Infinity’s Utica Oil Output Rising as Play M&A, Expansion Underway

Newly public Infinity Natural Resources expects to ramp production up by 44% to some 33,500 net boe/d this year from its oily Utica Shale property in Ohio and gassy Marcellus Shale leasehold in Pennsylvania.

The volume would rise from the company’s fourth-quarter average of 23,300 boe/d—80% from Ohio—that consisted of 6,900 bbl/d of oil, 4,600 bbl/d of NGL and 70.7 MMcf/d of natural gas, according to its Securities and Exchange Commission filings.

Infinity received $286.5 million net from its IPO in January that sold 15.2 million shares, including an overallotment, at $20 a share.

The stock quickly rose to $23.

But it tumbled to less than $15 in mid-day trading April 7 as world markets reacted to the U.S.’ nearly worldwide tariffs and oil collapsed from $75/bbl on President Trump’s inauguration Jan. 20 to $60.

Truist Securities analyst Bertrand Donnes reported in late March when oil was $70 that the Ohio Utica oil play might be expanding.

“After recent conversations with public and private operators, we believe a newer area—Columbiana County—has begun to see sizable results,” Donnes wrote at the time.

“We believe part of the new well performance upside could be attributed to recent heavier completions and potentially slightly changed chemicals [frac recipes].”

Generally of the play, he wrote, “Utica wells continue to improve with notable liquids and gas results in several counties.”

The highest production rates have been coming from along the north-south border of the oil and wet-gas fairways in Carroll, Stark, Guernsey, Noble and Harrison counties, he added.

Ohio oil M&A?

Houston-based, privately held Encino Energy recently won its $219,000 bid for 62.5 acres in the Leesville Wildlife Area in Carroll County in a state auction.

Other Ohio Utica producers include privately held Ascent Resources, publicly held E&Ps Gulfport Energy and Expand Energy—all based in Oklahoma City—and Houston-based public EOG Resources.

Formerly known as Chesapeake Energy, Expand regained an Ohio oil position, after having exited to Encino a half-decade ago, when merging in 2024 with Southwestern Energy Co.

Hart Energy reported March 7 that Ascent told investors it would consider an IPO.

An X user, @AndUpstream, replied, “I’ve long awaited someone locking Ascent, Encino and Gulfport management teams in a room with nothing but a hammer until only one management team is left.”

More recently, Truist’s Donnes reported Infinity is looking to grow both organically through D&C’ing its leasehold and inorganically via M&A, “in contrast to many others that are holding production flat and letting pricing dictate free cash flow.”

KeyBanc Capital Markets analyst Tim Rezvan also reported he was awaiting “news on Infinity expanding its Ohio oil footprint via acquisition to gain scale.”

A deal could boost Infinity’s trading multiple “as investors begin to appreciate the company's knowledge of and drilling expertise in the Utica shale,” Rezvan wrote.