EQT Corporation said on 26 October 2026 that it had agreed to acquire Range Resources in an all-stock transaction, with Range shareholders receiving 0.987 EQT shares for each share they own. The companies put the combined group's pro forma enterprise value at more than US$50bn.
Why EQT Corporation is buying Range Resources Corporation
EQT said the combined company would have more than 9 Bcfe/d of net production, more than 30 years of inventory across nearly 3 million net acres and more than 3,700 miles of midstream infrastructure. It expects an unlevered free cash flow breakeven below US$2 per MMBtu and about US$20bn of cumulative free cash flow over five years at recent strip prices, alongside about US$325m of base annual synergies within two years.
“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.”
Deal terms and financing
EQT shareholders are expected to own about 73% of the combined company and Range shareholders about 27%. The companies did not state an implied price per Range share; Reuters calculated the offer at US$54.91 a share, or US$12.83bn in total, a 20.6% premium to Range's closing price on 23 October. The combined business will be led by EQT's management team from Canonsburg, Pennsylvania, and two Range representatives, including chief executive Dennis Degner, will join EQT's board. EQT expects BBB-quality credit metrics at closing.
Regulatory approvals and timing
Completion requires regulatory approvals and clearances and approval by the shareholders of both companies, and is expected in the first quarter of 2027.
