NOG, Infinity Natural Resources Partner in Acquisition of Antero’s Ohio Utica Shale Assets for $1.2B
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Infinity Natural Resources entered into agreements to acquire upstream and midstream assets in Ohio from Antero Resources Corporation for a combined $1.2 billion. Concurrently, Northern Oil and Gas will acquire an undivided 49 percent interest in the assets for $588 million, resulting in a $612 million purchase price net to Infinity for its undivided 51 percent interest.
The agreements have an effective date of July 1, 2025, with closing anticipated in the first quarter of 2026, and the transaction is subject to customary purchase price adjustments and closing conditions.
“This transformational and strategic acquisition represents the largest transaction in Infinity’s history, continuing our track record of aggregation within the Appalachian basin. We are acquiring high-quality, cash-generating assets in the heart of the Utica Shale that immediately compete for capital and significantly enhance our operational scale,” said Zack Arnold, president and CEO of Infinity.
“The Antero Ohio Assets complement our existing footprint, providing substantial inventory depth with more than 110 low break-even locations across multiple development windows. The addition of strategic midstream infrastructure provides an additional growth engine for the company,” added Arnold.
“We are pleased that Northern recognized the value of these assets, and we are excited to partner with them on this highly accretive transaction that creates compelling value for both Infinity and Northern in the near and long term,” concluded Arnold.
“NOG is singularly focused on executing transactions that add value to our platform for the long-term. We are extremely pleased to be partnering with Infinity on one of the last growth assets in the core of the Utica. The vertical integration of this asset adds an incremental dimension of value creation for shareholders and enhances resiliency with lower breakevens to generate free cash flow through cycle,” said Nick O’Grady, NOG’s chief executive officer.
“The Utica has emerged as one of the target rich natural gas plays in the United States. Infinity has already been a strong operating partner for NOG, and we share their focus on creating value. Our alignment in that vein sets the ground for a successful partnership, and we look forward to working together to achieve our mutual desire to generate returns for our respective investors. This transaction is now the largest we have done to date and is an excellent addition to our Appalachian portfolio, offering the benefit of an integrated midstream and a long-term, visible growth path well past the end of the decade,” added O’Grady.
“This Utica transaction exemplifies the intersection where NOG shines — identifying and acquiring best in class assets with the potential for significant long-term upside while also providing valuable capital to like-minded operators seeking to expand their footprint,” said Adam Dirlam, NOG’s president.
“These assets epitomize our returns-focused strategy: delivering immediately while offering significant growth potential further enhancing NOG’s optionality. Importantly, like our precedent joint development transactions, we have devised an aligned, conservative development and governance plan with a proven E&P company. We continue to be the partner of choice for our operators as the largest, best capitalized and most dependable non-op working interest owner in the United States,” added Dirlam.
Northern Oil and Gas is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States.
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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