INR Sees a Bright Future in the Utica Shale Despite EOG/Encino Deal

Infinity Natural Resources (INR), headquartered in Morgantown, WV, focuses 100% on the Marcellus/Utica. The company went public earlier this year with a $265 million ($20/share) initial public offering, giving INR a $1.18 billion market capitalization (see INR IPO Does Better than Expected, Stock Trading Pops 10% Higher). An INR competitor in the Utica is EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in several other countries) and a Fortune 500 company, which closed on the $5.6 billion purchase of Encino Energy in August, adding 675,000 net acres in the Utica and over 1,000 operating shale wells (see EOG Closes on $5.6B Purchase of Encino Assets in Ohio Utica). EOG now owns over 1 million acres with active drilling operations, including five rigs and three completion crews, working in the Ohio Utica. The EOG/Encino tie-up doesn't concern INR.

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