INFINITY NATURAL RESOURCES, INC.

Previous wording

We are a growth oriented independent energy company focused on the acquisition, development, production and gathering of hydrocarbons in the Appalachian Basin. We are focused on creating shareholder value through the identification and disciplined development of low-risk, highly economic oil and natural gas assets while maintaining a strong and flexible balance sheet. Our operations are focused on the Utica Shale in eastern Ohio as well as our dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania, providing highly economic stacked development inventory that leverages shared infrastructure and operational efficiencies. Our portfolio is balanced across oil and natural gas assets, allowing us to optimize our development plan to respond to changes in commodity prices over time.

Current wording

We are a growth oriented independent energy company focused on the acquisition, development, production and gathering of hydrocarbons in the Appalachian Basin. We are focused on creating shareholder value through the identification and disciplined development of low-risk, highly economic oil and natural gas assets and the pursuit of strategic acquisitions, such as the Antero Acquisition, that complement our position in the Appalachian Basin, while maintaining a strong and flexible balance sheet. Our operations are focused on the Utica Shale in eastern Ohio and the Marcellus and Utica Shales in southwestern Pennsylvania. We own and operate midstream assets, including gathering pipelines, compression and water infrastructure, that provide takeaway for our production, help control gathering and transportation costs and generate third-party and working interest owner revenue.

Previous 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.

Current wording

Commodity prices were volatile in the first three quarters 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 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.

Current wording

The oil and gas industry is cyclical and commodity prices are highly volatile. During the period from January 1, 2026 through September 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 was 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 January 20, 2026, the Company and INR Holdings entered into a purchase and sale agreement (the “Chase Purchase Agreement”) with Chase Oil Corporation, a New Mexico corporation, and certain other sellers (each a “Chase Seller” and, collectively, “Chase Sellers”) for the acquisition of certain non-operated rights, title and interests in oil and gas properties, rights and related assets located in the State of Pennsylvania from the Chase Sellers (the “Chase Acquisition”), for consideration of 2,517,194 shares of the Company’s Class A common stock. The Chase Acquisition closed on January 20, 2026, simultaneously with the execution of the Chase Purchase Agreement.

Current wording

On January 20, 2026, the Company and INR Holdings entered into a purchase and sale agreement (the “Chase Purchase Agreement”) with Chase Oil Corporation, a New Mexico corporation, and certain other sellers (each a “Chase Seller” and, collectively, “Chase Sellers”) for the acquisition of certain non-operated rights, title and interests in oil and gas properties, rights and related assets located in the State of Pennsylvania from the Chase Sellers (the “Chase Acquisition”), for consideration of 2,517,194 shares of Class A common stock. The Chase Acquisition closed on January 20, 2026, simultaneously with the execution of the Chase Purchase Agreement.

Previous wording

On February 23, 2026 the Company completed the Antero Acquisition of certain upstream oil and gas properties and related midstream assets in Ohio for a purchase price of $720.0 million for cash consideration of $683.9 million. The Antero Acquisition was financed with the proceeds of the issuance of Series A Preferred Stock and borrowings under the Credit Facility.

Current wording

On February 23, 2026 the Company completed the Antero Acquisition of certain upstream oil and gas properties and related midstream assets in Ohio for aggregate cash consideration of approximately $681.7 million. The Antero Acquisition was financed with the proceeds of the issuance of Series A Preferred Stock and borrowings under the Credit Facility.

Previous 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.

Current wording

Full‑Period Versus Partial‑Period Effects. The Company’s results for the three and nine months ended September 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 2026. The results for the nine months ended September 30, 2026 include only a partial-year contribution from the Antero Acquisition, while the results for the three months ended September 30, 2026 include a full quarter of contribution from the acquired assets. 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

Non-Cash Compensation Expense. In connection with the closing of the IPO in 2025, all outstanding incentive units of INR Holdings vested. Consequently, INR Holdings recognized $126.1 million of non-recurring, non-cash stock compensation expense related to these awards for the three months ended March 31, 2025, in accordance with the guidance provided by ASC 710.

Current wording

Non-Cash Compensation Expense. In connection with the closing of the IPO in 2025, all outstanding incentive units of INR Holdings vested. Consequently, INR Holdings recognized $126.1 million of non-recurring, non-cash stock compensation expense related to these awards for the three months ended March 31, 2025, in accordance with ASC 718.

