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of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________\n\nFORM 10-Q\n\n_________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number 001-42499\n\n_________________________\n\nINFINITY NATURAL RESOURCES, INC.\n\n(Exact name of registrant as specified in its charter)\n\n_________________________\n\nDelaware\n\n99-3407012\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n2605 Cranberry Square, Morgantown, West Virginia\n\n26508\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(304) 212-2350\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nClass A common stock, par value $0.01 per share\n\nINR\n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\no\n\nEmerging growth company\n\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o No x\n\nThe number of shares of the Registrant’s Class A common stock and Class B common stock outstanding as of May 8, 2026 was 18,751,607 and 44,780,230, respectively.\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nTable of Contents\n\nPage\n\n[Cautionary Statement Regarding Forward-Looking Statements](#i628eb929339d46edb256104dfa32685f_10)\n\n[ii](#i628eb929339d46edb256104dfa32685f_10)\n\n[Glossary of Oil and Natural Gas Terms](#i628eb929339d46edb256104dfa32685f_13)\n\n[iv](#i628eb929339d46edb256104dfa32685f_13)\n\n[Part I - Financial Information](#i628eb929339d46edb256104dfa32685f_16)\n\n[1](#i628eb929339d46edb256104dfa32685f_16)\n\n[Item 1. Financial Statements](#i628eb929339d46edb256104dfa32685f_19)\n\n[1](#i628eb929339d46edb256104dfa32685f_19)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i628eb929339d46edb256104dfa32685f_97)\n\n[29](#i628eb929339d46edb256104dfa32685f_97)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i628eb929339d46edb256104dfa32685f_133)\n\n[40](#i628eb929339d46edb256104dfa32685f_133)\n\n[Item 4. Controls and Procedures](#i628eb929339d46edb256104dfa32685f_136)\n\n[41](#i628eb929339d46edb256104dfa32685f_136)\n\n[Part II - Other Information](#i628eb929339d46edb256104dfa32685f_139)\n\n[42](#i628eb929339d46edb256104dfa32685f_139)\n\n[Item 1. Legal Proceedings](#i628eb929339d46edb256104dfa32685f_142)\n\n[42](#i628eb929339d46edb256104dfa32685f_142)\n\n[Item 1A. Risk Factors](#i628eb929339d46edb256104dfa32685f_145)\n\n[42](#i628eb929339d46edb256104dfa32685f_145)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i628eb929339d46edb256104dfa32685f_148)\n\n[42](#i628eb929339d46edb256104dfa32685f_148)\n\n[Item 3. Defaults Upon Senior Securities](#i628eb929339d46edb256104dfa32685f_151)\n\n[42](#i628eb929339d46edb256104dfa32685f_151)\n\n[Item 4. Mine Safety Disclosures](#i628eb929339d46edb256104dfa32685f_154)\n\n[42](#i628eb929339d46edb256104dfa32685f_154)\n\n[Item 5. Other Information](#i628eb929339d46edb256104dfa32685f_157)\n\n[42](#i628eb929339d46edb256104dfa32685f_157)\n\n[Item 6. Exhibits](#i628eb929339d46edb256104dfa32685f_160)\n\n[43](#i628eb929339d46edb256104dfa32685f_160)\n\n[Signatures](#i628eb929339d46edb256104dfa32685f_163)\n\n[45](#i628eb929339d46edb256104dfa32685f_163)\n\ni\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nSome of the information in this Quarterly Report on Form 10-Q (this “Quarterly Report”) may contain “forward-looking statements.” All statements, other than statements of historical fact included in this Quarterly Report regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, our ability to make share repurchases, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, 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 belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) and in this Quarterly Report. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:\n\n•oil, natural gas and NGL prices;\n\n•our business strategy;\n\n•our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits of our acquisitions, including the Antero Acquisition;\n\n•the timing and amount of our future production of oil, natural gas and NGLs;\n\n•our estimated proved reserves;\n\n•our ability to achieve or maintain certain financial and operational metrics;\n\n•our drilling prospects, inventories, projects and programs;\n\n•actions taken by the OPEC and other allied countries (collectively known as “OPEC+”) as it pertains to the global supply and demand of, and prices for, oil, natural gas and NGLs;\n\n•armed conflict, political instability or civil unrest in oil and gas producing regions, including armed conflict and instability in the Middle East, Venezuela, Mexico and the conflict between Russia and Ukraine, and the related potential effects on laws and regulations, or the imposition of economic or trade sanctions;\n\n•our ability to replace the reserves we produce through drilling and property acquisitions;\n\n•the occurrence or threat of epidemic or pandemic diseases, or any government response to such occurrence or threat;\n\n•risks and restrictions related to our debt agreements and the level of our indebtedness;\n\n•risks and restrictions related to our Series A Preferred Stock;\n\n•our financial strategy, leverage, liquidity and capital required for our development program;\n\n•our pending legal matters;\n\n•our ability to comply with environmental, health and safety laws, regulations and obligations;\n\n•our price differentials;\n\n•our ability to reduce or offset our GHG emissions, including our ability to achieve carbon neutrality;\n\n•our hedging strategy and results;\n\nii\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\n•our competition and government regulations;\n\n•our ability to obtain permits and governmental approvals;\n\n•our marketing of oil, natural gas and NGLs;\n\n•our leasehold or business acquisitions;\n\n•our costs of developing our properties;\n\n•general global political and economic conditions, including changes in interest rates and associated Federal Reserve policies and the impact of inflation on our business;\n\n•changes in tariffs, trade policy, trade barriers, price and exchange controls and other regulatory requirements;\n\n•credit markets;\n\n•uncertainty regarding our future operating results; and\n\n•our plans, objectives, expectations and intentions contained in this Quarterly Report.\n\nWe caution you that these forward-looking statements are subject to all of the risks and uncertainties 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 our control. These risks include, but are not limited to, 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; impacts of geopolitical and world health events, including trade wars; cybersecurity risks; and the other risks described under “Item 1A. Risk Factors” in this Quarterly Report and in our 2025 Form 10-K.