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 in an all-stock transaction that creates the largest and only vertically integrated natural gas producer in the United States, with a combined pro forma enterprise value exceeding $50 billion including debt. Under the terms, each Range share will be exchanged for 0.987 EQT shares, a premium of roughly 21%, and Range shareholders will own approximately 27% of the combined company upon close, with EQT shareholders holding the remaining 73%.

The merged company will produce more than 9 billion cubic feet equivalent of natural gas per day. EQT projects the combined entity 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 deal is also expected to carry BBB-quality credit metrics at closing and is targeted to close in the first quarter of 2027.

Markets reacted sharply to the announcement. Range Resources shares surged roughly 13-15% in premarket trading, while EQT shares fell between 4% and 8%, a split reaction typical of all-stock acquisitions where the buyer absorbs dilution. The deal draws on a broader theme of surging natural gas demand from AI data centers, which analysts and media have cited as a key driver of consolidation in the sector.

Investor rights law firm Halper Sadeh LLC announced it is investigating the transaction on behalf of both Range and EQT shareholders to assess whether each side is receiving fair value. Separately, analyst Gerdes had downgraded Range Resources to neutral on valuation earlier the same morning, before the acquisition was announced.