EQT agreed October 26 to buy Range Resources in an all-stock deal worth about $13 billion, combining two Appalachian natural gas producers as demand grows from liquefied natural gas exports and power generation.
Reuters calculated the offer at $12.83 billion, or $54.91 per Range share, using EQT’s Friday closing price. The companies’ separate figure of more than $50 billion is the enterprise value of the combined business, including debt.
Under the agreement, each Range share would convert into 0.987 EQT shares. That fixes the share exchange ratio; the dollar value moves with EQT’s share price. Existing EQT investors would own about 73% of the combined company and Range investors about 27%.
The companies’ announcement puts combined net production above 9 billion cubic feet equivalent a day, with more than 3,700 miles of midstream infrastructure. EQT’s management would lead the business, which would keep its headquarters in Canonsburg, Pennsylvania.
Closing is expected in the first quarter of 2027. Range’s SEC filing says shareholders must approve the merger and EQT’s share issuance, while antitrust waiting periods and other closing conditions must also be satisfied. The agreement was signed October 25 and announced the following day.
Both companies canceled their previously scheduled October 28 earnings calls after announcing the transaction. They still plan to release third-quarter results after the market closes October 27.
