Range Resources shares rose nearly 18% to close at $53.56 on October 26, 2026, following the announcement that EQT would acquire the natural gas producer in an all-stock transaction. The agreement sets an exchange ratio of 0.987 EQT shares for each Range share, with completion expected in the first quarter of 2027.
Key Takeaways
- The share-price gain followed the deal announcement; the acquisition has not yet closed.
- Range shareholders would receive EQT stock rather than a fixed cash payment.
- The companies target $325 million in annual synergies within two years.
Range Resources shares rise as deal terms take shape
EQT’s definitive merger announcement sets out a transaction unanimously approved by both companies’ boards. Existing EQT shareholders are expected to own approximately 73% of the combined company, with Range shareholders holding approximately 27%.
The fixed share-exchange ratio means the dollar value of the consideration would vary with EQT’s share price. Range’s October 26 closing price is therefore a market observation, not a fixed cash acquisition price.
Completion remains subject to approval by shareholders of both companies, required regulatory approvals and clearances, and other customary closing conditions.
| Item | Details |
|---|---|
| Combined enterprise value | More than $50 billion on a pro forma basis |
| Combined net production | More than 9 billion cubic feet equivalent per day |
| Combined asset footprint | Nearly 3 million net acres and more than 3,700 miles of midstream infrastructure |
Cost-saving targets remain prospective
EQT and Range expect $325 million in base annual synergies within two years across corporate functions, operations and commodities marketing. Those savings are management targets, not benefits already realized.
The combination would bring together Appalachian natural gas operations and EQT’s midstream infrastructure. EQT’s executive management team would lead the combined company, with headquarters remaining in Canonsburg, Pennsylvania. Two Range representatives, including Chief Executive Dennis Degner, would join EQT’s board at closing.
Next milestone
The next scheduled financial update is October 27, when both companies plan to release third-quarter 2026 results after the market close. Their previously scheduled October 28 earnings conference calls have been canceled.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
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