EQT Agrees All-Stock Acquisition of Range Resources Forming Largest U.S. Natural Gas Producer
What happened
EQT Corporation reached an agreement to acquire Range Resources in an all-stock transaction valued at approximately $13 billion, forming an energy producer with an enterprise value exceeding $50 billion.
The Context
* Appalachian dominance: The combined entity secures nearly 3 million net acres, over 3,700 miles of midstream pipelines, and more than 30 years of drilling inventory across the Marcellus Shale. * Powering tech demand: EQT raised regional gas demand forecasts to 25 billion cubic feet per day to meet expanding energy consumption from AI data centers alongside export terminals. * Capital efficiency: Management projects $325 million in annual synergies within two years—scaling past $600 million over time—and targets breakeven extraction costs below $2 per MMBtu.
The Number
represents the combined net production of the merged firm, establishing it as the single largest natural gas producer in the United States.
Takeaway
Pending shareholder and antitrust approvals, the transaction closes in Q1 2027, consolidating control over North American fuel supply for the ongoing infrastructure buildout.
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EQT Corp. agreed to buy Range Resources Corp. in an all-stock transaction valued at about $12.8 billion, a deal the companies frame as creating the largest and only vertically integrated natural gas producer in the United States.