EQT Corporation Announces Strategic Merger with Range Resources in All-Stock Transaction

Executive Summary

On October 25, 2026, EQT Corporation entered into a definitive Agreement and Plan of Merger to acquire Range Resources Corporation in an all-stock transaction, combining two of the premier natural gas producers in the Appalachian Basin.

Transaction Structure & Consideration

• Merger Structure: Two-step integrated merger where Rhino Merger Sub Inc. merges into Range Resources, followed by a merger of the surviving corporation into Rhino Merger Sub LLC, an indirect wholly owned subsidiary of EQT.
• Exchange Ratio: Each outstanding share of Range Resources Common Stock will be converted into the right to receive 0.987 shares of EQT Common Stock.
• Pro Forma Ownership: Post-transaction, existing EQT shareholders will own approximately 73% and Range Resources stockholders will own approximately 27% of the combined company on a fully diluted basis.

Governance & Leadership

• EQT will expand its Board of Directors to 12 members.
• Range President & CEO Dennis L. Degner and one additional independent director designated by Range will be appointed to the EQT Board at closing and nominated for election at the subsequent annual meeting.

Key Deal Terms & Conditions

• Approvals Required: Requires approval by both Range stockholders (majority of outstanding shares) and EQT shareholders (majority of votes cast for share issuance), as well as HSR antitrust clearance and NYSE listing approval.
• Outside Date: October 25, 2027 (extendable to April 25, 2028 if regulatory approvals remain pending).
• Termination Fees:
  • Range termination fee payable to EQT: $423 million.
  • EQT termination fee payable to Range: $1,148 million.

Strategic Implications

This consolidation creates an undisputed Appalachian natural gas giant, unlocking significant operational synergies, inventory depth, and infrastructure integration across Pennsylvania and southwest Appalachia.