Infinity Natural Resources, Inc. completed a $1.2 billion transaction on February 23, 2026 that transferred upstream and midstream assets in the Ohio Utica Shale from Antero Resources Corporation and Antero Midstream Corporation. The deal includes production facilities and midstream infrastructure, giving Infinity a net acreage of roughly 102,000 acres and positioning it as a leading operator in the Appalachian Basin.
Infinity financed the purchase with a combination of a $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital Management, its existing credit facility, and cash on hand. The transaction is described by Infinity as transformational, a hand‑in‑glove fit with its existing Ohio operations, and a key step in solidifying its long‑term growth platform. For Antero, the sale of its Utica midstream assets for $400 million and its upstream assets for $800 million is part of a broader strategy to monetize assets and fund the acquisition of HG Midstream, with the goal of improving cost structure and generating an 8 % increase in Adjusted EBITDA for 2026.
Antero Midstream reported Q4 2025 Adjusted EBITDA of $285 million, up 4 % year‑over‑year, and is forecasting 2026 Adjusted EBITDA of $1.19 billion to $1.24 billion, an 8 % rise from 2025. Adjusted Free Cash Flow after dividends is projected at $330 million to $390 million, an 11 % increase. Antero Resources posted Q4 2025 net production of 3.5 Bcfe/d, a 2 % increase from the prior year, and expects 2026 production to average 4.1 Bcfe/d, with a potential rise to 4.5 Bcfe/d in 2027. Infinity anticipates $25 million in annual synergies from operational integration and midstream optimization, which should accelerate Adjusted EBITDAX margins.
Michael Kennedy, CEO of Antero Midstream, said the company’s 2025 results reflected strong cost control and operational efficiency, positioning it for continued capital‑efficient growth in 2026 and beyond. Zack Arnold, President and CEO of Infinity Natural Resources, described the acquisition as a transformational fit that expands Infinity’s Ohio footprint and strengthens its long‑term growth platform. The deal is expected to enhance Infinity’s production capacity and streamline its midstream operations, while providing Antero with significant cash to pursue strategic acquisitions.
Investors reacted positively to Antero Midstream’s Q4 2025 earnings, where EPS of $0.28 beat consensus by $0.03, largely due to disciplined cost management and efficient operations. Revenue, however, missed estimates by $9 million, reflecting a modest decline in certain segments. Antero Resources’ Q4 2025 results saw adjusted earnings of $0.42 per share, below consensus, but revenue of $1.412 billion beat estimates, indicating strong demand in core segments. Analysts noted mixed views on the companies’ outlooks, with some highlighting the strategic benefits of the asset sales and others cautioning on potential headwinds in production and market conditions.
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