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

EQT has agreed to acquire Appalachian gas producer 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 to Range’s prior closing price; EQT and Range investors are expected to own about 73% and 27% of the combined company, respectively. The merger would create a major U.S. natural-gas producer, with expected output above 9 billion cubic feet per day, nearly 3 million net acres, more than 30 years of drilling inventory and about 3,700 miles of infrastructure. The companies cite rising gas demand, including from data centers, as a backdrop for the combination. The deal is subject to shareholder and regulatory approvals and is expected to close in early 2027.