EQT to Buy Range Resources in $13 Billion Stock Deal as AI Power Demand Reshapes U.S. Gas
· News Team
October 26, 2026 — Tectonics Media Publications News Desk. EQT Corporation has agreed to acquire Range Resources in an all-share transaction valued at approximately $12.8 billion in equity, a deal that would combine two major Appalachian gas producers into a company with an enterprise value exceeding $50 billion. The companies announced the agreement on Monday; it has not yet closed and requires shareholder and regulatory approvals.
Beyond the headline price, the transaction is a test of how America’s natural-gas industry is positioning itself for electricity demand from data centres, LNG exports and industry. The promise is greater scale and lower costs; the open questions are competition, integration, emissions and whether demand will justify the companies’ forecasts.
What the deal actually says
Range shareholders would receive 0.987 EQT shares for each Range share, leaving current EQT shareholders with roughly 73% of the combined business and Range shareholders with 27%, according to the companies’ October 26 joint announcement. Reuters calculated the consideration at about $54.91 per Range share using EQT’s preceding closing price, a roughly 20.6% premium to Range’s prior close. Because the payment is stock, its market value can change before completion.
| Measure | Announced figure | What it means |
|---|---|---|
| Equity consideration | About $12.8 billion | Value of shares offered for Range; distinct from enterprise value |
| Combined enterprise value | More than $50 billion | Broader valuation measure including debt |
| Combined daily production | More than 9 billion cubic feet equivalent | Gas and liquids expressed in gas-equivalent units |
| Resource footprint | Nearly 3 million net acres | Company-reported land position in the Appalachian Basin |
| Annual cost synergies | $325 million within two years | Management forecast, not realized savings |
| Expected closing | First quarter of 2027 | Subject to approvals and other conditions |
Why a gas merger matters to the AI electricity boom
Artificial-intelligence computing does not directly require natural gas: data centres use electricity, and grids may generate it from multiple sources. But gas-fired power plants can supply dispatchable electricity when demand grows faster than transmission and generation capacity. The merged producer says its larger drilling inventory, gas marketing operation and more than 3,700 miles of midstream infrastructure could help it negotiate long-term supply arrangements.
That opportunity is not a guaranteed windfall. Power demand, pipeline access, LNG exports, natural-gas prices and future energy policy could all shift. The companies forecast approximately $20 billion of cumulative free cash flow over five years at recent forward-market prices, but that is a forward-looking, non-GAAP projection rather than cash already earned. For a separate example of the infrastructure pressures accompanying AI growth, see our report on Singapore’s power-capacity expansion.
Three questions investors and communities should watch
Approval and competition: Both companies’ shareholders must approve the deal, and regulators must review it. Size alone does not establish an antitrust violation, but regional concentration, access to infrastructure and market conditions are relevant issues for scrutiny.
Execution: The $325 million annual savings target depends on integrating operations, staffing, procurement and gas marketing. The proposed combination also raises workforce questions that the initial announcement does not resolve.
Environmental accountability: Expanding or accelerating gas production can bring methane-leak, water-management and land-use concerns. The release describes operational efficiency but does not independently establish the combined company’s future emissions performance. Any claim that gas supply growth is environmentally beneficial should be evaluated against measured emissions and the alternatives available.
Official announcement, investor presentation and video availability
The companies scheduled a joint audio webcast for 8:00 a.m. U.S. Eastern time on October 26. Their announcement says a replay will be archived through their investor-relations channels. See the official EQT investor-relations hub for event listings; a direct replay URL, playable video, embed rights and regional playback have not been independently verified. We have therefore not inserted an untested video player or unrelated footage.
Readers can review the original joint release and the October 26 strategic-combination presentation. Reuters’ independent reporting corroborates the transaction and valuation. The companies expect to report third-quarter results after the market closes on October 27; their previously scheduled October 28 earnings calls have been cancelled.
Featured photograph: A natural-gas drilling rig along Pennsylvania Route 87, Lycoming County, photographed on August 12, 2012. Archival illustration of Marcellus Shale operations, not a photograph of this merger or an EQT/Range facility. Credit: Nicholas A. Tonelli / Wikimedia Commons, CC BY 2.0. Resized from the original; no other material alterations.
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