Infinity Natural Resources Inc's Business Segments

The registrant is an independent energy company focused on acquiring, developing, and producing hydrocarbons in the Appalachian Basin, targeting oil and natural gas assets in the Utica Shale in eastern Ohio and dry gas assets in the Marcellus and Utica Shales in southwestern Pennsylvania. The company seeks to develop low-risk, economically viable assets while maintaining a strong balance sheet. Its operations utilize shared infrastructure and operational efficiencies, maintaining a balanced portfolio of oil and natural gas to adapt development plans to commodity price fluctuations. In February 2026, the company completed the Antero Acquisition, acquiring upstream oil and gas properties and midstream assets in Ohio from Antero Resources Corporation and related entities. This acquisition included a 60% interest in assets comprising 42,500 net surface acres in the Ohio Utica Shale, 370.1 Bcfe of proved reserves, and significant midstream infrastructure, enhancing vertical integration and operational efficiency. To partially fund the acquisition, the company issued Series A Convertible Preferred Stock to affiliates of Quantum Capital Group and Carnelian Energy Capital Management. The company's corporate headquarters are located in Morgantown, West Virginia. Its Class A common stock is listed on the New York Stock Exchange under the ticker symbol "INR." As of December 31, 2025, the company held approximately 98,400 net surface acres across its core operating areas, including significant positions in the Utica Shale oil window in Ohio and dry gas in Pennsylvania.

The company operates a single reportable segment focused on the acquisition, exploration, development, and production of crude oil and natural gas within the United States. All sales of oil and natural gas are to customers located in the United States. Revenue is primarily derived from interests in crude oil and natural gas production sales. The chief executive officer, serving as the chief operating decision maker (CODM), manages the business as one operating and reporting segment, using net income to evaluate segment profit or loss, assess performance, and allocate capital resources. Segment assets correspond to total assets reported on the balance sheet. Major expense categories include gathering, processing, and transportation; lease operating; production and ad valorem taxes; depreciation, depletion, and amortization; general and administrative expenses; and other segment income and expenses, which encompass net interest expense, gains or losses on derivative instruments, other income or losses, and income tax expense or benefit. Detailed total revenues and expenses for the years ended December 31, 2025, 2024, and 2023 are provided in the accompanying table.