Antero Acquisitions Reshape Marcellus and Utica Portfolio

Antero acquisitions reposition the company toward core Marcellus holdings while divesting Ohio Utica upstream and midstream assets to Infinity Natural Resources and Northern Oil and Gas in linked deals, filings show.

Transaction Terms and Structure

Antero Resources Corporation (NYSE: AR) agreed to acquire HG Energy II’s upstream assets in the Marcellus Shale for $2.8 billion in cash and will assume HG Energy’s commodity-hedge book, subject to customary purchase-price adjustments. The assets are primarily in West Virginia and Pennsylvania, with an effective date of January 1, 2026.

Antero Midstream Corporation (NYSE: AM) agreed to acquire HG II Energy Midstream Holdings for $1.1 billion in cash, adding gathering, compression, and related infrastructure in the Marcellus to its footprint. As part of the linked transactions, Antero Midstream also agreed to divest certain Ohio Utica midstream assets to Infinity Natural Resources.

Infinity Natural Resources, Inc. (NYSE: INR), through its subsidiary Infinity Natural Resources, LLC, agreed to acquire Ohio Utica upstream and midstream assets from Antero affiliates for a combined $1.2 billion—$800 million for upstream and $400 million for midstream. Infinity will hold a 51% operating interest in both packages, while Northern Oil and Gas, Inc. (NYSE: NOG) will take a 49% non-operated working interest in the upstream assets. Infinity’s net outlay is $612 million, and NOG’s net consideration is $588 million.

The upstream package covers roughly 35,000 net acres in the Utica Shale of eastern Ohio and includes more than 100 gross identified undeveloped drilling locations. Buyers deposited 10% of each unadjusted purchase price into escrow. Infinity’s subsidiary executed a Third Amendment to its credit agreement and secured a debt commitment letter targeting an $875 million borrowing base to support the acquisitions.

Together, the announced cash payments across the linked Marcellus and Utica deals total approximately $5.1 billion, including Antero’s assumption of HG Energy’s hedge book.

Timing, Financing, and Approvals

The companies executed the purchase-and-sale agreements on December 5, 2025, and filed related Form 8-Ks and issued press releases on December 8, 2025. Closings are expected in early 2026: the Ohio Utica transfers to Infinity and NOG are anticipated in the first quarter, while the HG Energy upstream and midstream acquisitions are expected to close in the second quarter. Each transaction is subject to customary closing conditions and regulatory approvals.

These transactions reallocate operator control and scale across the Appalachian basin. Antero Resources and Antero Midstream concentrate upstream and midstream positions in the Marcellus through the HG Energy purchases, while Infinity and Northern Oil and Gas assume scale and operating control in the Ohio Utica.