On October 25, 2026, Range Resources Corporation entered into a definitive Agreement and Plan of Merger with EQT Corporation. Under the terms of the agreement, EQT will acquire Range in an all-stock transaction. The merger is structured as a two-step process, with Merger Sub first merging into Range, followed by the surviving entity merging into an EQT subsidiary.
Shareholders of Range will receive 0.987 shares of EQT common stock for each share of Range common stock they own. As a result of the transaction, EQT’s existing shareholders are expected to own approximately 73% of the combined company, while Range shareholders will own approximately 27% on a fully diluted basis.
Following the closing of the transaction, which is expected to occur in the first quarter of 2027, two representatives from Range, including CEO Dennis L. Degner, will join the EQT Board of Directors. The combined company will be headquartered in Canonsburg, Pennsylvania.
The transaction is subject to customary closing conditions, including the approval of the Merger Agreement by the holders of a majority of the voting power of Range’s outstanding shares and the approval of the issuance of EQT shares by a majority of the votes cast at a special meeting of EQT shareholders. The agreement also includes termination rights, with a termination fee of $423 million payable to EQT if Range terminates the agreement and a fee of $1.148 billion payable to Range if EQT terminates the agreement.
The combined company is expected to have a pro forma enterprise value of over $50 billion and a net production rate of more than 9 billion cubic feet equivalent per day. The transaction is anticipated to generate $325 million in base annual synergies within two years, with a pathway to more than $600 million long-term.
