EQT to Buy Range Resources in $13 Billion Deal, Creating the Nation's Largest Natural Gas Producer

Two of the biggest names working the gas fields under our hills are about to become one. EQT Corporation and Range Resources announced Monday that they've signed a merger agreement under which EQT will buy Range in an all-stock deal, a move the companies say would create the largest natural gas producer in the United States.

The deal is valued at roughly $13 billion, and the combined company would carry an enterprise value of more than $50 billion. For a lot of families across north-central and northern West Virginia, where EQT already operates about 3,500 wells, this is the kind of business news that hits close to home.

How the Deal Works

Under the agreement, which was unanimously approved by both companies' boards, every share of Range stock would be swapped for 0.987 shares of EQT stock. When the dust settles, current EQT shareholders would own about 73% of the combined company and Range shareholders about 27%.

Based on the companies' closing stock prices on Friday, that exchange works out to about $54.91 for each Range share, roughly a 21% premium over where Range closed at $45.52.

A Giant in Appalachian Gas

EQT, already the second-largest natural gas producer in West Virginia, says the combined company would produce more than 9 billion cubic feet equivalent of natural gas per day, with more than 30 years of drilling inventory across nearly 3 million net acres. It would also own more than 3,700 miles of pipeline and other midstream infrastructure.

The companies say that would make the new EQT the country's largest, and only, vertically integrated natural gas producer, meaning it would handle everything from drilling the wells to moving and marketing the gas. EQT says the combination positions it to serve growing demand for natural gas in Appalachia.

Who Will Run It

EQT's current executive team would lead the combined company, and its headquarters would stay in Canonsburg, Pennsylvania, just over the line from our Northern Panhandle. Range, which is based in Fort Worth, Texas, would send two representatives to EQT's board once the deal closes, including Dennis Degner.

What Happens Next

Nothing changes overnight. The merger still needs approval from shareholders of both companies, along with federal regulatory clearance, including the standard antitrust review. The companies expect to close the deal in the first quarter of 2027.

The companies haven't said what the merger could mean for jobs, royalty owners or drilling plans here in the Mountain State. Those are the questions plenty of folks across our gas-producing counties will be asking in the months ahead, and we'll be keeping an eye on the answers.

Natural gas has long been part of the backbone of West Virginia's economy. Whatever comes next, one thing is clear: a whole lot of that story is still being written right here in our hills.