Infinity Natural Resources Inc (INR) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Infinity Natural Resources fourth-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝各位稍候。我是 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Infinity Natural Resources 2025 年第四季財報電話會議。(接線員指示)

I would now like to turn the conference over to Tom Marchetti, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 Tom Marchetti。請開始。

Thank you, operator. Good morning, and thank you for joining Infinity Natural Resources fourth-quarter and full year 2025 earnings conference call. With me today are Zack Arnold, our President and Chief Executive Officer; and Dave Sproule, our Executive Vice President and Chief Financial Officer.

謝謝，接線員。各位早安，感謝各位參加 Infinity Natural Resources 2025 年第四季及全年財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Zack Arnold，以及我們的執行副總裁兼財務長 Dave Sproule。

In a moment, Zack 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 section 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.

稍後 Zack 與 David 將發表事先準備的談話內容，之後將進行問答環節。最新的投資人簡報已發布於我們網站的投資人關係專區，今天的討論中我們可能會引用其中部分投影片。今天電話會議的重播將於今晚起在我們網站上提供。

Before we begin, I would like to remind everybody that today's call may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

在開始之前，我想提醒各位，今天的電話會議可能包含某些前瞻性陳述；這些陳述受風險與不確定性影響，可能導致實際結果與明示或暗示的內容存在重大差異。

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 differ materially from those forward-looking statements.

所有非歷史事實的陳述均屬前瞻性陳述。前瞻性陳述受多項風險與不確定性影響，其中許多超出我們的控制範圍，可能導致實際結果與該等前瞻性陳述存在重大差異。

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.

請查閱我們的財報新聞稿以及我們向 SEC 提交文件中所討論的風險因素。我們也將提及若干非 GAAP 財務衡量指標。關於此類指標的重要揭露（包括定義以及與最可比 GAAP 財務衡量指標的調節），請參閱我們的財報新聞稿與投資人簡報。

With that, I will turn the call over to Zach.

接下來，我把電話交給 Zach。

Thank you, Tom, and good morning, everyone. Before I begin, I'd like to formally welcome Tom Marchetti to our team. Tom will lead our Investor Relations function and is a great addition to the team. We appreciate everyone joining us today to review Infinity National Resources fourth-quarter and full year 2025 results and to discuss our outlook for 2026.

謝謝你，Tom，各位早安。在我開始之前，我想正式歡迎 Tom Marchetti 加入我們團隊。Tom 將領導我們的投資人關係職能，是團隊的絕佳新成員。感謝各位今天與會，一同回顧 Infinity National Resources 2025 年第四季及全年業績，並討論我們對 2026 年的展望。

Overall, 2025 was another transformational year for Infinity. Importantly, we did what we said we do during the IPO process. We continue to add scale. We've significantly increased production, we've grown our operating cash flow, we've expanded our asset base through acquisitions, we've access to capital markets, we've entered into strategic partnerships, and we preserved our operational and financial flexibility. We've been busy. Most importantly, our Appalachian platform continues to deliver strong operational and financial execution across both our extensive Utica position in Ohio and Marcellus position in Pennsylvania.

整體而言，2025 年對 Infinity 來說是又一個具轉型意義的一年。重要的是，我們在 IPO 過程中所承諾的事情，我們確實做到了。我們持續擴大規模。我們大幅提升產量、增加營運現金流、透過併購擴充資產基礎、取得資本市場的進入管道、建立策略夥伴關係，並維持營運與財務的彈性。我們一直非常忙碌。最重要的是，我們的阿帕拉契平台在俄亥俄州廣泛的 Utica 佈局與賓夕法尼亞州的 Marcellus 佈局兩方面，持續展現強勁的營運與財務執行力。

Our results during the fourth quarter and year overall are underpinned by our strong well performance across our asset base as well as the disciplined execution of our development program. Our teams remain focused on improving drilling and completion efficiencies, extending lateral lengths and maintaining capital discipline as we developed our high-quality asset base.

我們第四季及全年整體的成果，奠基於我們資產基礎上強勁的單井表現，以及我們開發計畫的紀律性執行。在開發我們高品質資產基礎的同時，我們的團隊仍專注於提升鑽井與完井效率、延長水平段長度，並維持資本紀律。

Before reviewing our operational activity for the quarter it is worth highlighting the strength and flexibility of our development portfolio across Appalachia. We have over 390 locations across our portfolio, representing more than 10 years of inventory when developed on a two-rig program. Our returns in oil and liquids weighted projects are strong, especially true in today's oil environment, and our gas returns are strong as well.

在回顧本季營運活動之前，值得先強調我們在阿帕拉契地區開發組合的強度與彈性。我們的組合中有超過 390 個井位；在兩台鑽機的開發計畫下，代表超過 10 年的庫存。我們在以原油與液體為主的專案上報酬強勁，在當前油價環境下尤其如此；我們的天然氣報酬也同樣強勁。

Balance, optionality. It is how we build our business in order to maximize value for our shareholders. Well costs are consistent across our position, whether in our Ohio Utica development or our dry gas Marcellus wells, which allows us to allocate capital efficiently across our development opportunities depending on commodity conditions.

平衡、選擇權。這是我們打造業務、以為股東創造最大價值的方式。我們各區塊的單井成本一致，無論是在俄亥俄州的 Utica 開發，或是在乾氣 Marcellus 井，這使我們能依商品價格條件，在各項開發機會間有效率地配置資本。

In addition, much of our drilling and completion design is standardized across our development program utilizing common equipment and consumables packages that allow us to efficiently shift activity between Ohio and Pennsylvania. Combined with our extensive drilling inventory across these development areas, this portfolio provides significant operational, commodity and financial flexibility as we allocate capital across our assets. As a result, our development program can be adjusted to prioritize the highest return opportunities while maintaining disciplined growth.

此外，我們的鑽井與完井設計在整個開發計畫中多已標準化，採用共通的設備與耗材套件，使我們能在俄亥俄州與賓夕法尼亞州之間有效率地調整作業。結合我們在這些開發區域廣泛的鑽井庫存，該投資組合在我們於各資產間配置資本時，提供顯著的營運、商品與財務彈性。因此，我們的開發計畫可調整以優先投入最高報酬的機會，同時維持有紀律的成長。

During the fourth quarter, we continued to operate one drilling rig across our base assets. We added a second rig in January, bringing our total operated rig count to two, advancing development across our diversified portfolio.

在第四季期間，我們在基礎資產上持續運行一台鑽機。我們於 1 月新增第二台鑽機，使自營鑽機總數達到兩台，推進我們多元化組合的開發。

During the fourth quarter, net production averaged 45.3 MBOE per day, bringing full year production to 35.3 BOE per day, exceeding the high end of our guidance range for fiscal year 2025. When compared to 2024, the company was able to deliver year over year growth of approximately 46%.

第四季淨產量平均為每日 45.3 MBOE，使全年產量達到每日 35.3 BOE，超出我們 2025 會計年度指引區間的上緣。與 2024 年相比，公司實現約 46% 的年增成長。

During the fourth quarter, we spudded nine wells, totaling approximately 142,000 lateral feet, while finishing completions activities and turning into sales six wells totaling 103,000 lateral feet, evenly split between Ohio Oil water project and Pennsylvania dry gas projects. For the full year, we turned 23 wells into sales, including 12 wells in Pennsylvania and 11 wells in Ohio reflecting our balanced development approach across our asset base.

