EQT to Buy Range Resources in $13 Billion All-Stock Deal
The merger will create the largest natural gas producer in the United States, controlling nearly three million acres in the Appalachian basin.
By Allison Cooper ·
EQT Corporation announced plans to acquire Range Resources Corporation in a transaction valued at $13 billion. The deal is structured as an all-stock exchange and requires regulatory approval before it can close.
The acquisition will combine two major operators in the Appalachian region. The resulting entity will control nearly three million acres of land. It will also consolidate approximately 3,700 miles of existing infrastructure and 30 years of gas inventory.
EQT President and CEO Toby Rice stated that the combination brings together two of the highest-quality asset bases in North America. He described the new company as uniquely positioned for the next era of natural gas. Rice noted that the combined entity will be the nation's only vertically integrated natural gas producer with a low-cost structure and leading inventory depth.
Range Resources President and CEO Dennis Degner said the board unanimously approved the transaction. He argued that the merger allows the companies to build long-term value that neither could fully realize on its own. Degner said the deal positions the combined firm to capitalize on increasing domestic and international demand for natural gas and liquids.
When the deal closes in the first quarter of 2027, current EQT shareholders will own 73 percent of the new company. Current Range Resources shareholders will own the remaining 27 percent. The combined company will be headquartered in Canonsburg, Pennsylvania, where the current management team will lead operations.
Two representatives from Range Resources, including Degner, will join the EQT board of directors. The merged entity will have a market value of more than $50 billion. It will be the largest natural gas producer in the country.
EQT currently operates about 3,500 wells in northcentral and northern West Virginia. The company is the second largest natural gas producer in the state. The acquisition of Range Resources will expand its footprint within the Appalachian basin.
Source: WV MetroNews · original report published
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