EQT to Buy Range Resources in $13B All-Stock Deal

EQT Corporation has agreed to acquire Range Resources in an all-stock transaction valued at roughly $13 billion, combining two major Appalachian Basin operators into what the companies say will be the largest natural gas producer in the United States.

By Carolina Curiel
Published October 27, 2026

MONTREAL (Oil Monster): EQT Corporation has reached a definitive agreement to acquire Range Resources in an all-stock transaction that will substantially expand its position in the Appalachian Basin.

The transaction, announced October 26, values Range at approximately $13 billion and would create a combined business with a pro forma enterprise value exceeding $50 billion.

Both boards unanimously approved the agreement.

Range shareholders will receive 0.987 EQT shares for each Range share they own. After closing, existing EQT shareholders are expected to hold approximately 73% of the combined company, while Range shareholders will own about 27%.

Deal Deepens EQT's Appalachian Scale

The combination brings together two large operators concentrated in the Marcellus and broader Appalachian natural gas region.

Range is widely recognized as an early developer of the Marcellus Shale, while EQT has built a large upstream and midstream platform across Appalachia.

EQT said the combined asset base will provide more than 30 years of drilling inventory and greater flexibility to match future production growth with long-term customer demand.

The company's existing vertical integration was strengthened by its 2024 acquisition of Equitrans Midstream, which added major pipeline infrastructure to its upstream gas business.

EQT Targets $325 Million in Annual Synergies

EQT expects the transaction to generate approximately $325 million in annual base synergies within two years.

Those savings are expected to come from corporate costs, operations and commodity marketing.

The company also sees a longer-term pathway to more than $600 million of annual value through development and infrastructure optimization and improved natural gas, LNG and natural gas liquids marketing.

EQT expects the combination to reduce its unlevered free cash flow breakeven to below $2 per MMBtu.

At recent forward-market prices, the company projects approximately $20 billion in cumulative free cash flow during the next five years.

LNG and Power Demand Are Part of the Growth Strategy

EQT has been expanding beyond traditional domestic gas sales into long-term LNG-linked arrangements.

The company has a 20-year agreement connected to Sempra Infrastructure's Port Arthur LNG Phase 2 project and has also secured long-term LNG supply business in Europe.

At the same time, growing electricity demand has increased the importance of Appalachian gas supply and the pipeline capacity required to move it toward power-generation and export markets.

Transaction Expected to Close in Early 2027

The acquisition is expected to close during the first quarter of 2027.

Completion remains subject to regulatory approvals and clearances, approval by shareholders of both EQT and Range, and other customary closing conditions.

Two Range representatives, including Chief Executive Dennis Degner, are expected to join EQT's board after closing.

EQT's existing executive management team will lead the combined business, which will remain headquartered in Canonsburg, Pennsylvania.

The Bottom Line

EQT's acquisition of Range significantly increases its scale in one of North America's most important natural gas-producing regions while expanding the inventory available to serve future LNG, power and industrial demand.

The deal now moves into the shareholder and regulatory approval process ahead of a targeted first-quarter 2027 closing.

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Sources: EQT Corporation; Range Resources; Reuters.