EQT Corporation and Range Resources Corporation said Monday they had signed a merger agreement that would unite the Appalachian gas producers in a company with a pro forma enterprise value above $50 billion.
The all-stock agreement would give each eligible Range common share 0.987 shares of EQT common stock. On a fully diluted basis, EQT shareholders are expected to own about 73% of the combined company after closing, while Range shareholders would hold about 27%. The companies did not state a separate purchase price for Range.
EQT projects that the combined business would have net production above nine Bcfe/d, more than 30 years of inventory across nearly three million net acres, and more than 3,700 miles of midstream infrastructure. These are company estimates for the proposed combination.
The companies said the merger could help them serve Appalachian demand and support longer-term supply arrangements. They also cited development and infrastructure optimization, marketing efforts and demand-linked growth involving natural gas, liquefied natural gas and natural gas liquids.
The companies project $325 million in annual base synergies within two years, with a longer-term path to more than $600 million. They also forecast about $20 billion in cumulative free cash flow over five years, based on recent strip pricing. The figures are forward-looking company estimates.
EQT President and CEO Toby Z. Rice said the deal “creates a company uniquely positioned for the next era of natural gas.” EQT’s executive team would lead the combined company, which would keep its headquarters in Canonsburg, Pennsylvania. Range President and CEO Dennis L. Degner and another Range representative are expected to join EQT’s board at closing.
The companies are targeting a first-quarter 2027 close. Closing is contingent on approval by both shareholder groups, completion of the applicable Hart-Scott-Rodino review period and effectiveness of EQT’s Form S-4 registration statement, along with other conditions. Both companies plan to release third-quarter 2026 results after market close Oct. 27; their earnings calls scheduled for Oct. 28 have been canceled.
