The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kalei Akamine - Bank of America - Analyst
: For my first question, wondering if you can give us any early thoughts on the 2026 activity program. Our base case assumes that capital moderates
a bit year over year, sort of helping free cash flow, but at your size, growth still makes a lot of sense here. Any latest thoughts to share?
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AUGUST 12, 2025 / 2:00PM, INR.N - Q2 2025 Infinity Natural Resources Inc Earnings Call
Question: Kalei Akamine - Bank of America - Analyst
: I really appreciate those comments. For my second question, wondering what your latest thoughts are on in-basin demand and egress around
your position in Ohio. There was a power plant acquisition recently, and the Borealis pipeline is in the pre-development stage. When you look at
these forces, how do you see them shaping demand in the near to medium term?
Question: Scott Hanold - RBC Capital Markets Inc - Analyst
: Yeah, thanks. You all did some small ground game acquisitions this quarter. If you could give us a little bit of color on that. And then, more bigger
picture, obviously a little bit of commodity price volatility, one of your big competitors has been acquired. Can you give us a view of what you see
on the M&A landscape at this point in time?
Question: Scott Hanold - RBC Capital Markets Inc - Analyst
: Got it. Thanks. And in my follow-up, I think this one's for David. Could you unpack the LOE cost a little bit? I mean, you gave a little bit of color, but
year-to-date, it's run a little bit above my expectation, and it does sound like it's going to come down as some of the gas volumes and related LOE
to that builds, but are there other drivers to help kind of drive that down? And what are some of the pushes and pulls that you've been seeing
there?
Question: Paul Diamond - Citi - Analyst
: I just wanted to quickly touch base on those third-party midstream constraints in Ohio during the quarter. Would you unpack a little bit what it
was, how fast was the remediation, and what is the expectation that it could occur again?
Question: Paul Diamond - Citi - Analyst
: Got it. Just touching next on how you see the drill between Ohio and Pennsylvania, I know currently the D&C costs are pretty even, but can you
talk about any puts and takes and how you think about those potentially diverging over time, or is the geology all still pretty similar?
Question: Paul Diamond - Citi - Analyst
: Exactly, yes.
Question: Scott Hanold - RBC Capital Markets Inc - Analyst
: Just one follow-up. Those four wells that you all brought online a quarter or so ago--based on the state data, the production looks fairly strong
and good. I think it'd be good to hear your comments on what you're seeing there. It seems like, at least through the first 60-plus days that we
could see, production is actually holding pretty steady at a much higher rate than we would have anticipated. So any color or commentary on that
and how that changes your view or your thoughts on your next gas completions as well?
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