INR

Interested in Infinity Natural Resources Inc.? Here are five stocks we like better. Strong second-quarter performance: Infinity Natural Resources increased production 75% year over year to 348 Mcfe/d and posted record adjusted EBITDAX of $115 million. Oil output more than doubled, while gas and NGL production also grew substantially. Utica development is progressing: The company brought 10 Ohio wells online, advanced multiple Utica pads and said the first three wells from its Antero acquisition are meeting or exceeding expectations. Infinity is also improving drilling and completion efficiency while expanding use of its owned midstream system. Outlook reaffirmed despite leadership changes: Infinity maintained its 2026 production guidance of 345–375 Mcfe/d and development capital spending guidance of $450 million–$500 million. CFO David Sproule will depart, with Cary Baetz succeeding him and Andrew Judge joining as senior vice president of finance. Infinity Natural Resources (NYSE:INR) reported second-quarter production growth of 75% year over year and record adjusted EBITDAX of $115 million, while advancing development of recently acquired Ohio Utica assets and reaffirming its full-year outlook. Net production averaged 348 million cubic feet equivalent per day (Mcfe/d) during the quarter. Oil production rose 102% from a year earlier to about 12,400 barrels per day, natural gas production increased 73% to approximately 217 MMcf/d, and NGL production climbed 57% to roughly 9,500 barrels per day. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat “The second quarter reflected continued execution of our strategy,” President and Chief Executive Officer Zack Arnold said. “We delivered strong production growth and our highest quarterly adjusted EBITDAX in company history at $115 million.” The company said David Sproule will step down as executive vice president and chief financial officer. Arnold described Sproule as one of Infinity’s founders and thanked him for his work with the company. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Effective Aug. 12, Cary Baetz will assume the executive vice president and CFO role, while Andrew Judge will join Infinity as senior vice president of finance. Arnold said Baetz brings experience raising capital, managing significant transactions and building financial infrastructure, while Judge has upstream experience in the basin as well as experience in capital markets, M&A evaluation and investor relations. During the question-and-answer session, Arnold said the additions position the company for its targeted growth. He said Baetz has decades of public-company experience, and that the company believes the combined capabilities of Baetz, Judge and the board will support its scaled-growth plans. → Is Wingstop's Growth Story Losing Steam? Infinity brought 10 Ohio wells online during the quarter, including its first three rich-gas wells from the Antero asset acquisition and seven other volatile-oil wells. The company spudded nine wells: four volatile-oil wells and two rich-gas wells in Ohio, two dry-gas wells in Pennsylvania, and its first deep dry-gas Utica well in Pennsylvania. The company drilled a vertical pilot and collected subsurface data for its deep Utica well before drilling a 9,500-foot lateral. Arnold said the company is still evaluating the core and log data and will decide whether to complete the Utica well now or later after finishing completions on three Marcellus wells drilled on the same pad. “The team executed on the drilling and the science phase flawlessly,” Arnold said, adding that core analysis will take time. Infinity also said it began drilling on a second Ohio Utica pad during the quarter, completed that pad after quarter-end and began drilling on a third pad. Arnold told analysts the first three wells brought online from the acquired assets were meeting or exceeding underwriting expectations. He said the company is using a completion design with about 1,000 additional pounds of sand per foot compared with the prior operator’s approach. The company expects to turn in line seven wells during the third quarter, including a four-well volatile-oil pad expected in the coming days and a three-well dry-gas-weighted Pennsylvania Marcellus pad that was turned in line in mid-July. Infinity reported a 15% increase in lateral feet drilled per day compared with its 2025 average while maintaining what it described as 100% in-zone geosteering accuracy. The company also validated a revised completion design in Guernsey County that reduced completion costs by $50 per foot through higher proppant loading, wider stage spacing and fewer frac stages. Since the end of the first quarter, utilization of the company’s midstream system has increased about 30%, according to Arnold. Roughly 70% of its current gross natural-gas production now flows through its wholly owned, low-cost system. Infinity has approximately 1 billion cubic feet per day of gathering capacity, including about 400 MMcf/d in Pennsylvania and 600 MMcf/d in Ohio. The system was operating at about 35% total utilization, leaving capacity for future production growth without meaningful additional infrastructure investment, management said. Arnold said near-term value from the midstream assets will primarily come from supporting Infinity’s own production and lowering unit costs rather than from third-party revenue. He said third-party midstream revenues are expected to remain small in the near future. The company said it assumed a REX Zone 3 firm-transportation contract in the Antero acquisition, which contributed