# EDGAR Filing Document

**Accession Number:** 0002029118
**File Stem:** 0001193125-26-109459
**Filing Date:** 2026-3
**Character Count:** 126373
**Document Hash:** 7166dd748d2537e0c2a1fda1fcf81cc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-109459.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001193125-26-109459

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260218

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INFINITY NATURAL RESOURCES, INC.
- **CENTRAL INDEX KEY:** 0002029118
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42499
- **FILM NUMBER:** 26759192

**BUSINESS ADDRESS:**
- **STREET 1:** 2605 CRANBERRY SQUARE
- **CITY:** MORGANTOWN
- **STATE:** WV
- **ZIP:** 26508
- **BUSINESS PHONE:** 304-212-2350

**MAIL ADDRESS:**
- **STREET 1:** 2605 CRANBERRY SQUARE
- **CITY:** MORGANTOWN
- **STATE:** WV
- **ZIP:** 26508

?xml version='1.0' encoding='ASCII'? 8-K/A

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K/A

#### (Amendment No. 1)

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 18, 2026

## INFINITY NATURAL RESOURCES, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42499** | **99-3407012** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### 2605 Cranberry Square

#### Morgantown, WV 26508

#### (Address of principal executive offices, including zip code)
(304) 212-2350

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Class A common stock, par value $0.01 per share | INR | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If 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. ☐

------

#### Explanatory Note
This Amendment No. 1 on Form 8-K/A (this "Amendment") is being filed by Infinity Natural Resources, Inc., a Delaware corporation (the "Company"), to amend and supplement its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on February 23, 2026 (the "Original Report"). As previously disclosed in the Original Report, on February 23, 2026, Infinity Natural Resources, LLC, a Delaware limited liability company and subsidiary of the Company ("INR Holdings"), and Northern Oil and Gas Inc. ("Northern") completed the acquisitions (the "Antero Acquisitions") of (i) certain rights, title and interests in upstream oil and gas properties, rights and related assets located in the State of Ohio (the "Upstream Assets") from Antero Resources Corporation, Antero Minerals LLC and Monroe Pipeline LLC (collectively, the "Upstream Sellers"), pursuant to that certain purchase and sale agreement (the "Upstream Purchase Agreement"), dated December 5, 2025, by and among INR Holdings, Northern and the Upstream Sellers, for a combined cash purchase price of approximately $800 million and (ii) certain gathering, compression and transportation systems, water facilities and systems, equipment and related assets located in the counties of Belmont, Guernsey, Monroe, Noble and Washington, Ohio (the "Midstream Assets" and, together with the Upstream Assets, the "Antero Assets") from Antero Midstream LLC, Antero Water LLC and Antero Treatment LLC (collectively, the "Midstream Sellers"), each a wholly-owned subsidiary of Antero Midstream Corporation, pursuant to that certain purchase and sale agreement (the "Midstream Purchase Agreement"), dated December 5, 2025, by and among INR Holdings, Northern and the Midstream Sellers, for a combined cash purchase price of approximately $400 million.

The Company is filing this Amendment solely to supplement Item 9.01 of the Original Report to file (i) the audited financial statements of the Utica Shale properties of Antero Resources Corporation for the years ended December 31, 2024 and 2025, (ii) the audited abbreviated financial statements of the Utica Shale property and equipment of Antero Midstream Corporation as of and for the years ended December 31, 2024 and 2025 and (iii) the unaudited pro forma combined financial information of the Company and the Antero Assets as of and for the year ended December 31, 2025, which gives effect to the Antero Acquisitions as if they had been consummated on January 1, 2025. Except for the foregoing, this Amendment does not modify or update any other disclosure contained in the Original Report.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

*(a) Financial statements of businesses acquired.* 

*Antero Resources Corporation – Utica Shale Properties* 

The audited financial statements of the Utica Shale properties of Antero Resources Corporation and related notes, which comprise the statements of revenue and direct operating expense for the years ended December 31, 2024 and 2025, are filed herewith and attached hereto as Exhibit 99.1, and are incorporated herein by reference.

*Antero Midstream Corporation – Utica Shale Property and Equipment* 

The audited abbreviated financial statements of Utica Shale property and equipment of Antero Midstream Corporation and related notes, which comprise the statements of assets acquired and liabilities assumed as of December 31, 2024 and 2025, and the related statements of revenues and direct expenses for the years then ended, and the related notes thereto, are filed herewith and attached hereto as Exhibit 99.2, and are incorporated herein by reference.

------

*(b) Pro forma financial information.* 

The unaudited pro forma combined financial information of the Company and the Antero Assets as of and for the year ended December 31, 2025, which gives effect to the Antero Acquisitions as if they had been consummated on January 1, 2025, is filed herewith and attached hereto as Exhibit 99.3, and is incorporated herein by reference.

(d) *Exhibits.*

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 23.1 | [Consent of KPMG LLP, independent auditors for Antero Resources Corporation.](d106339dex231.htm) |
| 23.2 | [Consent of KPMG LLP, independent auditors for Antero Midstream Corporation.](d106339dex232.htm) |
| 99.1 | [Audited Financial Statements of the Utica Shale Properties of Antero Resources Corporation for the Years Ended December 31, 2024 and 2025.](d106339dex991.htm) |
| 99.2 | [Audited Abbreviated Financial Statements of the Utica Shale Property and Equipment of Antero Midstream Corporation as of and for the Years Ended December 31, 2024 and 2025.](d106339dex992.htm) |
| 99.3 | [Unaudited Pro Forma Combined Financial Information of the Company and the Antero Assets as of and for the Year Ended December 31, 2025.](d106339dex993.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **INFINITY NATURAL RESOURCES, INC.** | **INFINITY NATURAL RESOURCES, INC.** |
| By: | /s/ Zack Arnold |
|  | Zack Arnold |
|  | President and Chief Executive Officer |

---

Dated: March 17, 2026

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Auditor** 

We consent to the incorporation by reference in the registration statement (No. 333-284674) on Form S-8 of Infinity Natural Resources, Inc. of our report dated February 23, 2026, with respect to the financial statements of the Utica Shale Properties of Antero Resources Corporation which report appears in the Form 8-K/A of Infinity Natural Resources, Inc. dated March 17, 2026.

/s/ KPMG LLP

Denver, Colorado

March 17, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**Consent of Independent Auditor** 

We consent to the incorporation by reference in the registration statement (No. 333-284674) on Form S-8 of Infinity Natural Resources, Inc. of our report dated February 23, 2026, with respect to the abbreviated financial statements of the Utica Shale Property and Equipment of Antero Midstream Corporation which report appears in the Form 8-K/A of Infinity Natural Resources, Inc. dated March 17, 2026.

/s/ KPMG LLP

Denver, Colorado

March 17, 2026

## Exhibit 99.1

**Exhibit 99.1** 

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Statements of Revenues and Direct Operating Expenses

For the years ended December 31, 2024 and 2025

(With Independent Auditors' Report Thereon)

------

**INDEX TO THE STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES** 

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  Independent Auditors' Report |  | 1 |
|  Statements of Revenues and Direct Operating Expenses |  | 3 |
|  Notes to Statements of Revenues and Direct Operating Expenses |  | 4 |

---

i

------

**INDEPENDENT AUDITORS' REPORT** 

To Management

Antero Resources Corporation:

**Report on the Audit of the Financial Statements** 

*Opinion* 

We have audited the financial statements of the Utica Shale Properties of Antero Resources Corporation (collectively, the Company), which comprise the statements of revenues and direct operating expenses as of December 31, 2024 and 2025, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the revenues and direct operating expenses for the years then ended in accordance with U.S. generally accepted accounting principles.

*Basis for Opinion* 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*Emphasis of Matter* 

As discussed in Note 1 to the financial statements, which describes that the accompanying statement of revenues and direct operating expenses were prepared for the purpose of complying with Rule 3-05 of Regulation S-X of the Securities and Exchange Commission and are not intended to be a complete presentation of the Company's revenues and expenses. As a result, the financial statements may not be suitable for another purpose. Our opinion is not modified with respect to this matter.

*Responsibilities of Management for the Financial Statements* 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

*Auditors' Responsibilities for the Audit of the Financial Statements* 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

------

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Denver, Colorado

February 23, 2026

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Statements of Revenues and Direct Operating Expenses

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas sales | $126080 | 134192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas liquids sales | 97676 | 58839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil sales | 22824 | 6334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 246580 | 199365 |
|  Direct operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease operating | 14999 | 12987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering, compression, processing and transportation | 137054 | 104180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production and ad valorem taxes | 5302 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct operating expenses | 157355 | 120736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of revenues over direct operating expenses | $89225 | 78629 |

---

See accompanying notes to statements of revenues and direct operating expenses.

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses

**(1) Operations and Basis of Presentation** 

***(a) Description of Operations*** 

On December 5, 2025, Antero Resources Corporation and certain of its wholly-owned subsidiaries (collectively the "Company"), entered into a purchase and sale agreement with Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (collectively, the "Buyer Parties") to sell its working interest in its Utica Shale oil and gas assets that include the approximately 80,000 gross (70,000 net) acres of mineral leases and producing oil and gas wells (the "Utica Shale Properties"), for aggregate cash consideration of $800 million, subject to the terms and conditions thereof (the "Utica Shale Divestiture"). On December 8, 2025, the Buyer Parties deposited $80 million into escrow that was credited towards the cash consideration payable at closing of the Utica Shale Divestiture. The Utica Shale Divestiture has an effective date of July 1, 2025, and closed on February 23, 2026.

