Infinity Natural Resources Completes $1.2 Billion Transformational Acquisition in Ohio Utica Shale, Strengthening Basin Leadership and Strategic Growth Platform
Infinity Natural Resources, Inc., a growth-focused, independent energy company, today announced the successful completion of its transformative $1.2 billion acquisition of upstream and midstream assets in the Ohio Utica Shale from Antero Resources Corporation and Antero Midstream Corporation (collectively, “Antero”). This transaction, initially announced on December 8, 2025, marks a significant milestone for Infinity as it solidifies the Company’s position as a leading operator in one of North America’s most prolific hydrocarbon regions and strengthens its long-term growth trajectory.
The acquisition represents Infinity’s purchase of an undivided 60% interest in the assets, an increase from the originally announced 51% stake, following a previously disclosed $350 million strategic equity investment from Quantum Capital Group (“Quantum”) and Carnelian Energy Capital Management (“Carnelian”). The strategic equity investment, which closed concurrently with the acquisition, not only enabled Infinity to expand its ownership interest but also provided significant financial flexibility to fund the transaction. Notably, the Company leveraged proceeds from the strategic investment alongside its existing credit facility and cash on hand, ensuring that no additional equity issuance was required to complete the acquisition.
Expanding Core Ohio Utica Position
The addition of these high-quality assets substantially enhances Infinity’s operational footprint in the core of the Ohio Utica Shale, a basin renowned for its diverse production opportunities across oil, rich gas, and dry gas windows. With this transaction, Infinity adds approximately 71,000 net horizontal acres concentrated in Ohio’s Guernsey, Belmont, and Harrison counties, further solidifying its presence in the region. The acquisition also brings more than 110 undeveloped long lateral drilling locations, totaling approximately 1.6 million lateral feet on an 8/8ths basis, positioning Infinity to significantly expand its production base and maximize the value of its assets in the coming years.
Beyond the upstream assets, Infinity also acquires substantial midstream and marketing infrastructure. The portfolio includes 141 miles of high- and low-pressure gathering lines with a throughput capacity of 600 million cubic feet per day (mmcf/d). This integrated midstream capability provides immediate operational synergies and vertical integration benefits, enabling Infinity to optimize its production, reduce costs, and accelerate value creation across its expanded Ohio operations.
Strategic Board Appointments and Partnerships
In connection with the closing of the preferred investment, Matt Kelly from Carnelian joined Infinity’s Board of Directors, bringing extensive energy sector experience and a collaborative approach to supporting the Company’s growth strategy. Simultaneously, Brian Seline and Sarah James from NGP Capital Partners resigned from the Board, reflecting the shift in ownership structure following the strategic investment. The Company expressed gratitude to the departing directors for their long-standing contributions, noting that NGP’s guidance and support had been instrumental in shaping Infinity’s growth trajectory over the years.
Commenting on the acquisition, Zack Arnold, President and Chief Executive Officer of Infinity, stated:
“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 exceptionally well, providing us with the opportunity to demonstrate our capabilities to deliver shareholder value through best-in-class operations and focused development in the area. The combination of high-quality acreage, extensive drilling inventory, and integrated midstream infrastructure augments our capital efficiency and returns, positioning us to capitalize on the significant development opportunities in the Ohio Utica core.”
Mr. Arnold also emphasized the strategic value of the partnerships with Quantum and Carnelian:
“We are pleased to welcome Quantum and Carnelian as strategic partners. Their energy sector expertise and collaborative approach make them ideal long-term partners for Infinity, and we are confident that Matt Kelly’s appointment to the Board will enhance our decision-making and execution capabilities. We also extend our sincere thanks to Brian Seline and Sarah James for their invaluable service, which has been integral in supporting Infinity’s growth and execution over many years.”
Brian Seline, Partner at NGP, echoed this sentiment, highlighting the alignment of timing with the equity investment:
“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 Infinity’s future and confident in the newly constructed Board to continue executing the Company’s strategic growth initiatives.”
Operational and Financial Benefits of the Acquisition
This transaction not only expands Infinity’s operational footprint but also delivers substantial financial and strategic benefits. On a pro forma basis, Infinity’s Ohio Utica position now encompasses approximately 102,000 net acres, elevating the Company to a leading operator position within the basin. The expanded inventory totals 575 locations, including 347 high-quality Ohio Utica sites normalized to 10,000 feet, providing a robust platform for accelerated drilling and development.
The acquired assets feature an average lateral length of approximately 13,700 feet, offering immediate access to multiple development windows across oil, rich gas, and dry gas zones. This enables Infinity to optimize production through extended laterals, driving enhanced capital efficiency and improved returns. Operational synergies are expected to generate approximately $25 million in annual cost savings from integration and midstream optimization, further supporting adjusted EBITDAX growth, operating cash flow, and production per share metrics.
In addition, the combination of the acquisition and strategic equity investment positions Infinity to achieve net leverage at or below 1.0x by year-end 2026, providing financial flexibility to fund future development, manage risk, and enhance shareholder value.
2026 Development Outlook
Infinity plans to operate two rigs during 2026 to accelerate the development of its newly acquired Ohio Utica assets. With significant untapped potential and well-positioned midstream infrastructure, the Company anticipates meaningful production growth while maintaining a focus on high-return locations. The strategic integration of the acquired assets with existing operations is expected to maximize operational efficiency, improve returns on capital, and strengthen Infinity’s competitive position in the basin.
Further details regarding Infinity’s 2026 outlook, including projected production and financial guidance, will be provided alongside the Company’s fourth-quarter and full-year 2025 results in March 2026. Analysts and investors are expected to closely watch how the Company leverages its enhanced acreage and drilling inventory to deliver sustainable growth and improved operational performance.
About Infinity Natural Resources
Infinity Natural Resources (NYSE: INR) is a growth-oriented, free cash flow generating independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. The Company’s operations are concentrated in the Utica Shale in eastern Ohio, as well as stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania. Infinity leverages a disciplined, data-driven approach to exploration and development, emphasizing operational efficiency, environmental responsibility, and long-term value creation for shareholders.
Infinity’s strategic focus is on identifying high-quality hydrocarbon assets, integrating operational and midstream infrastructure, and employing best-in-class drilling and development techniques. By combining an expansive inventory of high-potential drilling locations with proven operational expertise, the Company aims to deliver attractive returns and sustainable growth across multiple commodity windows.
Conclusion
The completion of this $1.2 billion acquisition represents a defining moment for Infinity Natural Resources. The expanded Ohio Utica portfolio, coupled with strategic partnerships and significant midstream integration, positions the Company for accelerated growth, enhanced financial performance, and long-term shareholder value creation. As Infinity continues to execute its disciplined development strategy, the Company is well-equipped to capitalize on the abundant opportunities within the Ohio Utica Shale and further establish itself as a leading independent energy producer in the Appalachian Basin.
This transformational acquisition underscores Infinity’s commitment to growth, operational excellence, and strategic value creation, ensuring that the Company remains at the forefront of the region’s dynamic energy landscape. With a strengthened asset base, expanded drilling inventory, and experienced strategic partners, Infinity is poised to continue delivering robust performance and long-term value to its shareholders.
