\nInfinity Natural Resources, Inc. (\u201cInfinity\u201d or the \u201cCompany\u201d) (NYSE: INR) today reported its fourth quarter and full year 2024 financial and operating results and provided a 2025 outlook.\n<\/p>\n
Fourth Quarter 2024 & Recent Highlights<\/b><\/p>\n Full Year 2024 Highlights<\/b><\/p>\n Full Year 2025 Outlook Highlights<\/b><\/p>\n \n(1)\n<\/p>\n<\/td>\n \nAdjusted EBITDAX is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Management Commentary<\/b><\/p>\n \n“Closing our IPO in early February was a defining moment for Infinity Natural Resources, marking the beginning of our journey as a public company,\u201d said Zack Arnold, President & CEO of Infinity. \u201cWe are incredibly proud of the confidence our investors have placed in us, as demonstrated by the $286 million in net proceeds raised. This milestone not only strengthened our balance sheet by enabling us to pay down substantially all of our outstanding debt but also provides continued financial flexibility to execute on our strategic and operational initiatives. Our success is a testament to the dedication of our team and the strength of our high-quality asset base.”\n<\/p>\n \n“Infinity Natural Resources is positioned as a high-margin operator with a balanced mix of oil and natural gas assets across the Marcellus and Utica Shales. Our ability to pivot seamlessly between commodities based on market conditions, coupled with our deep inventory of high-return drilling locations, provides us with a competitive edge. Over the past year, we have successfully scaled our operations, increasing net production from 18.9 MBoe\/d in 2023 to 24.1 MBoe\/d in 2024. Additionally, our wholly owned midstream infrastructure in Pennsylvania and low-cost development model continue to drive best-in-class capital efficiency and Adjusted EBITDAX margins. This combination allows us to fund our development through free cash flow while growing production. Moreover, it affords us the flexibility to expand our footprint across Appalachia from both organic leasing activities and strategic acquisitions.”\n<\/p>\n \nMr. Arnold concluded, “Looking ahead to 2025, we have entered the year with strong momentum and a clear path for continued value creation. Our development program is well-positioned to deliver sustainable growth, with a balanced focus on both high-return oil projects in Ohio and dry gas projects in Pennsylvania. The versatility of our operating model, combined with our clean balance sheet and disciplined capital allocation, gives us confidence in our ability to generate long-term shareholder value. As a proud Appalachian company, we remain committed to responsible development, operational excellence, and delivering on our promise to investors, employees, and the communities we serve.”\n<\/p>\n Operational Update<\/b><\/p>\n \nInfinity\u2019s net daily production for the full year 2024 averaged 24.1 MBoe\/d, primarily consisting of 18.9 MBoe\/d in Ohio and 5.2 MBoe\/d in Pennsylvania. For the full year, Infinity\u2019s net daily production mix was comprised of approximately 27% oil, 20% NGLs and 53% natural gas. We turned into sales 14.0 gross (12.0 net) wells in the Utica Shale in Ohio during 2024, representing approximately 180,500 lateral feet.\n<\/p>\n \nThe following table sets forth information regarding our production, revenues and realized prices and production costs for the fourth quarter and full year of 2024 and 2023:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Year Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n Production data<\/span><\/b>:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil (MBbls)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,380\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,205\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n637\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n625\n<\/p>\n<\/td>\n<\/tr>\n \nNatural gas (MMcf)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,291\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,506\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,017\n<\/p>\n<\/td>\n<\/tr>\n \nNGL (MBbls)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,723\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,112\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n421\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n427\n<\/p>\n<\/td>\n<\/tr>\n \nTotal (MBoe)(1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,818\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,901\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,142\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,555\n<\/p>\n<\/td>\n<\/tr>\n \nAverage daily production (MBoe\/d)(1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27.8\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Average wellhead realized prices (before giving effect to realized derivatives)<\/span><\/b>:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil (\/Bbl)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n67.86\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70.77\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n62.81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70.52\n<\/p>\n<\/td>\n<\/tr>\n \nNatural gas (\/Mcf)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.81\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.80\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.84\n<\/p>\n<\/td>\n<\/tr>\n \nNGL (\/Bbl)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26.14\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n22.16\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32.31\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n24.82\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Average wellhead realized prices (after giving effect to realized derivatives)<\/span><\/b>:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil (\/Bbl)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n66.93\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n71.03\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n65.77\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n71.34\n<\/p>\n<\/td>\n<\/tr>\n \nNatural gas (\/Mcf)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.47\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.42\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.48\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.33\n<\/p>\n<\/td>\n<\/tr>\n \nNGL (\/Bbl)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28.66\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n24.00\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n31.84\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25.03\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Operating costs and expenses (per Boe)(1)<\/sup><\/span><\/b>:<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGathering, processing and transportation\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.59\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.51\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.34\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.98\n<\/p>\n<\/td>\n<\/tr>\n \nLease operating\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.66\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.47\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.96\n<\/p>\n<\/td>\n<\/tr>\n \nProduction and ad valorem taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.12\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.13\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.09\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.19\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation, depletion, and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.36\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.79\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.59\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.48\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.71\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.55\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n18.74\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15.80\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n19.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n18.27\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n____________________\n<\/p>\n<\/td>\n<\/tr>\n \n(1) Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Capital Investment and Financial Position<\/b><\/p>\n \nCapital expenditures incurred were $279.7 million for the full year 2024, which includes $165.8 million on D&C activities, $5.5 million on midstream and $108.3 million on maintenance leasehold and land investment.\n<\/p>\n Financial Position and Liquidity<\/b><\/p>\n \nAs of December 31, 2024, Infinity had approximately $2.2 million of cash and cash equivalents and $259.3 million of borrowings under its revolving credit facility. Infinity\u2019s liquidity as of December 31, 2024 totaled approximately $67.9 million comprised of $2.2 million of cash and cash equivalents and approximately $65.7 million of available borrowing capacity under its revolving credit facility.