EQT has agreed to acquire Range Resources in an all-stock transaction worth roughly $13 billion, creating the largest U.S. natural gas producer as the industry positions for rising demand from LNG exports, electricity generation and data centers.
The combined company will have a pro forma enterprise value exceeding $50 billion and produce more than 9 billion cubic feet equivalent per day.
Under the agreement, Range shareholders will receive 0.987 EQT shares for each Range share. Based on EQT’s previous closing price, the transaction implies a value of $54.91 per Range share, approximately 20.6% above Range’s previous closing price.
EQT shareholders are expected to own about 73% of the combined company, with Range shareholders holding approximately 27%.
The scale of the transaction extends beyond production.
The companies will control nearly 3 million net acres in the Appalachian Basin, more than 30 years of drilling inventory and over 3,700 miles of midstream infrastructure.
That integrated footprint gives the enlarged EQT greater control over production, transportation and marketing at a time when U.S. natural gas is becoming increasingly important to both domestic electricity demand and global LNG markets.
EQT expects approximately $325 million of annual synergies within two years, with a longer-term pathway toward more than $600 million through operational, infrastructure and marketing efficiencies.
The company also projects roughly $20 billion of cumulative free cash flow over five years at recent strip pricing. Those figures are management projections rather than guaranteed outcomes.
The transaction illustrates another phase of consolidation across U.S. shale. Producers increasingly value scale, long drilling inventories and infrastructure ownership as demand expectations improve while investors continue demanding capital discipline.
Artificial-intelligence infrastructure adds another potential source of demand. Large data centers require substantial quantities of dependable electricity, increasing interest in gas-fired generation alongside nuclear and renewable power.
The transaction remains subject to shareholder and regulatory approvals and is expected to close in the first quarter of 2027.
For energy markets, the key question is whether growing LNG, power-generation and data-center demand develops rapidly enough to absorb additional Appalachian production while supporting stronger long-term gas economics.
