EQT Corp. announced Monday that it will acquire Range Resources in an all-stock transaction. The combined company will have an enterprise value of more than $50 billion, making EQT the largest natural gas producer in the United States. The deal brings together two major operators in the Appalachian Basin.
Range shareholders will receive 0.987 shares of EQT stock for each share they own. The offer values Range shares at a roughly 21% premium to Friday’s closing price. After the deal closes, EQT shareholders will own about 73% of the combined company, and Range shareholders will own the remaining 27%.
The combined company will produce more than 9 billion cubic feet of natural gas equivalent per day. It will control nearly 3 million net acres.
EQT expects the deal to close in the first quarter of 2027, pending shareholder and regulatory approval. EQT’s current management team will lead the combined company.