EQT to Acquire Range Resources in $13 Billion Deal
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EQT Corporation and Range Resources have entered into a definitive merger agreement, where EQT will acquire Range in an all-stock transaction to create America’s leading natural gas company with a pro forma enterprise value of more than $50 billion.
The combination brings together two of the highest-quality natural gas assets in North America, creating America’s largest and only vertically integrated natural gas producer with leading inventory depth and low-cost structure. Combined with a fortress balance sheet and the largest natural gas marketing platform in the country, these differentiated attributes solidify EQT as the operator of choice in the next era of demand-led natural gas growth.
“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. As the lowest-cost natural gas producer in the industry, supported by multiple decades of high-quality inventory, the combined company will offer exceptional resilience through commodity cycles while maintaining significant upside to strengthening natural gas fundamentals,” said EQT President and CEO Toby Rice.
“Additionally, our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come,” added Rice.
“This combination of two highly successful operators with decades of inventory creates opportunities to build long-term value neither could fully realize independently,” said Dennis Degner, president and CEO of Range.
“Our board of directors unanimously determined that this transaction will enhance Range shareholders’ ability to participate in a constructive long-term natural gas and NGL macro outlook. The combined company will be uniquely positioned to capitalize on increasing demand for natural gas and liquids both domestically and internationally, delivering superior returns for investors. I want to thank our employees, whose hard work, dedication and commitment have positioned us to enter this next chapter of value creation with EQT,” added Degner.
The transaction is expected to close during the first quarter of 2027, subject to the receipt of required regulatory approvals and clearances, approval of the transaction by shareholders of both EQT and Range, and the satisfaction of other customary closing conditions.
Upon the closing of the transaction, two representatives from Range, including Dennis Degner, will join EQT’s board of directors. EQT’s executive management team will lead the combined company with headquarters remaining in Canonsburg, Pennsylvania.
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. They are dedicated to responsibly developing a world-class asset base and being the operator of choice for stakeholders. By leveraging a culture that prioritizes operational efficiency, technology, and sustainability, they seek to continuously improve the way they produce environmentally responsible, reliable, and low-cost energy. They have a longstanding commitment to the safety of employees, contractors, and communities, and to the reduction of overall environmental footprint.
Range Resources is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The company is headquartered in Fort Worth, Texas.
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