第四季期間，我們開鑽 9 口井，水平段總長約 142,000 英尺；同時完成完井作業並將 6 口井投產銷售，水平段總長 103,000 英尺，在俄亥俄州含油／含水專案與賓夕法尼亞州乾氣專案之間各占一半。全年方面，我們共有 23 口井投產銷售，其中賓夕法尼亞州 12 口、俄亥俄州 11 口，反映我們在資產基礎上採取平衡開發的策略。

Our development program continues to emphasize extended lateral development and operational efficiencies that support strong capital returns across both our Utica and Marcellus positions. For calendar year 2025, our average well turned into sales exceeded [16,700] lateral feet. The longer laterals help to reduce our per foot drilling costs, it's not just about drilling longer laterals. It's also about cycle times, getting those wells online and having them track our anticipated well performance.

我們的開發計畫持續強調延長水平段開發與營運效率，以支持我們在 Utica 與 Marcellus 兩大區塊皆能取得強勁的資本報酬。以 2025 曆年計算，我們投產銷售的單井平均水平段長度超過 [16,700] 英尺。更長的水平段有助於降低我們每英尺的鑽井成本；這不僅僅是鑽更長的水平段。也關乎週期時間，讓井更快上線，並使其表現符合我們預期的單井績效。

We continue to target six to seven month cycle times on our development projects ranging from three to five wells, which we believe is one of the fastest cycle times in the industry. With regards to well performance, we placed a lot of wells online in the second half of 2025 and we are pleased with the performance of those wells to date, and they continue to track in line with our type curve expectations across both development areas.

我們持續以 6 到 7 個月為目標週期時間，適用於每個包含 3 到 5 口井的開發專案；我們認為這是業界最快的週期時間之一。就單井表現而言，我們在 2025 年下半年讓許多井上線；我們對目前為止的表現感到滿意，且在兩個開發區域中，這些井的表現持續符合我們的型態曲線（type curve）預期。

Looking forward, we intend to operate two rigs throughout calendar year 2026. While the world is ever changing these days, especially with commodities, we anticipate allocating slightly more capital towards natural gas-weighted development based upon wells turned into sales during the year. Approximately 30% of our projected wells turn into sales will be on the assets we recently acquired, developing our rich gas locations in the Utica Shale of Eastern Ohio.

展望未來，我們計畫在 2026 曆年全年維持兩台鑽機運行。儘管當今世界瞬息萬變，尤其是大宗商品方面，我們預期將基於年度投產銷售的井別，略為提高配置於以天然氣為主的開發資本。我們預估投產銷售的井中約 30% 將來自我們近期收購的資產，開發位於俄亥俄州東部 Utica 頁岩的富氣井位。

Turning to our recent acquisitions. On February 23, we closed the previously announced $1.2 billion acquisition of Ohio Utica assets from Antero Resources and Antero Midstream. This transaction is a highly complementary bolt-on to our existing position in Ohio, adding extensive inventory across multiple phase windows directly adjacent to our legacy acreage further supporting our long lateral development strategy.

接著談談我們近期的收購。2月23日，我們完成先前已公告之以12億美元向 Antero Resources 與 Antero Midstream 收購俄亥俄 Utica 資產的交易交割。此交易與我們在俄亥俄既有部位高度互補，屬於加掛式（bolt-on）收購，於多個相態窗口新增大量開發庫存，且位置緊鄰我們的既有（legacy）租地，進一步支持我們長水平段（long lateral）開發策略。

Just as importantly, the transactions included ownership in the associated midstream system, which provides us with attractive midstream costs and further reduces well breakevens across the acquired assets. We intend to devote a rig to the development of these assets during the year, beginning early in the second quarter, and we expect our first path from the acquired position to come online during the second quarter.

同樣重要的是，該等交易亦包含相關中游系統的持有權，使我們得以享有具吸引力的中游成本，並進一步降低所收購資產的單井損益兩平點。我們計畫於今年自第二季初開始投入一座鑽機開發這些資產，並預期來自該收購部位的第一批產量將於第二季投產。

As we began developing this inventory, we expect to increase production from these assets meaningfully in the coming months and years. Not to be forgotten with all of our activities, we also completed the Chase acquisition which increased our working interest in our dry gas South Bend field in Pennsylvania.

隨著我們開始開發這些庫存，我們預期未來數月及數年內，這些資產的產量將顯著提升。在我們各項活動之餘也別忘了，我們亦完成 Chase 收購案，提升了我們在賓夕法尼亞州 South Bend 乾氣田（dry gas）的作業權益（working interest）。

Transactions like this where we can increase working interest in assets we already operate are typically among the most attractive investments that we can make using our equity as they increase our exposure to future development and production without requiring incremental corporate overhead for G&A. This acquisition represents another milestone for Infinity as it is the first time post IPO, but we have used our equity to acquire assets.

像這類可提高我們已營運資產之作業權益的交易，通常是我們運用股權所能進行的最具吸引力投資之一，因其可在不增加額外公司層級一般及行政費用（G&A）負擔的情況下，提高我們對未來開發與產量的曝險。此收購對 Infinity 而言亦是另一個里程碑，因為這是我們 IPO 之後首次使用股權收購資產。

Together, these transactions expand our development inventory, increase our participation in high-quality drilling projects and strengthen the strategic position of our Appalachian platform through enhanced infrastructure and marketing assets.

綜合而言，這些交易擴大了我們的開發庫存，提高我們參與高品質鑽井專案的比重，並透過強化基礎設施與行銷資產，鞏固我們阿帕拉契亞平台的策略地位。

In conjunction with the Antero transaction, Infinity successfully issued $350 million of perpetual convertible preferred stock to two highly respected energy investors, Quantum Capital Group and Carnelian Energy Capital. We believe the strong demand from these investors reflects confidence in both in the quality of the underlying assets and our long-term development strategy.

配合 Antero 交易，Infinity 成功向兩家備受尊敬的能源投資人 Quantum Capital Group 與 Carnelian Energy Capital 發行3.5億美元的永久可轉換優先股。我們認為，這些投資人強勁的需求反映其對標的資產品質以及我們長期開發策略的信心。

This hybrid equity structure is consistent with our philosophy of maintaining a strong and flexible balance sheet. We were able to raise significant equity capital above our IPO price while reducing outstanding debt and preserving financial and strategic optionality for the company.

此種混合式股權結構符合我們維持強健且具彈性資產負債表的理念。我們得以在高於 IPO 價格的水準募集可觀股權資金，同時降低未償債務，並保留公司在財務與策略上的選擇權。

Importantly, this capital supported our election to increase our participation in the Ohio Utica acquisition to a 60% working interest, deepening our ownership in an asset we know well and believe strongly in, while maintaining balance sheet discipline as we continue to advance development across our Appalachian platforms.

