EQT Agrees to Buy Range Resources in 50 Billion Dollar Deal

EQT Corp. plans to acquire Range Resources Corp. in an all-stock transaction valued at $50 billion, bringing two major Appalachian natural gas producers under one company. Announced on October 26, 2026, the proposed merger has received unanimous approval from both companies' boards and is expected to close in the first quarter of 2027, subject to shareholder and regulatory approval.

The combined company would produce more than 9 billion cubic feet of natural gas per day, equivalent to 8% of total US natural gas production, according to the companies' announced transaction details. The agreement would give Range Resources shareholders 0.987 shares of EQT common stock for each Range share they own.

The acquisition would unite Range Resources, a pioneer in developing Pennsylvania's Marcellus Shale, with EQT, which expanded its operations in the formation to become the largest natural gas producer in the United States before two other companies combined and displaced it from that position.

Based in Texas, Range Resources helped pioneer development of the Marcellus Shale, a geological formation extending beneath large portions of southwestern, central and northeastern Pennsylvania. The formation has become a significant source of natural gas production in the Appalachian region.

EQT traces its roots to Equitable Gas, a former Pittsburgh utility. Its expansion in the Marcellus Shale established the company as a leading force in the US natural gas industry, providing the operational foundation for the proposed combination.

EQT CEO Toby Rice said the acquisition would bring together extensive natural gas assets and strengthen the company's position in the energy market.

"This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas," said Toby Rice, EQT CEO.

Rice also highlighted the combined company's ability to manage changes in natural gas market conditions, pointing to the scale and characteristics of the assets involved in the transaction.

"The combined company will offer exceptional resilience through commodity cycles," said Toby Rice, EQT CEO.

The transaction remains subject to shareholder votes and regulatory approval. If those conditions are met, the companies expect to complete the merger during the first quarter of 2027.