EQT announces $50 billion Range Resources merger

• EQT announced an all-stock agreement to acquire Range Resources, creating a combined natural gas company with a projected enterprise value exceeding $50 billion.
• Range shareholders would receive 0.987 EQT shares for each Range share, resulting in approximately 73% ownership for existing EQT shareholders and 27% for Range shareholders.
• EQT projects $325 million in annual synergies within two years and expects the transaction to close in the first quarter of 2027, subject to regulatory and shareholder approvals.

EQT Corporation (NYSE:EQT) announced an agreement to acquire Range Resources (NYSE:RRC) in an all-stock transaction expected to create a natural gas producer with a pro forma enterprise value exceeding $50 billion.

Under the proposed merger, Range shareholders will receive 0.987 EQT shares for each Range share, leaving existing EQT shareholders with approximately 73% of the combined company and Range shareholders with 27%.

Both companies' boards unanimously approved the agreement, which remains subject to shareholder votes, regulatory clearances and other customary closing conditions.

EQT expects the merger to generate $325 million in annual synergies within two years, with a potential pathway to more than $600 million in longer-term annual benefits.

The companies anticipate completing the transaction in the first quarter of 2027, with EQT's existing executive team leading the combined business.

EQT projects approximately $20 billion in cumulative free cash flow over five years at recent natural gas futures strip pricing, although the non-GAAP forecast depends on commodity prices and other operating assumptions.

Two Range representatives, including Dennis Degner, are expected to join EQT's board following completion, while the combination would bring together two producers with substantial operations in the Appalachian Basin.