Range Resources to be bought by EQT Corp. in $13 billion stock swap

Range Resources Corp., a Fort Worth-based energy company, is being acquired by EQT Corp. in an all-stock transaction valued at $13 billion. The deal combines two major natural gas producers into a single entity that EQT describes as America’s largest and only vertically integrated natural gas producer.

Range Resources began its history in 1976 as Lomak Petroleum and adopted its current name in 1998. The company drilled its first wells in Pennsylvania in 1992 and launched pioneering work in the Marcellus Shale in 2004 with the Renz No. 1 discovery well. Although headquartered in Texas, the firm became an early major player in the Appalachian Basin, a geologic formation beneath Pennsylvania and other regions. In 2011, Range sold many of its Texas assets, including those in the Barnett Shale, to concentrate its efforts on the Marcellus Shale.

Dennis Degner, chairman and CEO of Range, called the merger a major milestone in the company’s story. He stated that Range’s technical team has transformed the Marcellus Shale discovery into a high-quality drilling inventory measured in decades. The combined company is estimated to produce more than 9 billion cubic feet of natural gas equivalent per day.

Range currently employs about 500 people, split between its Fort Worth headquarters and the Appalachian Basin area. The company recently announced it is moving its headquarters into a 94,500-square-foot space in the 777 Main building. This relocation moves the firm from its current Two City Place headquarters on the northwest side of downtown Fort Worth. Range officials have not yet specified how the merger will affect its local presence or employment numbers.

Under the terms of the agreement, Range investors will receive 0.987 EQT shares for every share they hold. This exchange implies a value of $54.91 per share, which represents a 20.6% premium to Friday’s closing price. EQT shareholders will own approximately 73% of the combined company, while Range investors will hold the remaining 27%.

The transaction is expected to close in the first quarter of 2027. The new entity will have its headquarters in Canonsburg, Pennsylvania, and will be managed by EQT’s existing executive team. Degner will join the EQT board of directors, accompanied by another representative from Range.

Analysts point to rising demand for natural gas as a driver for this type of consolidation. That demand stems from growing liquefied natural gas exports and power generation needs, which have increased due to the expansion of data centers. The conflict with Iran has further exacerbated this demand, according to industry observers.