***(b) Basis of Presentation of Financial Statements*** 

The Utica Shale Properties do not constitute a separate entity, subsidiary, operating segment or division of the Company, and full financial statements for the Utica Shale Properties have never been prepared or audited on a stand-alone basis nor has the Company maintained the distinct and separate accounts necessary to prepare stand-alone financial statements. In addition, total assets and total revenues of the Utica Shale Properties are less than 20% of the Company's total assets and total revenues as of and for the year ended December 31, 2025.

Certain indirect expenses, as further described below, were not allocated to the Utica Shale Properties and have been excluded from the accompanying statements or revenues and direct operating expenses. Any attempt to allocate these expenses would require significant judgmental allocations, which would be arbitrary and may not be indicative of the performance of the properties on a stand-alone basis. Therefore, historical financial statements reflecting financial position, results of operations and cash flows required by accounting principles generally accepted in the United States of America ("GAAP") are not presented as such information is not readily available or practicable to prepare for the Utica Shale Properties. Accordingly, historical statements of revenues and direct operating expenses are presented in accordance with Rule 3-05(f) of the Securities and Exchange Commission's Regulation S-X in lieu of the full financial statements otherwise required under Rule 3-05.

The accompanying statements of revenues and direct operating expenses relate only to the operations of the Utica Shale Properties to be divested by the Company and subsequently acquired by the Buyer Parties, and these statements have been derived from the historical accounting records of the Company.

***(c) Excluded Expenses*** 

The accompanying statements of revenues and direct operating expenses vary from an income statement in accordance with GAAP as they do not show certain overhead expenses, such as general and administrative expenses, including equity-based compensation, exploration expense, interest and income taxes. These costs were not separately allocated to the Utica Shale Properties in the Company's historical accounting records and any allocation would not be a reliable estimate of what these costs would actually have been had the Utica Shale Properties been operated historically as a stand-alone entity. In addition, these allocations if made using historical overhead structures, debt and income tax burdens, would not produce allocations that would be indicative of the historical performance of the Utica Shale Properties had they been assets of the Buyer Parties, due to the varying size, corporate structure and operations between the Buyer Parties and the Company. These statements also do not include provisions for depreciation, depletion and amortization expense, impairment of property and equipment and accretion of asset retirement obligations as such amounts would not be indicative of future costs and those costs which would be incurred by the Buyer Parties upon allocation of the purchase price. Accordingly, the financial statements and other information presented are not indicative of the financial condition or results of operations of the Utica Shale Properties going forward due to the omission of various operating and overhead expenses and due to the forthcoming changes in the business.

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses (continued)

**(2) Summary of Significant Accounting Policies** 

***(a) Use of Estimates*** 

The preparation of statements of revenues and direct operating expenses in conformity with GAAP requires management to make estimates and assumptions that affect revenues, direct expenses and the related disclosures. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates.

The Utica Shale Properties' statements of revenues and direct operating expenses and notes thereto are based on a number of significant estimates, including estimates of natural gas, natural gas liquids ("NGLs") and oil reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates, by their nature, are inherently imprecise. Other items in the Company's statements of revenues and direct operating expenses that involve the use of significant estimates include accrued revenue, asset retirement obligations and commitments.

***(b) Natural Gas, NGLs and Oil Revenues*** 

The Utica Shale Properties' revenues are primarily derived from the sale of natural gas and oil production, as well as the sale of NGLs that are extracted from the Utica Shale Properties' natural gas. Revenue is recognized for the sale of natural gas, NGLs and oil when a performance obligation is satisfied by transferring control of a product to a customer. Payment is generally received in the month following the sale.

Under the Utica Shale Properties' natural gas sales contracts, natural gas is delivered to the purchaser at an agreed upon delivery point. Natural gas is transported from the wellheads to delivery points specified under sales contracts. To deliver natural gas to these points, Antero Midstream Corporation ("Antero Midstream") or other third parties gather, compress, process and transport the Utica Shale Properties' natural gas. The Utica Shale Properties maintains control of the natural gas during gathering, compression, processing and transportation. The Utica Shale Properties' sales contracts provide that it receives a specific index price adjusted for pricing differentials. The Utica Shale Properties transfers control of the product at the delivery point and recognizes revenue based on the contract price. The costs incurred to gather, compress, process and transport natural gas are recorded as gathering, compression, processing and transportation expense on the Utica Shale Properties' statements of revenues and direct operating expenses.

NGLs, which are extracted from natural gas through processing, are either sold directly or by the processor under processing contracts. For NGLs sold directly, the sales contracts primarily provide that the Utica Shale Properties delivers the product to the purchaser at an agreed upon delivery point and that it receives a specific index price adjusted for pricing differentials. Control of the product is transferred to the purchaser at the delivery point and revenue is recognized based on the contract price. The costs incurred to process and transport NGLs are recorded as gathering, compression, processing and transportation expense. For NGLs sold by the processor, the Utica Shale Properties' processing contracts provide that control is transferred to the processor at the tailgate of the processing plant and revenue is recognized based on the price received from the processor.

Under the Utica Shale Properties' oil sales contracts, oil is generally sold to purchasers and a contractually agreed upon index price is collected, net of pricing differentials. Revenue is recognized based on the contract price when control of the product is transferred to a purchaser. When applicable, the costs incurred to transport oil to a purchaser are recorded as gathering, compression, processing and transportation expense on the Utica Shale Properties' statements of revenues and direct operating expenses.

***(c) Direct Operating Expenses*** 

Direct operating expenses are recognized when incurred and consist of the direct expenses of operating the Utica Shale Properties. Direct operating expenses include lease operating expenses, gathering, compression, processing and transportation expenses and production and ad valorem taxes. Lease operating expenses include produced water hauling, water handling, water disposal and labor-related costs to monitor producing wells, maintenance, repairs and workover expenses. Gathering, compression, processing and transportation expenses include fees paid to Antero Midstream and other third parties who operate low and high pressure gathering and compression systems that transport the Utica Shale Properties gas, as well as costs to process and extract NGLs from the Utica Shale Properties liquids-rich gas and to transport the Utica Shale Properties natural gas, NGLs and oil to market. Production and ad valorem taxes consist of severance and ad valorem taxes. Severance taxes are paid on produced natural gas and oil based on a fixed per-unit rates established by Ohio state authorities. Ad valorem taxes are paid based on the value of the production during each respective a calendar year.

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses (continued)

The employees supporting the Utica Shale Properties' operations are concurrently employed by Antero Midstream and the Company. Gathering, compression, processing and transportation expenses included fees paid to Antero Midstream of $38 million and $28 million for the years ended December 31, 2024 and 2025, respectively.

***(d) Concentration of Credit Risk*** 

The Utica Shale Properties' revenues are derived principally from uncollateralized sales to purchasers in the oil and gas industry or the utilities industry. The concentration of credit risk in two related industries affects the Utica Shale Properties' overall exposure to credit risk because purchasers may be similarly affected by changes in economic and other conditions. The Utica Shale Properties has not experienced significant credit losses on its receivables.

The Utica Shale Properties' sales to major customers (purchases in excess of 10% of total sales) for the years ended December 31, 2024 and 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Customer A | \* | 15% |
|  Customer B | 18% | 11% |
|  Customer C | 17% | \* |

---

\* Customer was not a major customer during the year.

**(3) Revenue** 

***(a) Disaggregation of Revenue*** 

The table set forth below presents revenue disaggregated by type (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas sales | $126080 | 134192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas liquids sales | 97676 | 58839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil sales | 22824 | 6334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | $246580 | 199365 |

---

***(b) Transaction Price Allocated to Remaining Performance Obligations*** 

For the Utica Shale Properties' product sales that have a contract term greater than one year, the Company utilized the practical expedient in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, *Revenue from Contracts with Customers* ("ASC 606"), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Utica Shale Properties' product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Utica Shale Properties' product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

***(c) Contract Balances*** 

Under the Utica Shale Properties' sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Utica Shale Properties' contracts do not give rise to contract assets or liabilities.

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**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses (continued)

**(4) Commitments** 

The Utica Shale Properties are subject to certain firm transportation agreements with Rockies Express Pipeline LLC in order to facilitate the delivery of its production to market. These contracts commit the Utica Shale Properties to transport minimum daily natural gas volumes of 300,000 MMBtu per day through January 2030 that decreases to 100,000 MMBtu per day through January 2035 at negotiated rates, or pay for any deficiencies at specified reservation fee rates. The amounts in the table below are based on the Utica Shale Properties' minimum daily volumes at the reservation fee rate as of December 31, 2025. The values in the table represent the gross amounts that the Utica Shale Properties is committed to pay; however, the Utica Shale Properties will record in the statements of revenues and direct operating expenses its proportionate share of costs based on its working interest.

The following table sets forth a schedule of future minimum payments for the Utica Shale Properties' contractual obligations that have term in excess of one year as of December 31, 2025 (in thousands):

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| | |
|:---|:---|
| 2026 | $38332.0 |
| 2027 | 38332.0 |
| 2028 | 38437.0 |
| 2029 | 38332.0 |
| 2030 | 14952.0 |
|  Thereafter | 51828.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $220213.0 |

---

**(5) Contingencies** 

The Utica Shale Properties is party to various legal proceedings and claims in the ordinary course of its business, including, but not limited to, royalty claims. The outcome of such matters is not expected to have a material adverse effect on the Utica Shale Properties operations or financial results.

**(6) Subsequent Events** 

The Company evaluated subsequent events through February 23, 2026, the date the statements of revenues and direct operating expenses were issued, for recognition and/or disclosure in the statements of revenues and direct operating expenses or notes thereto and no such events were identified other than the closing of the Utica Shale Divestiture on February 23, 2026. See Note—1 Operations and Basis of Presentation for additional information.

**(7) Supplemental Information on Oil and Gas Producing Activities (Unaudited)** 

The following tables set forth supplemental information regarding the Utica Shale Properties' oil and gas producing activities (in thousands). The amounts shown include the Utica Shale Properties' net working interests in all of its oil and gas properties.

