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EQT to acquire Range Resources, creating largest US natural gas producer

EQT to acquire Range Resources, creating largest US natural gas producer

Money Moves

All-stock merger valued at more than $50 billion; S&P has EQT's ratings on review for an upgrade ahead of a first-quarter 2027 close

October 28th, 2026: EQT lifts Appalachian demand forecast after Range deal

Overview

Updated Nov 3

EQT agreed on Oct. 26 to buy Range Resources in an all-stock deal that would make it the largest US natural gas producer. Range shareholders get 0.987 EQT shares for each share they own, about 27% of the combined company, in a transaction valued at $13.7 billion including $881 million of Range debt.

S&P Global Ratings put EQT's BBB- ratings on review for a possible upgrade on Oct. 27, saying it expects to raise them one notch if the deal closes as proposed in the first quarter of 2027. On Oct. 28, CEO Toby Rice told Reuters the combined company now expects Appalachian gas demand to grow by more than 25 billion cubic feet a day, up from a prior forecast of about 20 bcfd. Closing still needs shareholder votes at both companies, an effective Form S-4 registration and antitrust clearance.

Why it matters

If this merger closes, one company controls the largest share of US gas supply as data centers push demand to records.

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Key Indicators

$12.8B
Equity value of deal
Value of the EQT shares issued to Range holders, based on 233.68 million Range shares at $54.91 each.
$13.7B
Deal value including debt
S&P Global Ratings' figure, including about $881 million of Range debt as of June 30, 2026.
$50B+
Pro forma enterprise value
Combined company's enterprise value exceeds $50 billion, including debt.
20.6%
Premium over Range's last close
Implied offer price of $54.91 per share versus the Oct. 23 close. S&P rounds the premium to 21%.
9 Bcfe/d
Combined daily net production
About 9 billion cubic feet of natural gas equivalent per day, a 28% increase for EQT.
46 Tcfe
Pro forma proved reserves
Year-end 2025 reserves for the combined company, nearly 65% above EQT's standalone base, according to S&P.
$325M
Base annual synergies
Expected within two years, with a path to more than $600 million long-term.
25 Bcf/d
Appalachian demand growth forecast
EQT's updated estimate for regional gas demand growth, up from about 20 bcfd, per CEO Toby Rice.

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People Involved

DD
Dennis Degner
Chief Executive Officer, Range Resources
Will join EQT's board when the merger closes; the board expands to 12 seats with two Range designees
TR
Toby Rice
President and Chief Executive Officer, EQT Corporation
Leads combined company after merger closes

Organizations Involved

EQT Corporation
EQT Corporation
Natural gas producer
Acquirer; S&P placed its BBB- ratings on CreditWatch positive on Oct. 27, 2026, citing a likely one-notch upgrade once the deal closes

Canonsburg, Pennsylvania gas producer that would become the largest in the US once the Range deal closes.
Range Resources Corporation
Range Resources Corporation
Public natural gas producer (NYSE: RRC)
Acquisition target; shareholders must vote on the deal, which is expected to close in the first quarter of 2027

Fort Worth-based producer focused on the Marcellus Shale in Pennsylvania.

Timeline

1980 October 2026

9 events Latest: October 28th, 2026 · 2 weeks ago
Tap a bar to jump to that date

  1. EQT lifts Appalachian demand forecast after Range deal

    Latest Outlook

    CEO Toby Rice told Reuters the combined company expects Appalachian gas demand to grow by more than 25 billion cubic feet a day, up from a prior forecast of about 20 bcfd. He said about half stays in the basin and half moves through pipeline projects, and that EQT aims to keep 15% of gas sales exposed to international markets.

  2. S&P places EQT ratings on CreditWatch positive

    Ratings

    S&P said it expects to raise EQT's BBB- issuer rating one notch if the deal closes as proposed. It cited a 65% increase in proved reserves to 46 Tcfe, production of about 9 Bcfe/d and more exposure to natural gas liquids.

  3. EQT reports third-quarter 2026 results

    Earnings

    EQT sold 583 Bcfe in the quarter, including 21 Bcfe it held back, and spent $638 million on capital projects, 10% below the low end of guidance. Free cash flow was $283 million and net debt just under $5.5 billion.

  4. EQT signs 10-year LNG sales agreement with Ignitis Group

    Contract

    EQT agreed to sell liquefied natural gas to Ignitis Group, which EQT describes as the largest supplier of electricity and natural gas in its market, for 10 years.

