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Mergers & AcquisitionsMediumUpdated×5•Originally published 26 October 2026•Updated 26 October 2026•
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EQT-Range Combined Entity Expected to Exceed $50 Billion Valuation with Record Gas Targets

Key Facts

1Reuters valued the shares offered to Range shareholders at about $12.83 billion, with an implied offer price of $54.91 a share.
2The combined company’s expected net production exceeds 9 billion cubic feet equivalent per day.
3Each outstanding Range share will receive 0.987 EQT shares; Range shareholders are expected to own about 27%.
4EQT expects $325 million in annual base savings within two years of the deal’s closing.
5The companies are targeting completion in the first quarter of 2027.

EQT and Range Resources announced a definitive stock-funded merger agreement on October 26 to create a leading U.S. natural gas producer with an expected market valuation exceeding $50 billion. Under the terms, Range shareholders will receive 0.987 EQT shares for each share held, resulting in EQT shareholders owning 73% of the combined entity. Reuters valued the equity offer at approximately $12.83 billion, representing a 20.6% premium over the closing price on the Friday prior to the announcement.

The companies expect combined net production to exceed 9 billion cubic feet equivalent per day, supported by 3 million net acres in Appalachia and over 30 years of drilling inventory. In premarket trading on October 26, EQT shares fell 4.6% while Range shares rose 10.1%, according to Reuters. EQT aims for $325 million in annual base savings within two years and projects cumulative free cash flow of $20 billion over the next five years.

EQT and Range plan to release their third-quarter results after the market closes on October 27, 2026, as they work toward a targeted closing in the first quarter of 2027. The companies have canceled their previously scheduled earnings calls for October 28 following the merger announcement.

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