***(a) Oil and Gas Reserves*** 

Net proved oil and gas reserves, which included the net proved oil and gas reserves of the Utica Shale Properties, for the years ended December 31, 2024 and 2025 were prepared by the Company's reserve engineers. There are many uncertainties inherent in estimating proved reserve quantities, and projecting future production rates and timing of future development costs. In addition, reserve estimates of new discoveries are more imprecise than those of properties with a production history. Accordingly, these estimates are subject to change as additional information becomes available. All reserves are located in the United States.

Proved reserves are the estimated quantities of oil, condensate, NGLs and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known oil and gas reservoirs under existing economic and operating conditions at the end of the respective years. Proved developed reserves are those reserves expected to be recovered through existing wells with existing equipment and operating methods. Proved reserves are estimated by using average prices received for the previous 12 months.

Proved undeveloped reserves include drilling locations that are more than one offset location away from productive wells and are reasonably certain of containing proved reserves and which are scheduled to be drilled within five years under the Utica Shale Properties' development plans. The Utica Shale Properties' development plans for drilling scheduled over the next five years are subject to many uncertainties and variables, including availability of capital, future commodity prices, net cash provided by operating activities, future drilling and completion costs and other economic factors.

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses (continued)

The tables below set forth the changes in quantities of proved reserves and net quantities of proved developed and proved undeveloped reserves for the periods indicated. This information includes the Utica Shale Properties' royalty and net working interest share of the reserves in oil and gas properties.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natural Gas<br>(MMcf)** | **NGLs<br>(MBbl)** | **Oil and<br>Condensate<br>(MBbl)** | **Equivalents<br>(MMcfe)** |
|  Proved reserves: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 615145 | 24637 | 3603 | 784585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | (110503) | (4387) | (1561) | (146192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (54489) | (2273) | (351) | (70230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divestitures of reserves | (5199) | (337) | (60) | (7583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 444954 | 17640 | 1631 | 560580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 75686 | 2346 | 236 | 91175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of reserves | 12173 | 359 | 49 | 14620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (38724) | (1499) | (119) | (48426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 494089 | 18846 | 1797 | 617949 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natural Gas<br>(MMcf)** | **NGLs<br>(MBbl)** | **Oil and<br>Condensate<br>(MBbl)** | **Equivalents<br>(MMcfe)** |
|  Proved developed reserves: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 415528 | 15709 | 1292 | 517534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 449258 | 15939 | 1288 | 552620 |
|  Proved undeveloped reserves: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 29426 | 1931 | 339 | 43046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 44831 | 2907 | 509 | 65329 |

---

*Proved Reserve Changes* 

Significant changes in proved reserves for the year ended December 31, 2024 primarily relate to downward revisions of 146 Bcfe due to decreases in prices for natural gas and oil, partially offset by increases in prices for NGLs. Significant changes in proved reserves for the year ended December 31, 2025 include upward revisions of 91 Bcfe primarily due to increases in prices for natural gas, partially offset by decreases in prices for NGLs and oil, and acquisition of reserves of 15 Bcfe related to the Company's acquisition of additional working and royalty interests in certain operated producing wells.

***(b) Standardized Measure of Discounted Future Net Cash Flow*** 

The standardized measure relating to proved oil and reserves was prepared in accordance with the provisions of FASB ASC Topic 932, *Extractive Industries—Oil and Gas* ("ASC 932"). Future cash inflows were computed by applying historical 12-month unweighted arithmetic average first-day-of-the-month average prices. Future prices actually received may materially differ from current prices or the prices used in the standardized measure.

Future production and development costs represent the estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, assuming continuation of existing economic conditions. Future income tax expense has not been considered as the Utica Shale Properties are not a tax paying entity. Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows. This calculation does not necessarily result in an estimate of the fair value of the Utica Shale Properties.

------

**ANTERO RESOURCES CORPORATION** 

**UTICA SHALE PROPERTIES** 

Notes to Statements of Revenues and Direct Operating Expenses (continued)

The following table sets forth the Standardized Measure of the discounted future net cash flows attributable to the Utica Shale Properties' proved reserves (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Future cash inflows | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763834 | 2570816 |
|  Future production costs | (1433578) | (1623226) |
|  Future development costs | (57916) | (68543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future net cash flows | 272340 | 879047 |
|  10% annual discount for estimated timing of cash flows | (115776) | (416464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standardized measure of discounted future net cash flows | $156564 | 462583 |

---

The following 12-month weighted average prices were used to estimate the Utica Shale Properties total equivalent reserves (per Mcfe):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  12-month weighted average price | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | 4.16 |

---

***(c) Changes in Standardized Measure of Discounted Future Net Cash Flow*** 

The changes in the Standardized Measure relating to the Utica Shale Properties' proved oil and natural gas reserves, which were prepared in accordance with the provisions of ASC 932, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Sales of oil and gas, net of productions costs | $(89225) | (78629) |
|  Net changes in prices and production costs | (121878) | 329646 |
|  Net changes in future development costs | (1762) | (3524) |
|  Acquisitions |  | 12177 |
|  Divestitures | (1463) |  |
|  Revisions of previous quantity estimates | (82844) | 70411 |
|  Accretion of discount | 41659 | 15656 |
|  Changes in timing and other | (4511) | (39718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (260024) | 306019 |
|  Beginning of year | 416588 | 156564 |
|  End of year | $156564 | 462583 |

---

## Exhibit 99.2

**Exhibit 99.2** 

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Abbreviated Financial Statements

As of and for the years ended December 31, 2024 and 2025

(With Independent Auditors' Report Thereon)

------

**INDEX TO THE ABBREVIATED FINANCIAL STATEMENTS** 

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  Independent Auditors' Report |  | 1 |
|  Abbreviated Financial Statements: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets Acquired and Liabilities Assumed |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Revenues and Direct Expenses |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Abbreviated Financial Statements |  | 5 |

---

i

------

**INDEPENDENT AUDITORS' REPORT** 

To Management

Antero Midstream Corporation:

**Report on the Audit of the Abbreviated Financial Statements** 

*Opinion* 

We have audited the abbreviated financial statements of the Utica Shale property and equipment of Antero Midstream Corporation (collectively, the Company), which comprise the statements of assets acquired and liabilities assumed as of December 31, 2024 and 2025, and the related statements of revenues and direct expenses for the years then ended, and the related notes to the abbreviated financial statements.

In our opinion, the accompanying abbreviated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations for the years then ended in accordance with U.S. generally accepted accounting principles.

*Basis for Opinion* 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*Emphasis of Matter* 

As discussed in Note 1 to the abbreviated financial statements, which describes that the accompanying abbreviated financial statements were prepared for the purpose of complying with Rule 3-05 of Regulation S-X of the Securities and Exchange Commission and are not intended to be a complete presentation of the Company's assets, liabilities, revenues, and expenses. As a result, the abbreviated financial statements may not be suitable for another purpose. Our opinion is not modified with respect to this matter.

*Responsibilities of Management for the Abbreviated Financial Statements* 

Management is responsible for the preparation and fair presentation of the abbreviated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the abbreviated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the abbreviated financial statements are issued.

*Auditors' Responsibilities for the Audit of the Abbreviated Financial Statements* 

Our objectives are to obtain reasonable assurance about whether the abbreviated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the abbreviated financial statements.

------

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the abbreviated financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the abbreviated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Denver, Colorado

February 23, 2026

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Statements of Assets Acquired and Liabilities Assumed

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2025** |
|  **Assets Acquired** | **Assets Acquired** | **Assets Acquired** |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable–Antero Resources | $4743 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 177 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 4920 | 4762 |
|  Long-term assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 471056 | 378560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, net | 317 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476293 | 383798 |
|  **Liabilities Assumed** | **Liabilities Assumed** | **Liabilities Assumed** |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable–Antero Resources | $194 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable–third party | 642 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 1049 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 1885 | 3477 |
|  Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | 548 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 659 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities assumed | $3092 | 6498 |

---

See accompanying notes to abbreviated financial statements.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Statements of Revenues and Direct Expenses

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025** |
|  Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering and compression–Antero Resources | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57452 | 42140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water handling–Antero Resources | 7077 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 64529 | 47616 |
|  Direct expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct operating | 17955 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 1827 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 14163 | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of property and equipment |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on long-lived assets |  | 86626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense | 12 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct expenses | 33957 | 117698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess (deficit) of revenues over direct expenses | $30572 | (70082) |

---

See accompanying notes to abbreviated financial statements.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements

**(1) Organization and Basis of Presentation** 

***(a) Description of Operations***

On December 5, 2025, certain wholly-owned subsidiaries of Antero Midstream Corporation (the "Company"), entered into a purchase and sale agreement ("Utica Shale PSA") with Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (collectively the "Buyer Parties") to sell substantially all of its Utica Shale midstream assets including 118 miles of gathering pipelines, 20 miles of condensate pipelines, approximately 700 million cubic feet equivalent per day of compression capacity, 85 miles of water pipelines and 12 water impoundments with storage capacity of approximately 2 million barrels, among others (collectively the "Utica Shale Property and Equipment"), for aggregate cash consideration of $400 million, subject to the terms and conditions thereof (the "Utica Shale Divestiture"). On December 8, 2025, the Buyer Parties deposited $40 million into escrow that was credited towards the cash consideration payable at closing of the Utica Shale Divestiture. The Utica Shale Divestiture has an effective date of July 1, 2025 and closed on February 23, 2026.

