Range Resources Corporation filed a Form 425 on October 26, 2026, disclosing an employee communication from CEO Dennis Degner announcing a definitive agreement to be acquired by EQT Corporation in an all-stock transaction.

Key Highlights

  • All-stock deal: Range Resources has entered into a definitive agreement to be acquired by EQT Corporation in an all-stock transaction, according to the filing.
  • Exchange ratio: Each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock upon closing.
  • Expected closing: The transaction is expected to close during the first quarter of 2027, subject to regulatory approvals, shareholder votes from both companies, and other customary closing conditions.
  • Combined footprint: The filing states the pro forma company would have an operating footprint of nearly 3 million net acres and access to more than 3,700 miles of midstream infrastructure.
  • Drilling inventory: The combined company is described in the filing as having more than three decades of future drilling inventory.
  • Leadership: According to the filing, EQT's executive management team will lead the combined company, and two Range representatives, including CEO Dennis Degner, will join EQT's Board of Directors at closing.
  • Headquarters: The filing states the combined company's headquarters will remain in Canonsburg, Pennsylvania.

Range Resources and EQT Corporation Announce Definitive Merger Agreement

Range Resources Corporation (NYSE:RRC) filed a Form 425 with the SEC on October 26, 2026, containing an employee letter and accompanying FAQ distributed by President and Chief Executive Officer Dennis Degner. The communication disclosed that Range has entered into a definitive agreement to be acquired by EQT Corporation in an all-stock transaction. The Board of Directors, according to the filing, "carefully considered the transaction and its fiduciary duty to act in the best interests of the company and our shareholders," with the decision described as guided by "a shared vision to deliver a new level of scale, efficiency and success."

Under the terms disclosed, each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock at closing. Unvested RSUs will continue to vest on their normal schedule until closing, at which point any remaining unvested RSUs will convert to EQT RSUs based on the same 0.987 exchange ratio. The filing further notes that assumed EQT awards will immediately vest for employees experiencing a qualifying termination at or after closing, and that performance shares held by Range officers will be "deemed earned at closing," with a separate communication to follow on the performance calculation.

The filing characterizes the combined entity as expected to be "the largest and only vertically integrated North American natural gas producer" with "the largest natural gas and natural gas liquids (NGLs) marketing platform in the country." An integration planning team comprising members of both companies is to be formed in the coming weeks, though the filing notes that until the transaction closes, Range and EQT will continue to operate as separate, independent companies with no changes to employee day-to-day responsibilities.

What Was Disclosed

Range Resources filed a Form 425 disclosing a definitive all-stock acquisition agreement with EQT Corporation, an exchange ratio of 0.987 EQT shares per Range share, an expected Q1 2027 closing, and details on employee equity treatment and post-closing leadership structure.