  5. EQT opens season for planned POWER Pipeline

    Infrastructure

    EQT launched an open season for the 42-inch POWER Pipeline, meant to carry gas from its Marcellus acreage in Pennsylvania to rising demand at the Clarington hub in Ohio.

  6. EQT announces acquisition of Range Resources

    Merger

    EQT agrees to buy Range in an all-stock deal creating the largest US natural gas producer.

  7. Merger agreement filed with SEC, listing closing conditions

    Regulatory

    The Form 8-K sets out what must happen before the deal closes: a majority vote of Range shares, EQT shareholder approval of the share issuance, an effective Form S-4 registration with the SEC, and expiration of the Hart-Scott-Rodino waiting period.

  8. Range reports year-end production

    Disclosure

    Range produces 2.24 Bcfe per day from 1,579 wells, with 18.1 Tcfe of proved reserves.

  9. Range Resources incorporated

    Founding

    The natural gas producer that EQT would later acquire is founded as a Delaware corporation.

Scenarios

1

EQT-Range merger clears approvals and closes

Likely Resolves by Q1 2027

Discussed by: Reuters; EQT and Range management

Both companies' boards approved the deal unanimously, and the 20.6% premium gives Range shareholders reason to support it. If the Federal Trade Commission raises no antitrust objections and shareholders approve, the merger closes in the first quarter of 2027 as the companies project. EQT's executive team takes over combined operations from Canonsburg.

2

Regulators impose conditions or block the deal

Unlikely Resolves by Q1 2027

Discussed by: Precedent from ExxonMobil-Pioneer and the FTC's review of large shale mergers

The Federal Trade Commission could scrutinize EQT's market share in Appalachian gas or its control of midstream infrastructure. Drawing on the Exxon-Pioneer template, regulators might clear the deal only on condition — for example, barring a Range executive from EQT's board or requiring divestitures. A full block is unlikely given the transparency of the all-stock structure.

3

Shareholders reject the merger

Unlikely Resolves by Q1 2027

Discussed by: EQT holders weighing dilution against the deal's projected synergies

Range shareholders receive a 20.6% premium, giving them little reason to vote no. EQT shareholders face more dilution risk: the all-stock structure shifts roughly 27% of the combined company to Range holders. If EQT investors balk at the price or management's projections, either shareholder vote could fail, killing the deal before regulators weigh in.

4

S&P upgrades EQT to BBB after the merger closes

Likely Resolves by Apr 30, 2027

Discussed by: S&P Global Ratings

S&P placed EQT's ratings on CreditWatch positive on Oct. 27, 2026, and said it expects to raise the issuer credit rating one notch to BBB if the deal closes as proposed. The agency pointed to the combined company's larger reserve base, about 9 Bcfe/d of production and a bigger share of output sold as natural gas liquids.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

October 2023 – May 2024

ExxonMobil–Pioneer Natural Resources (2023)

ExxonMobil agreed in October 2023 to buy Pioneer Natural Resources for about $60 billion in an all-stock deal, the largest in a wave of US shale consolidation. The merger made Exxon the dominant operator in the Permian Basin of west Texas and New Mexico.

Then

The Federal Trade Commission cleared the deal in May 2024 on condition that Pioneer's founder, Scott Sheffield, not join Exxon's board. The merger closed the same month.

Now

The deal set a template for mega shale mergers: all-stock structure, antitrust review, and a close within about seven months once conditions were met.

Why this matters now

Gives EQT and Range a clear blueprint for regulatory review and closing — and shows conditions can be attached even when a deal clears.

January 2024 – October 2024

Chesapeake–Southwestern merger (2024)

Chesapeake Energy and Southwestern Energy agreed to merge in January 2024, creating what was then the largest US natural gas producer, with operations spanning the Marcellus and Haynesville shales. The all-stock deal was valued at about $7.4 billion.

Then

The combined company, later renamed Expand Energy, closed the deal in October 2024.

Now

It demonstrated that gas-focused consolidation can clear regulatory review, and set the scale benchmark EQT's deal now surpasses by roughly seven times.

Why this matters now

Shows the consolidation pattern EQT is following, and the speed at which such mergers can close when both sides cooperate.

Sources

(9)
+3
PRNewswire Financial Times Reuters via StreetInsider U.S. Securities and Exchange Commission TipRanks S&P Global Ratings Reuters via Investing.com PR Newswire U.S. Securities and Exchange Commission