***(b) Basis of Presentation of Abbreviated Financial Statements***

The Utica Shale Property and Equipment do not constitute a separate entity, subsidiary, operating segment or division of the Company, and full financial statements for the Utica Shale Property and Equipment have never been prepared or audited on a stand-alone basis nor has the Company maintained the distinct and separate accounts necessary to prepare stand-alone financial statements. In addition, total assets and total revenues of the Utica Shale Property and Equipment are less than 20% of the Company's total assets and total revenues as of and for the year ended December 31, 2025.

Certain corporate overhead expenses, as further described below, were not allocated to the Utica Shale Property and Equipment and have been excluded from the accompanying statements. Any attempt to allocate these expenses would require significant judgmental allocations, which would be arbitrary and may not be indicative of the performance of the Utica Shale Property and Equipment on a stand-alone basis. Therefore, historical financial statements reflecting financial position, results of operations and cash flows required by accounting principles generally accepted in the United States of America ("GAAP") are not presented as such information is not readily available or practicable to prepare for the Utica Shale Property and Equipment. Accordingly, the abbreviated historical statements of assets acquired and liabilities assumed and revenues and direct expenses are presented in accordance with Rule 3-05(e) of the Securities and Exchange Commission's Regulation S-X in lieu of the full financial statements otherwise required under Rule 3-05.

The accompanying statements of assets acquired and liabilities assumed and revenues and direct expenses relate only to the operations of the Utica Shale Property and Equipment to be divested by the Company and subsequently acquired by the Buyer Parties, and these statements have been derived from the historical accounting records of the Company.

***(b) Excluded Expenses***

The statements of assets acquired and liabilities assumed include only the Utica Property and Equipment and its related liabilities that will be sold to the Buyer Parties pursuant to the Utica Shale PSA. The accompanying statements of revenues and direct expenses vary from an income statement in that they do not show certain corporate overhead expenses for equity-based compensation, interest related to debt that will not be assumed and income taxes. These costs were not separately allocated to the Utica Shale Property and Equipment in the Company's historical accounting records and any allocation would not be a reliable estimate of what these costs would actually have been had the Utica Shale Property and Equipment been operated historically as a stand-alone entity. In addition, these allocations if made using historical overhead structures, debt and tax burdens, would not produce allocations that would be indicative of the historical performance of the Utica Shale Property and Equipment had they been assets of the Buyer Parties, due to the varying size, corporate structure and operations between the Buyer Parties and the Company. Accordingly, the abbreviated financial statements and other information presented are not indicative of the financial condition or results of operations of the Utica Shale Property and Equipment going forward due to the omission of various operating and other expenses and due to the forthcoming changes in the business.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

**(2) Summary of Significant Accounting Policies** 

***(a) Use of Estimates***

The preparation of the abbreviated financial statements in conformity with GAAP requires that management formulate estimates and assumptions that affect revenues, expenses, assets and liabilities and the related disclosures. Items subject to estimates and assumptions include the useful lives of property and equipment, evaluating impairments of long-lived assets, as well as the valuation of accrued liabilities, and allocation of certain direct expenses. Although management believes these estimates are reasonable, actual results could differ from these estimates.

***(b) Revenue Recognition***

The Utica Shale Property and Equipment provides gathering, compression and water handling services under fee-based contracts primarily based on throughput or at cost plus a margin. Certain of these contracts contain operating leases of the Utica Shale Property and Equipment's assets under GAAP. Under these arrangements, the Utica Shale Property and Equipment receives fees for gathering, compression and water handling services. The revenue the Utica Shale Property and Equipment earns from these arrangements is directly related to (i) in the case of natural gas gathering and compression, the volumes of metered natural gas that it gathers, compresses and delivers to natural gas compression sites or other transmission delivery points, (ii) in the case of fresh water services, the quantities of fresh water delivered to its customers for use in their well completion operations, and (iii) in the case of other fluid handling services, the third-party costs the Utica Shale Property and Equipment incurs plus 3%. Revenue is recognized when a performance obligation is satisfied by delivering a service to a customer or the use of leased assets to a customer. Lease revenue is included within revenues by service. See Note 4—Revenue.

***(c) Direct Expenses***

Direct expenses are recognized when incurred and consist of the direct expenses of operating the Utica Shale Property and Equipment. Direct expenses include direct operating, general and administrative, depreciation, impairment of property and equipment and accretion of asset retirement obligations. Direct operating costs consist primarily of labor, water disposal, pigging, fuel, monitoring, repair and maintenance, utilities, contract services and regulatory and compliance costs. General and administrative expenses consist of direct charges incurred by the Company and costs charged by Antero Resources Corporation ("Antero Resources") and include compensation, payroll and accounts payable processing, facilities management, legal expense, and corporate services costs for accounting, treasury, information technology and human resources, among others. See "—Property and Equipment" and "—Asset Retirement Obligations" below for additional information on depreciation, impairment of property and equipment and accretion of asset retirement obligations.

***(d) Property and Equipment***

Property and equipment primarily consists of (i) gathering pipelines, (ii) compressor stations and (iii) water handling pipelines and facilities stated at historical cost less accumulated depreciation, amortization and impairment. Construction-related direct labor and material costs are capitalized. Maintenance and repair costs are expensed as incurred.

Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives and salvage values of assets. The depreciation of fixed assets recorded under operating lease agreements is included in depreciation expense. Uncertainties that may impact these estimates of useful lives include, among others, changes in laws and regulations relating to environmental matters, including air and water quality, restoration and abandonment requirements, economic conditions and supply and demand for the Utica Shale Property and Equipment's services in the areas in which it operates. When assets are placed into service, management makes estimates with respect to useful lives and salvage values that management believes are reasonable. Estimated useful lives of the Utica Shale Property and Equipment assets are reviewed to determine if any changes are necessary as circumstances warrant.

Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the related carrying values of the assets may not be recoverable. Generally, the basis for making such assessments is undiscounted future cash flow projections for the assets being assessed. If the carrying values of the assets are deemed not recoverable, the carrying values are reduced to the estimated fair values, which are based on discounted future cash flows using assumptions as to revenues, costs and discount rates typical of third-party market participants, which is a Level 3 fair value measurement.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

The cash consideration expected to be received for the Utica Shale Divestiture less costs to sell was less than its carrying value of the Utica Shale Property and Equipment's net assets as of December 5, 2025. Accordingly, the Company reduced the carrying value of the Utica Shale Property and Equipment to the estimated selling price less costs to sell and recorded a loss on long-lived assets of $87 million during the year ended December 31, 2025 in its statements of revenues and direct expenses.

***(e) Asset Retirement Obligations***

Asset retirement obligations are recorded for water impoundments when an abandonment date is identified. The fair value of the water impoundment and wastewater pit retirement obligations are recorded as liabilities in the period in which the regulatory obligation to retire a specific asset is triggered. The fair value is based on the total reclamation costs of the assets. Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that is used to calculate the recorded liability, with accretion charged to direct costs. Actual cash expenditures to perform remediation activities reduce the retirement obligation liabilities as incurred. After initial measurement, asset retirement obligations are adjusted at the end of each period to reflect changes, if any, in the estimated future cash flows underlying the obligation. Water impoundments assets are capitalized as the related retirement obligations are incurred, and are amortized on a straight-line basis until reclamation.

The Utica Shale Property and Equipment (i) is under no legal obligations, neither contractually nor under the doctrine of promissory estoppel, to restore or dismantle its gathering pipelines, compressor stations, water delivery pipelines, flowback and produced water facilities upon abandonment or (ii) intends to operate and maintain its assets as long as supply and demand for natural gas exists, which is expected to continue into the foreseeable future.

***(f) Fair Value Measures***

The Financial Accounting Standard Board Accounting Standards Codification Topic 820, *Fair Value Measurements and Disclosures*, clarifies the definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This guidance also relates to all nonfinancial assets and liabilities that are not recognized or disclosed on a recurring basis (e.g., the initial recognition of asset retirement obligations and impairments of long-lived assets). The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to prioritize inputs to valuation techniques used to estimate fair value. An asset or liability subject to the fair value requirements is categorized within the hierarchy based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The highest priority (Level 1) is given to unadjusted quoted market prices in active markets for identical assets or liabilities, and the lowest priority (Level 3) is given to unobservable inputs. Level 2 inputs are data, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.

The carrying values on the statements of assets acquired and liabilities assumed of the Utica Shale Property and Equipment's accounts receivable—Antero Resources, other current assets, accounts payable—Antero Resources, accounts payable—third party and accrued liabilities approximate fair values due to their short-term maturities. The Company used an income approach to estimate the selling price less costs to sell of the Utica Shale Property and Equipment, which represents fair value of the Utica Shale Property and Equipment as of December 31, 2025. The selling price less costs to sell is based on significant inputs not observable in the market, and therefore, represents a Level 3 measurement within the fair value hierarchy.

**(3) Transactions with Affiliates** 

***(a) Revenues***

All revenues earned during the years ended December 31, 2024 and 2025 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and compression services consist of lease income. See Note 4—Revenue for additional information

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

***(b) Accounts receivable—Antero Resources and Accounts payable—Antero Resources***

Accounts receivable—Antero Resources represents amounts due from Antero Resources, primarily related to gathering and compression services and water handling services. Accounts payable—Antero Resources represents amounts due to Antero Resources for general and administrative and other costs.

***(c) Allocation of Costs Charged by Antero Resources***

The employees supporting the Utica Shale Property and Equipment's operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Utica Shale Property and Equipment for services provided by employees associated with the operation of the Utica Shale Property and Equipment's gathering lines, compressor stations and water handling assets. General and administrative expense includes costs attributable to the Utica Shale Property and Equipment and relate to: (i) various business services, including payroll processing, accounts payable processing and facilities management, (ii) various corporate services, including legal, accounting, treasury, information technology and human resources and (iii) compensation. These expenses are charged based on the nature of the expenses and are apportioned based on a combination of the Company's proportionate share of gross property and equipment, capital expenditures and labor costs, as applicable. The Company's allocated costs are then further apportioned to the Utica Shale Property and Equipment based on its proportionate share of gross property and equipment, capital expenditures and labor costs, as applicable. The Company reimburses Antero Resources directly for all general and administrative costs charged to it.

