The agreement offers a nearly 21% premium for Range and would give its shareholders 27% of the combined producer, with completion expected in the first quarter of 2027.
EQT announced an agreement on October 26, 2026, to acquire rival Range Resources for $12.8 billion in shares. The proposed acquisition would make the Pennsylvania company the largest US natural-gas producer, overtaking Expand Energy, Fortune said.
The agreement carries a nearly 21% premium for Range. Because EQT would pay with shares rather than cash, Range shareholders would become owners of 27% of the combined company. The acquisition has not been completed.
Both companies concentrate their operations in Appalachia, with a footprint across Pennsylvania, West Virginia and Ohio. Together, they would produce more than 9 billion cubic feet a day, including natural gas liquids such as propane and butane. Their combined assets would include 2.8 million net acres and 3,700 miles of pipelines.
Range chief executive Dennis Degner said the company had been happy to remain independent, but considered EQT the leading combination among its options, partly because of the premium for shareholders. Degner is set to join EQT’s board.
Analysis
EQT chief executive Toby Rice presented the acquisition as preparation for rising gas demand, citing new power-generation facilities and expanding pipelines. EQT’s outlook centres on demand from data centres and exports of liquefied natural gas—gas transported in liquid form—with much of the anticipated growth around 2030 and beyond.
Rice also estimated savings from combining the neighbouring businesses. These are management estimates, not savings already achieved.
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| Timing | Estimated savings |
|---|---|
| More immediate | $325 million |
| Longer term | More than $300 million additional |
Patrick Harris, senior editor at analytics firm Infralogic, said the deal looked sound based on growth projections but identified risks to that outlook. He cited the possibility of more gas reaching Europe and of slower data-centre growth or technologies that reduce power requirements.
The transaction is expected to close in the first quarter of 2027. Completion would bring the two producers’ operations under EQT and give Range shareholders their stake in the enlarged company.
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