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Infinity and NOG Buy Antero's Ohio Utica Assets for $1.2B: A Vertical-Integration Utica Power Move

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| Wednesday,December 17,2025

Infinity Natural Resources (NYSE: INR) is making a statement in Appalachia.

On December 5, 2025, Infinity announced it has signed agreements to acquire a package of upstream and midstream assets in Ohio from Antero Resources (NYSE: AR) and Antero Midstream (NYSE: AM) for a combined $1.2 billion. Northern Oil and Gas (NYSE: NOG) will simultaneously purchase a 49% undivided interest in the assets for $588 million, leaving Infinity with a 51% interest at a net purchase price of $612 million.

The transaction is effective July 1, 2025 and is expected to close in 1Q 2026, subject to customary closing conditions and purchase price adjustments.

This is not just an acreage buy. It is a scale-and-synergy transaction that combines low-decline PDP, meaningful undeveloped inventory, and critical midstream infrastructure that gives Infinity more control of costs and margins.

Deal Structure: $1.2B Gross, $612MM Net to Infinity

The headline valuation is $1.2 billion for the Antero Ohio Assets.

But Infinity is not writing that check alone. Northern is stepping in for 49% of the package. The economics break down like this:

Total purchase price: $1.2B
NOG acquires 49%: $588MM
Infinity retains 51%: $612MM net to Infinity

This structure matters. Infinity gets scale and operatorship while keeping leverage and capital intensity in check. Northern gets a large, high-quality gas-weighted position with infrastructure and predictable cash flow, consistent with its strategy of partnering alongside operators in core basins.

Infinity expects to fund its share with cash on hand and borrowings under an expanded senior secured revolving credit facility. The company also announced $500MM of incremental lender commitments, increasing elected commitments from $375MM to $875MM.

What Infinity is Buying: Core Ohio Utica + Midstream + Marketing

The package includes three key components:

1) Upstream: 71,000 Net Acres in Core Utica

Infinity is acquiring approximately 71,000 net acres, concentrated in Guernsey, Belmont, and Harrison counties. These are core Utica counties and sit adjacent to Infinity's existing footprint, a critical detail because contiguity is where synergies become real.

Infinity says that pro forma, it will control approximately 102,000 Ohio net horizontal Utica Shale acres and about 1.4 Tcfe of undeveloped net reserves.

2) PDP: Low-Decline Producing Base

The assets bring meaningful production and a large base of producing laterals:

3Q 2025 net daily production: ~133 MMcfe/d
Mix: 81% gas / 19% liquids
Producing laterals: 255 total (241 operated)

This is the kind of PDP profile that commands a premium in todays market: stable cash flow, low decline, and the ability to fund development.

3) Inventory: 110+ Undeveloped Laterals and 1.6MM Lateral Feet

Infinity describes the deal as adding "over 110 low break-even locations" across multiple development windows, with the total undeveloped inventory described as:

110+ undeveloped laterals
1.6 million lateral feet
Inventory spans volatile oil, rich gas, and dry gas windows
764 Bcf of undeveloped reserves, primarily natural gas

This matters because it makes the deal more than a PDP "yield play." Infinity is buying an inventory runway that can be paced based on commodity prices and capital availability.

4) Midstream: 141 Miles of Gathering + 90 Miles of Water

This is where the deal becomes a vertical integration play:

141 miles of wholly owned gathering lines
90 miles of water lines
Throughput capacity: 600 MMcfe/d

Owning the gathering and water infrastructure can reduce LOE, reduce downtime, improve operating flexibility, and enhance margins in a basin where basis, transport, and take-away matter.

The deal also includes a marketing contract (RexZone3) that Infinity says further enhances margins and synergies.

Why This Deal Works: Scale, Contiguity, and Margin Control

Infinity framed this as a transformational acquisition and a continuation of its aggregation strategy in Appalachia. In practice, there are four drivers:

1) Contiguous Acreage Enables Long Laterals and Better Economics

Contiguity is not just a buzzword. It affects:

lateral length capability
pad design efficiency
surface/ROW logistics
shared infrastructure usage
reduced operating and midstream costs per unit

Infinity specifically points to long-lateral development and improved break-evens across phase windows.

2) Midstream Ownership Captures Value Others Pay Away

Most upstream buyers pay tariffs and water handling costs that they cannot control. Here, Infinity is effectively buying a midstream "margin lever" alongside the upstream.

That provides:

lower operating costs
reduced cash break-evens
more control over timing and growth
potential third-party gathering upside (given 600 MMcfe/d capacity)

3) PDP Provides Funding, Inventory Provides Upside

The deal has:

low-decline PDP
meaningful inventory
operated scale

That combination is exactly what buyers have been paying up for: predictable cash flow with capital optionality.

4) Synergies: $25MM in 2026 Alone

Infinity estimates $25MM of synergies in 2026. That is a meaningful number relative to the net purchase price and will likely be a centerpiece of investor messaging.

Synergies are expected to come from:

lower operating costs
shared infrastructure utilization
complementary acreage positions
operational efficiencies

What It Means for the Companies

Infinity: Utica Scale Leader + Two-Rig Plan

Post-closing, Infinity expects to increase its operated rig count to two rigs, targeting leading growth in 2026 and 2027 while pursuing leverage reduction (a path to <1.0x net leverage by year-end 2027).

This signals confidence that the acquired inventory can compete for capital and that the combined platform has a durable runway.

NOG: Partnering into Gas-Weighted PDP + Infrastructure

Northern Oil and Gas is taking a 49% undivided interest. That is consistent with its strategy: partner with operators, acquire interests in high-quality assets, and lean into cash-flow predictability.

The presence of owned midstream and a marketing contract also reduces risk and can stabilize netbacks.

Antero: Portfolio Streamlining and Value Realization

For Antero Resources and Antero Midstream, this is a monetization of Ohio assets into cash proceeds and a simplification move, while likely retaining strategic focus on their remaining portfolio. The deal also highlights how attractive core Utica positions remain, especially with infrastructure attached.

What to Watch Next

1) Closing Details and Final Adjustments

The transaction is expected to close in 1Q 2026. Investors will watch:

final purchase price adjustments
any production or capex true-ups
confirmation of midstream economics and contracts

2) How the JV Works in Practice

The transaction includes an undivided 49% interest to NOG. It will be important to see:

governance and decision-making rights
drilling carry or capital call mechanics
whether Infinity remains operator (expected)
how development timing is coordinated

3) Rig Ramp and Development Results

Infinity plans two rigs post-closing. Early results will be watched closely:

cost structure improvements
synergy realization
basis and netback performance
well performance across commodity windows

4) Midstream Utilization and Third-Party Upside

The acquired gathering system has 600 MMcfe/d capacity. Investors will look for:

utilization ramp
third-party volumes
incremental revenue streams

Bottom Line

Infinity and Northern are buying more than acreage. They are buying a cash-flowing, operated Utica platform with a meaningful inventory runway, plus midstream and water infrastructure that should lower costs and improve margins.

For Infinity, this is a scale acquisition that deepens its Ohio footprint and increases its relevance in Appalachia. For Northern, it is a large, infrastructure-backed gas PDP investment with operational upside. And for Antero, it is a monetization that reflects strong Utica asset demand and the value of integrated infrastructure.

If Infinity executes on its two-rig plan, captures the $25MM synergy target, and leverages the midstream position to improve netbacks, this deal has the ingredients to be one of the most strategically important Utica transactions of the cycle.

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