The following table presents a summary of the costs allocated to the Utica Shale Property and Equipment by Antero Resources and the recorded location in the statements of revenues and direct expenses:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in thousands)** | **2024** | **2025** |
|  Direct operating | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 | 1570 |
|  General and administrative | 1667 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total allocated costs charged by Antero Resources | $3304 | 4250 |

---

**(4) Revenue** 

All of the Utica Shale Property and Equipment's gathering and compression revenues are derived from operating lease agreements, and all of the Utica Shale Property and Equipment's water handling revenues are derived from service contracts with customers. The Utica Shale Property and Equipment earned all of its revenues from Antero Resources.

***(a) Gathering and Compression***

The Utica Shale Property and Equipment's gathering and compression service agreements with Antero Resources included: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the "2019 gathering and compression agreement") and (ii) a compression agreement acquired on December 21, 2022 (the "Utica compression agreement" and together with the 2019 gathering and compression agreement, the "gathering and compression agreements").

Pursuant to the gathering and compression agreements, Antero Resources dedicated substantially all of its current and future acreage in Ohio to the Company for gathering and compression services. The 2019 gathering and compression agreement has an initial term through 2038, and the Utica compression agreement had one remaining acreage dedication that expires in 2030. The 2019 gathering and compression agreement is an excluded asset pursuant to the Utica Shale PSA, and as such, Antero Resources' Ohio acreage and the Utica Shale Property and Equipment was released from this agreement upon the closing of the Utica Shale Divestiture.

Under the gathering and compression agreements, the Utica Shale Property and Equipment received, where applicable, a low pressure gathering fee, a high pressure gathering fee and a compression fee, all of which are subject to annual Consumer Price Index ("CPI")-based adjustments. In addition, under the 2019 gathering and compression agreement, the Company received a reimbursement for certain variable costs, such as electricity and operating expenses.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

The gathering and compression agreements are operating leases as Antero Resources obtains substantially all of the economic benefit of the assets and has the right to direct the use of the assets. Each gathering and compression system is an identifiable asset, and consists of a network of assets that may include underground low pressure pipelines that connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline or a third-party processing plant. Each compression system is an identifiable asset, and consists of a network of assets that include compressor stations that connect to underground high pressure pipelines that transport the gas to a third-party pipeline or third-party processing plant. Each set of assets in an agreement is considered to be a single lease due to the interrelated network of the assets required to provide services under each respective agreement. When a modification to an agreement occurs, a reassessment of the lease classification for such agreement is required. The lease and non-lease components are accounted for as a single lease component as the lease component is the predominant component. The non-lease components consist of operating, oversight and maintenance of the gathering systems, which are performed on time-elapsed measures.

The 2019 gathering and compression agreement includes certain fixed fee provisions that relate to minimum volume commitments that require Antero Resources to utilize or pay for 75% of the high pressure gathering capacity and 70% of the compression capacity for a period of 10 years from the later of (i) the Antero Resources' requested in-service date or (ii) actual in-service date of the assets. All lease payments under the minimum volume commitments are considered to be in-substance fixed lease payments ("minimum lease payments"). As of December 31, 2025, the minimum lease payments for the 2019 gathering and compression agreement end in February 2028. However, these minimum lease payments ceased as they relate to the Utica Shale Property and Equipment upon the closing of the Utica Shale Divestiture.

Lease income from the Utica Shale Property and Equipment minimum volume commitments was recognized on a straight-line basis. Additional variable operating lease income was earned when volumes in excess of the minimum commitments were delivered under the contract. Variable lease income was recognized when low pressure volumes were delivered to a compressor station, compression volumes were delivered to a high pressure line and high pressure volumes were delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments for the 2019 gathering and compression agreement are aggregated such that the agreement has a single minimum volume commitment for the respective service each year, and the Utica Shale Property and Equipment represent a portion of these minimum volume commitments. As it relates to the Utica Shale Property and Equipment minimum volume commitments, the compression revenues were less than the minimum volume commitment by $2 million and $5 million during the years ended December 31, 2024 and 2025, respectively, and the high pressure revenues were in excess of the minimum volume commitment by $4 million and were less than the minimum volume commitment by $0.5 million during the years ended December 31, 2024 and 2025, respectively. The customer was invoiced the month after each service was performed, and payment was due in the same month. There are no leases that have not commenced.

***(b) Water Handling***

The Utica Shale Property and Equipment was party to a water services agreement with Antero Resources, whereby the Utica Shale Property and Equipment provided certain water handling services to Antero Resources within an area of dedication in defined service areas in Ohio. The initial term of the water services agreement runs to 2035. However, this water services agreement with Antero Resources is an excluded asset pursuant to the Utica Shale PSA, and as such, Antero Resources' Ohio acreage and the Utica Shale Property and Equipment was released from this agreement upon the closing of the Utica Shale Divestiture. Under the agreement, the Utica Shale Property and Equipment received a fixed fee for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Utica Shale Property and Equipment provided other fluid handling services. These operations, along with the Utica Shale Property and Equipment's fresh water delivery systems, supported well completion and production operations for Antero Resources in Ohio. These services were provided by third-parties with which the Company contracts, and Antero Resources reimbursed the Company's third-party out-of-pocket costs plus 3%.

Performance obligations were satisfied and revenue was recognized when (i) the fresh water volumes had been delivered to the hydration unit of a specified well pad or (ii) other fluid handling services had been completed. The customer was invoiced the month after water services are performed, and payment was due in the same month. For services contracted through third-party providers, the performance obligation was satisfied when the service to be performed by the third-party provider was completed. The customer was invoiced after the third-party provider billing was received, and payment was due in the same month.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

*Transaction Price Allocated to Remaining Performance Obligations* 

The water service agreement with Antero Resources has a term greater than one year. Disclosure of the transaction price allocated to remaining performance obligations is not required because the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under this contract, each unit of product delivered to the customer represented a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

*Contract Balances* 

Under the water service contract, the customer was invoiced after the performance obligations were satisfied, at which point payment is unconditional. Accordingly, the water service contract does not give rise to contract assets or liabilities.

***(c) Disaggregation of Revenue***

In the following table, revenue is disaggregated by type of service and type of fee and is identified by the reportable segment to which such revenues relate. See Note 7—Reportable Segments for additional information.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in thousands)** | **2024** | **2025** |
|  **Reportable segment / Type of service** |  |  |
|  **Gathering and Processing <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering–low pressure | $27215 | 19272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compression | 14409 | 11744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering–high pressure | 15828 | 11124 |
|  **Water Handling** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh water delivery |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fluid handling | 7077 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $64529 | 47616 |
|  **Reportable segment / Type of contract** |  |  |
|  **Gathering and Processing <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per unit fixed fee | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57452 | 42140 |
|  **Water Handling** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per unit fixed fee |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost plus 3% | 7077 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $64529 | 47616 |

---

(1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering
and compression systems.

The Company's receivables from its contracts with customers and operating leases as of December 31, 2024 and 2025, were each $5 million.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

**(5) Property and Equipment** 

***(a) Summary of Property and Equipment***

Property and equipment, net consisted of the following items:

---

| | | | |
|:---|:---|:---|:---|
|  | **Estimated**<br> **Useful Lives** | **December 31,** | **December 31,** |
| **(in thousands)** | **Estimated**<br> **Useful Lives** | **2024** | **2025** |
|  Land | n/a | $2378 | 2378 |
|  Gathering systems and facilities | 40-50 years <sup>(1)</sup> | 505269 | 353260 |
|  Permanent buried pipelines and equipment | 7-20 years | 35653 | 12633 |
|  Surface pipelines and equipment | 1-7 years | 12250 | 1951 |
|  Above ground storage tanks | 5-10 years | 534 |  |
|  Construction-in-progress | n/a | 1702 | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment |  | 557786 | 378560 |
|  Less accumulated depreciation |  | (86730) |  |
|  Property and equipment, net |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471056 | 378560 |

---

(1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

**(6) Accrued Liabilities** 

Accrued liabilities consisted of the following items:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in thousands)** | **2024** | **2025** |
|  Capital expenditures | $25 | 483 |
|  Operating expenses | 969 | 1113 |
|  Ad valorem taxes | 19 | 37 |
|  Other | 36 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accrued liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | 1663 |

---

**(7) Reportable Segments** 

***(a) Summary of Reportable Segments***

The Company's operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling that are managed at a consolidated level for the Company based on operating income. The Utica Shale Property and Equipment is not an operating segment, and its operating results are not regularly reviewed by the Company's chief operating decision maker. These reportable segment disclosures for the Utica Shale Property and Equipment have been prepared in a manner consistent with the statements of assets acquired and liabilities assumed and statements of revenues and direct expenses for the Company's identified reportable segments of (i) gathering and processing and (ii) water handling.

*Gathering and Processing* 

The gathering and processing segment as it relates to the Utica Shale Property and Equipment includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources' Utica Shale wells in Ohio.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

*Water Handling* 

The water handling segment as it relates to the Utica Shale Property and Equipment includes an independent system that delivers water from Seneca Lake, Wills Creek and Slope Creek. The water handling system consists of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, and impoundments to transport water throughout the systems used to deliver water for well completions.

