EQT Agrees All-Stock Acquisition of Range Resources, Creating Over $50 billion Gas Producer

EQT Corporation agreed to acquire Range Resources in an all-stock transaction, exchanging 0.987 EQT shares for each Range Resources share, with a pro forma enterprise value above $50 billion, TradingView reported. EQT is the largest U.S. natural gas producer, operating upstream, midstream and marketing businesses across the Appalachian Basin. Range Resources is an Appalachian natural gas producer.

EQT's All-Stock Deal for Range Resources

EQT entered a definitive agreement to acquire Range Resources in an all-stock transaction, with each Range Resources share exchanged for 0.987 EQT shares. Closing is expected in the first quarter of 2027, subject to approvals. The pro forma enterprise value exceeds $50 billion, and EQT holders would own about 73% of the combined company while Range Resources holders would own about 27%. Two Range Resources representatives will join the EQT board, and EQT's headquarters will remain in Canonsburg, Pennsylvania.

Range Resources increased production to 2.3 Bcfe per day in the second quarter of 2026, up 4% quarter over quarter, and expects production to reach 2.5 Bcfe per day in the fourth quarter of 2026, Seeking Alpha reported. The company also expects to generate over $400 million in free cash flow in the second half of 2026 at the current strip.

EQT's Contracted Volumes and Scale

EQT signed a 10-year supply agreement with Duke Energy for 1.2 Bcf per day, according to akta.pro company records. The company expanded its Commonwealth LNG offtake by 2 mtpa and entered a 20-year LNG purchase agreement with Glencore for 3 mtpa. EQT represents approximately 6% of total U.S. natural gas production and recorded 618 Bcfe in first quarter 2026 sales volume, exceeding guidance.

EQT's Dividend and Production Plans

EQT raised its quarterly dividend to $0.17 on October 14, 2026, with free cash flow covering the payout about 4.4 times even when gas prices fell to $2.89/MMBtu, 247wallst reported. The company will prioritize buybacks, and signed power and LNG contracts could add $145 million annually to free cash flow. EQT also declared the dividend payable December 1, 2026, to shareholders of record November 4, 2026, representing a three percent rise and an annualized regular cash dividend of $0.68 per share, PR Newswire reported. EQT expects to boost natural gas production in 2026 while spending less than last year, its CEO said, Seeking Alpha reported.

Expected Closing Timeline

EQT expects the acquisition to close in the first quarter of 2027, subject to approvals.