Infinity Natural Resources Announces Transformational Ohio Utica Acquisition Worth $1.2 Billion
New asset base strengthens Infinity’s Utica Shale leadership
MORGANTOWN, W.Va. — Infinity Natural Resources, Inc. (NYSE: INR) confirmed on December 5, 2025 that its subsidiary, Infinity Natural Resources, LLC, entered into agreements to acquire upstream and midstream assets in Ohio from Antero Resources Corporation (NYSE: AR) and Antero Midstream Corporation (NYSE: AM). The combined purchase price for the Antero Ohio Assets is $1.2 billion. At the same time, Northern Oil and Gas, Inc. (NYSE: NOG) will acquire a 49% undivided interest in the assets for $588 million, resulting in Infinity holding 51% of the venture with a net purchase price of $612 million. The deal is expected to be funded with available cash and new borrowings under an expanded senior secured revolving credit facility. The agreements have an effective date of July 1, 2025, with closing anticipated in early 2026, subject to standard purchase-price adjustments and closing conditions.
Deal Highlights
- Substantial boost to a premium Utica Shale acreage position: Pro forma, Infinity will control approximately 102,000 net Ohio Utica acres with about 1.4 trillion cubic feet of undeveloped net reserves.
- Expanded drilling inventory: The highly contiguous acreage supports longer laterals and enhances inventory across multiple development windows, improving project economics and break-evens.
- Vertical integration benefits from midstream assets: About 141 miles of wholly owned gathering lines with capacity for 600 million cubic feet per day, plus around 90 miles of water lines, reducing operating costs and cash breakevens.
- Operational and financial synergies: Estimated $25 million in synergies projected for 2026 from lower operating costs and complementary acreage positions.
- Immediate value creation: The transaction is expected to be accretive to key metrics, including Adjusted EBITDAX margins, cash flow per share, and net asset value per share.
- Growth with disciplined financing: The acquisition is intended to complement Infinity’s best-in-class production growth in the Appalachian region for 2026 and 2027, with a path to sub-1.0x net leverage by year-end 2027 through accelerated Adjusted EBITDAX growth.
Management Perspective
Zack Arnold, Infinity’s President and CEO, described the deal as the largest transaction in the company’s history and a continuation of its Appalachian basin aggregation strategy. He emphasized the value of high-quality, cash-generating Utica assets that immediately scale operations.
Co-lead commentary from Antero noted that the Ohio assets deepen Infinity’s footprint and add substantial inventory across low-breakeven locations. The midstream infrastructure is highlighted as an additional growth engine. Infinity welcomed Northern’s participation as a partner, underscoring the transaction’s near- and long-term value for both Infinity and Northern.
Asset Highlights (Antero Ohio Assets)
- Upstream
- Approximately 71,000 net acres in the Utica core, concentrated in Guernsey, Belmont, and Harrison counties, Ohio
- Net daily production in Q3 2025 around 133 MMcfe/d (81% gas, 19% liquids) from 255 producing laterals (241 operated)
- Low-decline proved developed producing (PDP) assets
- More than 110 undeveloped laterals totaling 1.6 million lateral feet across oil, rich gas, and dry gas windows
- 764 billion cubic feet of undeveloped reserves, primarily natural gas
- Midstream and marketing
- About 141 miles of wholly owned midstream gathering lines
- Roughly 90 miles of water lines
- 600 MMCFE/d throughput capacity to support asset growth and third-party gathering
- RexZone3 marketing contract to bolster margins and synergy opportunities
Strategic Rationale and Integration
The transaction creates a highly complementary asset base that leverages Infinity’s Utica operations expertise. The contiguous acreage aligns with Infinity’s existing Ohio footprint, enabling optimized development planning, shared infrastructure, and cost efficiencies across the combined portfolio.
The expanded drilling inventory provides immediate capital allocation options across varying commodity price environments, increasing development flexibility. The acquired gathering infrastructure and marketing contracts improve midstream value capture and offer margin-enhancing opportunities.
Infinity’s track record in optimizing spacing, lateral design, and completion strategies positions the combined assets to deliver improved economics and capital efficiency, accelerating value realization through scale and operational synergies.
2026 Pro Forma Outlook
Post-close, Infinity plans to operate two rigs, pursuing strong production growth in 2026 while maintaining a focus on high-return, low-breakeven locations and capital efficiency through the integrated portfolio.
Financing and Approvals
The transaction will be funded with cash on hand and new borrowings under Infinity’s Credit Facility. The company has secured $500 million of incremental commitments from existing lenders, raising elected commitments from $375 million to $875 million. Board approvals were obtained from Infinity, Northern, Antero Resources, and Antero Midstream.
Investor Resources
An investor presentation detailing the transaction is available in the Investor Relations section of Infinity’s website. Additional terms and conditions are described in the Agreements and will be filed with the U.S. Securities and Exchange Commission (SEC).
Advisors
Citigroup served as exclusive financial advisor to Infinity, with Kirkland & Ellis LLP advising as legal counsel.
Events and Access
Infinity will host a conference call on Monday, December 8, 2025, at 10:00 a.m. ET to discuss the transaction. The call will be webcast on the IR site, and participation details are listed in Infinity’s release. A replay will be available afterward via the company’s site or by phone.
About Infinity
Infinity (NYSE: INR) is a growth-oriented, free cash flow generating, independent energy company focused on acquiring, developing, and producing hydrocarbons in the Appalachian Basin, with operations centered on the Utica Shale in eastern Ohio and stacked dry gas assets in the Marcellus and Utica Shales in southwestern Pennsylvania.
Forward-Looking Statements
This release contains forward-looking statements about future events and results, including projections related to the transaction’s timing, synergies, and financial performance. These statements involve risks and uncertainties, including closing conditions, regulatory approvals, commodity price volatility, capital availability, and execution risks. Actual results may differ materially. Readers are urged to review Infinity’s SEC filings for a full discussion of risks and uncertainties. Forward-looking statements speak only as of the date of the release, and Infinity does not undertake to update them except as required by law.
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