EQT to Acquire Range Resources in All-Stock Deal Topping $50 Billion, Creating Largest US Natural Gas Producer

EQT Corporation agreed on October 26, 2026, to acquire Range Resources in an all-stock transaction that values the combined company at more than $50 billion including debt. The deal creates the largest and only vertically integrated natural gas producer in the United States, with combined daily production exceeding 9 billion cubic feet equivalent.

EQT projects the merged company 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, reflecting what both companies described as a strengthened balance sheet.

The transaction, structured entirely in stock, is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals. EQT said the combination brings together two high-quality Appalachian natural gas asset bases alongside the largest natural gas marketing platform in the country, positioning the company to capitalize on a new era of demand-led natural gas growth.