EQT Corporation filed a Form 425 on November 3, 2026, disclosing a transcript of an interview with President and CEO Toby Z. Rice published on Veriten's C.O.B. Tuesday podcast, in which Mr. Rice discussed EQT's proposed all-stock acquisition of Range Resources Corporation pursuant to a merger agreement dated October 25, 2026.

Key Highlights

  • Merger agreement dated October 25, 2026: EQT, EQT Holdings LLC, Rhino Merger Sub Inc., Rhino Merger Sub LLC, and Range Resources Corporation are parties to the Agreement and Plan of Merger.
  • All-stock transaction: The filing describes the acquisition of Range Resources as an all-stock deal, with the podcast host citing a combined company market cap of over $13 billion and a pro forma enterprise value of approximately $57 billion.
  • Cost structure target: According to Mr. Rice, the combined company's cost structure "will be sub-$2," which he described as "shaving 10 cents off an already peer-leading cost structure."
  • LNG exposure increase: Mr. Rice stated that adding Range assets would allow EQT to increase its LNG exposure by approximately 2 million tons per annum, building on an existing 6 million tons per annum of capacity.
  • LNG capacity start dates: According to the filing, the majority of existing LNG capacity is at facilities that have reached FID, with LNG capacity starting in 2030 and 2031.
  • Incremental free cash flow scenario: Mr. Rice stated that if EQT's LNG portfolio "were on today," it would generate "an incremental $3 billion of free cash" on top of what he described as "call it, $2.5 to $3 billion of free cash."
  • Winter Storm Fern cited: Mr. Rice referenced a 2026 event called Winter Storm Fern, stating that being unhedged allowed EQT to capture what he called "probably one of the more historic quarters that we've had."

EQT CEO Outlines Strategic Rationale for Range Resources Acquisition

EQT Corporation (NYSE:EQT) filed a Form 425 on November 3, 2026, as required under Rule 425 of the Securities Act of 1933, in connection with its proposed acquisition of Range Resources Corporation. The filing consists of a transcript from an interview with Toby Z. Rice, EQT's President and Chief Executive Officer, conducted on Veriten's C.O.B. Tuesday podcast. Range Resources Corporation is identified as the subject company in the filing, with Commission File No. 001-12209.

According to the filing, Mr. Rice described the transaction as "accretive on value metrics like NAV and free cash flow" and said it "increases the quality of our business across every metric that matters in energy." He stated EQT's strategy is "to get access to premium markets and be the low-cost energy provider to those markets." The filing notes that EQT's founders have history with Range Resources, with Mr. Rice recalling that "Range Resources was the pioneer" when Rice Energy was founded. The podcast host referenced that Rice Energy IPO'd in January 2014 at an enterprise value of "roughly $2 to $2.5 billion" and was sold to EQT in June 2017 at "roughly $8 billion."

On the subject of LNG, Mr. Rice indicated that EQT has set a "self-imposed" target of approximately 15% of volumes exposed to international markets, currently represented by 6 million tons per annum of capacity. He said the Range acquisition would support adding approximately 2 million additional tons per annum. He also cited an international natural gas price comparison, stating that prices before the referenced geopolitical conflict were "around $12" and are now "$30, compared to about $3 here in the States," to illustrate EQT's rationale for pursuing direct LNG exposure. All forward-looking statements and characterizations in the interview are those of EQT's management and are subject to the company's cautionary language.

What Was Disclosed

EQT filed a Form 425 containing a podcast interview transcript in which CEO Toby Z. Rice discussed the proposed all-stock merger with Range Resources Corporation, covering deal rationale, combined cost structure, LNG strategy, and anticipated free cash flow scenarios.