重要的是，這筆資金支持我們選擇將俄亥俄 Utica 收購案的參與比例提高至60%的作業權益，深化我們對一項熟悉且高度看好的資產之持有，同時在持續推進阿帕拉契亞平台開發之際，維持資產負債表紀律。

Looking more broadly at the market environment, we continue to see strong structural demand for natural gas and associated liquids across North America. Recent geopolitical developments in the Middle East have strengthened crude prices across the forward curve through 2030, representing another opportunity for us to demonstrate the value and flexibility of our unique asset base. With our development activities in the fourth quarter, we have significant oil-weighted volumes planned for the first half of 2025.

更廣泛地看市場環境，我們持續看到北美對天然氣及其伴生液體的結構性需求強勁。近期中東地緣政治發展強化了至2030年遠期曲線上的原油價格，這也為我們提供另一個機會，展現我們獨特資產組合的價值與彈性。隨著我們在第四季的開發活動，我們已規劃於2025年上半年投放相當可觀、偏重原油的產量。

We have taken this opportunity in the commodity markets to lock in attractive oil hedges for 2026 and 2027 using a balance of swaps and colors. Additionally, we are evaluating our development plan as to whether we should accelerate any additional oil projects to take advantage of attractive prices. We cannot predict whether this will be a short-term event but we will continue to monitor the situation to see if elevated oil prices prove to be longer lasting and warrant additional development of our oil inventory.

我們把握商品市場的機會，透過掉期（swaps）與領口（collars）的組合，鎖定2026年與2027年具吸引力的原油避險。此外，我們也在評估開發計畫，是否應加速任何額外的原油專案以把握有利價格。我們無法預測這是否為短期事件，但將持續監測情勢，觀察高油價是否更為持久，並是否足以支持我們進一步開發原油庫存。

On a more micro level and for our Ohio Utica liquids production specifically, we are witnessing increased regional demand dynamics, condensate and other light hydrocarbons produced from liquids-rich plays, such as the Utica are used both as refinery feedstock and as diluent for heavier crude oil as production of heavier barrels from regions such as Canada and Venezuela increases, producers require additional volumes of condensate and other light hydrocarbons to blend those barrels to move them through pipeline systems and into refineries. Given our proximity to regional refining markets and infrastructure, we believe our Ohio Utica liquids production is well positioned to serve this demand.

更微觀地看，特別就我們俄亥俄 Utica 的液體產量而言，我們正見到區域需求動能升溫：來自富液氣層（liquids-rich plays）如 Utica 的凝析油與其他輕質烴，既可作為煉油原料，也可作為較重原油的稀釋劑；隨著加拿大、委內瑞拉等地區較重油桶的產量增加，生產商需要更多凝析油與其他輕質烴來調和，以便透過管線系統運輸並送入煉油廠。鑑於我們鄰近區域煉油市場與基礎設施，我們認為俄亥俄 Utica 的液體產量具備良好條件以滿足此需求。

Turning to natural gas. Global demand for US LNG continues to expand and with additional liquefaction capacity expected to come online over the next several years, US natural gas supply is increasingly positioned to serve global energy markets. Domestically, rising electricity demand is expected to drive additional natural gas consumption within the US power sector.

接著談天然氣。全球對美國 LNG 的需求持續擴張，且未來數年預期將有更多液化產能投產，使美國天然氣供給愈發具備服務全球能源市場的定位。在國內方面，電力需求上升預期將帶動美國電力部門額外的天然氣消耗。

Looking ahead, we remain focused on executing a disciplined development program the balances growth with capital efficiency. Our diversified asset base across our Appalachian platform provides flexibility to allocate capital towards the highest return opportunities depending on market conditions.

展望未來，我們仍專注於執行兼顧成長與資本效率的紀律性開發計畫。我們在阿帕拉契亞平台的多元化資產基礎，讓我們能依市場狀況將資本配置至報酬最高的機會。

With that, I will turn the call over to David to review our financial results and outlook.

接下來我將把電話會議交給 David，請他回顧我們的財務結果與展望。

Thank you, Zach, and good morning. Our financial results for the fourth quarter and full year reflect the strong operational execution delivered by our team throughout 2025. During the fourth quarter, net production averaged 45.3 MBoe per day, and we generated adjusted EBITDAX of $94.0 million representing adjusted EBITDA margin of approximately $3.76 per Mcfe or $22.58 per BOE.

謝謝你，Zach，大家早安。我們第四季與全年財務結果反映出團隊在2025年全年的強勁營運執行。第四季期間，淨產量平均為每日45.3千桶油當量（MBoe），我們創造調整後 EBITDAX 9,400萬美元，調整後 EBITDA 利潤率約為每 Mcfe 3.76美元或每桶油當量（BOE）22.58美元。

During the quarter, we realized average prices of $51.22 per barrel for oil, $3.14 per Mcfe for natural gas and $23.56 per barrel for natural gas liquids, with realized pricing reflecting regional market conditions and differentials across Appalachia, consistent with our expectations during the quarter.

本季我們實現的平均價格為：原油每桶51.22美元、天然氣每 Mcfe 3.14美元、天然氣液體每桶23.56美元；實現價格反映阿帕拉契亞地區的區域市場狀況與價差，與我們本季預期一致。

For the full year, adjusted EBITDA totaled $261 million, reflecting continued production growth, combined with disciplined cost management. Operating costs during the quarter averaged $5.56 per BOE, reflecting continued operational efficiencies and increasing contribution of natural gas production from Pennsylvania within our overall portfolio.

全年調整後 EBITDA 合計為2.61億美元，反映產量持續成長並結合嚴謹的成本管理。本季營運成本平均為每 BOE 5.56美元，反映持續的營運效率提升，以及賓夕法尼亞州天然氣產量在我們整體投資組合中的貢獻提高。

We believe that we maintain one of the lowest operating cost structures in Appalachia, supporting our strong capital efficiency metric. We continue to witness our cost decline approximately 36% during the fourth quarter when compared to the prior year.

我們相信我們維持阿帕拉契亞地區最低的營運成本結構之一，支撐我們強勁的資本效率指標。相較前一年，我們在第四季持續見到成本約下降36%。

As we continue to expand our natural gas volumes in Pennsylvania, we would anticipate to experience further decline in our overall cost structure as those volumes are on our wholly owned midstream system. During the fiscal year 2025, we incurred approximately $326 million in capital expenditures, including drilling and completion CapEx of $274.7 million, land spend of $35.5 million and midstream and infrastructure investments of approximately $16.1 million.

隨著我們持續擴大賓夕法尼亞州的天然氣產量，我們預期整體成本結構將進一步下降，因為這些產量係透過我們全資持有的中游系統運輸。在2025會計年度，我們資本支出約為3.26億美元，其中包含鑽井與完井資本支出（CapEx）2.747億美元、土地支出3,550萬美元，以及中游與基礎設施投資約1,610萬美元。

For the full year, development capital expenditures totaled approximately $290.8 million, consistent with our previously communicated development plan. Our capital allocation framework remains focused on maximizing long-term shareholder value. We prioritized funding high-return development opportunities across our Utica and Marcellus assets, expanding our development inventory through targeted acquisitions and maintaining a strong and flexible balance sheet.

全年開發資本支出合計約2.908億美元，與我們先前溝通的開發計畫一致。我們的資本配置架構仍聚焦於最大化長期股東價值。我們優先為 Utica 與 Marcellus 資產中高報酬的開發機會提供資金，並透過精準收購擴大開發庫存，同時維持強健且具彈性的資產負債表。

Additionally, during the fourth quarter, we repurchased approximately 87,000 shares of Infinity common stock at an average price of $13.50 per share for our total repurchases of approximately $1.2 million during the quarter. We remain opportunistic in executing share repurchases while ensuring that capital returns do not impact our ability to execute. Our development program will pursue strategic opportunities.

