased the liquidation preference of the Series A Preferred Stock. The dividend declared for the quarter ended June 30, 2026 was paid in cash, resulting in a cash payment of approximately $7.1 million on July 15, 2026. We believe the Preferred Stock Transaction enhances our overall liquidity and financial flexibility while supporting the execution of our development and acquisition strategy.

Previous wording

Analysis of Cash Flow Changes Between the Three Months Ended March 31, 2026 and 2025

Current wording

Analysis of Cash Flow Changes Between the Six Months Ended June 30, 2026 and 2025

Previous wording

For the three months ended March 31, 2026, we generated $58.4 million of cash from operating activities, a decrease of $15.8 million from the prior period. Cash provided by operating activities decreased modestly compared to the prior-year period primarily due to integration-related costs associated with the Antero Acquisition, partially offset by higher production volumes. Refer to “Results of Operations” for more information on the impact of volumes and prices on revenues and on fluctuations in our operating costs between periods.

Current wording

For the six months ended June 30, 2026, we generated $196.3 million of cash from operating activities, an increase of $51.6 million from the prior period. Cash provided by operating activities increased compared to the prior-year period primarily due to increased revenue generated from our development activities, more favorable pricing conditions, and benefits associated with the Antero Acquisition. Refer to “Results of Operations” for more information on the impact of volumes and prices on revenues and on fluctuations in our operating costs between periods.

Previous wording

For the three months ended March 31, 2026, we spent $75.6 million on capital expenditures in connection with our development activities. We also spent $0.8 million on other property and equipment largely related to midstream activities. In connection with the Antero Acquisition, we spent $622.5 million on certain upstream oil and gas properties and related midstream assets.

Current wording

For the six months ended June 30, 2026, we spent $241.1 million on capital expenditures in connection with our development activities. We also spent $13.8 million on other property and equipment largely related to midstream activities. In connection with the Antero Acquisition, we spent $622.7 million on certain upstream oil and gas properties and related midstream assets.

Previous wording

For the three months ended March 31, 2025, we spent $105.6 million on capital expenditures in connection with our development activities. We also spent $2.8 million on other property and equipment.

Current wording

For the six months ended June 30, 2025, we spent $188.3 million on capital expenditures in connection with our drilling and completion activities. We also spent $6.2 million on other property and equipment largely related to midstream activities.

Previous wording

For the three months ended March 31, 2026, the change in financing activity was primarily related to proceeds received from the issuance of the Notes and Series A Preferred Stock of $550.0 million and $350.0 million, respectively. We incurred issuance-related costs of $9.6 million and $14.4 million in connection with the issuance of the Notes and the Series A Preferred Stock, respectively. We also had debt issuance payments associated with the increase in the borrowing base and elected commitments of the Credit Facility of $13.3 million. We made borrowings under the Credit Facility of $430.5 million during the period. We used funds from the financing activities, along with cash from operating activities to pay down borrowings under the Credit Facility of $550.0 million since the beginning of the year.

Current wording

For the six months ended June 30, 2026, the change in financing activity was primarily related to proceeds received from the issuance of the Notes and Series A Preferred Stock of $550.0 million and $350.0 million, respectively. We incurred issuance-related costs of $25.3 million. We made borrowings under the Credit Facility of $430.5 million during the period. We used funds from the financing activities, along with cash from operating activities to pay down borrowings under the Credit Facility of $581.4 million since the beginning of the year.

Previous wording

For the three months ended March 31, 2025, the change in financing activity was primarily related to the IPO which generated net proceeds of $286.5 million. We used funds from the IPO, along with cash from operating activities to pay down borrowings under the Credit Facility of $304.0 million during the period, and we made borrowings under the Credit Facility of $56.0 million during the period. We also paid approximately $0.9 million of other costs associated with the IPO.

Current wording

For the six months ended June 30, 2025, the change in financing activity was primarily related to the IPO which generated net proceeds of $286.5 million. We used funds from the IPO, along with cash from operating activities to pay down borrowings under the Credit Facility of $307.0 million during the period. We also made borrowings under the Credit Facility of $82.0 million during the period. We also paid approximately $6.8 million of other costs associated with the IPO.

Previous wording

See Note 8 – Derivatives and Risk Management for more information on our derivative activities.