Previous wording

Oil, Natural Gas and NGL Sales. Total oil, natural gas and NGL net revenues for the three months ended June 30, 2026 increased by $97.9 million, or 135%, compared to the three months ended June 30, 2025. Revenues are a function of oil, natural gas and NGL volumes sold and average commodity prices realized.

Current wording

Oil, Natural Gas and NGL Sales. Total oil, natural gas and NGL net revenues for the three months ended September 30, 2026 increased by $116.7 million, or 149%, compared to the three months ended September 30, 2025. The increase was driven by higher production volumes and realized commodity prices.

Previous wording

Midstream and Other Revenue. Midstream and other revenue was approximately $4.8 million and $3.0 million for the six months ended June 30, 2026 and 2025, respectively. Such revenues primarily consist of gathering revenues earned from third-party and working interest owner volumes transported through the Company’s gathering systems, as well as transportation optimization revenues derived from asset management arrangements, capacity utilization fees, spread-share arrangements and transportation reimbursements associated with the Company’s firm transportation capacity.

Current wording

Midstream and Other Revenue. Midstream and other revenue increased $1.1 million, or 76%, to $2.6 million for the three months ended September 30, 2026, compared with $1.5 million for the prior-year period. The increase primarily reflected gathering revenues earned from third-party and working interest owner volumes transported through the Company’s gathering systems and transportation optimization revenues derived from asset management arrangements, capacity utilization fees, spread-share arrangements and transportation reimbursements associated with the Company’s firm transportation capacity. The average utilization of our natural gas midstream system, calculated as average daily volumes transported through the Company’s gathering systems divided by such systems’ average daily throughput capacity, was 34.3% for the three months ended September 30, 2026.

Previous wording

Gathering, Processing and Transportation Expense. Gathering, processing and transportation (“GP&T”) expense increased $14.9 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase was primarily attributable to higher production volumes, including volumes associated with the Antero Acquisition, the contribution from 23 wells brought online in Ohio between periods, increased gathering and processing rates under certain agreements, greater volumes transported through third-party midstream systems, and firm transportation commitments assumed in the Antero Acquisition. GP&T expense was $29.4 million, or $0.93 per Mcfe, for the three months ended June 30, 2026, compared to $14.5 million, or $0.80 per Mcfe, in the prior-year period. The increase in GP&T expense per Mcfe was primarily driven by approximately $7.5 million of firm transportation expense associated with the assumed firm transportation commitments. Excluding these firm transportation costs, GP&T expense was $21.9 million, or $0.69 per Mcfe, compared to $14.5 million, or $0.80 per Mcfe, in the prior-year period. The decrease in GP&T expense per Mcfe, excluding firm transportation costs, was primarily attributable to higher volumes from the acquired assets and increased production from the Company’s Pennsylvania natural gas assets, both of which benefit from transportation through Company-owned midstream assets, and a larger production base over which gathering and transportation costs are spread.

Current wording

Gathering, Processing and Transportation Expense. Gathering, processing and transportation (“GP&T”) expense increased $19.8 million to $32.6 million for the three months ended September 30, 2026, primarily due to higher production volumes, including volumes from the Antero Acquisition, increased gathering and processing rates under certain agreements, greater volumes transported through third-party midstream systems and $5.9 million of firm transportation expense associated with commitments assumed in connection with the Antero Acquisition. On a per-unit basis, GP&T expense increased to $0.82 per Mcfe from $0.64 per Mcfe in the prior-year period, including approximately $0.15 per Mcfe of firm transportation expense. Excluding firm transportation expense, GP&T expense was $0.67 per Mcfe, compared to $0.64 per Mcfe in the prior-year period, with the modest increase primarily attributable to increased gathering and processing rates and greater volumes transported through third-party midstream systems, partially offset by lower per-unit costs on volumes transported through Company-owned midstream assets.

Previous wording

Production and Ad Valorem Taxes. Production and ad valorem taxes for the three months ended June 30, 2026, decreased $(1.2) million compared to the prior period. Production taxes in Ohio are based on our production at the wellhead, while ad valorem taxes are generally based on the assessed taxable value of our proved developed oil and gas properties and vary across the different counties in which we operate. Production taxes in Pennsylvania are assessed on producing wells by imposing an impact fee determined based on the market price for natural gas, which commences on the date the well is initially spud and continues for a period of 15 years.