此外，在第四季期間，我們以每股平均13.50美元回購約87,000股 Infinity 普通股，使本季回購總額約為120萬美元。我們在執行庫藏股回購時仍保持機動，同時確保資本回饋不會影響我們的執行能力。我們的開發計畫將持續追求策略性機會。

As Zack mentioned previously, during the fourth quarter, we also completed a $350 million strategic equity investment in the form of a perpetual convertible preferred securities, which is convertible into common equity at $21.36 per share, which is above our IPO project aligning investors with long-term equity value creation.

如 Zack 先前提到的，在第四季期間，我們也完成了一筆 3.5 億美元的策略性股權投資，形式為永續可轉換優先證券，可按每股 21.36 美元轉換為普通股，該價格高於我們的 IPO 價格，藉此使投資人與長期股權價值創造保持一致。

This hybrid structure provides a permanent equity capital that allowed us to repay a portion of the revolver borrowings used to finance through Ohio acquisition, while also supporting the increase in our working interest of the transaction to 60%.

這種混合式結構提供了永久性的股權資本，使我們得以償還部分用於為 Ohio 收購案融資的循環信貸借款，同時也支持我們將該交易的工作權益提高至 60%。

Importantly, we structure limits immediate solution to existing shareholders and preserves balance sheet flexibility relative to incremental debt. At year-end, we had net debt of approximately $148 million and total liquidity of approximately $227 million.

重要的是，我們的結構限制了對現有股東的即時稀釋，並相較於新增負債保留了資產負債表的彈性。截至年底，我們的淨負債約為 1.48 億美元，總流動性約為 2.27 億美元。

Before turning to our outlook for 2026, it is important to note that our guidance reflects both the operational progress discussed earlier as well as the capital structure initiatives completed during the fourth quarter of 2025 and the first quarter of 2026.

在談到我們對 2026 年的展望之前，需要注意的是，我們的指引同時反映了先前討論的營運進展，以及在 2025 年第四季與 2026 年第一季完成的資本結構措施。

Our development program is expected to operate two drilling rigs during 2026, including one rig deployed across our legacy assets in Pennsylvania and Ohio and one rig dedicated to the recently acquired Ohio Utica beginning early in the second quarter. This level of activity supports continued production growth while maintaining capital discipline and operational flexibility across both areas.

我們的開發計畫預期在 2026 年運行兩座鑽機，其中一座部署於我們在賓夕法尼亞州與俄亥俄州的既有資產，另一座自第二季初起專門用於近期收購的 Ohio Utica。此一活動水準在維持資本紀律與兩地營運彈性的同時，支持產量持續成長。

Looking ahead, we expect to continue advancing development across all areas within our portfolio. And anticipate turning into sales 31 gross wells during calendar year 2026, consistent with the development plan outlined in our investor presentation. In the first quarter of 2026, we expect to turn or oil-weighted wells in line on our Ohio Utica assets.

展望未來，我們預期將持續推進投資組合內各區域的開發。並預計在 2026 日曆年度將 31 口總井轉入銷售，與我們投資人簡報中所概述的開發計畫一致。在 2026 年第一季，我們預期將使我們 Ohio Utica 資產上的偏油井投產上線。

For 2026, we expect net production to average between $345 and $375 MCF per day, representing growth of approximately 70% year over year. Development capital expenditures which are a combination of drilling and completions as well as midstream capital expenditures are expected to range between $450 million and $500 million.

就 2026 年而言，我們預期淨產量平均介於每日 345 至 375 MCF，約較去年同期成長 70%。開發資本支出（包含鑽井與完井）以及中游資本支出，預期介於 4.5 億至 5.0 億美元。

With that, I will turn the call back to Zach for closing remarks.

接下來，我把電話交回給 Zach 作結語。

Thank you, David. To summarize, 2025 and early 2026 has been a transformative period for Infinity National Resources as we continue to execute operationally, scale our Appalachian platform through strategic acquisitions and reinforce the balance sheet with new long-term equity markets. We enter into 2026 with a strong operational foundation expanded development inventory and a strengthened capital structure. Our position across oil-weighted Ohio Utica, rich gas, Ohio Utica opportunities and dry gas Marcellus and Utica development provides the flexibility to continue delivering sustainable room and value for our shareholders.

謝謝你，David。總結而言，2025 年及 2026 年初對 Infinity National Resources 來說是轉型期；我們持續落實營運執行，透過策略性收購擴大我們在阿帕拉契亞的營運平台，並以新的長期股權資本強化資產負債表。我們以穩健的營運基礎、擴充的開發庫存，以及更強健的資本結構邁入 2026 年。我們在偏油的 Ohio Utica、富氣 Ohio Utica 機會，以及乾氣 Marcellus 與 Utica 開發的布局，提供了持續為股東帶來可持續成長與價值的彈性。

Operator, please open the line for questions.

接線員，請開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Michael Scialla, Stephens.

Michael Scialla，Stephens。

Hi, good morning. I wanted to ask on your '26 plan. Your CapEx guidance is a fair bit above analyst estimates. Can you talk about any changes you made from, you gave some soft guidance back in mid-December when you did the call on the Antero acquisition. Any changes that you've made since then? And any things that might be in there that David, you mentioned midstream is built into that, I wanted to see if you could break that out at all. Thank you.

嗨，早安。我想問一下你們的 2026 年計畫。你們的資本支出指引明顯高於分析師預估。能否談談你們相較於先前的任何變動？你們在 12 月中旬針對 Antero 收購案的電話會議時曾給過一些較為初步的指引。此後有做了哪些調整嗎？另外，有沒有一些項目包含在其中？David，你提到中游已納入其中，我想看看你是否能把那部分拆分說明一下。謝謝。

Michael, it's Zack here. Thank you for that question. I think it's a timely one. First and foremost, I would want to point you back to slide 7 and 10 of our investor deck showing how well we performed last year. We've had cost improvements from a D&C perspective and continue to have great capital efficiency and EBITDA margin.

Michael，我是 Zack。謝謝你的提問。我認為這個問題很切題。首先，我想請你回看我們投資人簡報第 7 與第 10 頁，顯示我們去年表現有多好。從鑽完（D&C）的角度來看，我們的成本有所改善，並且持續維持很好的資本效率與 EBITDA 利潤率。

So this capital guidance range that we're talking about and that you're trying to interpret is not a reflection of drilling cost consents. We continue to execute very well there, and we're gaining scale. So we expect additional synergies and improvements.

因此，我們所談的這個資本指引區間、以及你試圖解讀的內容，並不是鑽井成本上升的反映。我們在那方面仍然執行得非常好，而且我們正在擴大規模。因此我們預期會有更多協同效益與改善。

What I think is helpful to understand is some things related to the acquisition. First of all, we have an additional 9% of CapEx. Now we took on additional working interest from the Antero deal than what we knew when we were talking before. Also the first pad out of the gate, the English pad will be completed by us in the capital board by us. So that's 19,000 lateral feet on three separate wells. So that's a lot of lateral footage with completion activities that are coming to us.