to higher reported gathering, processing and transportation expense but also supports access to premium gas markets. Arnold said the contract provides sufficient volume and duration to move forecasted Ohio production while the company waits for additional in-basin demand to develop. Second-quarter revenue was approximately $171 million. Adjusted EBITDAX of $115 million translated to margins of about $3.62 per Mcfe, which Arnold said was roughly twice the Appalachian peer-group average. Natural-gas realizations were $2.34 per Mcfe, compared with an average NYMEX gas price of $2.89 per MMBtu during the period. Oil realizations were $85.41 per barrel, with oil differentials of approximately $7.10 per barrel. NGL realizations rose 70% year over year to $32.27 per barrel. Controllable cash operating costs were $1.58 per Mcfe, down about 9% from the second quarter of 2025, excluding firm transportation costs. Capital expenditures totaled approximately $137 million, including $129 million for development and $8 million for land activity. Reported GP&T expense increased because of firm-transportation costs associated with the REX Zone 3 contract and higher volumes. Excluding firm transportation, GP&T was $0.69 per Mcfe in the second quarter, reflecting a sequential decline in operating costs, the company said. Infinity said it began taking the majority of its propane, butane and pentane products in kind in March and has seen higher propane price realizations than in prior periods. The company reaffirmed 2026 guidance for net production of 345 Mcfe/d to 375 Mcfe/d, representing projected year-over-year growth of about 70%. It also maintained development capital expenditure guidance of $450 million to $500 million. For the remainder of 2026, Infinity said it is 81% hedged on natural gas and 78% hedged on total volumes based on the midpoint of its guidance. Arnold said the company uses hedges at the project level to protect expected pad economics rather than attempting to time commodity markets. Management also said it expects to maintain an inventory runway of roughly 10 to 12 years, depending on drilling pace, through leasing, land work and potential small-to-moderate acquisitions in the basin. We are a growth oriented, free cash flow generating, independent energy company focused on the acquisition, development, and production 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. Additionally, we have proven our ability to grow our acreage position through organic leasing efforts and accretive acquisitions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Infinity Natural Resources Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly adjusted EBITDAX of $115 million, driven by a 75% year-over-year increase in net production following the integration of Antero assets. Transitioned from integration to active development in the Ohio Utica, utilizing a single-rig strategy to improve field efficiency and eliminate redundant infrastructure costs. Realized a 15% improvement in lateral feet drilled per day compared to the 2025 average, maintaining 100% geosteering accuracy through optimized bottom hole assemblies. Validated a revised completion design in Guernsey County that reduced costs by $50 per foot by increasing proppant loading and extending stage spacing. Increased midstream system utilization by 30% since Q1, with 70% of gross gas production now flowing through company-owned, low-cost infrastructure. Shifted production mix toward liquids, which increased per-unit revenue and margins despite higher associated processing and fractionation costs. Strengthened leadership depth by appointing Cary Baetz as CFO and Andrew Judge as SVP of Finance to support public company scaling and M&A execution. Reaffirmed full-year 2026 production guidance of 345-375 Mmcfe per day, assuming a steep ramp-up in the second half of the year. Maintained development CapEx guidance of $450-$500 million, with operational efficiencies expected to offset inflationary pressures in diesel and steel. Anticipate structural declines in controllable unit costs as higher volumes increase utilization of the 1 Bcf per day gathering capacity. Planning to turn seven wells in line during Q3, including a four-well pad in the Volatile Oil Window and a three-well pad in the Pennsylvania Marcellus. Evaluating deep dry gas Utica potential in Pennsylvania following the successful drilling of a 9,500-foot lateral and vertical pilot core. Assumed a REX Zone 3 firm transportation contract via the Antero acquisition, providing critical flow protection and premium market access. Began taking NGL products in-kind in March 2026, resulting in an immediate uplift in propane price realizations. Maintained a disciplined hedging profile with 81% of remaining 2026 natural gas volumes locked in to de-risk project-level returns. Identified $25 million in annual synergy targets, primarily through infrastructure optimization and marketing improvements. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that completion timing is driven by rig cadence and project-level hedging rather than attempting to time seasonal gas price fluctuations. The company prioritizes de-risking returns at the time of investment over speculative commodity price chasing. Early results from the first three wells met or exceeded underwriting expectations, with new completion designs using 1,000 pounds more sand per foot than the previous operator. Significant capital savings are being realized by combining previously separate drilling pads to eliminate redundant road and pipeline construction. Current system utilization is approximately 35%, providing significant headroom for growth without incremental infrastructure investment. Management expects third-party midstream revenue to remain small in the near term, prioritizing the system's role in lowering breakevens for internal production. The drilling and science phase is complete, but management noted that core analysis will take several months to finalize. A decision on when to complete the Utica well will be made after evaluating the data alongside the Marcellus wells on the same pad.

