EQT Corporation has agreed to acquire Range Resources in a stock-for-stock transaction valued at nearly $13 billion, aiming to establish a leading natural gas producer in the Appalachian Basin, the largest natural gas-producing region in the United States. The announcement was made on Monday.
Under the terms of the deal, EQT will issue 0.987 of its shares for each Range Resources share, representing an approximate 21% premium over Range’s closing price of $45.52 on the previous Friday. Based on Friday’s closing share price for EQT of $54.91, this equates to an offer price per Range share of roughly $54.91. Following the announcement, Range Resources shares surged 18% to $53.56, while EQT shares declined 1.4% to $54.85.
The transaction will result in EQT shareholders owning about 73% of the merged entity, with Range shareholders holding the remaining 27%. The combined company will have a pro forma enterprise value exceeding $50 billion. The deal is expected to close in the first quarter of 2027.
EQT, which is headquartered in Canonsburg, Pennsylvania, said the acquisition would create the largest vertically integrated natural gas producer in the U.S. The combined company will report net daily production of more than nine billion cubic feet equivalent and possess over 30 years of reserves across close to three million net acres. Additionally, it will control more than 3,700 miles of midstream infrastructure.
Toby Rice, EQT’s chief executive, highlighted the strategic benefits, stating the merged firm will be one of the lowest-cost natural gas producers in the industry. He emphasized the company’s resilience across commodity price cycles due to its extensive inventory and operational scale, while noting significant potential growth in response to strengthening natural gas market fundamentals.
The transaction underscores ongoing consolidation efforts within the U.S. energy sector, as companies seek to leverage scale and integration to improve efficiency and market position amid evolving supply-demand dynamics.