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Business

EQT to buy Range Resources in $50bn-plus deal creating America's biggest gas producer

EQT Corp has agreed to acquire Range Resources in an all-stock deal valued at more than $50 billion including debt, creating what the companies call the largest vertically integrated natural gas producer in the United States.

By James Calloway · · 1 min read

EQT Corp has agreed to acquire Range Resources in an all-stock deal valued at more than $50 billion including debt, creating what the companies called the largest vertically integrated natural gas producer in the United States.

Under the terms announced on Monday, Range shareholders will receive 0.987 EQT shares for each share held. Reuters calculates that values the equity at about $12.83 billion, with an implied offer price of $54.91 per share — about 20.6 percent above Range’s closing price on Friday. EQT shareholders will own about 73 percent of the combined company and Range investors the remaining 27 percent.

The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals. EQT shares were down 4.6 percent in premarket trading, while Range shares were up 10.1 percent, Reuters reported.

The combined company will produce more than 9 billion cubic feet of natural gas equivalent per day and control nearly 3 million net acres in the Appalachian Basin, with more than 30 years of drilling inventory and about 3,700 miles of midstream infrastructure. EQT said the deal would generate about $325 million of annual savings within two years.

Two Range representatives, including chief executive Dennis Degner, will join EQT’s board on completion. EQT’s management team will lead the combined company, which will keep its headquarters in Canonsburg, Pennsylvania. Growing demand for natural gas from data centres has improved the outlook for US gas producers, Reuters noted.

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