Infinity Natural Resources Stands Out Among Appalachian Peers

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Infinity Natural Resources (INR) is one of 137 publicly-traded companies in the 'Crude Petroleum & Natural Gas' industry, but it stands out from its peers in several key areas. The company's focus on the Appalachian Basin has allowed it to amass a large acreage position with exposure to the core of the Utica Shale's volatile oil window and the emerging dry gas Utica Shale. This has resulted in a balanced portfolio of high-return oil and natural gas drilling locations, which the company leverages to optimize its development plan. Infinity Natural Resources has also proven its ability to grow through organic leasing and accretive acquisitions, increasing its operated horizontal well count from 2 to 131 since its initial acquisition in 2018.

Why it matters

Infinity Natural Resources' oil-weighted production and low-risk, high-return drilling inventory set it apart from many of its natural gas-focused peers in the Appalachian Basin. The company's technical and managerial expertise, as well as the continuity of its core team, have allowed it to execute its strategies and deliver industry-leading results, positioning it for continued growth and value creation.

The details

Infinity Natural Resources has amassed approximately 93,000 net surface acres with exposure to the core of the Utica Shale's volatile oil window in eastern Ohio and the emerging dry gas Utica Shale in southwestern Pennsylvania. The company's Marcellus Shale development overlays its deep dry gas Utica assets in Pennsylvania, providing highly economic stacked development inventory that leverages the same company-owned midstream infrastructure. As of December 31, 2024, Infinity Natural Resources had a total drilling inventory of 333 gross horizontal drilling locations, representing 4.6 million lateral feet and implying 19 years of inventory at its current drilling pace. Approximately 85% of the company's acreage is HBP, held by operations or held-by-storage, providing it with significant development flexibility.

• Infinity Natural Resources made its initial acquisition in southwestern Pennsylvania in March 2018.
• As of December 31, 2024, Infinity Natural Resources had drilled 47 wells and increased its operated horizontal well count from 2 to 131, with an additional two PDNP wells and seven DUCs.
• For the quarter ended September 30, 2024, Infinity Natural Resources had a net daily production of 25 Mboe/d (29% oil and 49% liquids).
• Since the end of the third quarter of 2024, Infinity Natural Resources has placed an additional seven operated Ohio Utica wells into sales, representing approximately 96,000 lateral feet.
• As of December 31, 2023, Infinity Natural Resources' total estimated proved reserves were 141,587 MBoe, with 48% proved developed and 22% oil, 18% NGLs and 60% natural gas.