EQT agrees to buy Range Resources in stock, expanding its Appalachian gas business

EQT and Range Resources announced an all-stock acquisition agreement on October 26, 2026, meaning EQT would pay with shares. The transaction remains pending. ^[1][2] Range shareholders would receive 0.987 EQT shares for each Range share and are expected to own about 27% of the combined company after completion.^[3]

Reports describe the combined business as a $50 billion company. The companies say the combination would expand their inventory of gas resources available to develop, infrastructure access and marketing capabilities in the Appalachian Basin, a major US natural-gas-producing region.^[4][2]

EQT says the deal would lower its free-cash-flow breakeven below $2 per million British thermal units, a measure of gas energy content. That is the gas price at which cash generated would cover operating costs and capital spending. If achieved, the lower threshold could help the combined company sustain investment during weak gas markets and increase competitive pressure on higher-cost producers.^[5]

The companies plan to use a larger resource base and operations spanning production, transportation and sales to serve anticipated growth in US power generation and international markets. Better transportation and sales access can help gas reach buyers; additional transportation revenue for pipeline businesses still depends on demand growth and actual gas volumes.^[2][6]

The stock payment also links the value Range shareholders receive to EQT's share price: the exchange ratio is fixed at 0.987 shares, while the market value of those shares can change.^[3]

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