***(b) Utica Shale Property and Equipment Reportable Segments Financial Information***

The summarized abbreviated revenues and direct expenses results and total assets acquired of the Utica Shale Property and Equipment for each of the Company's reportable segments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **(in thousands)** | **Gathering and<br>Processing** | **Water<br>Handling** | **Unallocated <sup>(1)</sup>** | **Consolidated<br>Total** |
|  Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue–Antero Resources | $57452 | 7077 |  | 64529 |
|  Direct expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct operating | 10482 | 7473 |  | 17955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 1437 | 230 | 160 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 10949 | 3214 |  | 14163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(2)</sup> |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct expenses | 22868 | 10929 | 160 | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess (deficit) of revenues over direct expenses | $34584 | (3852) | (160) | 30572 |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  Total assets acquired | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453568 | 22725 |  | 476293 |

---

(1) Certain assets and expenses that are not directly attributable to gathering and processing and water handling
are managed and evaluated on a consolidated basis.

(2) Amounts include charges for accretion of asset retirement obligations which represent segment direct expenses
that are not considered significant.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| **(in thousands)** | **Gathering and<br>Processing** | **Water<br>Handling** | **Unallocated <sup>(1)</sup>** | **Consolidated<br>Total** |
|  Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue–Antero Resources | $42140 | 5476 |  | 47616 |
|  Direct expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct operating | 8962 | 6032 |  | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 2184 | 496 | 108 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 10188 | 2927 |  | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of property and equipment |  | 155 |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on long-lived assets | 82960 | 3666 |  | 86626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(2)</sup> |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct expenses | 104294 | 13296 | 108 | 117698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit of revenues over direct expenses | $(62154) | (7820) | (108) | (70082) |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  Total assets acquired | $365895 | 17903 |  | 383798 |

---

(1) Certain assets and expenses that are not directly attributable to gathering and processing and water handling
are managed and evaluated on a consolidated basis.

(2) Amounts include charges for accretion of asset retirement obligations which represent segment direct expenses
that are not considered significant.

------

**ANTERO MIDSTREAM CORPORATION** 

**UTICA SHALE PROPERTY AND EQUIPMENT** 

Notes to the Abbreviated Financial Statements (continued)

**(8) Subsequent Events** 

The Company evaluated subsequent events through February 23, 2026, the date the abbreviated financial statements were issued, for recognition and/or disclosure in the abbreviated financial statements and no such events were identified other than the closing of the Utica Shale Divestiture on February 23, 2026. See Note 1—Organization and Basis of Presentation and Note 4—Revenue for additional information.

## Exhibit 99.3

**Exhibit 99.3** 

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS** 

On February 23, 2026, Infinity Natural Resources LLC (the "Company" or "INR"), a Delaware limited liability company and an indirect subsidiary of Infinity Natural Resources, Inc. ("Infinity" and, together with its subsidiaries, "we," "us" and "our"), completed the acquisition of certain upstream oil and gas properties and related midstream assets in Ohio from affiliates of Antero Resources Corporation (the "Antero Acquisition"), pursuant to purchase and sale agreements dated December 5, 2025. The total purchase price was approximately $1.2 billion in cash, consisting of $800 million for the upstream assets and $400 million for the midstream assets. The Company acquired 60% undivided interest in the assets, with Northern Oil and Gas Inc. acquiring the remaining 40%.

On February 23, 2026, Infinity issued and sold an aggregate 350,000 shares of Series A Convertible Preferred Stock ("Series A Preferred Stock") to affiliates of Quantum Capital Group ("Quantum") and affiliates of Carnelian Energy Capital Management, L.P. ("Carnelian") for consideration of $350.0 million.

On February 23, 2026, the Company entered into the Fourth Amendment to Credit Agreement (the "Fourth Credit Agreement Amendment") to its credit facility. The Fourth Credit Agreement Amendment, among other things, amends certain provisions to (i) increase the aggregate elected commitment amount from $375.0 million to $875.0 million, (ii) increase the borrowing base from $375.0 million to $875.0 million and (iii) remove the credit spread adjustment that was previously applicable to all SOFR borrowings under the Credit Agreement.

The following unaudited pro forma combined financial statements (the "pro forma financial statements") present our unaudited pro forma balance sheet as of December 31, 2025, and our unaudited pro forma statement of operations for the year ended December 31, 2025. The pro forma balance sheet as of December 31, 2025 assumes the Antero Acquisition occurred on December 31, 2025. The pro forma statement of operations for the year ended December 31, 2025 give pro forma effect to the Antero Acquisition as if they had occurred on January 1, 2025.

The pro forma adjustments related to the Antero Acquisition and the related financing are based on preliminary estimates, accounting judgments and currently available information and assumptions that management believes are reasonable and are subject to change. Accordingly, these pro forma adjustments are preliminary and have been made solely for the purpose of providing these pro forma financial statements, and do not include the effects of synergies as a result of the Antero Acquisition. Differences between these preliminary estimates and the final fair value of assets acquired and liability assumed may occur and these differences could be material and could have a material impact on the accompanying pro forma financial statements and our future results of operations. The pro forma financial statements have been derived from and should be read together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accompanying notes to the unaudited pro forma financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our historical financial statements and the related notes contained in the Infinity's Annual Report on Form 10-K for the year ended December 31, 2025 incorporated by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the historical financial statements of the Utica Shale properties of Antero Resources Corporation
("ARC") and related notes, which comprise the statements of revenue and direct operating expenses for the years ended December 31, 2024 and 2025 incorporated by reference in this Offering Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the historical abbreviated financial statements of Utica Shale property and equipment of Antero Midstream
Corporation ("AMC") and related notes, which comprise the statements of assets acquired and liabilities assumed as December 31, 2024 and 2025, and the related statements of revenues and direct expenses for the years then ended,
incorporated by reference in this Offering Memorandum.

These pro forma financial statements are for information purposes only and do not purport to represent what INR's financial position and results of operations would have been had the Antero Acquisition occurred on the dates indicated. These pro forma financial statements should not be used to project the INR's financial performance for any future period. A number of factors may affect the results.

The pro forma financial statements should be read together with "Selected Historical Consolidated Financial Information and Unaudited Pro Forma Financial Date", "Risk Factors", the historical financial statements and related notes of Infinity and the historical statement or revenue and direct expenses of ARC and historical abbreviated financial statements of AMC included elsewhere in this Offering Memorandum.

------

**INFINITY NATURAL RESOURCES, INC.** 

UNAUDITED PRO FORMA COMBINED BALANCE SHEET

*(in thousands)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
| *(In thousands, except per share information)* | **Infinity<br>Historical** | **Antero<br>Historical** | **Removal of<br>Antero<br>Historical** | **Antero<br>Acquisitions** | **Pro Forma<br>Combined** |
|  Assets |  |  |  |  |  |
|  Current Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2849 | $— | $— | $6020 | $8869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and natural gas sales, net | 54836 | 4600 | (4600) |  | 54836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint interest and other, net | 12912 |  |  |  | 12912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term deposit on acquisitions | 61200 |  |  | (61200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4002 | 162 | (162) |  | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity derivative assets | 24838 |  |  |  | 24838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 160637 | 4762 | (4762) | (55180) | 105457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and natural gas properties, full cost method | 1264212 |  |  | 426928 | 1691140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midstream and other property and equipment | 57116 | 378560 | (378560) | 210522 | 267638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Accumulated depreciation, depletion, and amortization | (256712) |  |  |  | (256712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, Equipment and Improvements, net | 1064616 | 378560 | (378560) | 637450 | 1702066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 1147 |  |  |  | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset, net | 4858 |  |  |  | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6709 | 476 | (476) | 12743 | 19452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets |  |  |  | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity derivative assets | 2885 |  |  |  | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1240852 | $383798 | $(383798) | $655013 | $1895865 |
|  Total Liabilities, Mezzanine Equity and Stockholders' Equity / Members' Equity |  |  |  |  |  |
|  Current Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $38572 | $1814 | $(1814) | $— | $38572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalties payable | 39686 |  |  | 13056 | 52742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 23021 | 4122 | (4122) | 11239 | 34260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 181 |  |  |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity derivative liabilities, short-term | 1106 |  |  |  | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 102566 | 5936 | (5936) | 24295 | 126861 |
|  Credit facility borrowings | 150862 |  |  | 306730 | 457592 |
|  Operating lease liabilities, net of current portion | 966 |  |  |  | 966 |
|  Asset retirement obligations | 3636 | 562 | (562) | 497 | 4133 |
|  Commodity derivative liabilities | 3361 |  |  |  | 3361 |
|  Tax Receivable Agreement | 1537 |  |  |  | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 262928 | 6498 | (6498) | 331522 | 594450 |
|  Mezzanine Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock |  |  |  | 335605 | 335605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable non-controlling interest | 670785 |  |  |  | 670785 |
|  Stockholders' equity / members' equity |  |  |  |  |  |
|  Members' equity |  |  |  |  |  |
|  Class A common stock—$0.01 par value; 400,000,000 shares authorized | 155 |  |  |  | 155 |
|  Class B common stock—$0.01 par value; 150,000,000 shares authorized | 452 |  |  |  | 452 |
|  Additional paid-in capital | 310972 |  |  |  | 310972 |
|  Accumulated deficit | (4440) |  |  | (12114) | (16554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity / members' equity | 307139 |  |  | (12114) | 295025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity and stockholders' equity / members' equity | $1240852 | $6498 | $(6498) | $655013 | $1895865 |

---

See the accompanying notes to the unaudited pro forma consolidated financial statements.

