EQT agreed on October 26 to acquire Range Resources in an all-stock deal that would create a combined natural gas producer with more than 9 Bcfe/d of net production and a pro forma enterprise value above $50 billion.
Published in Brief No. 5 · · Also on LinkedIn ↗
Reviewed by Georges C. Nama, Esq., licensed by the Supreme Court of Texas.
On October 26, 2026, EQT Corporation announced a definitive agreement to acquire Range Resources in an all-stock transaction, with each Range share converting into 0.987 EQT shares. EQT shareholders are expected to own about 73% of the combined company and Range shareholders about 27%. According to the companies, the combined business will have more than 9 Bcfe/d of net production, nearly 3 million net acres, more than 30 years of inventory and over 3,700 miles of midstream infrastructure, and it targets $325 million in base annual synergies within two years. Reuters valued the deal at about $13 billion, or $54.91 per Range share, roughly a 20.6% premium to Range’s Friday close, by Reuters’ calculation. Closing is expected in the first quarter of 2027, subject to regulatory clearances and approval by both companies’ shareholders.
Reuters said the deal would create the largest U.S. natural gas producer, and it confirms that scale and integrated midstream assets are driving Appalachian valuations as LNG and power demand grow. Because the exchange ratio is fixed, Range holders carry EQT share-price risk until closing. That makes the shareholder votes, antitrust review and interim operating covenants the key milestones to watch. Counterparties holding gas purchase, gathering or marketing contracts with either company should check assignment, change-of-control and consent provisions now.
What it means for U.S. companies
Gas buyers, LNG developers and midstream operators with Range contracts would be dealing with a larger counterparty if the deal closes, so they should map change-of-control, assignment and consent clauses before closing. Smaller Appalachian and Haynesville producers may see more inbound interest as peers chase scale. Service providers and joint-venture partners should expect contract reviews and possible renegotiation once the two companies integrate. Investors should note that an all-stock structure moves deal value with the acquirer’s share price.
Related reading
Our oil, gas and energy practice page explains how we draft and review joint operating agreements, farmouts, drilling and gas sales contracts, and host government agreements for U.S. companies and investors. Our Africa–U.S. transactions page covers deal structuring, due diligence and cross-border compliance, including the U.S. Foreign Corrupt Practices Act. Before you sign, read 5 Mistakes That Sink Africa–U.S. Deals (and How to Avoid Them), and find every item of that edition in the Oil & Gas Intelligence Brief.
Sources: EQT Corporation press release (SEC Form 8-K, Exhibit 99.1) ↗ · Reuters via AJOT ↗
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Our oil and gas and contracts teams help operators, buyers and investors review change-of-control, assignment and consent terms in their energy agreements ahead of a counterparty merger.
The Oil & Gas Intelligence Brief summarizes publicly available information and links to its sources. It is general information, not legal advice, and reading it does not create an attorney-client relationship. Facts can change after publication; always check the official source.
