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Long-Term Debt | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Credit Facility On September 25, 2024, INR Holdings entered into a credit facility led by Citibank, N.A. (the “Credit Facility” and the credit agreement governing the Credit Facility, as amended, the “Credit Agreement”) with a syndicate of financial institutions with an initial aggregate elected commitment amount and initial borrowing base of $325.0 million. On March 31, 2025, the Company amended the Credit Agreement to, among other things, increase each of the aggregate elected commitment amount and borrowing base from $325.0 million to $350.0 million. On May 29, 2025, the Company amended the Credit Agreement to, among other things, amend certain provisions relating to hedging requirements and restrictions in the Credit Agreement. Effective October 1, 2025, the borrowing base under the Credit Facility increased from $350.0 million to $375.0 million and the aggregate elected commitment amount was also increased from $350.0 million to $375.0 million. On December 5, 2025, INR Holdings entered into that certain Third Amendment to Credit Agreement, which among other things amended certain provisions relating to hedging requirements and restrictions, debt incurrences and permitted acquisitions in the Credit Agreement. On February 23, 2026, INR Holdings entered into a fourth amendment to the Credit Agreement (the “Fourth Amendment”). The Fourth Amendment, among other things, increased the aggregate elected commitment and borrowing base under the Credit Agreement from $375.0 million to $875.0 million and removed the credit spread adjustment previously applicable to Secured Overnight Financing Rate (“SOFR”) borrowings. The borrowing base is based on the net present value of our oil and gas properties and is subject to semi-annual redeterminations. The Credit Facility is guaranteed by INR Holdings’ subsidiaries and is secured by first priority security interests on substantially all of INR Holdings’ consolidated assets. The Credit Facility bears interest at a rate equal to, at the Company’s election, either (a) SOFR benchmark plus an applicable margin that varies from 2.75% to 3.75% per annum or (b) a base rate plus an applicable margin that varies from 1.75% to 2.75% per annum, based on borrowing base utilization. The Company is also required to pay a commitment fee of 0.50% per annum on the average daily unused portion of the current aggregate commitments under the Credit Facility. The Company is also required to pay customary letter of credit and fronting fees. As of March 31, 2026, the Company had no borrowings outstanding under the Credit Facility with $19.2 million in letters of credit, leaving $855.8 million of unused capacity. For the three months ended March 31, 2026 and 2025, total interest expense on the Credit Facility was $4.4 million and $2.6 million, respectively. We had $0.1 million and zero capitalized interest expense for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the Company’s weighted-average interest rate was 6.9% and 5.2%, respectively. Debt issuance costs associated with the Credit Facility are capitalized and presented as other assets within the unaudited condensed consolidated balance sheets. Because debt issuance costs are related to a line of credit, they are presented as an asset, rather than an offset to the corresponding liability. We had $13.6 million of additional capitalized debt issuance costs related to the Credit Facility for the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, capitalized debt issuance costs were approximately $18.5 million and $6.7 million, respectively. Amortization of debt issuance costs, which is included within interest expense in the condensed consolidated statements of operations, was approximately $1.8 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively. The Credit Facility also requires INR Holdings to maintain compliance as of the end of each fiscal quarter with financial covenants consisting of a current ratio of not less than 1.0 to 1.0 and a leverage ratio no greater than 3.0 to 1.0, each of which is defined within the terms of the Credit Facility. We were in compliance with the covenants and financial ratios under the Credit Facility described above through the date these unaudited condensed consolidated financial statements were available to be issued. 7.625% Senior Notes due 2031 On March 20, 2026, INR Holdings issued $550.0 million aggregate principal amount of 7.625% senior notes due 2031 (the “Notes”) at par. The Notes were issued pursuant to an indenture, dated March 20, 2026 (the “Indenture”), by and among INR Holdings, certain subsidiary guarantors (the “Guarantors”), and U.S. Bank Trust Company, National Association, as trustee. The Notes bear interest at a fixed rate of 7.625% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2026. The Notes will mature on April 1, 2031, unless earlier redeemed or repurchased. The Notes are the general, unsecured, senior obligations of INR Holdings. The Notes are guaranteed on a senior unsecured basis by the Guarantors and may be guaranteed by certain future subsidiaries of INR Holdings. The Notes and the related guarantees rank equally in right of payment with the borrowings under our Credit Facility and any of our other future senior indebtedness and senior to any of our future subordinated indebtedness. The Notes and the guarantees are effectively subordinated to all of our secured indebtedness (including all borrowings and other obligations under our Credit Facility) to the extent of the value of the collateral securing such indebtedness and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of any future subsidiaries that do not guarantee the Notes. INR Holdings may, at its option, redeem all or a portion of the Notes at any time on or after April 1, 2028 at certain redemption prices. At any time prior to April 1, 2028, INR Holdings may redeem up to 40% of the aggregate principal amount of the Notes, with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 107.625% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to April 1, 2028, INR Holdings may, on any one or more occasions, redeem all or a part of the Notes at a redemption price equal to 100.00% of the principal amount of the Notes redeemed, plus a “make whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. If INR Holdings experiences certain kinds of changes of control, each holder of the Notes may require INR Holdings to repurchase all or a portion of its Notes for cash at a price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest, if any, to the date of repurchase. The Indenture contains covenants that, among other things and subject to certain exceptions and qualifications, limit the ability of INR Holdings and its restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire its capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from its restricted subsidiaries to INR Holdings or any of their restricted subsidiaries; (vii) consolidate, merge or transfer all or substantially all of its assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. Debt issuance costs associated with the Notes are offset against the corresponding liability on the unaudited condensed consolidated balance sheet. Debt issuance costs are amortized using the straight-line method over the term of the related agreement. We had $12.4 million of debt issuance costs related to the Notes for the three months ended March 31, 2026. As of March 31, 2026, debt issuance costs netted against the corresponding liability was approximately $12.4 million. Amortization of debt issuance costs associated with the Notes, which is included within interest expense in the condensed consolidated statements of operations, was approximately $0.1 million for the three months ended March 31, 2026.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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