Infinity Natural Resources Inc said Monday it had completed the purchase of upstream and midstream assets in the Ohio Utica Shale from Antero Resources Corp and Antero Midstream Corp for $1.2 billion.
In pro forma terms, the acquisition propels Morgantown, West Virginia-based Infinity to a leading operator position in the basin with about 102,000 net acres, it said in an online statement. Infinity now has “575 locations, including 347 high-quality Ohio Utica locations, normalized to 10,000 feet”, the company said.
“Average lateral length of approximately 13,700 feet for Utica locations opens immediate access to multiple development windows across oil, rich gas and dry gas zones while creating significant optimization opportunities through extended laterals”.
The acquisition includes around 71,000 net horizontal acres in the Utica core – concentrated in the counties of Belmont, Guernsey and Harrison – and over 110 undeveloped long lateral drilling locations with volatile oil, rich gas and dry gas windows, according to Infinity.
“The midstream and marketing assets include 141 miles of high- and low-pressure gathering lines with 600 mmcf/d [million cubic feet per day] throughput capacity, providing immediate vertical integration benefits and substantial operational synergies”, it said.
President and chief executive Zack Arnold said, “This transformational acquisition represents a hand-in-glove fit with our existing Ohio operations and further solidifies our compelling long-term growth platform”.
Infinity plans to operate two rigs this year to accelerate development. It said it will detail its outlook for 2026 in its report for the fourth quarter of 2025, scheduled for March.
The transaction involved “an undivided 60 percent interest, increased from the originally announced 51 percent interest following the company’s previously announced $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital Management that closed simultaneously with the transaction”, Infinity said.
“In addition to using proceeds from the strategic equity investment, the transaction was funded through Infinity’s existing credit facility and cash on hand, requiring no additional equity issuance”, it added.
The sale of the non-core assets was part of a series of deals executed by Antero Resources that allows the Denver, Colorado-based company to expand its core footprint in the Marcellus shale.
Antero Resources, in its quarterly report February 11, said it had completed an agreement to acquire the upstream assets of HG Energy II LLC for $2.8 billion plus the assumption of HG Energy’s commodity hedge book. Antero Midstream, partly owned by Antero Resources, concurrently acquired HG Energy’s midstream assets for $1.1 billion.
“First quarter 2026 production is expected to average approximately 3.8 Bcfe/d [billion cubic feet equivalent a day], with the second quarter increasing to 4.1 Bcfe/d driven by a full quarter of HG contribution”, Antero Resources said. “The second half of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d”.
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