This article first appeared on GuruFocus. Revenue: Approximately $171 million for the second quarter. Adjusted EBITDAX: Company-record $115 million, with margins of approximately $3.62 per Mcfe. Net Production: Averaged 348 million cubic feet equivalent per day (Mcfe/d), a 75% year-over-year increase. Oil Production: Approximately 12.4 thousand barrels per day, up 102% year over year. Natural Gas Production: Averaged approximately 217 million cubic feet per day, up 73% year over year. NGL Production: Increased 57% year over year to approximately 9.5 thousand barrels per day. Natural Gas Realized Price: $2.34 per Mcf. Oil Realized Price: $85.41 per barrel, with differentials of approximately $7.10 per barrel. NGL Realized Price: $32.27 per barrel, up 70% year over year. Controllable Cash Operating Costs: $1.58 per Mcfe, down approximately 9% year over year. Capital Expenditures: Approximately $137 million incurred in the quarter, including $129 million on development and $8 million on land. 2026 Guidance: Reaffirmed net production of 345-375 Mcfe/d and development capital expenditures of $450-$500 million. Warning! GuruFocus has detected 2 Warning Sign with INR. Is INR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Infinity Natural Resources Inc (NYSE:INR) delivered record quarterly adjusted EBITDAX of $115 million, with margins roughly double the Appalachian peer group average. The company achieved strong production growth of 75% year-over-year, averaging 348 million cubic feet equivalent per day, and reaffirmed full-year 2026 guidance. Operational efficiency improved significantly, with a 15% increase in lateral feet drilled per day and a new completion design reducing costs by $50 per foot in Guernsey County. The integration of the Antero assets is progressing well, with first wells online and drilling operations expanding, while the company remains confident in long-term value creation. Midstream system utilization increased approximately 30% since Q1, with about 70% of gross natural gas production now flowing through its low-cost, wholly-owned system, offering significant capacity for future growth. The company announced a change in leadership with the departure of CFO David Sproul, which could introduce transitional uncertainty. Reported GP&T expenses increased due to firm transportation costs from the REC Zone 3 contract and a shift toward more liquids-weighted production, which requires more processing. The company faces potential upward pressure on service costs, including diesel and steel, which could impact capital efficiency. The deep dry gas Utica well results are still under evaluation, with no clear timeline for completion or production, creating uncertainty around this exploratory project. Third-party midstream revenue opportunities are expected to remain minimal in the near term, limiting immediate diversification of revenue streams. Q: Can you provide more detail on the performance and integration of the acquired Antero assets, including well productivity and completion design changes?A: Zack Arnold (President and CEO) stated that the first three rich gas wells brought online met or exceeded expectations and underwriting cases. The company is using a different completion philosophy than Antero, pumping about 1,000 pounds more sand per foot. The team has executed smoothly, moving the rig between pads efficiently, and expects to realize further drilling efficiencies in the coming quarters. The company is also realizing synergies by combining two old Antero drilling pads onto one existing pad, eliminating construction costs. Q: What is the company's strategy regarding the timing of oil and gas well turn-in-lines, and how does this factor into 2027 planning?A: Zack Arnold (President and CEO) clarified that the company is not trying to time gas turn-in-lines to capture seasonal price spikes. Instead, the timing is a function of the typical rig cadence, matched with thoughtful hedging, and a deliberate reorganization of completions to bring oil fracks ahead of gas fracks. The company's philosophy is to avoid chasing commodity price whims and instead focus on executing projects with hedges that de-risk returns. Q: What is the Board's perspective on the recent executive changes, and what specific skills do the new hires bring?A: Zack Arnold (President and CEO) thanked the outgoing CFO, David Sproul, for his dedication. He stated that the new CFO, Kerry Bates, brings decades of public company experience to support the company's growth trajectory. Combined with Andrew Judge's capabilities in finance and M&A, the leadership team is well-positioned for the scaled growth the company is seeking. Q: What are the next opportunities for capital efficiency improvements beyond the recent completion design tweaks?A: Zack Arnold (President and CEO) highlighted the application of the completion design mastered in Carroll County to the Guernsey and Northwestern Noble areas, which allows for more sand per foot with fewer stages, maximizing pumping efficiency. On the drilling