Current wording

Production and Ad Valorem Taxes. Production and ad valorem taxes for the three months ended September 30, 2026, increased $1.3 million compared to the prior period, due to an increase in production. Production taxes in Ohio are based on our production at the wellhead, while ad valorem taxes are generally based on the assessed taxable value of our proved developed oil and gas properties and vary across the different counties in which we operate. Production taxes in Pennsylvania are assessed on producing wells by imposing an impact fee determined based on the market price for natural gas, which commences on the date the well is initially spud and continues for a period of 15 years.

Previous 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.

Current wording

Midstream Operations and Maintenance Expense. Midstream operations and maintenance expense increased $0.9 million to $2.5 million for the three months ended September 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 declined slightly from 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

Depreciation, Depletion and Amortization. For the three months ended June 30, 2026, depreciation, depletion and amortization (“DD&A”) expense was $44.4 million, an increase of $20.8 million over the prior period. The primary factor contributing to higher DD&A expense during the period was the increase in our overall production volumes between periods resulting in an average DD&A rate of $1.40 per Mcfe.

Current wording

Depreciation, Depletion and Amortization. For the three months ended September 30, 2026, depreciation, depletion and amortization (“DD&A”) expense was $54.7 million, an increase of $27.1 million over the prior period. The primary factors contributing to higher DD&A expense during the period were the increase in our overall production volumes between periods and the addition of the assets acquired in the Antero Acquisition resulting in an average DD&A rate of $1.38 per Mcfe.

Previous wording

General and Administrative Expenses. General and administrative (“G&A”) expenses for the three months ended June 30, 2026 were $12.4 million compared to $5.3 million for the prior period. This increase was primarily related to expenses associated with the integration of the Antero Acquisition, an increase in headcount and $3.0 million of non-cash compensation expense.

Current wording

General and Administrative Expenses. General and administrative (“G&A”) expenses for the three months ended September 30, 2026 were $13.6 million compared to $8.1 million for the prior period. The increase was primarily due to increased headcount, certain severance and other personnel-related costs, and one-time costs associated with the integration of the Antero Acquisition.

Previous 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.

Current wording

Total revenues for the nine months ended September 30, 2026 increased $284.1 million, or 119%, compared to the nine months ended September 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 oil, natural gas and NGL prices. Net production increased 88% period over period, reflecting production from assets acquired in the Antero Acquisition and production from wells placed on production throughout 2025 and early 2026. Excluding production from the Antero Acquisition, net production increased 65%, with oil volumes up 59%, natural gas volumes up 69% and NGL volumes up 27% compared to the prior period.

Previous 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.

Current wording

Total operating expenses for the nine months ended September 30, 2026 increased $26.7 million, or 9%, compared with the prior-year period. The increase primarily reflected higher production volumes, $16.9 million of Antero Acquisition transaction and integration costs, the contribution of assets acquired in the Antero Acquisition and increased development and operating activity. These increases were partially offset by lower general and administrative expenses 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.

Previous 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.

Current wording

(2)Based on data from Netherland, Sewell and Associates Inc. available 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

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.

Current wording

Oil, Natural Gas and NGL Sales. Total oil, natural gas and NGL revenues for the nine months ended September 30, 2026 increased $281.2 million, or 120%, compared to the nine months ended September 30, 2025. The increase was primarily driven by higher production volumes and higher realized prices, partially offset by the effects of derivative settlements.

Previous 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.

Current wording

Net production volumes increased 88% period over period, reflecting increased development activity and production from the 241 producing wells acquired in the Antero Acquisition. Oil production increased 63%, natural gas production increased 106%, and NGL production increased 62%, 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 three quarters of 2026, as well as the contribution of assets acquired in the Antero Acquisition.

Previous 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.

Current wording

Average realized natural gas prices increased 7% compared to the prior‑year period, primarily due to higher NYMEX Henry Hub pricing and a modest improvement in realized differentials, including the incremental price realized on volumes delivered to the REX Zone 3 market. The benefit associated with the REX transportation capacity increased during the third quarter of 2026 as utilization increased and price differentials became more favorable. Average realized oil prices increased 30%, reflecting higher NYMEX WTI prices, partially offset by derivative settlements. Average realized NGL prices increased 51% 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

Midstream and Other Revenue. Midstream and other revenue was approximately $0.6 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively. Such revenues primarily consist of gathering revenues earned from third-party and working interest owner volumes transported through the Company’s gathering systems, as well as transportation optimization revenues derived from asset management arrangements, capacity utilization fees, spread-share arrangements and transportation reimbursements associated with the Company’s firm transportation capacity.

