Northern Oil and Gas (NOG) and Infinity Natural Resources (INR) have revised the ownership structure of their pending joint acquisition of Antero Midstream Corporation and Antero Resources’ Ohio Utica Shale upstream and midstream assets. The new arrangement gives NOG a 40% stake, with a proportionate purchase price of $480 million, while INR will hold the remaining 60%. The transaction, which is expected to close by the end of the first quarter of 2026, follows the original December 8, 2025 announcement that had NOG acquiring a 49% stake for $588 million and INR acquiring a 51% stake for $612 million, for a total deal value of $1.2 billion. The effective date of the transaction is July 1, 2025.
NOG will fund its share of the purchase with cash on hand, operating free cash flow, and borrowings from its reserves‑based lending facility. By reducing its capital commitment from the original 49% stake to 40%, NOG preserves liquidity and enhances its financial flexibility, positioning the company to pursue additional inorganic and organic growth opportunities in the coming year.
The adjustment aligns with NOG’s asset‑light, non‑operator model. Securing a minority interest in the high‑potential Utica Shale gives NOG exposure to a prolific natural gas play while allowing INR to operate the assets. This strategy reinforces NOG’s focus on acquiring working interests in high‑quality assets and provides a new source of revenue and production upside as commodity markets recover.
"We are very excited about the Utica acquisition, both its current growth path and the potential for further asset expansion in the coming years," said Nick O'Grady, NOG’s CEO. "By adjusting the sizing of our interest, NOG also 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 Utica Shale remains a key growth region for natural gas production. Antero’s strategic realignment—selling its Utica assets while acquiring Marcellus assets—has positioned the assets for new ownership. Infinity Natural Resources has been expanding its presence in the Appalachian Basin, and the acquisition expands its acreage and reserves. NOG’s non‑operator model, combined with INR’s operational expertise, is expected to generate incremental production and revenue upside for both parties.
The ownership adjustment reduces NOG’s capital outlay, preserves cash for future deals, and strengthens its balance sheet. INR’s increased stake solidifies its operator role and expands its operational footprint. Together, the parties are positioned to capitalize on the recovering commodity market and the high‑potential Utica Shale play.
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