EQT Corp. is acquiring Range Resources in an all-stock transaction.
The companies announced the deal on 26 October, which has been approved by the boards of both companies and will create a natural gas company with a pro forma enterprise value over $50 billion.
Andrew Dittmar, principal analyst at Enverus Intelligence Research, noted this is the first public E&P combination in the US since Devon Energy merged with Coterra Energy in February 2026.
The announcement marks a “relatively rare tie-up” of companies focused on gas production, he added, and their healthy inventory lives have meant they don’t have the same pressure to pursue deals as oil-focused counterparts.
According to Dittmar, the combination valued at just under $14 billion will form an Appalachian juggernaut with more than 9 Bcfe/D of production, creating America’s largest gas producer.
The combined company will have more than 3 decades of inventory spanning nearly 3 million net acres. It will also have over 3,700 miles of midstream infrastructure.
EQT said it expects to realize $325 million in base annual synergies within 2 years across corporate functions, operations, and commodities marketing. The company also sees a path to more than $600 million in long-term synergies through optimized development and infrastructure, improved margins from natural gas, LNG, and NGL marketing, and accelerated inventory development to meet contractual demand growth.
EQT said the deal will improve the company’s unlevered free cash flow breakeven to less than $2/MMBtu.
In a press release, EQT President and CEO Toby Z. Rice said the deal creates a company uniquely positioned for the next era of natural gas.
“The combined company will offer exceptional resilience through commodity cycles while maintaining significant upside to strengthening natural gas fundamentals,” he said.
Range Resources President and CEO Dennis L. Degner said in a press release the combination creates the opportunity to build long-term value that neither company could fully realize independently.
“The combined company will be uniquely positioned to capitalize on increasing demand for natural gas and liquids, both domestically and internationally,” he said.
Through the all-stock transaction, each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock. As a result of the transaction, EQT's existing shareholders are expected to own 73% of the combined company, while Range shareholders will own the remaining 27%.
The transaction is expected to close during the first quarter of 2027, subject to receiving required regulatory approvals and clearances, EQT and Range shareholder approval, and other customary closing conditions.