Northern Oil and Gas (NOG) and Infinity Natural Resources (INR) have revised the equity split in their pending joint acquisition of Antero Midstream Corporation’s Utica production and processing assets. The new structure gives NOG a 40% stake and INR a 60% stake, reducing NOG’s share of the purchase price to $480 million from the previously announced $588 million. The parties expect the transaction to close by the end of the first quarter of 2026.
The adjustment follows the original December 8, 2025 announcement in which NOG was to acquire a 49% interest for $588 million and INR the remaining 51%. The total value of the Utica assets—$400 million for midstream and $800 million for upstream—was $1.2 billion. NOG’s CEO, Nick O’Grady, said the change “optimizes and increases its financial flexibility to allow for further participation in inorganic and organic growth opportunities as they emerge in the coming year.”
The sale of the Utica assets is part of a broader strategic realignment for Antero. Antero Resources is simultaneously acquiring HG Energy II’s upstream assets for $2.8 billion, while Antero Midstream is buying HG Energy II Midstream Holdings for $1.1 billion. These moves shift Antero’s focus back to its core Marcellus operations and free capital for future investments.
With the new ownership split, NOG and INR will jointly control the Utica assets, expanding throughput and fee‑based revenue streams. NOG plans to fund its $480 million share with cash on hand, operating free cash flow, and borrowings from its reserves‑based lending facility, positioning the company for additional growth opportunities. The transaction is still in negotiation, but the revised structure signals progress toward a Q1 2026 closing.
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