\n<\/p>\n \nAfter giving effect to the IPO, Infinity would have exited 2024 with zero debt under its revolving credit facility and $354.3 million of liquidity, comprised of $29.3 million of cash and cash equivalents and $325 million of available borrowing capacity under its revolving credit facility.\n<\/p>\n 2025 Capital & Production Guidance<\/b><\/p>\n \nInfinity’s capital budget for 2025 is $240 million to $280 million related to D&C activities, along with $9 million to $12 million of midstream capital expenditures. Net production is expected to be between 32 and 35 MBoe\/d for 2025. Infinity expects to operate one rig for 2025, other than a single 4-well initial pad development in the dry gas Marcellus Shale for which Infinity will use a second rig.\n<\/p>\n Estimated Proved Reserves<\/b><\/p>\n \nInfinity reported year end 2024 total proved reserves of 170.3 MMBoe, consisting of 617.0 Bcf of natural gas, 37.4 MMBbls of oil and 30.2 MMBbls of NGLs. Infinity\u2019s year end 2024 total proved reserves increased approximately 20% when compared to its 2023 total proved reserves, largely a result of continued asset development offset partially by downward revisions associated with commodity price changes. The table below provides information regarding the components driving the 2024 net proved reserve adjustments:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Total<\/b><\/p>\n (MMBoe)<\/b><\/p>\n<\/td>\n<\/tr>\n Proved Reserves, December 31, 2023<\/b><\/p>\n<\/td>\n \n142\n<\/p>\n<\/td>\n<\/tr>\n \nExtension and discoveries\n<\/p>\n<\/td>\n \n36\n<\/p>\n<\/td>\n<\/tr>\n \nRevisions \u2013 performance, ownership and other assumptions\n<\/p>\n<\/td>\n \n7\n<\/p>\n<\/td>\n<\/tr>\n \nPrice revisions\n<\/p>\n<\/td>\n \n(5)\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent production\n<\/p>\n<\/td>\n \n(9)\n<\/p>\n<\/td>\n<\/tr>\n Proved Reserves, December 31, 2024<\/b><\/p>\n<\/td>\n \n170\n<\/p>\n<\/td>\n<\/tr>\n Totals may not sum or recalculate due to rounding<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe table below summarizes the Company\u2019s 2024 net proved reserves:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Oil<\/b><\/p>\n (MMBbl)<\/b><\/p>\n<\/td>\n Natural Gas (Bcf)<\/b><\/p>\n<\/td>\n NGL<\/b><\/p>\n (MMBbl)<\/b><\/p>\n<\/td>\n Total<\/b><\/p>\n (MMBoe)<\/b><\/p>\n<\/td>\n<\/tr>\n \nProved developed\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n249\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n69\n<\/p>\n<\/td>\n<\/tr>\n \nProved undeveloped\n<\/p>\n<\/td>\n \n23\n<\/p>\n<\/td>\n \n368\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n101\n<\/p>\n<\/td>\n<\/tr>\n \nTotal proved\n<\/p>\n<\/td>\n \n37\n<\/p>\n<\/td>\n \n617\n<\/p>\n<\/td>\n \n30\n<\/p>\n<\/td>\n \n170\n<\/p>\n<\/td>\n<\/tr>\n Totals may not sum or recalculate due to rounding<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table reconciles the standardized measure of future net cash flows to the PV-10 value of Infinity\u2019s proved reserves:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Proved<\/b><\/p>\n Developed<\/b><\/p>\n<\/td>\n Proved<\/b><\/p>\n Undeveloped<\/b><\/p>\n<\/td>\n Total Proved<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n ($ in millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nEstimated future net cash flows(1)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n947\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,038\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,980(2)<\/sup><\/p>\n<\/td>\n<\/tr>\n \nStandardized measure(1)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n550\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n426\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n973(3)<\/sup><\/p>\n<\/td>\n<\/tr>\n \nDiscounted future income tax expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nPresent value of estimated future net revenue (PV-10)(1)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n550\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n426\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n973(3)<\/sup><\/p>\n<\/td>\n<\/tr>\n Totals may not sum or recalculate due to rounding<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nEstimated future net cash flows represents the estimated future cash flows to be generated from the production of proved reserves, net of estimated production and future development costs, using prices and costs under existing economic conditions as of December 31, 2024, and assuming commodity prices as set forth below. Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC regulations. The unweighted arithmetic average first-day-of-the-month prices for the prior 12 months were $75.48 per Bbl for oil and $2.13 per MMBtu for natural gas at December 31, 2024. These base prices were adjusted for differentials on a per property basis, including local basis differentials and fuel costs, resulting in $67.98 per Bbl for oil, $1.42 per MMBtu for natural gas, and $25.48 per Bbl for NGLs at December 31, 2024.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nPV-10 is a non-GAAP financial measure and represents the estimated present value of the future cash flows less future development and production costs from our proved reserves before income taxes discounted using a 10% discount rate. PV-10 of proved reserves generally differs from the standardized measure of discounted future net cash flows from production of proved oil and natural gas reserves (the \u201cStandardized Measure\u201d), the most directly comparable GAAP financial measure, because it does not include the effects of future income taxes, as is required under GAAP in computing the Standardized Measure. However, our PV-10 for proved reserves using SEC pricing and the Standardized Measure of proved reserves are equivalent because we were not subject to entity level taxation during 2024. Accordingly, no provision for federal or state income taxes has been provided in the Standardized Measure because taxable income was passed through to our unitholders.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nWe believe that the presentation of a pre-tax PV-10 value provides relevant and useful information because it is widely used by investors and analysts as a basis for comparing the relative size and value of our proved reserves to other oil and natural gas companies. Because many factors that are unique to each individual company may impact the amount and timing of future income taxes, the use of PV-10 value provides greater comparability when evaluating oil and natural gas companies. The PV-10 value is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of proved oil and gas reserves. However, the definition of PV-10 value as defined above may differ significantly from the definitions used by other companies to compute similar measures. As a result, the PV-10 value as defined may not be comparable to similar measures provided by other companies.\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nInvestors should be cautioned that neither PV-10 nor Standardized Measure of proved reserves represents an estimate of the fair market value of our proved reserves. We and others in the industry use PV-10 as a measure to compare the relative size and value of estimated reserves held by companies without regard to the specific tax characteristics of such entities.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNet of firm transportation of $3.8 million.\n<\/p>\n<\/td>\n<\/tr>\n \n(3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNet of firm transportation of $3.1 million.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call and Webcast Details<\/b><\/p>\n INFINITY NATURAL RESOURCES, LLC AND SUBSIDIARIES<\/b><\/p>\n Consolidated Statements of Operations<\/b><\/p>\n \n(amounts in thousands<\/i>)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Year Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n For the Three Months Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil, natural gas, and natural gas liquids sales\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n257,706\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n159,532\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n68,829\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n71,231\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMidstream activities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,316\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,198\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n284\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n526\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n259,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n161,730\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n69,113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n71,757\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGathering, processing, and transportation\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n49,290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,097\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,438\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,719\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease