Northern Oil and Gas (NOG) and Infinity Natural Resources (INR) announced a change to the ownership structure of their pending acquisition of Antero Resources’ Utica assets. NOG will now hold a 40% interest, paying $480 million, while INR will hold the remaining 60%. The transaction is expected to close by the end of the first quarter of 2026.
The original deal, announced on December 8 2025, valued the Utica assets at $1.2 billion and had NOG holding a 49% stake for $588 million. The February 19 adjustment reduces NOG’s share and increases INR’s stake, but the overall purchase price and closing timeline remain unchanged.
Antero’s decision to divest its Utica portfolio is part of a broader strategy to focus on its core Marcellus Shale operations and to fund a $2.8 billion acquisition of HG Energy’s Marcellus assets, which is slated to close in the second quarter of 2026. The Utica sale provides the proceeds needed for that purchase and aligns Antero’s asset mix with its long‑term growth priorities.
Infinity’s 60% stake is supported by a $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital Management, giving the partner the capital needed to complete the acquisition and strengthen its position in the Ohio Utica play.
The ownership split adjustment allows NOG to optimize its capital deployment while maintaining financial flexibility for future opportunities. For Antero, the divestiture consolidates its portfolio around the Marcellus play and provides the funding required for the HG Energy deal. The transaction’s closing schedule remains unchanged, with the Utica assets expected to close in Q1 2026 and the HG Energy acquisition in Q2 2026.
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