Antero Announces Major $4.3B Strategic Expansion and Asset Swap in Appalachia

Antero Resources (AR) and Antero Midstream (AM) rolled out a series of major transactions aimed at strengthening their core Marcellus operations while monetizing non-core Utica acreage. Combined, the moves represent more than $4.3 billion in acquisitions and divestitures across upstream and midstream assets.

Antero Resources Acquires HG Energy Upstream Assets for $2.8B

Antero Resources said it agreed to purchase HG Energy’s upstream assets in a $2.8B cash deal, along with assuming the company’s commodity hedge book.

Key Highlights

$2.8B cash acquisition + hedge book assumption
Adds 850 million cfe/day of expected 2026 production
Located in West Virginia’s core Marcellus footprint
Identifies ~$950M in 10-year synergies
Strengthens Antero’s liquids-rich development portfolio

CEO Commentary

CEO Michael Kennedy noted the acquisition:

“Expands our core acreage and enhances our position as the premier liquids developer in the Marcellus.”
Will be financed through near-term free cash flow, Utica divestiture proceeds, and hedged free cash flow from the acquired assets.

Antero Resources Sells Ohio Utica Assets to Infinity for $800M

To support balance sheet flexibility, Antero is divesting its Ohio Utica Shale upstream assets to Infinity Natural Resources (INR) for $800M in cash.

Strategic Rationale

Monetizes non-core acreage
Supports funding for the HG Energy acquisition
Enhances focus on core Marcellus development

Antero Midstream Acquires HG Energy Midstream Assets for $1.1B

In a parallel move, Antero Midstream (AM) announced a $1.1B cash acquisition of HG Energy’s midstream infrastructure.

Deal Highlights

Adds 900 million cf/day of projected 2026 throughput
Includes 400+ undeveloped Marcellus locations dedicated to AM
Positioned adjacent to current AM infrastructure

Kennedy emphasized the bolt-on acquisition further scales AM’s footprint and establishes it as a premier pure-play midstream operator in the lowest-cost U.S. basin.

Antero Midstream Sells Utica Midstream Assets for $400M

AM also agreed to sell its Utica midstream assets to Infinity for $400M in cash, aligning with the company’s strategy to concentrate on high-return Marcellus assets.

Strategic Impact Across the Antero Ecosystem

Why These Moves Matter

Deepens focus on the Marcellus—the lowest-cost, highest-return region
Unlocks long-term synergies and free cash flow visibility
Strengthens midstream integration and scale
Provides meaningful financial flexibility through asset sales

These coordinated deals reinforce Antero’s position as one of Appalachia’s most efficient and strategically aligned upstream–midstream operators.