Infinity Natural Resources, Inc. Class A

Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the prepared remarks. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Greg Pipkin, Senior Vice President, Corporate Development and Strategy. Sir, you may begin.

Thank you, Operator. Good morning, and thank you for joining our Third Quarter 2025 Earnings Results Conference Call. With me today are Zach Arnold, President and Chief Executive Officer, and David Sproul, Executive Vice President and Chief Financial Officer. In a moment, Zach and David will present their prepared remarks with a question and answer session to follow. An updated investor presentation has been posted to the investor relations portion of our website, and we may reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain forward-looking statements. All statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, that could cause actual results to materially differ from these forward-looking statements. Please review our earnings release and the risk factors discussed in our SEC filings. We will also be referring to certain non-GAAP financial measures. Please refer to our earnings release and investor presentation for important disclosures regarding such measures, including definitions and reconciliations to the most comparable GAAP financial measures. Now over to Zach.

Thank you, Greg, and welcome to Infinity Natural Resources third quarter 2025 earnings call. We're pleased to share our quarterly operational and financial performance with you today. along with an overview of our ongoing development program and our perspective on the remainder of 2025. Starting with the highlights from the third quarter, we delivered exceptional results that demonstrate our continued momentum across the Appalachian Basin. We achieved 39% total production growth year over year to 36.0 MBOE per day during the quarter. This included 70% growth in natural gas production compared to the third quarter of 2024, reflecting our increased focus on natural gas development during 2025. Our continued execution is driving operational momentum. We have experienced strong results on our recent projects, including our best producing projects in each of Ohio and Pennsylvania to date. Most notably, we achieved a single day net production record of 47.9 MBOE per day in October. This milestone reflects the consistent execution and commitment to operational excellence that has driven several new company records. Operationally, we had yet again a very strong quarter, demonstrating our consistent execution throughout 2025. In total, we placed 10 wells into sales during the third quarter, comprised of six oil-weighted wells in the Ohio Utica and four natural gas wells in the Pennsylvania Marcellus. We drilled 93,000 lateral feet and completed 442 stages across six wells during the quarter. we continue to emphasize extended lateral development with an average well length of nearly 15,000 feet during the quarter. On the drilling side, our team improved efficiencies on casing running speed, decreasing the average time by more than 25%. On the completion side, we set a new record for stages pumped in 24 hours on one of our projects in Guernsey County, exceeding 16 stages in a 24-hour period, reflecting both the quality of our completion design and our team's operational expertise. On the strategic front, we continue to have success in the ground game, acquiring approximately 3,000 net acres during the quarter across approximately 350 transactions, increasing working interest in our active development projects and enhancing future projects. These working interest additions are among the highest returning dollars we invest as we acquire more of each project we are already executing. Looking at our activity by state, In the Ohio Utica, we drilled three wells and completed 377 stages during the quarter, all in Guernsey County. We also turned into sales a 57,000-foot three-well pad early in October, resulting in the first production from our Muskingum Watershed Conservancy District acquisition we made earlier this year. In the Pennsylvania Marcellus, we drilled three wells and completed 65 stages. Specifically in July, we began drilling operations on the 50,000-foot three-well natural gas project that we elected to advance early in the second quarter. We are excited to announce that we plan to turn these wells to sales in the coming weeks, representing approximately six months from FID to revenue generation. Taking a step back to look at 2025 as a whole, our team's execution and strong well performance has allowed us to increase our production guidance for full year 2025 to 33.5 to 35 MBOE per day, from 32 to 35 MBOE per day. We are also updating our full year total development capital expenditure guidance to a range of $270 to $292 million, which is inside the higher end of our combined DNC and midstream CapEx guidance. We are on track to have turned to sales 23 wells this year, 12 natural gas weighted wells, and 11 oil-weighted wells. This nearly 50-50 split is slightly more gas-heavy than our expectations coming into the year, but demonstrates the unique optionality our strategic positioning in Appalachia provides. With a balanced portfolio across oil-weighted Utica assets in Ohio and natural gas-weighted assets in Pennsylvania, we can adapt to varying commodity price environments and execute projects that maximize shareholder returns. The operational momentum we've built throughout 2025 combined with our strategic asset positioning across both oil and natural gas assets provides a solid foundation as we look ahead to 2026. The strength of our balance sheet remains an invaluable asset, and we will continue to be thorough and thoughtful as we evaluate organic and inorganic growth opportunities. With that, I'll turn the call over to David for a more detailed review of our financial results. Thank you, Zach.