$RRC · RANGE RESOURCES CORP
Range Resources entered into a definitive merger agreement with EQT Corporation on October 25, 2026, in an all-stock transaction where each Range share converts to 0.987 EQT shares. The deal values the combined company at a pro forma enterprise value over $50 billion, with Range shareholders owning approximately 27% of the combined entity. The transaction is expected to close in Q1 2027, pending shareholder and regulatory approvals.
- EQT will acquire Range in an all-stock transaction at a 0.987 exchange ratio per Range share.
- Combined company will have pro forma enterprise value over $50 billion and >9 Bcfe/d of net production.
- Range shareholders will own approximately 27% of the combined company; EQT shareholders 73%.
- Expected $325 million in base annual synergies within two years, with a pathway to more than $600 million long-term.
- Transaction expected to close in Q1 2027, subject to shareholder and regulatory approvals.
Extended-hours trading shows RRC at $52.06, up +14.37% vs the regular-session close of $45.52, indicating strong investor enthusiasm for the deal premium. The all-stock structure gives Range shareholders ongoing exposure to the combined entity's projected ~$20 billion cumulative free cash flow over five years.
This merger creates the largest vertically integrated natural gas producer in the U.S., combining two premier Appalachian asset bases with projected ~$20 billion in cumulative free cash flow over five years.
This deal consolidates two of the largest Appalachian Basin natural gas producers, following a broader trend of E&P consolidation. The combined entity becomes America's largest vertically integrated natural gas producer with nearly 3 million net acres and >3,700 miles of midstream infrastructure.
Transaction requires shareholder and regulatory approvals; failure to close could reverse the premium. Integration risk exists for combining two large Appalachian operators, and synergy targets of $325M-$600M+ may not be fully realized. Commodity price volatility remains a core risk for the combined natural-gas-focused entity.