EQT to Acquire Range Resources in All-Stock Merger

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EQT Corporation will acquire Range Resources Corporation in an all-stock merger, the two companies announced on October 26 in a joint press release distributed by PR Newswire. The companies said the combination will create America’s leading natural gas company, with a pro forma enterprise value of more than $50 billion, and what they called the largest and only vertically integrated natural gas producer in the United States.

Key Takeaways

• EQT will acquire Range Resources in an all-stock deal, at 0.987 EQT shares for each Range share.
• The combined company would produce more than 9 Bcfe per day across nearly 3 million net acres.
• The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.

What changed

Under the definitive merger agreement, unanimously approved by both boards, each outstanding Range share will be exchanged for 0.987 EQT shares. EQT shareholders are expected to own about 73% of the combined company and Range shareholders about 27%, the release said. Reuters, reporting on October 26, calculated the implied offer at $54.91 per Range share, about 20.6% above Range’s closing price on Friday, valuing the transaction at about $12.83 billion based on Range’s shares outstanding. The $50 billion figure in the release is the combined company’s pro forma enterprise value, not a cash payment for Range.

Who it affects

The combined company would hold more than 30 years of inventory and about 3,700 miles of midstream infrastructure in the Appalachian Basin, the release said. EQT said it expects $325 million in base annual synergies within two years, with a pathway to more than $600 million long term, and cumulative free cash flow of about $20 billion over the next five years at recent strip pricing. EQT President and CEO Toby Z. Rice said the deal creates a company “uniquely positioned for the next era of natural gas.” Two Range representatives, including Range President and CEO Dennis L. Degner, will join EQT’s board at closing, EQT’s management will lead the combined company, and headquarters will remain in Canonsburg, Pennsylvania.

When it takes effect

The transaction is expected to close during the first quarter of 2027, subject to required regulatory approvals and clearances, approval by shareholders of both companies, and other customary closing conditions, the release said. The companies cancelled their previously scheduled third-quarter earnings calls on October 28 and will release third-quarter results after the market close on October 27.

Sources: EQT Corporation and Range Resources Corporation joint press release via PR Newswire, October 26, 2026; Reuters, October 26, 2026.

Educational coverage — not tax or investment advice.