EQT CEO Discusses Landmark Strategic Acquisition of Range Resources

Executive Overview

EQT Corporation filed this Form 425 communication containing the transcript of an interview with EQT President and CEO Toby Z. Rice on Veriten's C.O.B. podcast. The discussion focuses on EQT's proposed all-stock acquisition of Range Resources Corporation (NYSE: RRC), formalised under the Agreement and Plan of Merger dated October 25, 2026.

Strategic and Financial Highlights

• Scale & Valuation: The transaction unites EQT (~$43B EV) and Range Resources (> $13B market cap), yielding a combined pro forma enterprise value of approximately $57 billion.
• Cost Leadership: Pro forma corporate breakeven and operating cost structure are expected to drop below $2.00, shaving approximately $0.10 off EQT's peer-leading cost structure.
• Production Capacity: EQT's current productive capacity stands at 12 Bcf/d; Range adds approximately 2.5 Bcf/d of current production with upside to ~5 Bcf/d, establishing an aggregate productive capacity potential of ~17 Bcf/d across over 2 million net acres in the Marcellus and Utica basins.
• LNG & Commercial Strategy: The expanded production base allows EQT to add approximately 2 million tonnes per annum (Mtpa) of international LNG exposure while maintaining its target of dedicating ~15% of total volumes to global markets, taking aggregate contracted/targeted LNG capacity to over 8 Mtpa (> 1 Bcf/d).
• Downstream Demand & Power Generation: Rice highlighted emerging local demand of 20–25 Bcf/d in Appalachia, spurred by AI data center buildouts, behind-the-meter generation projects, and pipeline expansion (such as EQT's proposed 40-mile pipeline from Greene County, PA to Clarington, OH).

Merger Next Steps

The transaction remains subject to customary closing conditions, including registration statement effectiveness on Form S-4, shareholder approvals from both EQT and Range, and regulatory clearances under applicable antitrust laws.