EQT agrees to acquire Range Resources in all-stock deal
EQT signed a definitive merger agreement on 26 October 2026 to acquire Range Resources, bringing together two Appalachian Basin natural gas producers. Under the all-stock terms, each Range share will convert into 0.987 shares of EQT common stock. EQT shareholders are expected to hold about 73% of the combined company and Range shareholders about 27%. Both boards approved the agreement unanimously.
The combined company is expected to produce more than 9 bcfe/d net and hold more than 30 years of drilling inventory across nearly 3 million net acres, along with more than 3,700 miles of midstream infrastructure. The companies put the pro forma enterprise value at more than $50 billion. They expect $325 million in annual base synergies within two years, with a path to more than $600 million over the long term from development and infrastructure optimization and marketing improvements.
The transaction is expected to close in Q1 2027, pending regulatory approvals and votes by shareholders of both companies. Two Range representatives, including Range President and CEO Dennis Degner, will join EQT’s board at closing. EQT’s current management team will lead the combined company, which will stay headquartered in Canonsburg, Pennsylvania.
