EQT Corporation filed a Form 425 on October 26, 2026, disclosing communications related to its proposed all-stock acquisition of Range Resources Corporation pursuant to a Merger Agreement dated October 25, 2026.

Key Highlights

  • All-stock transaction: Each Range Resources share will be exchanged for 0.987x shares of EQT, according to the filing.
  • Pro forma enterprise value: The combined company is described as carrying a pro forma enterprise value of more than $50 billion.
  • Ownership split: Pro forma equity ownership is stated as approximately 73% EQT and approximately 27% Range shareholders.
  • Expected closing: The transaction is expected to close in Q1 2027, subject to shareholder approvals from both companies and regulatory clearance.
  • Board additions: Upon closing, two Range representatives, including Dennis Degner, are to join EQT's Board of Directors.
  • Synergy targets: The filing cites $325 million in baseline traditional corporate and operations synergies, plus more than $300 million of stated strategic upside.
  • Production scale: The combined company is described as targeting pro forma net production of more than 9 Bcfe/d, approximately 88% natural gas.

EQT and Range Resources Detail Merger Terms and Combined Platform

According to the filing, EQT Corporation entered into an Agreement and Plan of Merger on October 25, 2026, with EQT Holdings LLC, Rhino Merger Sub Inc., Rhino Merger Sub LLC, and Range Resources Corporation (NYSE:RRC) as parties. The Form 425 was filed by EQT and includes a presentation and transcript from a joint conference call held on October 26, 2026. The merger was stated to have been unanimously approved by both companies' Boards of Directors. Headquarters of the combined company are to remain in Canonsburg, Pennsylvania, and EQT's executive management team will lead the combined entity.

The filing describes the combined platform as encompassing approximately 2.8 million net acres with more than 30 years of what EQT characterizes as "high-quality inventory," as well as more than 3,700 miles of pipelines, approximately 225 MMcf/d of processing capacity, approximately 850,000 horsepower of compression, more than 40 Bcf of gas storage, approximately 46 million gallons of propane storage located in New England, approximately 2,000 miles of gathering lines, approximately 475 miles of water lines, and approximately 1,250 miles of FERC transmission including the Mountain Valley Pipeline. Marketing capacity is cited at more than 10 Bcf/d.

On financial positioning, the filing states that EQT targets BBB-quality credit at close, with a stated year-end 2027 estimated leverage of 0.6x Net Debt/Adjusted EBITDA (a non-GAAP measure, as noted in the filing). The presentation also references a stated unlevered free cash flow breakeven of less than $2 per MMBtu (also a non-GAAP measure). The filing characterizes EQT's prior synergy achievements as exceeding announced targets by more than 40% and more than 50% on past transactions. The filing includes cautionary language noting that forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties.

What Was Disclosed

EQT Corporation filed communications related to its proposed all-stock acquisition of Range Resources, disclosing the 0.987x exchange ratio, an anticipated Q1 2027 closing, a combined pro forma enterprise value of more than $50 billion, and details of the combined operational platform and synergy expectations.