EQT’s Range Acquisition Valued at $12.83 Billion, at a 20.6% Premium
Key Facts
Reuters valued EQT’s acquisition of Range Resources at about $12.83 billion, or $54.91 per share, according to its report published on October 26, 2026. The implied price represents a 20.6% premium to Range’s closing price on the Friday before the announcement. These figures put the value of the deal itself, rather than that of the combined entity, at the center of the agreement’s details. The gap between the offer price and the previous close reflects the increase built into the offer for Range shareholders. The announcement came as gas companies face forecasts of rising demand from several sectors, including liquefied natural gas exports and power generation.
In its October outlook, the U.S. Energy Information Administration forecast that U.S. natural gas consumption would rise from 91.86 billion cubic feet per day in 2025 to 93.83 billion in 2027. The agency also estimated that U.S. liquefied natural gas exports would climb from 15.1 billion cubic feet per day in 2025 to 18.6 billion in 2027. This places export growth alongside rising domestic consumption among the contours of demand in the coming period. Reuters reported that LNG exports and electricity demand, including from AI data centers, support the demand outlook for gas. It also quoted EQT’s chief executive as saying future production growth would follow customer demand, with growth in the mid-single digits possible.
In a separate estimate reported by Reuters, the EIA forecast domestic consumption would rise from 91.9 billion cubic feet per day in 2025 to 94.3 billion in 2027. Reuters said EQT’s chief executive raised the estimate of potential gas demand in Appalachia to 25 billion cubic feet per day, compared with a previous estimate of 20 billion. This regional estimate highlights the scale of the increase in potential demand the company expects in the area. In October, the EIA forecast an average Henry Hub price of about $3.16 per million British thermal units in 2027. That implies an expected 9% decline from 2026, while inventories are expected to remain above the five-year average in most months of the forecast.
The two companies’ shares moved in opposite directions on October 26, according to Reuters’ market coverage. EQT shares fell 2.3%, while Range shares rose 16.7% to $53.14. Range’s gain came alongside the acquisition offer, which valued the stock at $54.91 and represented a 20.6% premium to the previous Friday’s close. EQT’s decline came in the same session in which the target company’s shares posted gains. The moves show the two stocks’ differing responses to the announcement that day, with Range rising and EQT falling.