Infinity Natural Resources, Inc. announced the successful completion of its transformational $1.2 billion acquisition of upstream and midstream assets in the Ohio Utica Shale from Antero Resources Corporation and Antero Midstream Corporation.
Announced on December 8, 2025, the Transaction represents INR's acquisition of an undivided 60% interest, increased from the originally announced 51% interest, following the Company's previously announced $350 million strategic equity investment from Quantum Capital Group (Quantum) and Carnelian Energy Capital Management (Carnelian) that closed simultaneously with the transaction. 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.
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.
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,” said Zack Arnold, President and Chief Executive Officer of Infinity Natural Resources. “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.
“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,” concluded Mr. Arnold.
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“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.
The transaction creates substantial operational and financial benefits for Infinity:
- Combined pro forma Ohio Utica position of approximately 102,000 net acres propels Infinity to a leading operator position in the basin while expanding total company inventory to 575 locations, including 347 high-quality Ohio Utica locations, normalized to 10,000 feet
- 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
- Expected $25 million in annual synergies from operational integration and midstream optimization is expected to accelerate Adjusted EBITDAX margins, operating cash flow, and production per share metrics
- Transaction-driven Adjusted EBITDAX growth acceleration and the preferred investment position the Company to achieve net leverage at or below 1.0x by year-end 2026
