EQT to acquire Range Resources in all-stock deal worth over $50 billion

EQT Corporation and Range Resources Corporation have entered into a definitive merger agreement under which EQT will acquire Range in an all-stock transaction. The combined entity will have a pro forma enterprise value exceeding $50 billion, creating what the companies describe as America's largest vertically integrated natural gas producer.

Under the terms of the agreement, each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock. Upon closing, EQT shareholders are expected to own approximately 73% of the combined company, while Range shareholders will hold approximately 27%. The transaction requires approval from shareholders of both companies and receipt of necessary regulatory clearances, with a close expected during the first quarter of 2027.

EQT President and CEO Toby Z. Rice stated that the combination brings together two of the highest-quality asset bases in North America, positioning the new company for the next era of natural gas. He noted that the combined entity will offer resilience through commodity cycles due to its low-cost structure and decades of inventory depth. Range President and CEO Dennis L. Degner added that his board unanimously determined the deal would enhance shareholder participation in a constructive long-term natural gas and NGL macro outlook.

The merger is projected to deliver significant operational and financial benefits. The combined company will control more than 9 Bcfe/d of net production and over 30 years of inventory across nearly 3 million net acres. It will also possess more than 3,700 miles of midstream infrastructure. Management expects $325 million in base annual synergies within two years from corporate, operational, and marketing efficiencies, with a pathway to over $600 million long-term through development optimization and improved margins.

Financially, the transaction is expected to improve EQT's unlevered free cash flow breakeven to less than $2 per MMBtu. The companies project cumulative free cash flow of approximately $20 billion over the next five years at recent strip pricing. The deal is expected to provide BBB quality credit metrics at closing, further strengthening EQT's balance sheet.

Upon completion, Dennis Degner and one other representative from Range will join EQT's Board of Directors. EQT's current executive management team will lead the combined company, with headquarters remaining in Canonsburg, Pennsylvania.

Citi and RBC Capital Markets acted as financial advisors to EQT, while Evercore served as lead financial advisor to Range, with J.P. Morgan Securities LLC also advising. Kirkland & Ellis LLP represented EQT legally, and Gibson, Dunn & Crutcher LLP represented Range.

Both companies have canceled their previously scheduled third-quarter 2026 earnings conference calls for October 28, 2026. They will still release their Q3 earnings results after the market close on October 27, 2026.