NOG expands Utica gas portfolio in $1.2 billion deal with Infinity

Northern Oil & Gas Inc. (NOG) is expanding its Appalachian footprint with a $1.2 billion joint acquisition alongside Infinity Natural Resources, securing a 49% non-operated stake in a premier Utica Shale upstream and midstream package previously held by Antero Resources and Antero Midstream. The deal delivers roughly 35,000 net acres, more than 100 undeveloped drilling locations, and a fully built gathering, compression and water-handling network positioned to support long-term growth.

The assets are expected to produce about 65 MMcfe/d net to NOG in 2026—92% gas—with a projected production CAGR above 30% through the decade as the partnership advances a single-rig development plan. NOG noted that the low-decline inventory and integrated midstream system underpin competitive breakevens below $2/MMBtu and support both margin expansion and cash-flow durability.

The midstream portfolio includes more than 140 miles of gathering lines, compression facilities and 90 miles of water infrastructure with capacity for significant throughput growth. NOG anticipates midstream free cash flow to rise more than 25% annually through the decade, supported by premium market access via the Tallgrass Rex pipeline.

Management said the transaction fits NOG’s strategy to build scale in high-quality gas basins while partnering with aligned operators. CEO Nick O’Grady called the Utica package “one of the last growth assets in the core of the play,” adding that the vertically integrated position enhances NOG’s resilience across commodity cycles.

The deal is expected to close by the end of Q1 2026, with an effective date of July 1, 2025. NOG plans to fund the acquisition through operating cash flow, available liquidity, and borrowings under its reserves-based lending facility.