我認為有幾點與收購案相關的內容，有助於理解。首先，我們多了額外 9% 的資本支出。我們在 Antero 交易中承擔的工作權益高於我們先前談到時所掌握的水準。此外，第一個一開始就要做的井場（pad）——English 井場——將由我們進行完井，資本也由我們負擔。那是三口井、合計 19,000 英尺的水平段長度。因此，會有相當多的水平段尺數與完井作業落在我們這邊。

Another point on the Antero deal is we wanted to make sure we had a rig ready to go as quickly as we could, and we didn't want to have the asset closed and be looking forward to. As a result of that effort, we picked up the rig before close, and that rig has been drilling on INR projects. So effectively running two rigs across our base business for part of this first quarter. So those things are all adding to it that were a little bit different than when we visited before.

關於 Antero 交易的另一點是，我們希望確保能盡快有鑽機就位，不想等資產交割後才開始著手安排。因此，我們在交割前就取得了鑽機，而該鑽機一直在 INR 的專案上鑽井。所以在今年第一季的一段時間內，等於是在我們的基礎業務上同時運行兩座鑽機。這些因素都推升了資本支出，且與我們先前討論時相比略有不同。

You talked about midstream, I think that's an important component of this, too. And while we don't break that out, we are, we're more than double the size of our midstream with the acquisitions of Antero and we're actively developing in both areas that would require midstream investments. And so we'll expect to spend money in both areas, PA and Ohio as we build out midstream.

你提到中游，我認為這也是其中一個重要組成。雖然我們沒有把它拆分揭露，但隨著收購 Antero，我們的中游規模已經擴大到原來的兩倍以上，而且我們正在兩個區域積極開發，這都需要中游投資。因此，隨著我們擴建中游，我們預期會在賓州（PA）與俄亥俄州（Ohio）兩地投入資金。

And I think for us, we don't break it out because it's a little bit fungible, and it still gives us some flexibility in our pad selection and where we're deploying capital between drilling wells that don't require midstream, maybe you add an extra well to that pad versus somewhere where you need to add midstream so you allocate dollars there.

我想對我們而言，我們不拆分揭露是因為這部分具有一定的可替代性（fungible），同時也讓我們在井場選擇上保有彈性，以及在鑽井資本配置上更靈活：例如在不需要中游的井場，你可能會多加一口井；而在需要新增中游的地方，你就把資金配置到那裡。

A couple of other things just to point out, too, is we want to make sure we maintain flexibility in that capital guidance. But what we did last year, which is pickup working interest. Our land group has been incredibly skilled at the ground game and adding in working interest and lengthening laterals. So we don't want to surprise somebody if we end up with the interest or longer laterals than we talked about.

另外還有幾點要補充的是，我們希望在這個資本指引中維持彈性。但我們去年所做的，是提高工作權益。我們的土地團隊在「地面作戰」方面非常有能力，能夠增加工作權益並延長水平段。因此，如果最終我們取得的權益比例或水平段長度高於我們先前談到的，我們不希望讓任何人感到意外。

And now that we're running two rigs, the timing component becomes a little bit magnified where if those rigs gain pace and start drilling faster because we have rigs that are having shorter rig roots because they're staying in Ohio instead of bouncing back and forth between Ohio to PA, for example, and we pulled forward a well into the year. And that's another $10 million to $15 million that hither CapEx budget and those back of the year CapEx spend don't reflect themselves in 2026 production.

而且現在我們運行兩座鑽機，時程因素會被放大一些：如果這些鑽機加快節奏、鑽得更快，因為它們的移機距離更短——例如留在 Ohio，而不是在 Ohio 與賓州之間來回移動——我們就可能把某口井的進度提前到今年。而這又會讓資本支出預算增加 1,000 萬到 1,500 萬美元，但這些年底的資本支出並不會在 2026 年的產量中反映出來。

So a lot of things going on there. But I think for us, we want to make sure we give ourselves the flexibility to react and be able to plan our business without surprising anybody as other projects come up. And there are certainly capital projects we haven't budgeted before that I think could be interesting, including for the deep dry gas unit.

所以那裡有很多事情在進行中。但我認為對我們而言，我們希望確保自己具備彈性，能夠因應並規劃業務，且在其他專案出現時不會讓任何人感到意外。而且確實有一些我們先前未編列預算的資本專案，我認為可能很有意思，包括深層乾氣處理單元。

I appreciate that detail, Zach. I guess, just to clarify, in terms of well cost, you're not anticipating any OFS inflation or anything, you're still anticipating well costs to at least stay flat or maybe even trend down. Is that right?

Zach，感謝你提供這些細節。我想再釐清一下，就井成本而言，你不預期會有任何油田服務（OFS）通膨或類似情況，你仍預期井成本至少持平，甚至可能呈下降趨勢。是這樣嗎？

Yes, that is correct.

是的，沒錯。

Great. And then I wanted to follow up on the, you mentioned the deep Utica, which you've budgeted for this year. Anything more you can add on that play why you decided to, I know you guys have kind of gone back and forth on when you were going to drill that first well. I guess, what helped you decide to put it in the '26 plan? And what do you think your exposure there is if the play works.

很好。接著我想追問你提到的深層 Utica，你們今年已為此編列預算。關於這個區塊（play），你還能補充些什麼，為什麼決定這麼做？我知道你們在何時要鑽第一口井這件事上一直有些來回調整。我想問的是，是什麼促使你們決定把它放進 2026 年計畫？以及如果這個區塊成功，你認為你們在那裡的曝險／敞口會是什麼？

We wanted to budget for it. We'll still maintain the flexibility to choose to do what or not do it as we see gas prices and other factors. Maybe oil prices ripple through our decision-making process. So we've set ourselves up with a rig that's capable and experienced in doing this. One of the things we wanted to do was make sure we set ourselves up for success to the greatest extent possible, and we're really excited about some of the deep dry gas Utica experience that we've added to our internal staff and to our field staff as well. When we get to the right project, and we do have a permit name hand and we have a rate April experience drill in this, we'll be positioned to execute.

我們希望先把它編入預算。我們仍會保有彈性，視天然氣價格與其他因素來決定要做或不做。也許油價也會透過連動效應影響我們的決策流程。因此我們配置了一台具備能力且在這方面有經驗的鑽機。我們想做的一件事，是盡可能確保自己具備最高程度的成功條件；我們也對於在內部團隊與現場團隊新增的深層乾氣 Utica 經驗感到非常振奮。當我們遇到合適的專案時，而且我們確實已取得許可並掌握相關資訊，也有在此領域的鑽井經驗時，我們就會具備執行的條件。

Michael, this is David Sproule. I think you can look at the development plan that we have and the development of that well would be towards the latter half of this year. We would not anticipate that well coming online this year. I think we've always been excited about the Utica. It has not changed, change has only been more excitement about what we see in Utica.

Michael，我是 David Sproule。我想你可以看看我們的開發計畫，該井的開發會落在今年下半年。我們不預期那口井會在今年投產。我想我們一直都對 Utica 感到興奮。這點沒有改變；改變的只是我們對於在 Utica 所看到的情況更加興奮。

There are plenty of offset development activities to us. We've been watching those. So I think for us, it's just consistent with our overall theme of kind of walking before running with regards to developing it. But we are very excited about the prospectivity therein.

