EQT Agrees to Acquire Range Resources in $13 Billion All-Stock Deal

EQT Corporation announced on Monday, October 26, that it has agreed to acquire Range Resources in an all-stock transaction that would create one of the largest natural gas producers in the United States. The equity consideration is valued at roughly $12.8 billion, while the combined business would have a pro forma enterprise value exceeding $50 billion.

Under the agreement, Range shareholders would receive 0.987 EQT shares for each Range share. Existing EQT investors are expected to own approximately 73% of the merged company, with Range investors holding the remaining 27%. The agreement was signed on October 25 and publicly announced the following day.

The companies estimate that the combined operation would produce more than 9 billion cubic feet equivalent of natural gas a day. It would hold nearly 3 million net acres of assets and more than 3,700 miles of transport infrastructure, principally in the Appalachian Basin. EQT anticipates $325 million in annual operating and marketing synergies within two years, although these are projections rather than realized savings.

The transaction still requires approval from shareholders of both companies and relevant regulators. Closing is targeted for the first quarter of 2027. EQT's existing management would lead the combined company, which would remain headquartered in Canonsburg, Pennsylvania. The proposed acquisition is not yet completed.