Current wording

Midstream and Other Revenue. Midstream and other revenue was approximately $7.4 million and $4.5 million for the nine months ended September 30, 2026 and 2025, respectively. Such revenues primarily consist of gathering revenues earned from third-party and working interest owner volumes transported through the Company’s gathering systems, as well as transportation optimization revenues derived from asset management arrangements, capacity utilization fees, spread-share arrangements and transportation reimbursements associated with the Company’s firm transportation capacity. The average utilization of our natural gas midstream system, calculated as average daily volumes transported through the Company’s gathering systems divided by such systems’ average daily throughput capacity, was 32.2% for the nine months ended September 30, 2026.

Previous wording

Gathering, Processing, and Transportation Expense. GP&T expense increased $22.5 million to $49.1 million for the six months ended June 30, 2026, primarily due to higher production volumes and the contribution of acquired upstream assets from the Antero Acquisition. GP&T expense increased on a per unit basis to $0.84 per Mcfe from $0.82 per Mcfe in the prior‑year period. The firm transportation costs were approximately $9.1 million associated with the assumed firm transportation commitments. Excluding these firm transportation costs, GP&T expense was $40.0 million, or $0.68 per Mcfe representing a decrease of 17% when compared to the prior year period. The decrease in GP&T expense per Mcfe, excluding firm transportation costs, was primarily attributable to higher volumes from the acquired assets and increased production from the Company’s Pennsylvania natural gas assets, both of which benefit from transportation through Company-owned midstream assets, and a larger production base over which gathering and transportation costs are spread.

Current wording

Gathering, Processing, and Transportation Expense. GP&T expense increased $42.4 million to $81.7 million for the nine months ended September 30, 2026, primarily due to higher production volumes, the contribution of acquired upstream assets from the Antero Acquisition and $14.8 million of firm transportation expense associated with commitments assumed in connection with the Antero Acquisition. On a per-unit basis, GP&T expense increased to $0.83 per Mcfe from $0.75 per Mcfe in the prior-year period, including approximately $0.15 per Mcfe of firm transportation expense. Excluding firm transportation expense, GP&T expense was $0.68 per Mcfe, down from $0.75 per Mcfe in the prior-year period, primarily due to increased production volumes and greater utilization of Company-owned midstream assets.

Previous 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.

Current wording

Lease Operating Expenses. LOE increased $15.4 million to $31.9 million for the nine months ended September 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, LOE increased slightly to $0.32 per Mcfe from $0.31 per Mcfe in the prior‑year period, primarily reflecting higher produced water disposal and compressor maintenance costs.

Previous 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.

Current wording

Production and Ad Valorem Taxes. Production and ad valorem taxes increased $1.9 million to $6.4 million for the nine months ended September 30, 2026, primarily due to higher production volumes and the addition of acquired properties.

Previous wording

Midstream Operations and Maintenance Expense. Midstream operations and maintenance expense increased $2.5 million to $3.8 million for the six 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.

Current wording

Midstream Operations and Maintenance Expense. Midstream operations and maintenance expense increased $2.4 million to $6.3 million for the nine months ended September 30, 2026, primarily reflecting the addition of acquired midstream assets in connection with the Antero Acquisition and higher throughput volumes during the period.

Previous 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.

Current wording

Depreciation, Depletion and Amortization. DD&A expense increased $62.2 million to $134.7 million for the nine months ended September 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 was relatively consistent at $1.37 per Mcfe compared with $1.36 per Mcfe in the prior-year period, as the effect of the acquired and development cost base was substantially offset by higher production volumes.

Previous 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.

Current wording

General and Administrative Expenses. G&A expense decreased $97.7 million to $47.4 million for the nine months ended September 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 $16.9 million, integration costs associated with the Antero Acquisition, increased headcount, certain severance and other personnel-related costs.

Previous 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.

Current wording

We continually evaluate our capital needs and compare them to our capital resources. Our total capital expenditures incurred for the three and nine months ended September 30, 2026 were $126.2 million and $386.1 million, respectively. For the three months ended September 30, 2026, we incurred $105.9 million in development activities, including drilling and completion and midstream, and $20.3 million related to land activities. During the nine months ended September 30, 2026, we incurred $346.5 million in development activities and $39.6 million related to land activities. We funded our capital expenditures for the three and nine months ended September 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

On February 23, 2026, we closed the Antero Acquisition for consideration of approximately $683.9 million net to Infinity. We funded the transaction with cash on hand, the proceeds of the Preferred Stock Transaction and borrowings under our Credit Facility, the borrowing base and aggregate elected commitment amount of which increased from $375.0 million to $875.0 million in connection with closing.

