EQT Corporation filed a Form 425 on November 12, 2026, containing a transcript of an interview given by EQT President and CEO Toby Z. Rice to Bloomberg Businessweek Daily, which initially aired on November 10, 2026, in connection with EQT's proposed acquisition of Range Resources Corporation.

Key Highlights

  • All-stock deal: EQT agreed to acquire Range Resources in an all-stock transaction valued at $12.8 billion, according to the filing.
  • Merger Agreement date: The Agreement and Plan of Merger was dated October 25, 2026, by and among EQT, EQT Holdings LLC, Rhino Merger Sub Inc., Rhino Merger Sub LLC, and Range Resources Corporation.
  • Production scale: Rice stated EQT is currently producing over 6.5 BCF a day, and that Range would add an incremental two and a half BCF a day.
  • Demand pipeline: Rice said EQT fielded calls that would support over 25 BCF a day of natural gas demand in Appalachia, roughly half for power generation and half to feed pipelines.
  • AI-driven natural gas demand: Rice cited above 14 BCF a day of natural gas turbine orders in the United States tied to data center power generation needs.
  • Demand timeline: Rice indicated new projects are expected to come online "really starting in 28, 2028, going forward."

EQT's CEO on the Range Resources Deal and Natural Gas Demand Outlook

The filing is a Form 425 submitted by EQT Corporation (Commission File No. 001-3551), with Range Resources Corporation (Commission File No. 001-12209) as the subject company. It was filed pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934. The transcript covers remarks made by Toby Z. Rice, President and Chief Executive Officer of EQT, during an interview on Bloomberg Businessweek Daily that initially aired on November 10, 2026.

Rice described the proposed transaction as an opportunity to "bolt on Range's high quality asset base" to EQT's existing platform. He stated that combining EQT's current production of over 6.5 BCF a day with Range's incremental two and a half BCF a day, and with existing inventory, would give EQT the ability to "almost double" its production. Rice characterized EQT as seeking to become "America's undisputed natural gas champion," language that is his own characterization and subject to EQT's cautionary disclosures regarding forward-looking statements.

When asked why EQT did not wait longer before pursuing the acquisition, Rice pointed to the demand environment visible in Appalachia, noting that EQT had outlined this in its "latest earnings press release." He said EQT fielded calls supporting over 25 BCF a day of potential demand, and stated that even if only half of that materializes, it represents meaningful incremental demand for a basin currently producing 30 to 35 BCF a day. Rice also discussed permit reform as a priority, noting EQT has been pursuing this for five years, and cited data center electricity price comparisons between Virginia and Rhode Island to illustrate the relationship between power generation capacity and consumer electricity costs.

What Was Disclosed

EQT Corporation filed a transcript of its CEO's November 10, 2026 media interview discussing the proposed $12.8 billion all-stock acquisition of Range Resources under a Merger Agreement dated October 25, 2026, along with commentary on natural gas demand, permit reform, and data center energy needs.