\n\nReserve 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.\n\nShould one or more of the risks or uncertainties described in this Quarterly Report or our 2025 Form 10-K occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.\n\nAll forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.\n\nExcept as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.\n\niii\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nGLOSSARY OF OIL AND NATURAL GAS TERMS\n\nThe following are abbreviations and definitions of certain terms used in this document, which are commonly used in the oil and natural gas industry:\n\n•“basis” means when referring to commodity pricing, the difference between the NYMEX WTI, for oil prices, and NYMEX Henry Hub, for gas prices, and the corresponding sales price at various regional sales points. The differential commonly is related to factors such as product quality, location, transportation capacity availability and contract pricing;\n\n•“Bbl” means one stock tank barrel or 42 U.S. gallons liquid volume;\n\n•“Bcf” means one billion standard cubic feet of natural gas;\n\n•“Boe” means one barrel of oil equivalent, calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Bbl of oil equivalent. This is an energy content correlation and does not reflect a value or price relationship between the commodities;\n\n•“Boe/d” means one Boe per day;\n\n•“British thermal unit” or “Btu” means a measure of the amount of energy required to raise the temperature of one pound of water by one-degree Fahrenheit;\n\n•“collar” means a financial arrangement that effectively establishes a price range for the underlying commodity. The producer bears the risk and benefit of fluctuation between the minimum (floor) price and the maximum (ceiling) price;\n\n•“drilled and uncompleted well” or “DUC” means a wellbore in which horizontal drilling has been completed but has yet to be stimulated through hydraulic fracturing;\n\n•“drilling locations” means total gross locations that may be able to be drilled on our existing acreage. A portion of our drilling locations constitute estimated locations based on our acreage and spacing assumptions, as described in “Item 1. Business” of the 2025 Form 10-K;\n\n•“dth/d” means one decatherm per day;\n\n•“gas” means natural gas;\n\n•“gross” means “gross” natural gas and oil wells or “gross” acres equal to the total number of wells or acres in which we have a working interest, without regard to our proportionate ownership interest;\n\n•“hedging” means the use of derivative commodity and interest rate instruments to reduce financial exposure to commodity price and interest rate volatility;\n\n•“Henry Hub” means the distribution hub on the natural gas pipeline system in Erath, Louisiana, owned by Sabine Pipe Line LLC;\n\n•“horizontal drilling” means drilling that ultimately is horizontal or near horizontal to increase the length of the wellbore penetrating the target formation;\n\n•“horizontal wells” means wells that are drilled horizontal or near horizontal to increase the length of the wellbore penetrating the target formation;\n\n•“LNG” means liquified natural gas;\n\n•“MBbl” means one thousand barrels of oil, condensate or NGLs;\n\n•“Mcf” means one thousand standard cubic feet of natural gas;\n\n•“Mcfe” means one thousand cubic feet of natural gas equivalent with one barrel of oil, condensate or NGLs converted to six Mcf of natural gas;\n\n•“Mcfe/d” means Mcfe per day;\n\n•“MMBtu” means one million British thermal units;\n\n•“MMcf” means one million standard cubic feet of natural gas;\n\n•“MMcf/d” means one million standard cubic feet of natural gas per day;\n\niv\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\n•“MMcfe” means one million cubic feet of natural gas equivalent with one barrel of oil, condensate or NGLs converted to six Mcf of natural gas;\n\n•“MMcfe/d” means MMcfe per day;\n\n•“natural gas liquids” or “NGLs” means hydrocarbons, in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen. Ethane, propane, butane, isobutane, and pentane are all NGLs;\n\n•“net acres” means the percentage of total acres an owner owns or has leased out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres;\n\n•“NYMEX” means the New York Mercantile Exchange;\n\n•“option” means a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific price within a specified period of time;\n\n•“proved developed nonproducing reserves” or “PDNP” means reserves that can be expected to be recovered through existing wells with existing equipment and operating methods but are not currently producing;\n\n•“proved developed producing reserves” or “PDP” means reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, according to the Securities and Exchange Commission or Society of Petroleum Engineers definitions of proved reserves;\n\n•“proved reserves” means the summation of reserves within the PDP, PDNP and PUD reservoir categories;\n\n•“proved undeveloped reserves” or “PUDs” means proved reserves that are expected to be recovered from undrilled well locations on existing acreage or from existing wells where a relatively major expenditure is required for recompletion within the five-year development window, according to the Securities and Exchange Commission or Society of Petroleum Engineers definition of PUD;\n\n•“reservoir” means a porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by impermeable rock and is separate from other reservoirs;\n\n•“undeveloped acreage” means acreage under lease on which wells have not been drilled or completed;\n\n•“well pad” or “pad” means an area of land that has been cleared and leveled to enable a drilling rig to operate in the exploration and development of a natural gas or oil well;\n\n•“wellbore” or “well” means a drilled hole that is equipped for the production of hydrocarbons;\n\n•“working interest” means the right granted to the lessee of a property to explore for and to produce and own oil, natural gas or other minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis; and\n\n•“WTI” means West Texas Intermediate.\n\nv\n\n[Table of Con](#i628eb929339d46edb256104dfa32685f_7)[t](#i628eb929339d46edb256104dfa32685f_7)[ent](#i628eb929339d46edb256104dfa32685f_7)s\n\nPart I - Financial Information"}