EQT Agrees to Buy Range Resources in $13 Billion All-Stock Deal
EQT agreed on Oct. 25 to buy Range Resources in an all-stock deal valued at about $13 billion, creating a combined gas producer with output above 9 Bcfe per day.
EQT Corporation agreed on Oct. 25, 2026 to acquire Range Resources Corporation in an all-stock deal, and the two companies announced it on Oct. 26. EQT says the combined company would be the largest U.S. natural gas producer and the only vertically integrated one, with output above 9 billion cubic feet of natural gas equivalent (Bcfe) per day. The transaction is expected to close in the first quarter of 2027.
Deal Terms, Value and Financing
Under the merger agreement, each Range common share converts into 0.987 EQT common shares, with cash paid for fractional shares, according to EQT's Form 8-K. EQT shareholders would own about 73% of the combined company and Range shareholders about 27%. Fort Worth Report puts the implied price at $54.91 per Range share, a 20.6% premium to Range's close on Friday, Oct. 23.
The size of the deal is reported differently. Fort Worth Report describes a $13 billion, all-stock transaction, while Fortune puts it at $12.8 billion. The release gives a pro forma enterprise value above $50 billion but no separate equity value or purchase price for Range.
The deal is all-stock, and the release does not disclose debt assumed or new borrowing. It says the combined company is expected to have BBB-quality credit metrics at closing. If the agreement is terminated in certain circumstances, Range would pay EQT $423 million and EQT would pay Range $1.148 billion, according to the 8-K.
Gas Supply, Pricing and EQT Shares
The release puts combined net production above 9 Bcfe per day. The companies would hold nearly three million net acres and more than 30 years of drilling inventory. The combined business would also include more than 3,700 miles of midstream infrastructure. Fortune reports that EQT CEO Toby Rice told the conference call output could scale to 17 Bcf per day and eventually 20 Bcf per day.
Fortune frames the deal around data-center and LNG export demand. The release does not name specific data-center or export contracts, and it includes no gas price forecast. Fortune quotes Infralogic's Patrick Harris on the risks, which include lower AI-driven data-center demand and a reopening of Middle East LNG shipping through the Strait of Hormuz.
On economics, the release gives an unlevered free cash flow breakeven below $2 per MMBtu at Henry Hub and projects about $20 billion of cumulative free cash flow over five years at recent strip pricing. It expects $325 million of base annual synergies within two years and long-term potential above $600 million. Fortune, citing the call, puts the long-term figure at over $300 million.
Fortune reports that Range's stock rose 23% in the 12 months before the announcement.
What Executives and Analysts Said
In the release, EQT's Toby Z. Rice, president and CEO, called the combined company a must-own energy company. Fortune reports that on the call Rice described EQT as the country's natural gas champion.
Range chief executive Dennis Degner said in the release that the combination brings together two highly successful operators with decades of inventory. Fortune reports that on the call Degner called the premium compelling and the deal the leading option among Range's alternatives.
Fortune also quotes three analysts. William Blair's Brett Donnes called the combined company a long-term, low-cost behemoth. Pickering Energy Partners' Kevin MacCurdy said buying Range establishes EQT as the dominant Appalachia producer and a must own for investors wanting natural gas exposure. Enverus's Andrew Dittmar called EQT an 'Appalachian juggernaut.' Fortune says analysts including these three largely praised the deal and said the premium was justified.
Approvals, Earnings and Closing Timeline
As of Oct. 27, 2026, the deal has not closed. EQT and Range canceled earnings calls scheduled for Oct. 28. Per the release, both companies will report third-quarter 2026 results after the market closes on Oct. 27.
Closing requires a majority of Range's voting power to adopt the merger agreement and a majority of votes cast at an EQT shareholder meeting to approve the share issuance. It also requires the expiration of Hart-Scott-Rodino antitrust waiting periods and no law or order prohibiting the deal.
EQT and Range will file a joint proxy statement and prospectus on Form S-4 with the SEC. At closing, two Range representatives, including Degner, would join EQT's board, and the combined company would be headquartered in Canonsburg, Pennsylvania. The first merger must close by Oct. 25, 2027, with an automatic extension to April 25, 2028 in certain cases.
