EQT to Acquire Range Resources in $13 Billion Deal to Become Largest US Natural Gas Producer

EQT Corp said on Monday it would acquire Range Resources in an all-stock deal valued at approximately $13 billion, creating the largest natural gas producer in the United States. The merger brings together two major producers in the Appalachian Basin, strengthening EQT’s drilling portfolio and expanding its infrastructure to meet growing demand from liquefied natural gas (LNG) exports, power generation and industrial customers. Including debt, the combined company will have an enterprise value of more than $50 billion.

The deal comes amid expectations of record US natural gas demand, driven by expanding LNG exports and rising electricity consumption from artificial intelligence data centres. The combined company is expected to produce more than 9 billion cubic feet equivalent of natural gas per day, with over 30 years of drilling inventory across nearly 3 million net acres and more than 3,700 miles of midstream infrastructure. Under the agreement, Range shareholders will receive 0.987 EQT shares for each share held, valuing Range at $54.91 per share, a premium of approximately 20.6% to its last closing price on Friday. Following the transaction, EQT shareholders will own around 73% of the combined entity, while Range investors will hold the remaining 27%.

The merged company expects to generate approximately $20 billion in cumulative free cash flow over five years at recent market prices. The transaction is also projected to lower EQT’s unlevered free cash flow breakeven to below $2 per million British thermal units, improving its resilience to fluctuations in natural gas prices. EQT’s existing management team will lead the combined business, which will retain its headquarters in Canonsburg, Pennsylvania. Range Chief Executive Dennis Degner and another company representative will join EQT’s board. The transaction is expected to close in the first quarter of 2027.

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