我們周邊有很多鄰近（offset）的開發活動。我們一直在觀察那些進展。所以我認為對我們而言，這與我們整體主軸一致，也就是在開發上先走穩再加速（walk before running）。但我們對其中的前景潛力非常興奮。

Sounds good. Appreciate it guys.

聽起來不錯。謝謝各位。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc Capital Markets。

Good morning folks and thanks for taking our questions. Michael actually took some of the ones I was going to hit at. But I wanted to dig back in on the deep Utica first. It looks like you have a spud plan or you may have recently spud that well in the deep Utica. I know there's a Cooper pad in Armstrong County. Can you give kind of any context? Have you spud this well yet? I recognize you don't plan to complete it this year. But is that definitely happening? Or is it still kind of a TBD.

各位早安，謝謝你們回答我們的問題。Michael 其實已經問到一些我原本要問的。但我想先再深入問一下深層 Utica。看起來你們有一個開鑽（spud）計畫，或者你們可能最近已在深層 Utica 開鑽那口井。我知道在 Armstrong County 有一個 Cooper 井場（pad）。你能否提供一些背景脈絡？你們已經開鑽了嗎？我知道你們不打算在今年完井。但這件事確定會發生嗎？還是仍有待確定（TBD）？

Yeah. So I'll make a sort of technical differentiation here for you. If you're watching stuff online, when you set the conductor, it triggers a regulatory spud. So we view that as really just a preparation for a true spud and don't want to get anybody confused as to what's specifically going on. I think what David said a moment ago is most accurate is that we've got really the capital towards the back half of this year and production really not coming in until next as we look at it today.

是的。我在這裡先做一個技術上的區分給你參考。如果你在網路上追蹤資訊，當你下導管（conductor）時，會觸發監管意義上的開鑽（regulatory spud）。所以我們把那視為真正開鑽前的準備工作，不希望讓任何人對實際進展產生混淆。我認為 David 剛才說得最準確：以我們目前的看法，資本支出主要會落在今年下半年，而產量要到明年才會進來。

The other thing I'd note here, Tim, for you and everybody is listening is when you think about our development in the South Bend field, remember, we have multiple horizons that we are targeting. So one of the good things about our position that is unique is that we have dry gas Marcellus there and dry gas east Utica.

另外我也想提醒你、Tim，以及所有在聽的人：當你思考我們在 South Bend 油氣田的開發時，請記得我們鎖定的是多個層位（horizons）。因此我們這個位置有一個獨特的優勢：那裡同時有乾氣 Marcellus 與乾氣東部 Utica。

And so as we come in and develop Marcellus, we can come back in and develop deep Utica. So consistent with our approach there, consistent with our view of maintaining optionality, that's kind of what you're seeing and when you see that alert from a regulatory spot.

因此當我們進場開發 Marcellus 之後，之後也可以再回來開發深層 Utica。所以這與我們一貫的做法一致，也符合我們維持選擇權（optionalitiy）的觀點；這就是你看到的情況，以及當你看到監管端的開鑽提示時所代表的意義。

Okay. We'll stay tuned. It sounds like nothing imminent on that front. And then I appreciate the comments on CapEx. So Zack, as my follow-up, we talked about a year ago, and you mentioned Infinity wants to stay nimble, but you can't be schizophrenic as you sort of chase commodity prices. Cycle times seems to be ever shorter and sort of more violent today. How does the Board think about that balance between sort of chasing kind of what you're seeing on the screens in a day versus the cycle times you have? How nimble can you be? And sort of how locked in is this 2026 program?

了解。我們會持續關注。聽起來在那方面沒有什麼迫在眉睫的事情。另外也謝謝你們對資本支出（CapEx）的說明。Zack，作為追問，我們大約一年前談過，你提到 Infinity 想保持靈活，但也不能因為追逐商品價格而變得反覆無常。如今週期時間似乎越來越短、波動也更劇烈。董事會如何看待在「追逐螢幕上每天看到的價格」與你們自身週期時間之間的平衡？你們能有多靈活？以及這個 2026 年計畫的鎖定程度有多高？

Sure. So I'll give a little bit of color as to what we've done and what they expect, so we, already this year, we turned in line four oil-weighted wells. So it feels like that's, maybe that's a testament to why you can't be situated in your capital deployment because these wells are now you're very excited to have them on. And if we have been fully focused on natural gas, we would have missed a lot of this exposure. We anticipate another pad coming online by midyear. And so like the oral volumes that we're bringing in, in this calendar year.

當然。我補充一些我們已做的事以及他們的期待：我們在今年已讓四口偏油井投產（turned in line）。所以這或許也證明了為什麼你的資本配置不能僵化，因為這些井現在投產後，你會非常高興它們上線。如果我們完全只聚焦天然氣，我們就會錯失很多這方面的曝險／敞口。我們預期到年中還會有另一個井場投產。因此就像我們在這個曆年將帶進來的油量一樣。

As far as how we deploy capital differently, our development plan didn't come together in the last two weeks. And our development plan has been thoughtfully put together, presented to the Board. We really like the projects, both in oil and gas.

至於我們如何以不同方式部署資本，我們的開發計畫並不是在過去兩週才拼湊出來的。我們的開發計畫是經過審慎規劃後完成，並提交給董事會。我們非常喜歡這些專案，無論是油或氣。

And we always have the slide in our investor deck where you see the returns at different prices. So we'll always evaluate if there's an oil project that we should swap in or tuck-in, but it becomes not necessarily always the most prudent thing for us to do.

而且我們在投資人簡報中一直都有一張投影片，展示在不同價格下的報酬率。因此我們會持續評估是否有某個油類專案應該替換進來或作為補充（tuck-in），但這不一定總是對我們而言最審慎的做法。

So we'll take some time here. We'll see if these prices stay. That's a big part of the question. Is this a blip? And we don't want to move the rig from a gas project or an oil project and it turned out to be a head at which we've seen on the gas side from time to time. So we'll continue to have our land teams and our regulatory teams and our construction teams to be prepared for that optionality, and we'll see what the next quarter rents.

所以我們會在這裡花點時間。我們會看看這些價格是否能維持。這是問題中很大的一部分。這只是短暫波動嗎？而且我們不想把鑽機從一個天然氣專案或一個石油專案移走，結果證明那其實是一個假訊號——我們在天然氣端不時也見過這種情況。因此，我們會持續讓我們的土地團隊、法規團隊以及施工團隊做好準備，以保留這種選擇性，並看看下一季會怎麼發展。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

John Freeman, Raymond James.

John Freeman，Raymond James。

Thanks. Good morning, guys. Just wanted to flush out maybe sort of how to think about the production cadence as we go through the year. Obviously, it appears to be a pretty back half weighted program with, you've only got 4 of the 31 TILs coming on in 1Q? And maybe just sort of how to think about how we progress through the rest of the year, just to give us a little a little help on that side.