side, the team continues to optimize bottom hole assemblies to increase daily footage and cut days off drilling times, which improves project economics and allows more work within a calendar year. Q: Can you provide detail on the timeline and opportunities for third-party utilization of the midstream system?A: Zack Arnold (President and CEO) stated that third-party midstream revenues will be small in the near future. The primary focus is using the system for the company's own upstream development to maintain low breakevens and operating costs. Third-party revenues will first appear through interest in developed units, but the current Antero assets are effectively 100% working interest, so they don't generate significant midstream revenue. While there is third-party interest, the near-term focus remains on using the midstream for internal cost control. Q: What exit rate production and oil volumes are embedded in the reaffirmed 2026 production guidance?A: Zack Arnold (President and CEO) declined to provide specific exit rate guidance but expressed confidence in the plan to execute on the reaffirmed guidance. He noted that the company has a significant ramp-up coming in the second half of the year and is confident in the timing of projects, which is why guidance was reaffirmed. Q: What is the company's view on potential service cost inflation in the second half of 2026?A: Zack Arnold (President and CEO) acknowledged upward pressure on diesel, steel, and other inputs. However, he credited the operations team's efficiency improvements in Q2 for offsetting these pressures. The company remains confident in its development CapEx guidance and expects to execute within the range despite modest upside pressure on pricing. Q: As production grows, does the company expect to need to contract long-haul firm transportation, and how does it weigh out-of-basin pricing against in-basin exposure?A: Zack Arnold (President and CEO) highlighted the REX FT contract acquired in the Antero deal as a key asset. It provides sufficient volumes and duration to bridge the gap while waiting for in-basin sinks to materialize. The company actively hedges both basis and hub prices, and views the REX contract as an asset that provides flow protection and premium pricing, ensuring development can continue. Q: How is the company thinking about the "ground game" for acquisitions, and is there an optimal inventory runway to maintain?A: Zack Arnold (President and CEO) stated the company aims to maintain 10 to 12 years of inventory depending on drilling pace. The ground game is crucial, as some of the best land dollars spent add interest in wells or lateral lengths rather than new sticks. The company's local presence and basin experience, combined with potential small to moderate M&A opportunities, should help extend inventory length even while developing 30 to 40 wells a year. Q: Where will the benefits of increased midstream utilization show up in the financials, and how should investors track the performance of the midstream business?A: Zack Arnold (President and CEO) explained that the benefits will appear in several ways. The step-up in GP&T was due to the REX Zone 3 contract, which provides higher realizations. Current GP&T costs are under upward pressure due to liquids weighting, as legacy volatile oil wells come on in a higher cost environment where the company doesn't own the midstream. As more volumes flow through the owned low-cost system, per-unit GP&T costs should decline. Third-party revenues are a nice-to-have option, but the primary success metric is achieving best-in-class breakevens and project returns. Q: Can you provide an update on the deep dry gas Utica well, including core results and timing?A: Zack Arnold (President and CEO) stated the drilling and science phase was executed flawlessly, and the team captured a core across the entire producing interval. Core evaluation takes time, so the company is focused on completing the three Marcellus wells on the same pad in the meantime. After evaluating the core and logs, the company will decide whether to complete the Utica well now or later. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MORGANTOWN, W.Va., August 10, 2026--(BUSINESS WIRE)--Infinity Natural Resources, Inc. ("Infinity" or the "Company") (NYSE: INR) today reported its second quarter 2026 financial and operating results and maintained its 2026 guidance. Second Quarter 2026 Results Delivered 75% growth in net daily production to 348.5 MMcfe/d compared to the second quarter of 2025 Reported net income of $108.0 million, or $0.88 per share of Class A common stock on a diluted basis, during the second quarter 2026 compared to net income of $1.18 per share of Class A common stock during the second quarter 2025 Delivered 131% growth in Adjusted EBITDAX(1) to $114.7 million in the second quarter 2026 compared to the second quarter 2025, representing an Adjusted EBITDAX Margin(1) of $3.62 / Mcfe, which we believe is the best among our Appalachian Basin peers Generated $137.9 million of net cash provided by operating activities for the three months ended June 30, 2026, a 136% increase compared to the first quarter of 2026 Incurred $129.1 million of development capital expenditures Total net debt(1) was approximately $524.1 million and total liquidity was $900.9 million as of June 30, 2026 Second Quarter 2026 and Recent Highlights Turned into sales 10 wells in the Ohio Utica Shale, comprised of 7 oil-weighted wells in the volatile oil window and 3 rich gas wells, which are the first from the recently acquired acreage four months after