PITTSBURGH, PA — Pittsburgh-based EQT Corporation announced Monday morning it will acquire Range Resources in a $13 billion all-stock deal.
The merger creates America's largest natural gas producer, with a combined value of $50 billion.
The two companies historically have been competitors as two of the largest natural gas producer in the U.S. Appalachian Basin shale fields.
The transaction is expected to close during the first quarter of 2027, subject to regulatory approvals and clearances, EQT and Range shareholder approval and other typical closing conditions.
"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," EQT CEO Toby Rice said in a statement.
"As the lowest-cost natural gas producer in the industry, supported by multiple decades of high-quality inventory, the combined company will offer exceptional resilience through commodity cycles while maintaining significant upside to strengthening natural gas fundamentals."
EQT's management team will lead the combined company, which will retain its headquarters in Canonsburg. Two representatives, including Range CEO Dennis Degner, will join EQT's board.
"This combination of two highly successful operators with decades of inventory creates opportunities to build long-term value neither could fully realize independently," Degner said. f Range. "The combined company will be uniquely positioned to capitalize on increasing demand for natural gas and liquids both domestically and internationally, delivering superior returns for investors."
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