謝謝。各位早安。我想更深入了解一下，該如何看待我們今年的產量節奏。很明顯看起來是一個下半年權重較高的計畫，因為 31 口投產井（TIL）中，只有 4 口會在第一季上線？也想請你們談談接下來一年其餘時間的推進節奏，讓我們在這方面更好掌握。

Yeah. I think, John, we think back to some of the comments that Zack made earlier about cycle times, I kind of push you to think about that. When you bring a rig out and you start drilling holes is a good rule of thumb for us is kind of six months from spud to turn in line for us, six to seven months after that.

是的。John，我想回到 Zack 先前提到的週期時間（cycle times）的一些評論，我會建議你從那個角度來思考。對我們而言，一個很好的經驗法則是：鑽機進場開始鑽井，從開鑽（spud）到投產（turn in line）大約需要六個月，之後大概是六到七個月左右。

So to your point, as we ramp up development, much like what we, what you witnessed in 2025, we would anticipate a considerable ramp through the middle of the year and into the fourth quarter as well. So we started the year, albeit relatively slow. We've turned it as Zack kind of noted already four wells for very long oil-weighted wells. We will start picking up pace with regards to the turn on lines through the balance of the year.

所以如你所說，當我們拉升開發活動時，就像你在 2025 年看到的那樣，我們預期會在年中到第四季出現相當明顯的拉升。今年一開始相對較慢。我們已如 Zack 先前提到的，讓 4 口非常長的、以油為主的井投產。在今年剩餘時間，我們會開始加快投產上線的節奏。

Perfect, thanks. And then just a quick follow-up on that. How many DUCs did you all enter 2026 with?

很好，謝謝。再追問一個。你們在 2026 年初有多少口 DUC（已鑽未完井）？

I think we entered the year with, I mean the interesting thing here, John, is the timing of where that calendar falls. I think we entered the year with eight DUCs that we had, and we were in the process of drilling a couple more wells during where December 31st sell. Of those eight DUCs that we carried into the year, we have turned into salesforce of them. We turned in two wells in Carroll County, and we turned in two wells in Gursoy County. And we're actively cooking the remain.

我想我們在年初時——有趣的是，這跟日曆時間點的落點有關。我想我們在年初帶著 8 口 DUC 進入 2026 年，而且在 12 月 31 日截止時我們也正在鑽另外幾口井。在這 8 口帶入今年的 DUC 中，我們已經把其中 4 口轉入銷售。我們在 Carroll County 讓 2 口井上線，在 Gursoy County 也讓 2 口井上線。其餘的我們正在積極推進完井。

Got it. Thanks guys. Nice quarter.

了解。謝謝各位。這季表現不錯。

And thank you. Appreciate it.

也謝謝你。感謝。

Sam Cox, RBC Capital Markets.

Sam Cox，RBC Capital Markets。

Hi, good morning. Thanks for taking my question. I just wanted to touch on the rig cadence for 2026. Obviously, given certain macro conditions, what would need to happen to evaluate a potential third operated rig. Thanks.

嗨，早安。謝謝讓我提問。我想談一下 2026 年的鑽機節奏。顯然在某些總體環境條件下，需要發生什麼情況，你們才會評估增加第三部自營鑽機的可能性？謝謝。

That's a great question, Sam. I think we are cognizant of our portfolio and the returns that we have. So we're really excited about that. I think we're probably more likely to, maybe consider additional frac crews, I would say that drilling rigs at this stage. But it's difficult to say.

這是個很好的問題，Sam。我想我們很清楚我們的資產組合以及我們所能取得的報酬率。所以我們對此非常興奮。我認為在這個階段，我們更可能會考慮增加壓裂施工隊（frac crews），而不是增加鑽機。但這很難說。

I mean, honestly, three weeks ago, oil prices were a little bit different than they were during the straight kind of considerations that we're seeing right now. So if oil prices stayed extremely elevated, from spot relative throughout the remainder of the year, something that we would evaluate.

老實說，三週前油價跟我們現在看到、正在納入考量的情況相比還不太一樣。所以如果油價在今年剩餘時間內相對現貨水準仍維持在非常高的水準，那就是我們會評估的事情。

But we're not, I want to caution you to think that we're not windsock fear. We're systematically exploiting the reservoirs that we have in a prudent manner. So we'd like to maintain optionality. We've built into our forecast, the ability to maintain optionality both in natural gas and oil. So we have flexibility to do the right things. We're going to let other people kind of in stock with the commodities and make that determination. Today, we're just systematically exploiting what we have.

但我想提醒你，不要以為我們會隨風擺動。我們是以審慎的方式，有系統地開發我們手上的儲層。所以我們希望維持選擇性。我們在預測中已納入同時在天然氣與石油上維持選擇性的能力。因此我們有彈性去做正確的事。我們會讓其他人去追逐商品價格並做出判斷。就今天而言，我們只是有系統地開發我們所擁有的資產。

Got it. No, I appreciate that. And then you also recently added some long-term hedges to the disclosure this time. How are you all thinking about your hedging strategy?

了解。我很感謝這樣的說明。另外你們這次也在揭露中新增了一些長期避險。你們是如何思考避險策略的？

Sure. It's always, hedging is always interesting, right? You always look back at high sight 2020. What I, everybody is not shocking. Everybody would like to have higher hedging part. I think we're not speculating on, I mean, we're really not speculating on order price or natural gas business. What we do is derisk our development program.

當然。避險一直都很有意思，對吧？你總會回頭用事後諸葛的角度看 2020 年。這不令人意外。每個人都希望當時有更高比例的避險。我想我們並不是在押注——我們真的不是在押注油價或天然氣價格。我們做的是降低我們開發計畫的風險。

if you look on slide 8, you can see the returns that we have here for oil weighted or natural gas-weighted projects. So when we can get to a situation, whether it be a swaps collars that we can lock in really attractive discounted returns on investment. We will do that.

如果你看第 8 頁投影片，你可以看到我們在以油為主或以天然氣為主的專案上所能取得的報酬。因此當我們能透過掉期或領口（swaps、collars）等方式，把非常具吸引力的折現投資報酬率鎖定下來時，我們就會去做。

The other thing I'd note is, we stay true to our tenants here. We've talked about hedging when the rig shows up. We talked about hedging, when the completion crews show up Zach was talking about the activities that we had, we entered the year with eight oil-weighted wells that we were completing and turning into sales.

另外我想補充的是，我們會堅持我們的原則。我們談過在鑽機進場時就進行避險。我們也談過在完井施工隊進場時進行避險。Zack 剛才提到我們的活動：我們在年初有 8 口以油為主的井正在完井並轉入銷售。

And so we've layered on hedges. Obviously, some of those hedges are a little bit lower than maybe the spot is on 2027, but not by much. But we are looking to systematically derisk our development plan and lock in those returns as we've indicated to our shareholders. And we've done that. So we're pretty proud of what we've done.

因此我們分層加上了避險。顯然，其中一些避險價格可能比 2027 年的現貨水準低一些，但差距不大。但我們的目標是有系統地降低開發計畫風險，並如同我們對股東所說的那樣，把那些報酬鎖定下來。而我們也確實做到了。所以我們對所做的事情感到相當自豪。

Got it. Appreciate it, guys. Thanks.

了解。感謝各位。謝謝。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Nicholas Pope, Roth Capital.

Nicholas Pope，Roth Capital。

Hey, good morning, everyone.

各位早安。

Good morning.