closing Spudded 9 wells, including 4 volatile oil wells in Ohio, 2 rich gas wells in Ohio, 2 dry gas Marcellus wells, and 1 deep dry gas Utica well Completed 10 wells, including 7 volatile oil wells in Ohio and 3 dry gas Marcellus wells in Pennsylvania Drilled first deep dry gas Utica vertical pilot well and 9,500 foot lateral in Pennsylvania Approximately 70% of our gross natural gas production is currently flowing through Company-owned midstream assets Acquired approximately 1,100 net horizon acres during the quarter, demonstrating continued success in organic leasing Repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share during the second quarter 2026 Management Commentary "Our second quarter results reflect continued strong execution of our strategic plan across our Appalachian portfolio, as we delivered strong production growth, advanced development across both our Utica and Marcellus positions, and began developing the assets we acquired earlier this year," said Zack Arnold, President and CEO of Infinity. "During the quarter, we successfully turned in line our first wells from the acquired Antero acreage and moved a rig onto the assets to develop another pad, demonstrating our ability to rapidly incorporate new assets into our development program while maintaining operational execution. We also drilled our first deep dry gas Utica vertical pilot well and lateral, an important step in further evaluating the long-term value and development potential of this emerging opportunity." "Our integrated upstream and midstream platform continues to differentiate Infinity. As production grows, our owned infrastructure provides increasing operating leverage through greater utilization, lowering controllable costs per unit and enhancing market access. Our $3.62 per Mcfe Adjusted EBITDAX Margin exceeds all of our Appalachian Basin peers, demonstrating the strong performance and efficiency of our operations. We continue to see encouraging operating results across our core development areas, including strong performance from our volatile oil wells, reinforcing the quality and depth of our inventory." "Looking ahead, our strategy remains unchanged. We are focused on disciplined capital allocation, capital-efficient production growth and the execution of our development program. Our diversified inventory across the Utica and Marcellus Shales provides flexibility to allocate capital toward our highest return opportunities while preserving optionality across changing commodity price environments. Combined with our integrated midstream assets and strong balance sheet, we believe Infinity remains well positioned to continue creating long-term shareholder value," concluded Mr. Arnold. Operational Update The following table sets forth information regarding our production, revenues and realized prices and production costs for the three and six months ended June 30, 2026 and 2025: Capital Investment Capital expenditures incurred during the quarter were $137.3 million, which included $129.1 million on development activities and $8.2 million on land activities. Financial Position and Liquidity As of June 30, 2026, Infinity had no borrowings under its revolving credit facility and liquidity of $900.9 million, including $25.9 million of cash and cash equivalents and $875.0 million of available borrowing capacity under its revolving credit facility. 2026 Capital & Production Guidance Infinity is reaffirming its 2026 capital & production guidance from its fourth quarter 2025 earnings press release. Infinity’s capital budget for 2026 is $450 million to $500 million related to development activities, including drilling and completions and midstream. Net production is expected to be between 345 and 375 MMcfe/d for 2026, with natural gas expected to be between 235 and 255 MMcfe/d and oil and liquids expected to be between 18 and 20 Mbbls/d. Share Repurchase Program In November 2025, our board of directors authorized a share repurchase program, whereby we may purchase up to an aggregate of $75.0 million of our Class A common stock. During the second quarter of 2026, the Company repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share. As of June 30, 2026, we have $72.3 million remaining under our existing repurchase program. Conference Call and Webcast Details Infinity will host a conference call Tuesday, August 11, 2026, at 10:00 a.m. ET to discuss the results. To participate in the call, register at https://events.q4inc.com/attendee/627523741 or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 627523741. A unique dial-in code will be provided upon registration via link. The conference call will also be webcast live on the Company’s investor relations website at https://ir.infinitynaturalresources.com/. A replay of the call will be available approximately two hours after the live call concludes and will remain accessible for 14 days at https://events.q4inc.com/attendee/627523741 and on the investor relations website. About Infinity Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, production and gathering of hydrocarbons in the Appalachian Basin. Our operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania. Cautionary Statement Regarding Forward-Looking Statements This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact, included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, future commodity prices, future production targets, leverage targets or debt repayment, hedging strategy, future capital spending plans, capital efficiency, our ability to pay future dividends and make share repurchases, expected drilling and completions plans and projected well costs, among other similar statements, are forward-looking statements. When used in this release, words such as "may," "assume," "forecast," "could," "should," "will," "plan," "believe," "anticipate," "intend," "estimate," "expect," "project," "target," "outlook," "guidance," "budget" and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events at the time such statements were made. Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond the control of the Company. These include, but are not limited to, our failure to realize, in full or at all, the anticipated benefits of capital raising transactions and acquisitions, including synergies; commodity price volatility; inflation; lack of availability and cost of drilling, completion and production equipment and services; supply chain disruption; project construction delays; environmental risks; drilling, completion and other operating risks; lack of availability or capacity of midstream gathering and transportation infrastructure; regulatory changes; the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital; the timing of development expenditures; the concentration of the Company’s operations in the Appalachian Basin; difficult and adverse conditions in the domestic and global capital and credit markets; impacts of geopolitical events and world health events, including trade wars; the impacts of recently enacted legislation; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; potential financial losses or earnings reductions resulting from the Company’s commodity price risk management program or any inability to manage its commodity risks; failure to realize expected value creation from property acquisitions and trades; weather related risks; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and the Company’s inability to re-establish production; the Company’s ability to service its indebtedness; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, armed conflict, political instability and civil unrest, including instability in the Middle East, Venezuela and Mexico and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; technological advancements, including artificial intelligence and its application in our industry; risks related to the Company’s ability to expand its business, including through the recruitment and retention of qualified personnel; and the other risks described in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimates depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any future production and development program. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Please read the Company’s filings with the SEC, including "Risk Factors" in the Company’s most recent Annual Report on Form 10-K, and in other filings we make with the SEC, for a discussion of the risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Therefore, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), our earnings release contains non-GAAP financial measures as described below. Adjusted EBITDAX, Adjusted EBITDAX Margin, Net Debt and Recurring Cash G&A We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. 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 (loss) 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 (loss) determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s 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. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production. Net debt is defined as total long-term debt less cash and cash equivalents. Management uses net debt to evaluate its financial position, including its ability to service its debt obligations. Recurring Cash G&A is defined as U.S. GAAP general and administrative expense exclusive of the Company’s stock-based compensation and non-recurring transaction expenses. Recurring Cash G&A per Mcfe is defined as Recurring Cash G&A divided by total production for a period. These metrics are used by management because they isolate cash costs within G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. We believe Recurring Cash G&A and Recurring Cash G&A per Mcfe provide external users of the Company’s consolidated financial statements with additional information to assist in their analysis of the Company. The following table provides a reconciliation of our net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein: The following table provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt: The following table provides a reconciliation of general and administrative expense, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Recurring Cash G&A: View source version on businesswire.com: https://www.businesswire.com/news/home/20260810912665/en/ Contacts Infinity Natural Resources, Inc.Thomas MarchettiVice President, Investor RelationsEmail: [email protected]

