EQT Agrees All-Stock Acquisition of Range Resources Forming Largest US Natural Gas Producer
What happened
EQT Corporation agreed to acquire Range Resources in an all-stock transaction that creates the top U.S. natural gas producer with an enterprise value exceeding $50 billion.
The Context
* The transaction structure: Range shareholders will receive 0.987 EQT shares per Range share—a 20.6% premium valuing Range equity at $12.8 billion to $13 billion—leaving EQT investors with approximately 73% ownership of the combined group. * Scale and infrastructure: The combined entity integrates nearly 3 million net acres in the Marcellus Shale across Pennsylvania and West Virginia alongside more than 3,700 miles of midstream pipeline infrastructure. * Financial targets: Management projects $325 million in annual synergies within two years, a pathway to more than $600 million over the long term, and $20 billion in cumulative free cash flow over a five-year horizon.
The Number
represents the combined net production of the merged company, locking in scale to meet rising demand from power generation and global LNG exports.
Takeaway
Pending Hart-Scott-Rodino clearance and shareholder approvals ahead of an expected Q1 2027 close, watch for the combined entity to leverage its scale to dictate terms on multi-year supply contracts across domestic utilities and export terminals.
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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.