Infinity Natural Resources Completes $1.2 Billion Acquisition of Ohio Utica Assets
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Infinity Natural Resources (INR) has completed its transformational $1.2 billion acquisition of upstream and midstream assets in the Ohio Utica Shale from Antero Resources and Antero Midstream.
A $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital Management closed simultaneously with the transaction. In connection with the closing of the preferred investment, Matt Kelly from Carnelian was appointed to the board of directors, and Brian Seline and Sarah James from NGP resigned from the board.
“This transformational acquisition represents a hand-in-glove fit with our existing Ohio operations and further solidifies our compelling long-term growth platform. We are acquiring a position we know very well that provides us with the opportunity to demonstrate our capabilities to deliver shareholder value through our best-in-class operations and focused development of the area. The combination of high-quality acreage, extensive drilling inventory, and integrated midstream infrastructure augments our capital efficiency and returns while positioning us to capitalize on the significant development opportunities in the Ohio Utica core,” said Zack Arnold, president and chief executive officer of Infinity Natural Resources.
“We are also pleased to have Quantum and Carnelian as strategic partners. Their energy sector expertise and collaborative approach make them ideal long-term partners for Infinity, and we welcome Matt Kelly to the board. We’d also like to thank Brian Seline and Sarah James for their invaluable service to our board and company. NGP’s contributions have been integral in supporting our growth and execution for many years,” added Arnold.
The addition of these assets to Infinity’s portfolio significantly enhances the company’s position in the core Ohio Utica Shale, adding approximately 71,000 net horizontal acres in the core of the Utica Shale concentrated in Ohio’s Guernsey, Belmont, and Harrison counties, and 110+ undeveloped long lateral drilling locations totaling 1.6 million lateral feet across volatile oil, rich gas and dry gas windows, on an 8/8ths basis.
The midstream and marketing assets include 141 miles of high- and low-pressure gathering lines with 600 mmcf/d throughput capacity, providing immediate vertical integration benefits and substantial operational synergies.
“With our reduced ownership percentage after the preferred investment, we felt this was the right time to step away from the board. We are excited about the future of Infinity and feel confident in the newly constructed board to continue Infinity’s strategic growth and execution,” said Brian Seline, partner at NGP.
Infinity plans to operate two rigs during 2026 to accelerate development. The acquired Ohio Utica assets’ substantial untapped development potential, supported by midstream infrastructure that is well-positioned to accommodate growth, creates a compelling runway for value creation. The company’s strategic approach is expected to drive significant production growth while maintaining focus on high-return locations.
Infinity Natural Resources is a growth oriented, free cash flow generating, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Their operations are focused on the Utica Shale in eastern Ohio as well as stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.
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