The oil and energy sector is nearing the end of the second-quarter 2026 earnings season after navigating a volatile operating environment. During the quarter, geopolitical developments — particularly the conflict involving Iran — disrupted global crude supplies and pushed oil prices higher, creating a more favorable pricing environment for many upstream producers and oilfield service companies. At the same time, steady demand for liquefied natural gas (“LNG”) exports and electricity generation continued to support the overall sector’s fundamentals. The stronger commodity price environment has provided a significant tailwind for the sector's financial performance. However, results have varied across companies depending on factors such as production growth, operating efficiency, cost management and regional asset exposure. As the earnings season nears its conclusion, investors are focusing on companies that have been able to translate favorable market conditions into stronger-than-expected quarterly results. In the second quarter of 2026, West Texas Intermediate (“WTI”) crude oil averaged $95.75 per barrel, up significantly from $64.63 in the corresponding period of 2025, according to Energy Information Administration (“EIA”) data. Tighter global oil supplies primarily drove the year-over-year increase amid heightened geopolitical tensions in the Middle East. As crude prices are highly responsive to geopolitical developments, supply disruptions and broader macroeconomic conditions, the conflict involving Iran and disruptions to flows through the Strait supported the sharp rise in prices. Brent crude registered an even stronger increase than WTI, reflecting its greater sensitivity to shipping disruptions in the Middle East because it is more closely linked to seaborne crude trade. For upstream producers, the sharp increase in WTI prices represents a meaningful improvement in realized pricing and cash-flow potential, particularly for companies with strong production volumes and relatively low operating costs. However, the benefit is less straightforward for offshore drillers and other service providers, where earnings are influenced more heavily by contract rates, utilization and backlog. Natural gas prices, however, moved in the opposite direction. Henry Hub averaged $2.95 per million British thermal units during the quarter, compared with $3.19 in the year-ago period, according to EIA data. The year-over-year decline was largely attributable to strong domestic production, ample storage inventories and milder spring weather following the spike in demand during the winter months. The divergence between oil and natural gas prices is important for investors because companies with different commodity exposures can experience significantly different earnings trends even when they operate within the same broader energy sector. The oil and energy sector is nearing the end of the second-quarter 2026 earnings season with momentum remaining strong, supported by elevated oil prices, disciplined capital spending and robust upstream profitability. The latest Zacks Earnings Trends report shows that 70.8% of the sector's companies, representing 82.4% of its market capitalization, have already reported second-quarter results, and the performance so far has been exceptionally strong. Companies that have reported so far have delivered 150.4% year-over-year earnings growth on 45.3% higher revenues, with 76.5% beating EPS estimates and an equal 76.5% surpassing revenue expectations, highlighting the benefits of the stronger commodity price environment. Looking at the broader blended outlook, which combines reported results with estimates for companies yet to announce, the Energy sector's second-quarter earnings are projected to increase 137.8% year over year, following just 3.6% growth in the prior quarter. Meanwhile, revenues are expected to rise 41.8%, reflecting significantly improved pricing dynamics and resilient demand across the energy value chain. Among all 16 Zacks sectors, Energy is projected to post the strongest earnings growth in the second quarter. Against this backdrop, let's take a closer look at four prominent oil and energy companies scheduled to report their second-quarter 2026 results on Aug. 10 and assess how they are positioned amid the industry's evolving operating environment. Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Let's take a closer look at three prominent companies and assess how they are positioned ahead of their second-quarter earnings releases. California Resources CRC is slated to report second-quarter 2026 results before the market opens. In the last reported quarter, the company’s adjusted earnings per share of 88 cents beat the Zacks Consensus Estimate by 6%. CRC’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 8.57%. This is depicted in the chart below: California Resources Corporation price-eps-surprise | California Resources Corporation Quote California Resources is an independent energy company engaged in the exploration, development and production of crude oil and natural gas, primarily in California. Our proven model does not conclusively predict an earnings beat for California Resources this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #5 (Strong Sell) at present. The Zacks Consensus Estimate for CRC’s second-quarter earnings and revenues is pegged at $1.31 per share and $979.33 million, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Seadrill Limited SDRL is scheduled to report its second-quarter 2026 results before the market opens.In the last reported quarter, the company’s adjusted loss per share of 11 cents was slightly wider than the Zacks Consensus Estimate of 10 cents. Seadrill’s earnings missed the Zacks Consensus Estimate in three of the trailing four quarters and beat in one, delivering an average negative surprise of 75.99%. This is depicted in the chart below: Seadrill Limited price-eps-surprise | Seadrill Limited Quote Seadrill is an offshore drilling contractor that provides drilling services to the oil and gas industry through its fleet of high-specification offshore drilling rigs. Our proven model does not conclusively predict an earnings beat for Seadrill this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for SDRL’s second-quarter earnings and revenues is pegged at 29 cents per share and $386 