EQT, Range Resources Agree to $50B-Plus Merger

EQT agreed on October 25, 2026 to acquire Range Resources in an all-stock deal valued at about $12.8 billion in equity, or more than $50 billion including debt. Range shareholders will receive 0.987 EQT shares per share, a roughly 20.6% premium, with EQT and Range investors expected to own about 73% and 27%. Projected output exceeds 9 billion cubic feet equivalent per day on nearly 3 million net acres, with more than 30 years of inventory and over 3,700 miles of midstream infrastructure. Closing is expected in the first quarter of 2027 after shareholder and regulatory approvals. EQT canceled its Q3 2026 earnings call amid the announcement. Dennis Degner, Range president and CEO: 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. CONTESTED: no contested claims found on deal terms. October 26, 2026 reports put EQT shares down about 4.1% to 4.6% and Range shares up about 15.4% to 16.3%. EQT forecast base annual synergies of $325 million within two years and said longer-term synergies could exceed $600 million. Toby Rice, EQT president and CEO, said the combined company will be uniquely positioned for the next era of natural gas.