CANONSBURG, Pa. — EQT Corporation, the second largest natural gas producer in West Virginia, has announced plans to acquire adjacent Appalachian gas producer, Range Resources Corporation, in an all-stock deal valued at $13 billion. 
The deal creates the largest natural gas producer in the country with control of nearly three million acres in the Appalachian basin. The purchase still needs regulatory approval.
The new company will have a value of more than $50 billion and will be the nation’s only vertically integrated natural gas producer with leading inventory depth and low-cost structure.
The merger amasses 30 years of inventory and about 3,700 miles of infrastructure, the announcement 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,” EQT President and CEO Toby Rice said. “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. Additionally, our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come.”
Range President and CEO Dennis Degner said the companies are stronger together.
“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. “Our Board of Directors unanimously determined that this transaction will enhance Range shareholders’ ability to participate in a constructive long-term natural gas and NGL macro outlook. 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. I want to thank our employees, whose hard work, dedication and commitment have positioned us to enter this next chapter of value creation with EQT.”
When the deal closes in the first quarter of 2027, current EQT shareholders will own 73 percent of the company with the balanced owned by current Range Resources shareholders.
Two representatives with Range Resources includingD egner will be added to the EQT board and the combined company will be led by the management team from the headquarters remaining in Canonsburg, Pennsylvania.
EQT operates about 3,500 wells in northcentral and northern West Virginia.