Current wording

On February 23, 2026, we closed the Antero Acquisition for consideration of approximately $681.7 million net to Infinity. We funded the transaction with cash on hand, the proceeds of the Preferred Stock Transaction and borrowings under our Credit Facility, the borrowing base and aggregate elected commitment amount of which increased from $375.0 million to $875.0 million in connection with closing.

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 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.

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 dividends for the quarters ended June 30 and September 30, 2026 totaled approximately $14.1 million, all of which was paid in cash during the nine months ended September 30, 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

Our liquidity requirements also include operating expenses, which have been impacted by elevated levels of inflation. High oil prices have historically led to more development activity in oil-focused shale basins and resulted in service cost inflation across all U.S. shale basins, including our areas of operation. Ongoing inflationary pressures may result in increases to the costs of our oilfield goods, services and personnel, which would, in turn, cause our capital expenditures and operating costs to rise. We closely monitor costs and are cost conscious in managing our operations. We may solicit bids from multiple vendors or contractors or source materials from multiple suppliers to take advantage of cost competition, and we may buy surplus materials if we can acquire them on attractive terms. Where we anticipate elevated costs may be more sustained, such as in the cost of services, we may enter into contracts with certain service providers to lock in rates. We are also strategic in the duration of our contracts to provide flexibility to take advantage of cost declines when they occur.

Current wording

Our liquidity requirements also include operating expenses, which have been impacted by elevated levels of inflation. High oil prices have historically led to more development activity in oil-focused shale basins and resulted in service cost inflation across all U.S. shale basins, including our areas of operation. Ongoing inflationary pressures may result in increases to the costs of our oilfield goods, services and personnel, including higher diesel fuel prices, which would, in turn, cause our capital expenditures and operating costs to rise. We closely monitor costs and are cost conscious in managing our operations. We may solicit bids from multiple vendors or contractors or source materials from multiple suppliers to take advantage of cost competition, and we may buy surplus materials if we can acquire them on attractive terms. Where we anticipate elevated costs may be more sustained, such as in the cost of services, we may enter into contracts with certain service providers to lock in rates. We are also strategic in the duration of our contracts to provide flexibility to take advantage of cost declines when they occur.

Previous wording

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

Current wording

Analysis of Cash Flow Changes Between the Nine Months Ended September 30, 2026 and 2025

Previous 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.

Current wording

For the nine months ended September 30, 2026, we generated $333.5 million of cash from operating activities, an increase of $146.8 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 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.

Current wording

For the nine months ended September 30, 2026, we spent $355.5 million on capital expenditures in connection with our development activities. We also spent $25.0 million on other property and equipment largely related to midstream activities. In connection with the Antero Acquisition, we spent $620.5 million on certain upstream oil and gas properties and related midstream assets.

Previous 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.

Current wording

For the nine months ended September 30, 2025, we spent $269.1 million on capital expenditures in connection with our drilling and completion activities. We also spent $10.2 million on other property and equipment largely related to midstream activities.

Previous 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.

Current wording

For the nine months ended September 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 $462.5 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 $613.4 million since the beginning of the year.

Previous 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.

Current wording

For the nine months ended September 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 $327.0 million during the period. We also made borrowings under the Credit Facility of $143.0 million during the period. We also paid approximately $6.8 million of other costs associated with the IPO.

Previous wording

A put option has an established floor price. The buyer of that put option pays the seller a premium to enter into the put option. When the settlement price is below the floor price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the hedged contract volume. When the settlement price is above the floor price, the put option expires worthless.

Current wording

A put option has an established strike price, which establishes a floor price for the hedged commodity. The buyer of the put option pays the seller a premium to enter into the put option. When the settlement price is below the strike price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the hedged contract volume. When the settlement price is above the floor price, the put option expires worthless.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, total interest expense on the Credit Facility was $0.9 million and $1.8 million, respectively. For the nine months ended September 30, 2026 and 2025, total interest expense on the Credit Facility was $6.2 million and $5.3 million, respectively. We capitalized interest expense of $0.1 million and $0.3 million for the three and nine months ended September 30, 2026, respectively, and did not capitalize any interest expense for the three and nine months ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, the Company’s weighted-average interest rate was 6.8% and 4.2%, respectively.