EQT Corporation filed a Form 425 on October 28, 2026, disclosing a Reuters article based on an interview with EQT President and CEO Toby Z. Rice regarding EQT's proposed $13 billion all-stock acquisition of Range Resources Corporation, announced October 25, 2026.

Key Highlights

  • $13 billion all-stock deal: According to the filing, EQT said it will buy Range Resources in a $13 billion all-stock transaction that would create the nation's biggest gas producer.
  • Merger Agreement dated October 25, 2026: The filing identifies an Agreement and Plan of Merger dated October 25, 2026, among EQT, EQT Holdings LLC, Rhino Merger Sub Inc., Rhino Merger Sub LLC, and Range.
  • Appalachian demand growth estimate raised: EQT CEO Toby Rice said the company boosted its demand growth estimates for the Appalachia region to over 25 billion cubic feet per day from a prior forecast of around 20 bcfd.
  • 15% international exposure target maintained: Rice stated EQT has targeted having 15% of its gas sales exposed to international markets, and the combined company would be able to increase LNG capacity while maintaining that target.
  • Price differential cited: Rice noted that gas was trading below $4 per million British thermal units in the US but over $30 in Europe and Asia at the time of the interview.
  • Subject company identified: The filing names Range Resources Corporation (Commission File No. 001-12209), headquartered in Fort Worth, Texas, as the subject company.

EQT CEO Rice Outlines Strategic Rationale for Range Resources Acquisition

The Form 425 was filed by EQT Corporation (Commission File No. 001-3551) 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 filing reproduces a Reuters article published October 28, 2026, by Scott Disavino, based on an interview with EQT President and CEO Toby Z. Rice following the announcement of the proposed merger.

According to the filing, Canonsburg, Pennsylvania-based EQT described itself as the second-largest natural gas producer in the US and said the combined company would overtake Expand Energy as the nation's biggest gas producer. The filing notes that Expand Energy was formed by the merger of Chesapeake Energy and Southwestern Energy in October 2024. Rice told Reuters the Range transaction increases EQT's "market access to what we believe are the two premium markets in this world - domestically in Appalachia and on the international front with LNG."

The filing states that about half of the Appalachian demand growth Rice cited would remain in the basin, supplying power plants to feed data centers, while the other half is tied to pipeline takeaway projects including EQT's Mountain Valley Boost project and its proposed POWER project. The Reuters article also includes commentary from Melius Research analysts, who stated that "EQT is the only Appalachian producer contracted into both" power demand for data centers and LNG exports, and from Matthew Bernstein, vice president of North American oil and gas at Rystad Energy, who said further consolidation in the Northeast was "a natural next step." The filing contains forward-looking statements subject to EQT's cautionary language regarding risks including regulatory approvals, shareholder votes, and integration uncertainties.

What Was Disclosed

EQT Corporation filed a Form 425 disclosing a Reuters interview with CEO Toby Z. Rice about the proposed $13 billion all-stock acquisition of Range Resources Corporation under a Merger Agreement dated October 25, 2026, covering strategic rationale, demand growth estimates, and LNG exposure targets.