operating\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,154\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,371\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,439\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,563\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProduction and ad valorem taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,071\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n886\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(193\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n490\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation, depletion, and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,726\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,796\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,507\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,045\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,885\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,777\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,413\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n165,286\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n109,035\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n40,843\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46,691\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n93,736\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n52,695\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,270\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense):\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,529\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,910\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,266\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,942\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n(Loss) gain on derivative instruments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(22,047\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,322\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(28,444\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,102\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther (expense) income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(874\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(77\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n49,286\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(5,517\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n60,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n INFINITY NATURAL RESOURCES, LLC AND SUBSIDIARIES<\/b><\/p>\n Consolidated Balance Sheets<\/b><\/p>\n \n(amounts in thousands<\/i>)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n December 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \nAssets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil and natural gas sales, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,491\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nJoint interest and other, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,229\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,822\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,354\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommodity derivative assets, short term\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,054\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n85,568\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70,008\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOil and natural gas properties, full cost method (including $86.5 million and $37.2 million as of December 31, 2024 and 2023, respectively excluded from amortization)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n933,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n652,645\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMidstream and other property and equipment\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,053\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,542\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Accumulated depreciation, depletion, and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(153,233\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(79,561\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n820,048\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n606,626\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right-of-use assets, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,389\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n758\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,461\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,944\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommodity derivative assets, long-term\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,173\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n915,466\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n688,509\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLiabilities and Members\u2019 Equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n51,370\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n37,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRoyalties payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,129\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,575\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,903\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,015\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNotes payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n101\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n124\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n247\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n105\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommodity derivative liabilities, short-term\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,596\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n133,346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n56,562\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLine-of-credit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n259,347\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n170,964\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNotes payable, long-term\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities, net of current portion\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,142\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n652\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAsset retirement obligations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,988\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n970\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommodity derivative liabilities, long-term\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,342\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n752\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n407,224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n230,053\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommitments and contingencies (Note 14)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMembers\u2019 equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n508,242\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n458,456\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and members\u2019 equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n915,466\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n688,509\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n INFINITY NATURAL RESOURCES, LLC AND SUBSIDIARIES<\/b><\/p>\n Consolidated Statements of Cash Flows<\/b><\/p>\n \n(amounts in thousands<\/i>)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Year Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n For the Three Months Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash flows from operating activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n49,286\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(5,517\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n60,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation, depletion, and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,726\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,796\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,507\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of debt issuance costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,957\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n778\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n527\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n499\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on derivative instruments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,047\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(45,322\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,444\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(40,102\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCash received (paid) on settlement of derivative instruments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,360\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,438\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,961\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-cash