EQT to Acquire Range Resources in $50 Billion All-Stock Natural Gas Mega-Merger

The Quick Take

• EQT Corporation agreed to acquire Range Resources in an all-stock deal valuing the combined firm above $50 billion
• EQT shareholders will own approximately 73% of the combined entity at a 0.987 exchange ratio
• Deal creates a dominant Appalachian natural gas powerhouse as US shale consolidation accelerates

EQT Corporation announced a definitive all-stock agreement to acquire Range Resources Corporation, creating a combined natural gas enterprise with a pro forma enterprise value exceeding $50 billion. Under the terms signed on October 25, 2026, Range shareholders will receive 0.987 shares of EQT stock for each Range share, with EQT shareholders retaining approximately 73% ownership of the combined company. The transaction brings together two of the largest Appalachian Basin operators, consolidating significant acreage in the Marcellus and Utica shale formations — among the most prolific natural gas producing regions in North America.

The all-stock structure signals EQT's confidence in its own valuation while allowing Range shareholders to participate in future upside. EQT has pursued aggressive consolidation in recent years, having already absorbed Equitrans Midstream to vertically integrate its pipeline infrastructure. Adding Range Resources brings complementary Appalachian acreage, deepens EQT's premium wet gas exposure, and could unlock substantial operational synergies through shared infrastructure, reduced drilling costs, and optimized takeaway capacity. Analysts expect the combined company to generate significant free cash flow at current natural gas prices, supporting robust shareholder returns.

The deal reflects broader consolidation trends reshaping the US natural gas sector as producers seek scale to compete with surging LNG export demand. Range Resources had long been considered a potential acquisition target given its high-quality acreage and strong balance sheet. The merger is expected to accelerate EQT's timeline to becoming the dominant Appalachian operator. Regulatory approvals and Range shareholder vote timelines will be closely watched, along with natural gas price movements that could affect deal economics before the anticipated close in mid-2027.

Synthesized from 2 sources.