EQT to become top U.S. gas producer after $12.8 billion Range Resources deal
EQT announced a $12.8 billion all-stock purchase of Range Resources, positioning it as the largest natural-gas producer in the United States.
EQT of Pennsylvania disclosed a $12.8 billion all-stock acquisition of Range Resources, a deal that would crown it the United States’ leading natural-gas producer. The transaction, announced on Oct. 26, includes a near-21% premium and is slated to close in the first quarter of 2027, raising EQT’s enterprise value to about $50 billion. Combined output is projected at more than 9 billion cubic feet per day, with potential to reach 17-20 bcf as demand from new power plants, AI-driven data centers and LNG export terminals expands.
The merger adds roughly 2.8 million net acres, 30 years of drilling inventory and 3,700 miles of pipelines across the Marcellus Shale region. Industry analysts lauded the strategic fit and premium, though some caution that a peace settlement in the Russia-Ukraine conflict or slower AI adoption could curb expected demand. Range’s CEO Dennis Degner will join EQT’s board, and Range shareholders will own 27% of the new entity.
Why it matters
The merger creates the biggest U.S. gas producer, reshaping energy supply amid rising demand for power, AI data centers and LNG exports.
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