------

**INFINITY NATURAL RESOURCES, INC.** 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

*(in thousands)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Twelve Months Ended December 31, 2025** | **For the Twelve Months Ended December 31, 2025** | **For the Twelve Months Ended December 31, 2025** | **For the Twelve Months Ended December 31, 2025** | **For the Twelve Months Ended December 31, 2025** | **For the Twelve Months Ended December 31, 2025** |
|  | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  | **Infinity<br>Historical** | **Antero<br>Historical** | **Removal of<br>Antero<br>Historical** | | **Antero<br>Acquisitions** |<br>**Pro Forma<br>Combined** |
|  Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, natural gas, and natural gas liquids sales | $350375 | $199365 | $(199365) | **3** | $119618 | $469993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midstream activities | 6056 | 47616 | (47616) | **3** |  | 6056 |
|  Total revenues | 356431 | 246981 | (246981) |  | 119618 | 476049 |
|  Operating expenses: |  |  |  |  |  |  |
|  Gathering, processing, and transportation | 54779 | 104180 | (104180) | **3** | 37224 | 92003 |
|  Lease operating | 26675 | 27981 | (27981) | **3** | 13503 | 40178 |
|  Production and ad valorem taxes | 5918 | 3569 | (3569) | **3** | 2141 | 8059 |
|  Depreciation, depletion, and amortization | 103751 | 13115 | (13115) | **3** | 29646 | 133397 |
|  General and administrative | 153413 | 2788 | (2788) | **3** | 1673 | 155086 |
|  Transaction costs |  |  |  |  | 11239 | 11239 |
|  Impairment of property and equipment |  | 86781 | (86781) | **3** | 52069 | 52069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 344536 | 238414 | (238414) |  | 147495 | 492031 |
|  Operating income | 11895 | 8567 | (8567) |  | (27877) | (15982) |
|  Other income (expense): |  |  |  |  |  |  |
|  Interest, net | (9666) |  |  |  | (28927) | (38593) |
|  Gain (loss) on derivative instruments | 58407 |  |  |  |  | 58407 |
|  Other income (expense) | (1535) |  |  |  | (887) | (2422) |
|  Net income (loss) before income tax expense (benefit) | 59101 | 8567 | (8567) | **3** | (57691) | 1410 |
|  Income tax expense (benefit) | (4858) |  |  |  | (4742) | (9600) |
|  Net income (loss) | 63959 | 8567 | (8567) |  | (52949) | 11010 |
|  Net income attributable to Infinity Natural Resources, LLC prior to the reorganization | 9914 |  |  |  |  | 9914 |
|  Net income attributable to redeemable non-controlling interests | 40209 |  |  |  | (39394) | 815 |
|  Net income attributable to Infinity Natural Resources, Inc. | 13836 | 8567 | (8567) |  | (13555) | 281 |
|  Net income attributable to Infinity natural Resources, Inc. per share of Class A common stock |  |  |  |  |  |  |
|  Basic: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average number of Class A common stock outstanding | 15382681 |  |  |  |  | 15382681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (Loss) attributable to Infinity Natural Resources, Inc. | $0.90 |  |  |  |  | $(3.53) |
|  Diluted: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average number of Class A common stock outstanding | 60954639 |  |  |  |  | 15382681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to Infinity Natural Resources, Inc. | $0.89 |  |  |  |  | $(3.53) |

---

See the accompanying notes to the unaudited pro forma consolidated financial statements.

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

**Note 1 - Basis of Presentation** 

The pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces the existing pro forma adjustment criteria which simplified requirements to depict the accounting for the transaction ("Transaction Accounting Adjustments") and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management Adjustments"). Only Transaction Accounting Adjustments are presented in the pro forma financial information and the notes thereto. The adjustments presented in the pro forma financial statements have been identified and presented to provide relevant information necessary for an understanding of the Antero Acquisition and related financing transaction.

The Antero Acquisition will be accounted for as business combination pursuant to the guidance in ASC 805, using the acquisition method of accounting. Under the acquisition method, the Company will record the assets acquired and liabilities assumed at their respective fair values at the acquisition date. The pro forma balance sheet as of December 31, 2025 assumes the Antero Acquisition occurred on December 31, 2025. The pro forma statement of operations for the year ended December 31, 2025 gives pro forma effect to the Antero Acquisition as if it had occurred on January 1, 2025.

The pro forma adjustments related to the purchase price allocation of the Antero Acquisition are preliminary and are subject to revisions as additional information becomes available. Revisions to the preliminary purchase price allocation of the assets acquired and liabilities assumed may have a significant impact on the pro forma amounts. The pro forma adjustments related to the Antero Acquisition reflect the fair values of the assets acquired and liabilities assumed as of the date indicated. The pro forma adjustments do not necessarily reflect the fair values that would have been recorded if the acquisition had occurred on December 31, 2025. Management believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Antero Acquisition based on information available to management at this time and the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma combined financial statements.

The pro forma basic and diluted earnings per Class A common stock amounts presented in the unaudited pro forma statement of operations are based on the weighted average number of the Class A common stock outstanding, assuming the Antero Acquisition occurred at the beginning of the earliest period presented.

The pro forma financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Antero Acquisition. The unaudited pro forma combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had Antero Acquisition taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination company.

**Note 2 – Preliminary Purchase Price Allocation** 

The Antero Acquisition will be accounted for under the acquisition method of accounting for business combinations in accordance with Accounting Standards Codification 805, Business Combinations ("ASC 805"). The allocation of the preliminary estimated purchase price with respect to the business combination is based upon management's estimates of and assumptions related to the fair values of assets to be acquired and liabilities to be assumed as of December 31, 2025, using currently available information. Due to the fact the pro forma financial statements have been prepared based on these preliminary estimates, the final purchase price allocation and the resulting effect on the financial position and results of operations may differ significantly from the pro forma amounts included herein.

The final purchase price allocation for the business combinations will be performed subsequent to closing and adjustments to estimated amounts or recognition of additional assets acquired or liabilities assumed may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the closing date of the Antero Acquisition. The Company expects to finalize the purchase price allocation no later than 12 months after completing the Antero Acquisition.

The preliminary purchase price allocation is subject to change due to several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimated fair value of the assets acquired and liabilities assumed as of the closing date of the
acquisition, which could result from additional valuation analysis, changes in future oil and natural gas commodity prices, reserves estimates, discount rates and other factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the factors described in the section titled "Risk Factors".

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

The following table presents the estimated consideration and preliminary purchase price allocation of the assets acquired and liabilities assumed in the Antero Acquisition:

---

| | |
|:---|:---|
| *(in thousands)* | **Preliminary<br>Consideration** |
|  **Estimated consideration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $474542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock issued | 209355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total estimated consideration | $683897 |

---

---

| | |
|:---|:---|
|  | **Preliminary<br>Purchase Price<br>Allocation** |
|  **Assets Acquired:** |  |
|  Oil and natural gas properties, full cost method | $426928 |
|  Midstream and other property and equipment | 210522 |
|  Other intangible assets | 60000 |
|  Total assets acquired | $697450 |
|  **Liabilities Assumed:** |  |
|  Royalties payable | 13056 |
|  Asset retirement obligations | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities Assumed | 13553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Acquired** | $683897 |

---

**Note 3 – Removal of Historical Antero to Effectuate the Antero Acquisition** 

As the Company determined their portion of the undivided interest (60%) acquired as part of the Antero Acquisition will be accounted for as a business combination, the historical account balances of Antero have been eliminated. Incremental activity related to the transaction, including the acquisition of the upstream oil and gas properties, rights, gathering, compression and transportation systems, water facilities and systems, equipment and related assets and the incremental revenues, direct operating costs and interest expense, have been reflected as transaction accounting adjustments within the pro forma financial statements.

**Note 4** – **Transaction Accounting Adjustments – Balance Sheet**

The unaudited pro forma combined balance sheet has been adjusted to reflect the Antero Acquisition and has been prepared for informational purposes only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the gross proceeds of $350 million from Infinity's issuance of 350,000 Series A Preferred
Stock, net of $14.4 million of equity issuance costs. Net proceeds of $335.6 million were used to (i) fund $210.1 million of the Antero Acquisition purchase price, (ii) reduce $102.3 million of borrowing under the
credit facility, (iii) $13.6 million for debt issuance costs, and (iv) the remaining $10.3 million will be used for transaction costs associated with the Antero Acquisition and the Company's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects the increase of $409 million of borrowings under the Company's credit facility, net of debt
issuance costs of $13.3 million to fund the Antero Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects the consideration transferred and preliminary purchase price allocation for the Antero Acquisition
consisting of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total consideration of $683.9 million paid for the Antero Acquisition funded by (i) $209.4 million
of the $350 million of 350,000 Series A Preferred Stock which were issued net of issuance costs of $14.4 million; (ii) borrowings under the Company's credit facility of $409.0 million; (iii) $61.2 million of cash
transferred from escrow and reflected as a short term deposit; and (iv) $4.3 million of cash on hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated fair value of $426.9 million of oil and natural gas properties, $210.5 million of
midstream and other property and equipment and $60.0 million of intangible assets acquired based on the preliminary purchase price allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated fair value of $13.1 and $0.5 million of royalties payable and asset retirement obligations
assumed, respectively, based on the preliminary purchase price allocation.

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated transaction costs of $11.2 million primarily consisting of financial, legal and filing fees
expected to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects the (i) capitalization of $13.3 million of debt issuance costs, (ii) payment of
$0.4 million of accrued interest and loan fees, and (iii) $0.5 loss on extinguishment of debt associated with the modification of the Company credit facility in connection with the Antero Acquisition.

