EQT strikes $12.83 billion all-stock deal to acquire Range Resources
Key Facts
EQT and Range Resources announced a definitive all-stock merger agreement on October 26, 2026, in a deal Reuters valued at about $12.83 billion, or $54.91 per share, according to its calculations. Range said the boards of both companies unanimously approved the agreement. The implied price represents a 20.6% premium to Range shares’ close on the Friday before the announcement. The deal turns acquisition talks into a publicly announced agreement between two major companies in the U.S. gas sector. The valuation provides a basis for comparing what Range shareholders will receive with the price at which the stock traded before the announcement.
When Reuters published its report on October 26, Range shares were up 16.7% at $53.14, while EQT shares were down 2.3%. Pre-market trading had shown Range up 10.1% and EQT down 4.6% in trading that same day. The comparison shows Range shares moving from Friday’s close, which Reuters used to calculate the premium, to higher levels after the announcement. Reuters said that "EQT shares fell 2.3%, while Range Resources shares rose 16.7% to $53.14." These figures reflect the market’s reaction at the time of the report and are not final closing prices for the day of the announcement.
The deal brings together two major producers in the Appalachian Basin, Reuters said, as both companies bet on growing gas demand. The report linked that demand to liquefied natural gas exports and the need for power generation, including the requirements of artificial intelligence data centers. Reuters said the deal is "a bet on rising demand from LNG exports and power generation." This context gives the consolidation of assets in one region strategic importance, as the sources of consumption cited by the report grow. The deal’s rationale, as presented by the source, is therefore tied to gas-demand expectations and the expanded asset base’s ability to serve those needs.
U.S. Energy Information Administration forecasts support the bet on growth in domestic consumption, with Reuters reporting that demand is projected to rise from 91.9 billion cubic feet per day in 2025 to 94.3 billion in 2027. The estimate compares the consumption level in 2025 with the forecast for 2027, putting gas needs at the center of the deal’s backdrop. The report said domestic consumption "will rise from 91.9 billion cubic feet per day in 2025 to 94.3 billion in 2027." According to the context presented by the source, increased use is linked to LNG exports, power generation and artificial intelligence data centers. The companies are therefore positioning the agreement within a market where the source expects domestic demand to rise over the specified period.
EQT Chief Executive Toby Rice said the expanded asset base would support long-term supply contracts. Range Chief Executive Dennis Degner said the agreement gives his company’s shareholders an opportunity to participate in the prospects for natural gas and natural gas liquids. Range quoted Degner as saying the deal "will enhance Range shareholders’ ability to participate" in those prospects. The executives’ remarks set out the agreement’s stated rationale on two fronts: building an asset base to support long-term supply and giving Range shareholders access to opportunities in the sector. These aims come amid expectations of rising gas consumption cited by Reuters from the Energy Information Administration.
The agreement has been announced as a definitive deal, while the report’s context indicates that completion is subject to approvals. Before the path to completion becomes clear, both companies are scheduled to report third-quarter results after the market closes on October 27, 2026, according to their announcement. They also canceled their earnings calls scheduled for October 28 because of the deal announcement. The results date falls ahead of the Federal Open Market Committee meeting on October 27 and 28. The Federal Reserve calendar lists a press conference on October 28, while the week’s agenda includes September durable-goods data on October 27 at 8:30 a.m. Eastern.