Economy

EQT to buy Range Resources in deal creating America's largest natural gas producer

Canonsburg, Pennsylvania • October 27, 2026 • By Press Pass USA

Editorial illustration: natural gas rigs and pipelines across green Appalachian hills at sunrise

Editorial illustration — Press Pass USA

Canonsburg-based EQT Corporation will acquire Range Resources in an all-stock merger, the companies announced Monday, creating what they call America's largest and only vertically integrated natural gas producer, with a pro forma enterprise value above $50 billion.

Under the definitive agreement, unanimously approved by both boards, each Range share will be exchanged for 0.987 EQT shares. EQT shareholders would own about 73% of the combined company and Range shareholders about 27%. The $50 billion figure is the combined company's enterprise value, not a cash payment: Reuters calculated the implied offer at $54.91 per Range share, about 20.6% above Range's Friday close.

The combined company would produce more than 9 billion cubic feet equivalent of natural gas per day across nearly 3 million net acres in Appalachia, with more than 3,700 miles of midstream infrastructure and more than 30 years of drilling inventory. EQT says the deal lowers its unlevered free-cash-flow breakeven below $2 per million BTU and should deliver $325 million in annual synergies within two years.

EQT President Toby Rice said the combined company will be “uniquely positioned for the next era of natural gas,” citing surging demand from power generation and data centers. The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals — so it is a signed agreement, not yet a completed acquisition.

Sources: EQT / Range Resources via PR Newswire (Oct 26, 2026); 90.5 WESA (Oct 26, 2026); Reuters (Oct 26, 2026).