EQT agrees to buy Range Resources in an all-stock deal that gives Range holders 27% of the combined company

EQT and Range Resources announced on October 26, 2026 a merger in which EQT acquires Range in an all-stock transaction. Each Range share converts into 0.987 shares of EQT common stock. EQT shareholders will own about 73% of the combined company and Range shareholders about 27%.

The joint release gives no price per share, no equity value and no termination fees, so the dollar value depends on EQT's share price. EQT's executive team will lead the combined company, which stays headquartered in Canonsburg, Pennsylvania. Two Range representatives, including its CEO Dennis Degner, will join EQT's board.

The companies describe a combined enterprise value of more than $50 billion, net production above 9 billion cubic feet equivalent a day, more than 30 years of drilling inventory, nearly 3 million net acres and more than 3,700 miles of midstream infrastructure. They expect $325 million of base annual synergies within two years, with a path to more than $600 million over the long term, and about $20 billion of cumulative free cash flow over five years at recent futures pricing. These are company projections.

Closing is expected in the first quarter of 2027 and needs regulatory clearances and approval by both companies' shareholders.