EQT said on Monday, October 26, it will buy Range Resources in a $13 billion all-stock deal to create the largest natural gas producer in the United States, as it bets on rising demand from LNG exports and power generation, Reuters reported. The deal combines two top natural gas producers in the prolific Appalachian Basin, giving EQT a deeper drilling inventory and expanded infrastructure to serve utilities, LNG exporters and industrial customers. Including debt, the combined company will be valued at more than $50 billion (yaani roughly 5,000 crore dollars).

Source: Reuters, Oct. 26, 2026

$12.83 billionequity value of the deal — about $13 billion (yaani roughly 1,300 crore dollars), or $54.91 per Range share
0.987EQT shares to be received for each Range Resources share
73% / 27%expected ownership split — EQT shareholders / Range shareholders
>9 Bcfe/dcombined net production, with over 30 years of inventory across nearly 3 million net acres
3,700+ milesmidstream pipeline infrastructure in the combined company
Q1 2027expected closing, subject to shareholder and regulatory approvals

Range shareholders will receive 0.987 EQT shares for each share held, giving the deal an equity value of $12.83 billion, or $54.91 per share — a premium of about 20.6% to Range's last closing price on Friday, according to Reuters calculations. In premarket trading on Monday, EQT shares were down 3.3%, while Range Resources shares were up 10.8% at $50.42. EQT shareholders will own about 73% of the combined company and Range investors the remaining 27%.

Source: Reuters, Oct. 26, 2026

Headquarters in Canonsburg, Pennsylvania — and what the companies promise

The combined company will be headquartered in Canonsburg, Pennsylvania, if the transaction closes, according to the companies' announcement. Both boards unanimously approved the merger agreement. EQT President and CEO Toby Z. Rice said: “This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas.” The companies expect about $325 million of base annual synergies within two years, with a pathway to more than $600 million longer term, and about $20 billion (yaani roughly 2,000 crore dollars) of cumulative free cash flow over the next five years at recent market prices. Two Range representatives, including Range President and CEO Dennis Degner, are expected to join EQT's board. These are company projections, not results.

Source: EQT / Range Resources joint announcement, via BOEReport, Oct. 26, 2026

The merger comes as demand for U.S. natural gas is expected to hit new records, driven by growing LNG exports and power demand from AI data centres, Reuters reported. The Energy Information Administration has forecast domestic consumption to rise from 91.9 billion cubic feet per day in 2025 to 94.3 billion cubic feet per day in 2027. The deal is also expected to lower EQT's unlevered free cash flow breakeven to below $2 per MMBtu, helping it remain profitable through swings in natural gas prices. MarketBeat's report of the announcement carried the same exchange ratio, ownership split and production figures.

Source: Reuters, Oct. 26, 2026; figures also in MarketBeat, Oct. 26, 2026