EQT agrees to buy Range Resources in an all-stock gas merger

EQT and Range Resources said on Oct. 26 that they had entered into a definitive merger agreement under which EQT will acquire Range in an all-stock transaction. The announcement came jointly from the companies in Canonsburg, Pennsylvania, and Fort Worth, Texas.

The deal follows EQT’s position as a large U.S. natural-gas producer and adds Range’s operations to the combined company. The announcement describes the resulting business as America’s natural-gas champion, but the terms available here do not include the exchange ratio, the implied transaction value or the expected closing date.

EQT’s FY2025 revenue was $8.6 billion, up 63.9% year over year, with a 23.6% net margin and $3.31 diluted EPS. Range reported FY2025 revenue of $3.1 billion, up 28.9%, with a 21.1% net margin and $2.74 diluted EPS; those figures are from the companies’ prior annual periods rather than the merger announcement.

The central open points are the consideration paid in EQT shares, shareholder approval, regulatory review and the operating benefits that management expects from combining the businesses. The definitive agreement establishes the transaction framework, but the available announcement details do not establish the final ownership split or the conditions required to complete it.

Investors will next need the full merger terms, the companies’ shareholder and regulatory filings, and the next reported results from both businesses to assess the exchange economics and any effect on production, costs and earnings.