早安。

Fourth quarter saw a big jump in oil volumes, just three wells brought online in Ohio. I mean it was obviously I think the strongest quarter you've seen. Just curious if there is anything, I guess, performance wise from the wells over there in Ohio that you all saw that kind of really supported that? Or if it was just really where in the Utica, you guys were we're drilling in the quarter. It's just a really big jump, really solid number. So just kind of curious if that was performance, timing or just location that was kind of driving that really strong oil number.

第四季石油產量大幅跳升，主要是俄亥俄州只有三口井投產。我的意思是，這顯然是我認為你們看到過最強的一季。想請教一下，你們在俄亥俄那邊的井在表現上是否有什麼因素特別支撐了這個結果？或者這只是因為你們在該季度於 Utica 的鑽井位置/區塊所致。這個跳升非常大，數字也很扎實。所以想了解一下，這個非常強勁的石油數字主要是由井的表現、投產時點，還是地點所驅動。

Well, thank you for noticing. We were really excited with those results, too. And I think we, the projects that we brought in, in the back half of 2026, or 2025, excuse me, were fantastic, really a testament to the operational team, making sure cycle times were fast and execution of long laterals was done flawlessly. So kudos to them for putting us in a position to talk about these volumes.

嗯，謝謝你注意到。我們對這些結果也非常興奮。我想我們在 2026 年下半年，或是 2025 年下半年（抱歉）投產的專案都非常出色，這真的證明了營運團隊的能力：確保週期時間很快，且長水平段的執行毫無瑕疵。所以要給他們肯定，讓我們能夠談論這些產量。

And then kudos to the land department for making sure that our working interest was high because volumes are important, but having a high working interest in this volume is even more critical. And I think from a performance perspective, we're, we don't think these performances are anomalies. That's how we expect to perform. And we're very excited in the way that those projects have looked in the back to.

也要稱讚土地部門，確保我們的工作權益（working interest）很高，因為產量固然重要，但在這樣的產量下擁有高工作權益更為關鍵。而且就表現而言，我們不認為這些表現是異常值。這就是我們預期的表現水準。我們也對這些專案近期的表現感到非常振奮。

That makes sense. Jumping around a little bit. I know you didn't provide explicit guidance here, but operating costs, gathering costs were both down kind of throughout the year. Sage acquisition of midstream assets, a lot of capital spend in 2026 implied kind of in the in the midstream businesses. directionally trying to understand where those costs are going with that midstream investment. And is there also going to be kind of line items kind of growing for midstream revenues outside of kind of the operating cost line item, like how is that going to what are buckets?

了解。我再跳到另一個問題。我知道你們這裡沒有提供明確指引，但營運成本、集輸成本（gathering costs）在全年都呈現下降。Sage 收購了中游資產，且 2026 年在中游業務上似乎隱含了不少資本支出。就方向性來看，我想了解在這些中游投資之下，這些成本會往哪裡走？另外，中游收入是否也會在營運成本項目之外，以其他科目呈現成長？也就是說，會落在哪些「桶子/分類」？

Sure. I'm going to take the operating cost question first, and then I'll come back to the midstream revenue question second. With regards to operating costs, what you've witnessed in 2025 is an increased activity in Pennsylvania as well as managing our costs down in Ohio. So let me unpack that just a little bit. Remember, in Pennsylvania on our gas assets, our Marcellus assets are there. We don't have, we own the midstream. So we don't have a meaningful GP&T charge.

好的。我先回答營運成本的問題，接著再回到中游收入的問題。就營運成本而言，你在 2025 年看到的是：賓州活動增加，同時我們在俄亥俄把成本壓低。我稍微拆解說明一下。記得在賓州，我們的天然氣資產、也就是 Marcellus 資產在那裡。我們擁有中游系統。因此我們沒有顯著的 GP&T（集輸與處理）費用。

The second thing is, it's volumetrically, the natural gas wells that we put on are significantly larger than the oil-weighted wells that we put into sales in Ohio, just from a petrophysical aspect. So, as you think about the blending of that, not only are you blending in a lower cost structure, but you're also blending it in with a higher volume at. So naturally, you're seeing some of that decline happen. We have witnessed declines from an LOE in particular basis in Ohio. We've seen consistent GP&T in Ohio. But on a blending aspect, you're seeing a decline in quarter over quarter and year over year with regards to our overall cost structure for 2025.

第二點是，就量體而言，從岩石物理（petrophysical）的角度來看，我們投產的天然氣井規模明顯大於我們在俄亥俄投入銷售的偏油井。所以當你思考這種組合（blending）時，你不僅是在混入較低的成本結構，同時也混入了更高的產量。因此你自然會看到部分成本下降。我們確實看到俄亥俄的 LOE（租賃營運費用）有下降，尤其是在單位基礎上。我們也看到俄亥俄的 GP&T 維持一致。但從組合角度來看，你會看到 2025 年我們整體成本結構在季比季、年比年都有所下降。

We would anticipate that to continue as we bring on more natural gas volumes as well as when we bring on more volumes associated with the acquired properties from Antero. Antero properties, again, we own the midstream. So while there is additional expenditures associated with fractionation activities on some of the wells. We can reduce our overall blended cost or continue to reduce our overall funding costs by integrating those assets there.

我們預期這個趨勢會持續，因為我們會帶來更多天然氣產量，同時也會帶來與自 Antero 收購資產相關的更多產量。Antero 的資產同樣是我們擁有中游系統。因此，雖然部分井會有與分餾（fractionation）活動相關的額外支出，但透過整合這些資產，我們可以降低整體加權後的成本，或持續降低我們整體的加權成本。

Turning to the midstream side. We do generate some midstream third-party midstream revenues on our system. We've done that. You can see that in the line item for revenues that we have for midstream. It is a great opportunity set for us as we think about the future, not only for our assets in Pennsylvania, but our assets that we've acquired from Antero, we have a very large system.

再談中游部分。我們的系統上確實會產生一些中游第三方收入。我們一直都有在做。你可以在我們中游收入的營收科目中看到。當我們展望未來時，這對我們而言是一個很好的機會集合，不僅是賓州的資產，還包括我們自 Antero 收購的資產，我們擁有一個非常龐大的系統。

It's currently today we're capable of moving upwards of 1.2 Bcf a day of capacity. So we have a very big midstream system that is definitely on our radar and strategic endeavors to expand volumes associated with third parties onto that system.

以目前來看，我們的輸送能力可達每日 1.2 Bcf 以上。所以我們有一個非常大的中游系統，這絕對在我們的雷達上，也是我們策略性努力的方向：把更多第三方的量導入這個系統。

Got it. That's all very helpful. I appreciate it. I appreciate the time this morning. Thank you.

了解。這些都非常有幫助。謝謝。感謝今天早上的時間。謝謝。

And this concludes the question-and-answer session. I'll hand the call back over to Zach for any closing comments.

問答環節到此結束。我把電話交回給 Zach，請他做結語。

Thank you all very much for your interest in Infinity Natural Resources. We're very excited to talk about the quarter and the upcoming year, and we look forward to visiting you again soon. Thank you.

非常感謝各位對 Infinity Natural Resources 的關注。我們很高興能談到本季以及即將到來的一年，也期待不久後再次與各位交流。謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。