**Note 5 – Transaction Accounting Adjustments – Statement of Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Company's 60% undivided interest in the revenues and direct expenses generated by the
Antero Upstream and Midstream businesses acquired pursuant to the Antero Acquisition including a pro forma adjustment to eliminate intercompany revenue transactions of $47.6 million between Antero Midstream and Antero Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the estimated increase to depletion expense of $18.6 million computed on a unit of production
basis following the preliminary purchase price allocation to oil and natural gas properties, as if the Antero Acquisition was consummated on January 1, 2025. The preliminary depletion expense assumes all oil and natural gas properties acquired
are subject to depletion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the estimated increase to depreciation expense of $4.9 million computed on a straight-line
basis using an estimated weighted average useful life of 43.8 years following the preliminary purchase price allocation to midstream and other property and equipment, as if the Antero Acquisition was consummated on January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the estimated increase to amortization expense of $6.1 million computed on a straight line
basis using an estimated weighted average useful life of 9.9 years following the preliminary purchase price allocation to contract based intangible assets, as if the Antero Acquisition was consummated on January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents the estimated increase to depreciation, depletion and amortization expense of $0.1 million
related to accretion expense following the preliminary purchase price allocation to asset retirement obligations, as if the Antero Acquisition was consummated on January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents the estimated increase to interest expense resulting from the interest on the additional borrowings
under the Company's existing credit facility that were used to finance the acquisition. The Company's credit facility bears interest at SOFR plus a margin ranging from 2.75% to 3.75%. The unaudited pro forma condensed combined statement
of operations for the year ended December 31, 2025 used the weighted average interest of 7.2% on the net outstanding borrowings of $457.6 million. A 1/8 of a percent point increase or decrease in the benchmark rate would impact the pro
forma interest expense by $4.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents the estimated increase to amortization expense resulting from capitalization of $13.3 million
of debt issuance costs associated with the modification of the Company credit facility in connection with the Antero Acquisition. The pro forma adjustment reflects (i) the reversal of approximately $2.3 million of Infinity historical debt
issuance cost, (ii) amortization of debt issuance costs subsequent to the modification of $5.2 million, (iii) $0.5 million loss on extinguishment of debt, and (iv) $0.4 million of accrued interest and loan fees as if the
modification had occurred on January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents the estimated incremental income tax benefit associated with the Company's historical
statement of operations, using an effective tax rate of approximately (8.22)% on net earnings from the Antero Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reflects the impact of the net income attributable to the redeemable non-controlling interests in as a result of the Antero Acquisition. The net income attributable to the redeemable non-controlling interests was 74.4% for the year ended
December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Reflects the estimated transaction costs of $11.2 million related to the Antero Acquisition consisting of
financial, legal and filing fees expected to be paid.

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

Not included above are costs associated with various corporate and operational services to be provided between Infinity and Antero on a transitional basis for up to 24 months commencing immediately following the transaction close subject to the terms and conditions of a transition services agreement. These costs will be reimbursed between Infinity and Antero during the transition period and such costs will no longer exist after the transition period. These amounts are not expected to have a continuing impact to Infinity, and therefore, they are not included as a pro forma adjustment.

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

**Note 6 – Earnings Per Share ("EPS")** 

Pro forma net income per Class A common stock is determined by dividing the pro forma net income attributable to Infinity Natural Resources, Inc. by the number of Class A common stock outstanding reflected in the unaudited pro forma combined financial statements. All Class A common stock were assumed to have been outstanding since the beginning of the periods presented. The calculation of diluted net income per Class A common stock for year ended December 31, 2025 includes Series A Preferred Stock, Class A common stock issuable upon the exchange of Infinity Natural Resources, LLC units ("INR Units") the outstanding Class B common stock and the unvested performance stock units ("PSUs") and restricted stock units ("RSUs") issuable upon vesting.

---

| | |
|:---|:---|
| *(in thousands, except per share amounts)* | **December 31, 2025** |
|  **Numerator for Basic & Diluted EPS:** |  |
|  Pro forma net income attributable to Infinity Natural Resources, Inc. | $281 |
|  **Less** |  |
|  Pro forma dividends of Series A Preferred Stock | (29027) |
|  Pro forma accretion of Series A Preferred Stock | (25559) |
|  Pro forma net loss attributable to Infinity Natural Resources, Inc. | $(54306) |
|  Pro forma weighted average of common units outstanding: |  |
|  Basic | 15382681 |
|  Effect of dilutive securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B Units |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSUs |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSUs |  |
|  Diluted | 15382681 |
|  Pro forma net loss attributable to common units |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic & Diluted | $(3.53) |

---

The calculation of pro forma diluted net loss per share for the year ended December 31, 2025 excludes (i) the exchange of Series A Preferred Stock and INR Units (and the cancellation of an equal number of shares of Class B common stock) to Class A common stock and (ii) unvested RSUs and PSUs because their inclusion in the calculation would be anti-dilutive.

**Note 7 – Supplemental Pro Forma Oil and Natural Gas Reserve Information** 

The following unaudited supplemental pro forma oil and natural gas reserve tables present how the combined oil and natural gas reserves and standardized measure information of the Company and the Antero Acquisition (related to Antero Resources) may have appeared had the Antero Acquisition occurred on January 1, 2025. The supplemental pro forma combined oil and natural gas reserves and standardized measure information are for illustrative purposes only. Numerous uncertainties are inherent in estimating quantities and values of proved reserves including future rates of production, exploration and development expenditures, commodity prices, and service costs which may affect the reserve volumes attributable to the properties and the standardized measure of discounted future net cash flows.

The following tables provide a summary of the changes in estimated proved reserves for the year ended December 31, 2025, as well as pro forma proved developed as of the beginning and end of the year, giving effect to the Antero Acquisition as if it had occurred on January 1, 2025.

**Estimated Pro Forma Combined Quantities of Proved Reserves** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Crude Oil and Condensate (MBbls)** | **Crude Oil and Condensate (MBbls)** | **Crude Oil and Condensate (MBbls)** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Net proved reserves at December 31, 2024 | 37354 | 979 | 38333 |
|  Revisions of previous estimates | (886) | 142 | (744) |
|  Purchase of minerals in place |  | 29 | 29 |
|  Production | (3074) | (71) | (3145) |
|  Extensions | 3277 |  | 3277 |
|  Net proved reserves at December 31, 2025 | 36671 | 1078 | 37750 |
|  Net Proved Developed Reserves |  |  |  |
|  December 31, 2024 | 14577 | 775 | 15352 |
|  December 31, 2025 | 14717 | 773 | 15490 |

---

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

---

| | | | |
|:---|:---|:---|:---|
|  | **Natural Gas (MMcfs)** | **Natural Gas (MMcfs)** | **Natural Gas (MMcfs)** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Net proved reserves at December 31, 2024 | 617015 | 266972 | 883987 |
|  Revisions of previous estimates | (17428) | 45412 | 27984 |
|  Purchase of minerals in place |  | 7304 | 7304 |
|  Production | (45596) | (23234) | (68830) |
|  Extensions | 362633 |  | 362633 |
|  Net proved reserves at December 31, 2025 | 916624 | 296453 | 1213078 |
|  Net Proved Developed Reserves |  |  |  |
|  December 31, 2024 | 248634 | 249317 | 497951 |
|  December 31, 2025 | 417362 | 269555 | 686917 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Natural Gas Liquids (MBbls)** | **Natural Gas Liquids (MBbls)** | **Natural Gas Liquids (MBbls)** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Net proved reserves at December 31, 2024 | 30156 | 10584 | 40740 |
|  Revisions of previous estimates | 4157 | 1408 | 5565 |
|  Purchase of minerals in place |  | 215 | 215 |
|  Production | (2209) | (899) | (3108) |
|  Extensions | 3444 | 0 | 3444 |
|  Net proved reserves at December 31, 2025 | 35548 | 11308 | 46856 |
|  Net Proved Developed Reserves |  |  |  |
|  December 31, 2024 | 12856 | 9425 | 22281 |
|  December 31, 2025 | 15958 | 9563 | 25521 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Total (Mboe)** | **Total (Mboe)** | **Total (Mboe)** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Net proved reserves at December 31, 2024 | 170346 | 56058 | 226404 |
|  Revisions of previous estimates | 366 | 9119 | 9485 |
|  Purchase of minerals in place |  | 1461 | 1461 |
|  Production | (12882) | (4842) | (17724) |
|  Extensions | 67160 |  | 67160 |
|  Net proved reserves at December 31, 2025 | 224990 | 61796 | 286786 |
|  Net Proved Developed Reserves |  |  |  |
|  December 31, 2024 | 68872 | 51753 | 120625 |
|  December 31, 2025 | 100235 | 55262 | 155497 |

---

**Pro Forma Combined Changes in the Standardized Measure of Discounted Future Net Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Future cash inflows | $5511802 | $1542490 | $7054292 |
|  Future development costs | (764219) | (973936) | (1738155) |
|  Future production costs | (1824402) | (41126) | (1865528) |
|  Future income tax expense | (531584) |  | (531584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future net cash flows | 2391597 | 527428 | 2919025 |
|  Less 10% annual discount to reflect estimated timing of cash flows | (1310404) | (249878) | (1560282) |
|  Standard measure of discounted future net cash flows | $1081193 | $277550 | $1358743 |

---

------

**INFINITY NATURAL RESOURCES, INC.** 

NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

The following summarizes the principal sources of change in the Standardized Measure of discounted future net cash flows and such changes have been computed in accordance with ASC 932:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **INR** | **Antero** | **Pro Forma** |
|  Beginning of period | $972518 | $93938 | $1066456 |
|  Sales of oil, natural gas, NGLs, net of production costs | (263003) | (47177) | (310180) |
|  Acquisitions of reserves |  | 7306 | 7306 |
|  Extensions, net of future development costs | 299655 |  | 299655 |
|  Net changes of prices and production costs | 238597 | 195673 | 434270 |
|  Previously estimated development costs incurred | 118750 |  | 118750 |
|  Change in estimated future development costs | (27274) | (23831) | (51105) |
|  Revisions of previous quantity estimates | 22064 | 42247 | 64311 |
|  Accretion of discount | 79321 | 9394 | 88715 |
|  Net change in income taxes | (251800) |  | (251800) |
|  Net change in timing of production and other | (107635) |  | (107635) |
|  End of period | $1081193 | $277550 | $1358743 |

---