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EQT Announces Strategic Acquisition of Range Resources, Creating America's Undisputed Natural Gas Champion

EQTRRC
  • EQT Corporation will acquire Range Resources Corporation in an all-stock merger valued at over $50 billion.
  • The combined entity will become America's largest natural gas producer with over 9 billion cubic feet of daily net production.
  • The transaction creates a vertically integrated company with nearly 3 million net acres, over 30 years of inventory, and 3,700 miles of midstream infrastructure.
  • EQT expects to achieve $325 million in annual synergies within two years, with a long-term pathway to exceed $600 million.
  • The merger will improve EQT's unlevered free cash flow breakeven to less than $2 per MMBtu while increasing NGL diversification.
  • Range shareholders will receive 0.987 shares of EQT stock per share, resulting in an ownership split of approximately 73% for EQT and 27% for Range.
  • The deal is expected to close in the first quarter of 2027, pending regulatory approvals and shareholder votes.
  • Two Range representatives, including CEO Dennis Degner, will join the combined company's board of directors.
  • The combined company's headquarters will remain in Canonsburg, Pennsylvania, with EQT's executive management leading operations.
  • EQT projects cumulative free cash flow of approximately $20 billion over the next five years based on recent pricing.
  • Both companies will issue their Q3 2026 earnings results on October 27, 2026, canceling previously scheduled calls on October 28.
  • Advisors for the transaction include Citi, RBC Capital Markets, Evercore, J.P. Morgan Securities, Kirkland & Ellis LLP, and Gibson, Dunn & Crutcher LLP.