Infinity Natural Resources Inc. (NYSE: INR) has appointed Cary Baetz as Executive Vice President and Chief Financial Officer and Andrew Judge as Senior Vice President of Finance to lead its financial strategy during continued growth in the Appalachian Basin. The appointments take effect on August 12, 2026, replacing David Sproule, who resigns from his role as Executive Vice President and Chief Financial Officer on the same date.

The leadership change reflects the company's focus on scaling its financial infrastructure and capital markets execution capabilities. Zack Arnold, President and Chief Executive Officer, stated that the company is building a leadership team with depth and experience to match its ambitions. He noted that Baetz brings a strong track record in raising capital and leading companies through significant transactions, while Judge offers deep in-basin upstream knowledge and expertise in securing capital and evaluating mergers and acquisitions opportunities.

David Sproule’s resignation is not related to any disagreement with the company regarding operations, financial statements, policies, or practices. Arnold acknowledged Sproule’s instrumental role in building and financing Infinity since its founding, including raising the capital that enabled growth and positioning the company for its initial public offering.

New Leadership Profiles

Cary Baetz brings more than 30 years of financial leadership experience across the energy, oilfield services, and industrial sectors. His background includes capital markets execution, M&A, and building financial systems for high-growth public companies.

Andrew Judge possesses over 15 years of financial and engineering leadership experience in the upstream oil and gas sector. His expertise covers capital markets, M&A, and scaling investor relations and strategic finance functions for fast-growing companies.

Professional Backgrounds

Baetz most recently served as Chief Financial Officer of Boart Longyear, where he led the separation of the business into three independent entities. Prior to that, he was Executive Vice President, Chief Financial Officer, and a Board member of Berry Corporation, an independent California-based oil and gas producer. During his tenure at Berry, he led its 2018 initial public offering, recapitalized the balance sheet, and oversaw strategic acquisitions and divestitures. Earlier roles included CFO positions at Seventy Seven Energy, Chesapeake Oilfield Services, Atrium Corporation, and Boots & Coots International Well Services.

Judge most recently served as Vice President – Finance & Business Development at Encino Energy, a private Ohio Utica Shale operator backed by CPP Investments. At Encino, he helped build the investor relations platform from the ground up and raised more than $2.0 billion in capital across equity, senior unsecured notes, and secured RBL credit facilities. He directed annual budgeting and long-term planning as oil production grew from 15,000 bbl/d to over 60,000 bbl/d, contributing to the company’s $5.6 billion sale to EOG Resources in 2025. Before Encino, Judge was an Associate on the investment team at Quantum Energy Partners and began his career as an engineer at ExxonMobil.

Strategic Context

Steve Gray, Chairman of the Board of Directors, highlighted that Infinity has assembled a strong management team and Board. He pointed to the recent addition of two new Board members, Tim Dugan and Scott McNeill, each bringing significant public company leadership experience, as further positioning the company for continued growth.

Baetz emphasized the team’s continuity and local insight within the Appalachian Basin. He stated that with increasing scale and strong financial flexibility, the company is well positioned for disciplined growth. He expressed intent to apply his experience in public company transitions and capital structure transformations to build financial systems and capital markets strategy matching Infinity’s growth.

Judge added that his experience building out the finance function at a growing Ohio Utica Shale operator provided insight into what it takes to scale a business in the basin. He expressed excitement about bringing that experience to Infinity as it continues to grow across Appalachia.

Infinity Natural Resources, Inc. reported second quarter 2026 earnings per share (EPS) of $0.88, beating the analyst consensus estimate of $0.79 by 11.39%. The company’s total revenues reached $171.019 million, surpassing the estimated $161.761 million by 5.72%. This financial performance was underpinned by a 75% year-over-year increase in net daily production to 348.5 MMcfe/d, reflecting strong execution across its Appalachian Basin portfolio.

The beat in earnings and revenue comes despite a 25.42% decline in diluted EPS compared to the $1.18 reported in the second quarter of 2025. The revenue growth, however, was substantial, rising 129.63% from $74.476 million in the same period last year. This divergence highlights the impact of volume growth outpacing price realizations and cost structures.

Key Financial Highlights

The following table summarizes Infinity's key financial metrics for the second quarter of 2026:

Oil, natural gas, and natural gas liquids sales for the three months ended June 30, 2026 were $170,410 thousand, compared to $72,471 thousand in the prior year period. Total revenues for the six months ended June 30, 2026 were $325,891 thousand.

Production and Operational Drivers

Net daily production grew 75% year-over-year to 348.5 MMcfe/d in the second quarter of 2026. This growth was driven by significant increases across all product streams:

• Natural gas net production increased 73% to 216.8 MMcf/d
• Oil net production increased 102% to 12.4 Mbbls/d

The company turned into sales 10 wells in the Ohio Utica Shale during the quarter, including the first production from assets acquired from Antero Resources Corporation and Antero Midstream LLC. Approximately 70% of gross natural gas production is currently flowing through Company-owned midstream assets.

What the Numbers Show

While EPS declined year-over-year due to share count adjustments or other factors not detailed in the operational data, the company delivered a significant beat on both earnings and revenue estimates. The $3.62 per Mcfe Adjusted EBITDAX margin exceeds all Appalachian Basin peers, indicating robust operational efficiency despite higher realized costs. The ability to exceed revenue estimates by 5.72% while growing volumes by 75% suggests effective hedging strategies and cost control, as realized oil prices after derivatives were $68.31/Bbl against a wellhead average of $85.41/Bbl.

Financial Position and Guidance

As of June 30, 2026, Infinity had total liquidity of $900.9 million, comprising $25.9 million in cash and $875.0 million in available borrowing capacity. Total net debt stood at approximately $524.1 million. The company reaffirmed its 2026 guidance, targeting net production between 345 and 375 MMcfe/d and a capital budget of $450 million to $500 million.