EQT to Buy Range Resources in All-Stock Deal

The Tip Desk · October 26, 2026 · 3 min read

The all-stock merger is expected to create America’s only vertically integrated natural gas producer with more than 30 years of inventory.

EQT Corporation (EQT) and Range Resources Corporation (RRC) entered a definitive merger agreement under which EQT will acquire Range in an all-stock transaction to create a natural gas company with a pro forma enterprise value of more than $50 billion.

Each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock. EQT’s existing shareholders are expected to own approximately 73% of the combined company; Range’s shareholders are expected to own approximately 27%.

The combination brings together two of the highest-quality natural gas assets in North America, the companies said, creating America’s largest and only vertically integrated natural gas producer with leading inventory depth and a low-cost structure. Combined with a fortress balance sheet and the largest natural gas marketing platform in the country, those attributes are intended to position EQT as the operator of choice in the next era of demand-led natural gas growth.

The combined company is expected to have more than 9 Bcfe/d of net production and more than 30 years of inventory across nearly 3 million net acres, in addition to more than 3,700 miles of critical midstream infrastructure. The transaction is described as positioning EQT as the clear partner of choice for end users of natural gas and enhancing its ability to serve Appalachian demand growth.

EQT said the deal improves its unlevered free cash flow breakeven to less than $2 per MMBtu while increasing NGL diversification. The companies expect $325 million of base annual synergies within two years across corporate, operations and commodities marketing, with a pathway to more than $600 million long-term from development and infrastructure optimization, improved margins from natural gas, LNG and NGL marketing, and the ability to accelerate inventory development into contractual demand-led growth.

Cumulative free cash flow is projected to be about $20 billion over the next five years at recent strip pricing, the companies said. The 100% stock transaction is expected to provide BBB quality credit metrics at closing.

EQT President and CEO Toby Z. Rice stated, “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.”

Range President and CEO Dennis L. Degner said, “This combination of two highly successful operators with decades of inventory creates opportunities to build long-term value neither could fully realize independently.” Range’s board unanimously determined the transaction will enhance Range shareholders’ ability to participate in a constructive long-term natural gas and NGL macro outlook.

The transaction is expected to close during the first quarter of 2027, subject to required regulatory approvals and clearances, shareholder approval at both companies, and other customary closing conditions. Upon closing, two representatives from Range, including Degner, will join EQT’s board. EQT’s executive management team will lead the combined company, with headquarters remaining in Canonsburg, Pennsylvania.

Citi and RBC Capital Markets, LLC acted as financial advisors to EQT; Evercore acted as lead financial advisor to Range, with J.P. Morgan Securities LLC also advising. Both companies canceled their previously scheduled third-quarter 2026 earnings calls and will issue those results after the market close on October 27, 2026.