Current wording

See Note 8 – Derivatives and Risk Management to this Quarterly Report for more information on our derivative activities.

Previous wording

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”). The Credit Facility has a total facility size of $1.5 billion, subject to lender commitments and borrowing base limitations. On February 23, 2026, in connection with the closing of the Antero Acquisition, we amended our Credit Facility to, among other things, increase the aggregate elected commitment amount from $375.0 million to $875.0 million and increase the borrowing base from $375.0 million to $875.0 million. As of March 31, 2026, our elected commitments and borrowing base were $875.0 million of which zero was outstanding with $19.2 million in letters of credit.

Current wording

On September 25, 2024, INR Holdings entered into the Credit Facility. The Credit Facility has a total facility size of $1.5 billion, subject to lender commitments and borrowing base limitations. On February 23, 2026, in connection with the closing of the Antero Acquisition, we amended our Credit Facility to, among other things, increase the aggregate elected commitment amount from $375.0 million to $875.0 million and increase the borrowing base from $375.0 million to $875.0 million. As of June 30, 2026, our elected commitments and borrowing base were $875.0 million. There were no borrowings outstanding under the Credit Facility and no letters of credit issued, resulting in approximately $875.0 million of available borrowing capacity.

Previous wording

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.

Current wording

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 Agreement. 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.

Previous wording

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. The Company capitalized $0.1 million of interest expense during the three months ended March 31, 2026 and did not capitalize any interest expense during the same period in 2025. For the three months ended March 31, 2026 and 2025, the Company’s weighted-average interest rate was 6.9% and 5.2%, respectively.

Current wording

For the three months ended June 30, 2026 and 2025, total interest expense on the Credit Facility was $0.9 million for both periods. For the six months ended June 30, 2026 and 2025, total interest expense on the Credit Facility was $5.3 million and $3.5 million, respectively. We capitalized interest expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2026 and did not capitalize any interest expense for the three and six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the Company’s weighted-average interest rate was 6.8% and 4.2%, respectively.

Previous wording

Our unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and involve a significant level of estimation uncertainty. In connection with preparing our unaudited condensed consolidated financial statements, we are required to make assumptions and estimates about future events, and to apply judgments that affect the reported amounts of assets, liabilities, revenue, expense and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time we prepare our consolidated financial statements. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ materially from our assumptions and estimates. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Form 10-K for information on our critical accounting estimates.

Current wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and involve a significant level of estimation uncertainty. In connection with preparing our unaudited condensed consolidated financial statements, we are required to make assumptions and estimates about future events, and to apply judgments that affect the reported amounts of assets, liabilities, revenue, expense and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time we prepare our unaudited condensed consolidated financial statements. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ materially from our assumptions and estimates. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Form 10-K for information on our critical accounting estimates.

Previous wording

Our significant accounting policies are discussed in Note 2 – Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements in this Quarterly Report.

Current wording

Our significant accounting policies are discussed in Note 2 – Summary of Significant Accounting Policies to this Quarterly Report.

Previous wording

We routinely enter into or extend operating and transportation agreements, office and equipment leases, drilling rig contracts, and other agreements, in the ordinary course of business. We have not guaranteed the debt or obligations of any other party, nor do we have any other arrangements or relationships with other entities that could potentially result in consolidated debt or losses. Since December 31, 2025, there have not been any significant, non-routine changes in our contractual obligations other than drilling rig contracts and the firm transportation agreement entered into as discussed in Note 16 – Commitments and Contingencies to our unaudited condensed consolidated financial statements in this Quarterly Report.

Current wording

We routinely enter into or extend operating and transportation agreements, office and equipment leases, drilling rig contracts, and other agreements, in the ordinary course of business. We have not guaranteed the debt or obligations of any other party, nor do we have any other arrangements or relationships with other entities that could potentially result in consolidated debt or losses. Since December 31, 2025, there have not been any significant, non-routine changes in our contractual obligations other than: the Notes entered into in March of 2026 and due in 2031 as discussed in Note 7 – Long-Term Debtto this Quarterly Report, drilling rig contracts and the firm transportation agreement entered into as discussed in Note 16 – Commitments and Contingencies to this Quarterly Report.