million, respectively. Infinity Natural Resources Inc. (INR) is set to report its second-quarter 2026 results following the market close.In the last reported quarter, the company’s adjusted earnings per share of $1.76 beat the Zacks Consensus Estimate of 85 cents. INR’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 105.02%. This is depicted in the chart below: Infinity Natural Resources Inc. price-eps-surprise | Infinity Natural Resources Inc. Quote Infinity Natural is an independent oil and natural gas exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Our proven model does not conclusively predict an earnings beat for Infinity Natural this time around. This is because it has an Earnings ESP of -2.22% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for INR’s second-quarter earnings and revenues is pegged at 86 cents per share and $165.37 million, respectively. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Seadrill Limited (SDRL) : Free Stock Analysis Report California Resources Corporation (CRC) : Free Stock Analysis Report Infinity Natural Resources Inc. (INR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Granite Ridge Resources, Inc. (GRNT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.02, delivering a surprise of -77.78%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Granite Ridge Resources, Inc., which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $149.27 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.47%. This compares to year-ago revenues of $109.22 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Granite Ridge Resources, Inc. shares have lost about 1.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Granite Ridge Resources, Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Granite Ridge Resources, Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.17 on $155.6 million in revenues for the coming quarter and $0.42 on $579.6 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Infinity Natural Resources (INR), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of -27.1%. The consensus EPS estimate for the quarter has been revised 2.4% higher over the last 30 days to the current level. Infinity Natural Resources' revenues are expected to be $165.37 million, up 122% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Granite Ridge Resources, Inc. (GRNT) : Free Stock Analysis Report Infinity Natural Resources Inc. (INR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Matador Resources (MTDR) came out with quarterly earnings of $2.61 per share, beating the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $1.53 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +27.32%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.24 per share when it actually produced earnings of $1.53, delivering a surprise of +23.39%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Matador, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $1.19 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 25.85%. This compares to year-ago revenues of $895.31 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Matador shares have added about 15% since the beginning of the year versus the S&P 500's gain of 13%. While Matador has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Matador was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.63 on $929.52 million in revenues for the coming quarter and $6.96 on $3.64 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Infinity Natural Resources (INR), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of -27.1%. The consensus EPS estimate for the quarter has been revised 2.4% higher over the last 30 days to the current level. Infinity Natural Resources' revenues are expected to be $165.37 million, up 122% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Matador Resources Company (MTDR) : Free Stock Analysis Report Infinity Natural Resources Inc. (INR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when California Resources Corporation (CRC) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 10, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $1.31 per share in its upcoming report, which represents a year-over-year change of +19.1%. Revenues are expected to be $979.33 million, up 0.1% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 43.34% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For California Resources, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #5. So, this combination makes it difficult to conclusively predict that California Resources will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that California Resources would post earnings of $0.83 per share when it actually produced earnings of $0.88, delivering a surprise of +6.02%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. California Resources doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Oil and Gas - Exploration and Production - United States industry, Infinity Natural Resources (INR), is soon expected to post earnings of $0.87 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -26.3%. This quarter's revenue is expected to be $164.12 million, up 120.4% from the year-ago quarter. The consensus EPS estimate for Infinity Natural Resources has been revised 2.9% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.92%. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Infinity Natural Resources will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report California Resources Corporation (CRC) : Free Stock Analysis Report Infinity Natural Resources Inc. (INR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research