EQT to Acquire Range Resources in All-Stock Deal Creating $50 Billion Energy Giant

EQT Corporation announced on Monday it will acquire Range Resources Corporation in an all-stock transaction, a move that will create a natural gas producer with a pro forma enterprise value exceeding $50 billion. The deal consolidates two of the largest players in the North American energy landscape.

Transaction Details

The merger agreement, which received unanimous approval from both companies' boards of directors, stipulates that each share of Range Resources common stock will be exchanged for 0.987 shares of EQT common stock. Upon the deal's completion, current EQT shareholders will own approximately 73% of the combined company, while Range shareholders will hold the remaining 27%.

Markets reacted swiftly to the news. Shares of Range Resources traded over 10% higher following the announcement, while EQT's stock fell by more than 4.5%, a common pattern in acquisitions where the acquirer's shares dip on the initial announcement.

A Natural Gas Powerhouse

The combined entity is set to become a dominant force in the sector, with key operational metrics including:

Ad

• Net production of over 9 billion cubic feet equivalent per day (Bcfe/d).
• An operational footprint spanning nearly 3 million net acres.
• An estimated 30 years of inventory and over 3,700 miles of midstream infrastructure.

The companies anticipate realizing $325 million in annual synergies within two years of closing, with a long-term goal of over $600 million through development and infrastructure optimization. "This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas," said Toby Z. Rice, EQT President and CEO, in a statement.

Leadership and Timeline

The transaction is expected to close during the first quarter of 2027, subject to regulatory and shareholder approvals from both companies. EQT's executive management team will lead the new company, which will maintain its headquarters in Canonsburg, Pennsylvania.

As part of the agreement, two representatives from Range's board, including President and CEO Dennis L. Degner, will join the EQT Board of Directors upon closing. Both companies also announced the cancellation of their previously scheduled third-quarter 2026 earnings conference calls.