Infinity Narrows 2026 Guidance After Record Output

The Tip Desk · November 12, 2026 · 3 min read

The Appalachian producer posted record Adjusted EBITDAX of $137.7 million and net daily production of 431.7 MMcfe/d in the third quarter.

Infinity Natural Resources, Inc. (INR), a growth-oriented independent energy company focused on the Appalachian Basin, reported record net daily production of 431.7 MMcfe/d in the third quarter of 2026, a 100% increase from the year-earlier quarter, and narrowed its 2026 capital and production guidance.

The sequential step-up from 348.5 MMcfe/d in the second quarter, when year-over-year growth had been 75%, marked the fastest production expansion in the two most recent reported periods. Natural gas net production rose 104% year over year to 282.6 MMcf/d. Oil net production increased 79% year over year to 14.0 Mbbls/d. In the prior quarter, natural gas and oil net production were 216.8 MMcf/d and 12.4 Mbbls/d, respectively.

Total revenues were $197.6 million in the three months ended September 30, 2026, compared with $79.7 million a year earlier. Oil, natural gas, and NGL sales were $195.0 million.

Net loss attributable to Infinity Natural Resources, Inc. was $0.1 million, or $0.37 a share, versus net income of $10.4 million, or $0.65 a share, a year earlier. The company said the third-quarter result included $63.2 million of mark-to-market hedge losses. Those unrealized losses, together with about $1.2 million of realized settlements, produced a total derivative loss of about $64.4 million.

Adjusted EBITDAX reached a record $137.7 million, or $3.47 a Mcfe, compared with $60.0 million a year earlier. The second-quarter margin had been $3.62 a Mcfe. President and CEO Zack Arnold said the quarter reflected a transition from integration to execution, with record production and Adjusted EBITDAX, and that the company funded nearly all of its capital program from operating cash flow.

The company said it produced strong well performance from acquired Ohio Utica assets and completed its first deep dry gas Utica well, which remains on track to turn inline by year-end. It said increased gathering utilization drove sequential declines in per-unit gathering, processing and transportation costs, and that acquired REX Zone 3 capacity helped achieve stronger pricing realizations in Ohio.

Average wellhead realized natural gas price before derivatives was $2.18 a Mcf, versus $2.15 a Mcf a year earlier; after derivatives it was $2.83 a Mcf versus $2.37 a Mcf. Oil realized price before derivatives was $77.82 a barrel versus $57.14 a barrel. Gathering, processing and transportation costs were $0.82 a Mcfe, up from $0.64 a Mcfe a year earlier. Direct operating costs were $1.26 a Mcfe and total controllable cash costs $1.45 a Mcfe.

Net cash provided by operating activities was $137.2 million in the third quarter, compared with $137.9 million in the second quarter. Development capital expenditures were $105.9 million, versus $129.1 million in the second quarter. Total capital expenditures were $126.2 million, including $20.3 million on land and other activities.

As of September 30, 2026, the company had no borrowings outstanding under its revolving credit facility and liquidity of $901.2 million, including $26.2 million of cash and $875.0 million of available revolving capacity. Net debt was $523.8 million, compared with $524.1 million as of June 30, 2026. Long-term debt of $550.0 million consisted of 7.625% senior notes due 2031.

Infinity said it is on track to exceed $25 million in synergies during 2026 associated with the Antero acquisition. It narrowed 2026 net development capital expenditures, including drilling and completions and midstream, to a range of $450 million to $475 million. Net production is expected to be between 355 and 375 MMcfe/d for 2026, with natural gas between 235 and 245 MMcfe/d and oil and liquids between 20 and 22 Mbbls/d. The company had maintained 2026 guidance in its second-quarter release.