EQT has agreed to acquire Range Resources in an all-stock transaction that would create a natural gas company with a combined enterprise value exceeding $50 billion. Announced October 26, the agreement would give Range shareholders 0.987 EQT shares for each Range share, leaving existing EQT shareholders with approximately 73% of the combined company. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals.
The combination would bring together more than 9 Bcfe/d of net production, nearly 3 million net acres, more than 30 years of drilling inventory, and over 3,700 miles of midstream infrastructure. Management expects $325 million in annual base synergies within two years through corporate efficiencies, operations and commodities marketing. The approximately $13 billion stock consideration for Range is separate from the combined company’s $50 billion-plus enterprise value.
Range’s Well Data Shows a Concentrated Pennsylvania Footprint
OilGasLeads’ supplied Range dataset contains 364 drilled-well records, with Activity Dates from January 13, 2020, through October 16, 2026. Washington County accounts for 286 records, or 78.6%, demonstrating its importance within the drilling activity captured in the file.
County State Inferred play / basin Drilled-well records Share Washington Pennsylvania Southwest Marcellus / Appalachian 286 78.6% Allegheny Pennsylvania Southwest Marcellus / Appalachian 33 9.1% Beaver Pennsylvania Southwest Marcellus / Appalachian 23 6.3% Lycoming Pennsylvania North-central Marcellus / Appalachian 22 6.0% Total 364 100.0%
The county grouping places 342 records, or 94%, in southwestern Pennsylvania. County names with and without the “(PA)” suffix were combined for reporting. Although the file includes licence information, these counts represent the supplied drilled-well dataset—not total permits issued since 2020 or an inventory of undrilled locations. Play classifications are geographic estimates rather than confirmation of each well’s target formation.
Details
EQT plans to acquire Range Resources in an all-stock transaction, creating a combined natural gas company with an enterprise value exceeding $50 billion, according to the October 26, 2026 announcement.
Key item Summary Deal terms Range shareholders receive 0.987 EQT shares for each Range share. Ownership Existing EQT shareholders would own approximately 73%; Range shareholders 27%. Production Combined net production exceeding 9 Bcfe/d. Asset base Nearly 3 million net acres, more than 30 years of drilling inventory, and over 3,700 miles of midstream infrastructure. Operating focus Appalachian natural gas production, with increased natural gas liquids exposure from Range. Cost savings Expected annual synergies of $325 million within two years, with a potential pathway exceeding $600 million annually longer term. Cash flow outlook Approximately $20 billion in cumulative free cash flow over five years, based on recent futures pricing. Leadership EQT’s management would lead the company, headquartered in Canonsburg, Pennsylvania. Two Range representatives, including CEO Dennis Degner, would join EQT’s board. Expected closing First quarter of 2027, subject to shareholder and regulatory approvals and customary conditions.
Industry Impact
For oilfield service companies, the drilling concentration makes Washington County a priority area for tracking the integration’s effect on customer relationships, procurement and development scheduling. The larger resource base and midstream network could support long-term gas supply opportunities, including LNG and power generation. However, suppliers should distinguish that strategic potential from confirmed work
Author: phinds