lease expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nChanges in operating assets and liabilities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,447\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,775\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,781\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(31,280\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n143\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,770\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(121\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,367\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,729\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,640\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRoyalties payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,554\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,390\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,592\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued and other expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,776\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n703\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,916\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,013\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets and liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,306\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(98\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,559\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(41\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n177,666\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n106,475\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n30,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n33,182\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash flows from investing activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditions to oil and gas properties\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(249,545\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(145,979\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(59,976\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(12,847\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisitions of oil and gas properties\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(278,967\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(278,967\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAdditions to midstream and other property and equipment\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,573\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,740\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,387\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,117\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in investing activities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(256,118\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(436,686\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(61,363\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(293,931\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash flows from financing activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBorrowings under revolving credit facility\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n411,456\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n203,864\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44,601\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n82,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayments on revolving credit facility\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(323,073\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(90,800\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(10,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(39,500\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from contributions from issuance of Class B interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n222,278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n199,309\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from notes payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(139\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayments of debt issuance costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,256\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,773\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nPayments of deferred offering costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,415\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,676\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayments on notes payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(117\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(110\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(24\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(36\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by financing activities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n79,151\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n330,976\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n31,901\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n238,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet increase (decrease) in cash and cash equivalents\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n699\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n638\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(22,388\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents at beginning of period\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n739\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,892\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents and restricted cash at end of period\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Financial Measures<\/b><\/p>\n \nIn addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), our earnings release contains non-GAAP financial measures as described below.\n<\/p>\n Adjusted EBITDAX<\/i><\/b><\/p>\n \nWe define Adjusted EBITDAX as net income plus interest, net, income tax expense, depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-cash interest expense (amortization) and non-recurring transaction expenses. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income to arrive at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered more meaningful than or as an alternative to net income determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company\u2019s financial performance, such as a company\u2019s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies.\n<\/p>\n \nThe following table provides a reconciliation of our net income, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n For the Year Ended<\/b><\/p>\n December 31,<\/b><\/p>\n<\/td>\n For the Three Months Ended<\/b><\/p>\n December 31<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n49,286\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(5,517\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n60,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,529\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,910\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,266\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,942\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation, depletion, and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,726\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,796\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,507\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss (gain) on derivative instruments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,047\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(45,322\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,444\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(40,102\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash settlements received (paid) on derivatives\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,360\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,438\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,961\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-recurring transaction expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n771\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDAX\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n195,719\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n126,494\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46,180\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n55,536\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250327046284\/en\/<\/a><\/span><\/p>\n \nInfinity Natural Resources, Inc. KEYWORDS:<\/b> United States North America West Virginia<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n\n
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\n ____________________<\/td>\n<\/tr>\n \n \n \n \n \n
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\n ____________________<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Gregory Pipkin Jr.
\n
Senior Vice President of Corporate Development and Strategy
\n
ir@infinitynr.com<\/a><\/p>\n
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