EQT Agrees to Buy Range Resources in All-Stock Deal Valued at Over $50 Billion

EQT Corporation agreed on October 25, 2026, to acquire Range Resources Corporation in an all-stock transaction that values the combined company at more than $50 billion including debt, creating the largest and only vertically integrated natural gas producer in the United States. Under the terms of the merger agreement, each Range share will be exchanged for 0.987 shares of EQT common stock, a premium of approximately 21%. Upon closing, Range shareholders are expected to own roughly 27% of the combined company, with EQT shareholders retaining the remaining 73%.

The merged company would produce more than 9 billion cubic feet equivalent of natural gas per day. EQT projects the combination will generate approximately $20 billion in cumulative free cash flow over the next five years at recent strip pricing and expects to achieve $325 million in annual cost savings within two years of closing. The combined entity is also expected to carry BBB-quality credit metrics at closing. The deal is targeted to close in the first quarter of 2027.

Range Resources shares surged as much as 18% on the news, hitting a 52-week high of $50.80, while EQT shares fell roughly 4 to 8 percent across the session. Mizuho raised its price target on Range Resources following the announcement of the merger terms. Barron's and other outlets highlighted the deal's connection to surging natural gas demand from AI data centers as a broader market tailwind for the sector.

Investor rights law firm Halper Sadeh LLC separately announced investigations into whether both Range Resources and EQT shareholders are receiving fair value in the transaction, a standard step in large mergers of this type.