On February 23, 2026, the Company completed the acquisition of a 60% undivided interest in certain upstream oil and gas properties and related midstream assets in Ohio from affiliates of Antero Resources Corporation and Antero Midstream LLC (the “Antero Acquisition”) for aggregate cash consideration of approximately $683.9 million. For a complete discussion of the transaction, the financing structure, and the Level 3 fair value measurement methodologies utilized, see Note 4 – Acquisitions in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

As of June 30, 2026, the purchase price allocation remains provisional and subject to change. There were no material adjustments made to the provisional fair values during the three months ended June 30, 2026. The Company expects to

finalize the post-closing purchase price adjustments when the final settlement occurs. The following table presents the provisional allocation of the Company’s consideration to the identifiable assets acquired based on their estimated fair values as of June 30, 2026:


(in thousands)	Preliminary Consideration
Cash (1)	$	683,897

Total estimated consideration	$	683,897

	Preliminary Purchase Price Allocation

Assets acquired:
Oil and natural gas properties, full cost method	$	416,527
Midstream and other property and equipment	283,927
Total assets acquired	$	700,454
Liabilities assumed:
Royalties payable	13,056
Asset retirement obligations	3,501
Total liabilities assumed	16,557
Net assets acquired	$	683,897

For the three and six months ended June 30, 2026, the operating results of the Antero Acquisition included in the unaudited condensed consolidated statements of operations represented approximately $20.9 million and $34.1 million of revenue, and $10.5 million and $18.4 million of income from operations, respectively. The following unaudited pro forma financial information represents a summary of the condensed combined results of operations for the three and six months ended June 30, 2026 and 2025, assuming the Antero Acquisition occurred on January 1, 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025

Revenues	$	171,019	$	104,381	$	341,968	$	219,450
Net income (loss)	107,999		74,138		104,925		(51,723)
Net income (loss) attributable to Infinity Natural Resources, Inc.	31,752		16,056		30,851		(15,409)


Basic net income (loss) per share	$	1.35	$	0.60	$	1.17	$	(1.91)
Diluted net income (loss) per share	$	0.88	$	0.60	$	1.01	$	(1.91)