Antero Resources Corp., Denver, Co., has signed deals to expand its Marcellus shale footprint in West Virginia and to divest its certain Ohio Utica shale assets.
Adding the Marcellus assets expands Antero Resources’ core acreage position, enhancing its position “as the premier liquids developer in the Marcellus,” and provides the company “with further dry gas optionality for local demand from data centers and natural gas fired power plants,” said Michael Kennedy, president and chief executive officer, in a release Dec. 8.
Marcellus acquisition from HG Energy
Through a deal to acquire the upstream assets of HG Energy II LLC, Parkersburg, WV, Antero aims to add 850 MMcfed of expected Marcellus production in 2026. The deal, expected to close in second-quarter 2026, was signed for $2.8 billion in cash plus the assumption of HG Energy's commodity hedge book. Antero said about 90% of HG natural gas production is hedged in 2026 and 2027 at average NYMEX prices of $4.00 and $3.88, respectively.
The deal adds 385,000 net acres offsetting Antero's existing 475,000 net core Marcellus acreage position and includes over 400 additional locations that immediately compete for capital (75% liquids), the company said in a related investor presentation.
Antero said it anticipates capital synergies of about $550 million inclusive of development planning optimization and drilling and completions savings. Another $400 in income-related synergies is expected.
Separately, Antero Midstream agreed to acquire the midstream assets from HG Energy for $1.1 billion in cash. The deal includes about 50 miles of bi-directional dry and rich gas gathering pipelines and water assets in which Antero plans to invest about $25 million to integrate with its legacy gathering and water system.
Utica sale to Infinity Natural Resources
Infinity Natural Resources Inc., in a release Dec. 8, said subsidiary Infinity Natural Resources LLC will acquire upstream and midstream assets in Ohio from Antero Resources and Antero Midstream for a combined $1.2 billion.
Concurrently, Infinity said, Northern Oil and Gas Inc. will acquire an undivided 49% interest in the acquired assets for $588 million, resulting in a $612 million purchase price net to Infinity for its undivided 51% interest.
Infinity said transaction creates an expanded inventory base "with multiple development options across various commodity price environments while offering greater flexibility in capital deployment strategies."
Upstream
From Antero, Infinity is acquiring about 71,000 net acres in the Utica shale core concentrated in Guernsey, Belmont, and Harrison counties, Infinity said in its own release Dec. 8.
The $800-million-cash upstream deal, which includes expected 2026 production of 150 MMcfed, is expected to close in first-quarter 2026.
Infinity said the assets produced 133 MMcfed (81% gas, 19% liquids) from 255 producing laterals (241 operated) in this year's third quarter, and that the deal includes more than 110 undeveloped laterals totaling 1.6 million lateral feet across volatile oil, rich gas, and dry gas windows, and 764 bcf of undeveloped reserves, primarily natural gas.
Post-closing, Infinity expects to increase its operated rig count to two rigs.
Midstream assets
Midstream assets to be aquired for $400 million include about 141 miles of wholly owned midstream gathering lines, some 90 miles of water lines, and 600 MMcfe/d of throughput capacity.
