EQT agrees to acquire Range Resources in all-stock natural gas merger

EQT Corporation and Range Resources signed a definitive merger agreement under which EQT will acquire Range in an all-stock transaction. Each Range share will be exchanged for 0.987 EQT shares, with EQT shareholders expected to own about 73% of the combined company and Range shareholders about 27%.

The companies said the combination would create the largest vertically integrated U.S. natural gas producer, with more than 9 Bcfe/d of net production, over 30 years of inventory and about 3,700 miles of midstream infrastructure. They expect $325 million of base annual synergies within two years. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and shareholder votes at both companies.

Citi and RBC Capital Markets advised EQT, with Kirkland & Ellis as legal counsel. Evercore acted as lead financial advisor to Range, with J.P. Morgan Securities also advising, and Gibson, Dunn & Crutcher as legal counsel.