Infinity Natural Resources buys Ohio shale assets for $1.2 billion

Infinity Natural Resources Inc. (NYSE: INR) announced it will acquire upstream and midstream assets in Ohio from Antero Resources Corporation (NYSE: AR) and Antero Midstream Corporation (NYSE: AM) for $1.2 billion. The company entered into agreements on December 5, 2025, with an effective date of July 1, 2025.

Northern Oil and Gas Inc. (NYSE: NOG) will acquire a 49% interest in the assets for $588 million, leaving Infinity with a 51% stake for $612 million net. The transaction is expected to close in the first quarter of 2026, subject to customary conditions.

The acquired assets include approximately 71,000 net acres in Ohio's Guernsey, Belmont and Harrison counties in the Utica Shale. Third quarter 2025 net daily production from the assets was approximately 133 million cubic feet equivalent per day, with 81% natural gas and 19% liquids from 255 producing laterals.

The package includes over 110 undeveloped laterals totaling 1.6 million lateral feet and 764 billion cubic feet of undeveloped reserves. Midstream assets comprise approximately 141 miles of gathering lines with 600 million cubic feet equivalent per day of throughput capacity and 90 miles of water lines.

Infinity expects to fund the acquisition through cash on hand and borrowings under an expanded credit facility. The company secured $500 million of additional commitments from existing lenders, increasing elected commitments from $375 million to $875 million.

"This transformational and strategic acquisition represents the largest transaction in Infinity's history," said Zack Arnold, President and CEO of Infinity. The company estimates $25 million in synergies to be realized in 2026 from lower operating costs and complementary acreage positions.

Following the transaction, Infinity will control approximately 102,000 Ohio net horizontal Utica Shale acres with 1.4 trillion cubic feet equivalent of undeveloped net reserves. The boards of directors of all involved companies have approved the transaction.

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