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Two giant natural gas producers are combining forces, as Canonsburg, Pennsylvania-based EQT acquires Fort Worth-based Range Resources. [Image: Adobe Stock]<\/p>\n
Fort Worth-based Range Resources (NYSE: RRC) has agreed to be acquired by Canonsburg, Pennsylvania-based EQT (NYSE: EQT). The $13 billion all-stock deal would bolster EQT\u2019s status as the country\u2019s No. 1 natural gas producer.<\/p>\n
The merger of the two publicly traded companies would result in a natural gas producer with an enterprise value of more than $50 billion, EQT said.\u00a0<\/p>\n
EQT\u2019s executive team would run the company from EQT\u2019s current headquarters in Canonsburg, Pennsylvania, meaning Fort Worth would lose a public company. Two Range Resources representatives, including President and CEO Dennis Degner, will join EQT\u2019s board of directors once the deal closes.<\/p>\n
Neither company has said what will happen to the Fort Worth headquarters and the employees who work there. Range also has an office in Canonsburg.<\/p>\n
For now, Range Resources said it won\u2019t change employees\u2019 roles or responsibilities. Between Fort Worth and the Appalachian Basin, the company employs about 500 people. Both companies own significant holdings in the Appalachian Basin, the country\u2019s largest region for natural gas production.<\/p>\n
\u2018Major milestone\u2019 for Range Resources<\/p>\n
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Dennis Degner was promoted from executive vice president and chief operating officer of Range Resources to president and CEO in 2023. [Photo: Range Resources]<\/p>\n
\u201cThis merger is a major milestone in the Range Resources story,\u201d Degner said during a conference call with Wall Street analysts to discuss the deal. \u201cFollowing the discovery of the Marcellus Shale more than 20 years ago, Range\u2019s technical team has transformed that world-changing discovery into a high-quality drilling inventory measured in decades.\u201d\u00a0<\/p>\n
In a letter sent Monday to employees that was included in a filing with the U.S. Securities and Exchange Commission, Degner said the decision to be acquired by EQT \u201cwas guided by a shared vision to deliver a new level of scale, efficiency and success.\u201d<\/p>\n
EQT\u2019s existing shareholders are expected to own about 73% of the combined company, and Range Resources\u2019 shareholders are expected to own about 27%, EQT said.<\/p>\n
\u201cWe believe the combination of asset quality, durability, market access and financial strength creates the strongest natural gas platform, not only in North America, but in the world,\u201d Toby Rice, president and CEO of EQT, said during the conference call.<\/p>\n
\u2018A class of their own\u2019<\/p>\n
Jeremy Knop, EQT\u2019s chief financial officer, called Range Resources a \u201cwonderful world-class asset\u201d that will gain value as part of EQT.<\/p>\n
\u201cThis combination takes two already differentiated companies and puts them in a class of their own,\u201d Knop said during the conference call.<\/p>\n
The deal is expected to close in the first quarter of 2027, pending regulatory and shareholder approvals.<\/p>\n
\u201cTogether with EQT, we believe we will be in an even better position to realize the full potential of our asset base and meet the growing global demand for reliable energy for decades to come,\u201d Degner said.<\/p>\n
In the first half of the current fiscal year, Range Resources reported revenue of nearly $1.9 billion, up from more than $1.5 billion during the same period last year. By comparison, EQT reported revenue of $5.2 billion in the first half of this year, up from $4.3 billion during the same period in 2025.<\/p>\n
Concentrating on the Appalachian Basin<\/p>\n
The combined company will maintain a focus on the Appalachian Basin.<\/p>\n
The basin produced 35 billion to 36 billion cubic feet of natural gas per day in 2024, roughly one-third of total U.S. natural gas output. The bulk of the basin\u2019s natural gas is in Ohio, Pennsylvania and West Virginia.<\/p>\n
Degner said the Appalachian Basin \u201cremains the crown jewel of the world\u2019s natural gas resources.\u201d<\/p>\n
Daily net production for the combined company would exceed the equivalent of 9 billion cubic feet, EQT said. Also, the company would boast more than 30 years of inventory across nearly 3 million net acres and more than 3,700 miles of midstream infrastructure.<\/p>\n
History of Range Resources
Range Resources traces its start to 1976, when the company was founded as Lomak Petroleum, based in Hartville, Ohio. In 1980, the company reincorporated in Delaware and went public.<\/p>\n
Twelve years after going public, the company moved its headquarters to Fort Worth, the same year it drilled its first Pennsylvania wells. In 1998, Lomak merged with Domain Energy to create Range Resources.<\/p>\n
\tR E A D\u00a0\u00a0 N E X T\t<\/p>\n
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