Infinity Natural, Northern Oil Adjust Ownership Split of Pending Utica Acquisition

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Infinity Natural Resources (INR) and Northern Oil and Gas (NOG) have reached an agreement to adjust the ownership split of their pending $1.2 billion acquisition of Antero Resources' Ohio Utica shale assets. Under the new terms, Infinity Natural will increase its stake from 51% to 60%, while Northern Oil's proportionate share will decrease.

Why it matters

The Utica shale play in Ohio has become an increasingly important natural gas and oil production region, and this acquisition represents a strategic move by the two companies to expand their footprint in the area. The ownership adjustment signals a shift in the partnership's dynamics as they seek to capitalize on the Utica's growth potential.

The details

Infinity Natural Resources will now hold a 60% interest in the $1.2 billion acquisition of Antero Resources' Ohio Utica shale assets, up from the previously agreed 51% stake. Northern Oil and Gas' proportionate share has been reduced accordingly. The two companies first announced the joint acquisition in late 2025.

• The $1.2 billion acquisition of Antero's Ohio Utica shale assets was first announced in late 2025.
• On February 19, 2026, Infinity Natural Resources and Northern Oil and Gas reached an agreement to adjust the ownership split of the pending acquisition.

What’s next

The companies expect the $1.2 billion acquisition of Antero's Ohio Utica shale assets to close in the first half of 2026, subject to customary closing conditions.