EQT to Buy Range Resources in $13 Billion Deal to Create Top US Gas Producer EQT Corporation has announced a $13 billion all-stock deal to acquire Range Resources, a move that will create the largest natural gas producer in the US. The acquisition combines two top natural gas producers in the US Appalachian Basin, providing EQT with a deeper drilling inventory and expanded infrastructure to serve utilities, LNG exporters, and industrial customers. The deal comes as demand for US natural gas is expected to reach new records, driven by growing LNG exports and power demand from AI data centers. The Energy Information Administration has forecast domestic consumption to rise from 91.9 billion cubic feet per day in 2025. The combined company will have net production of over 9 billion cubic feet equivalent per day, with over 30 years of drilling inventory across nearly 3 million net acres and more than 3,700 miles of midstream infrastructure. Under the terms of the deal, Range shareholders will receive 0.987 EQT shares for each share held, valuing the deal at $12.83 billion or $54.91 per share. The transaction is expected to close in the first quarter of 2027, with EQT shareholders owning about 73% of the combined company and Range investors holding the remaining 27%. The combined company expects to generate about $20 billion in cumulative free cash flow over five years at recent market prices, and EQT's management team will lead the combined entity. Two Range representatives, including Chief Executive Dennis Degner, will join EQT's board.