Fort Worth‑headquartered Range Resources Corp. announced today that it will be acquired by EQT Corp. in an all‑stock deal valued at roughly $13 billion. The merger creates what EQT calls “America’s largest and only vertically integrated natural‑gas producer,” with a combined enterprise value of about $50 billion.
Deal structure and ownership
Under the agreement, Range shareholders will receive 0.987 EQT shares for each Range share they own, an implied value of $54.91 per share and a 20.6% premium to the previous close. After the transaction closes, EQT shareholders will own about 73% of the combined company, while former Range investors will hold the remaining 27%.
Production capacity
The combined entity is projected to produce more than 9 billion cubic feet of natural‑gas equivalent (NGE) per day. NGE is a standard measure that equates the energy content of natural gas to that of a barrel of crude oil, with one barrel roughly equal to 6,000 cubic feet of natural gas.
Local impact
Range Resources employs roughly 500 people across its Fort Worth headquarters and operations in the Appalachian Basin. The company recently announced a move to a 94,500‑square‑foot space in the 777 Main building, leaving its former Two City Place location in downtown Fort Worth. While EQT officials have not detailed specific staffing changes, they indicated that the merger will not immediately affect the Fort Worth presence.
Leadership and governance
Dennis Degner, chairman and CEO of Range Resources, said the transaction marks a “major milestone” for the company, noting the long‑standing success of its Marcellus Shale operations. Degner will join the EQT board, and another Range representative will also serve on the combined company’s board. EQT’s executive team will manage the merged firm, which will be headquartered in Canonsburg, Pennsylvania.
Historical background
Founded in 1976 as Lomak Petroleum, the firm adopted the Range Resources name in 1998. It entered the Appalachian Basin in 1992 and began pioneering work in the Marcellus Shale with the Renz No. 1 discovery well in 2004. In 2011, Range sold most of its Texas assets, including holdings in the Barnett Shale, to focus on the Marcellus region.
Market context
Analysts point to rising demand for natural gas driven by expanding liquefied natural‑gas (LNG) exports, increased power‑generation needs, and the growth of data‑center infrastructure. Some also cite geopolitical tensions, such as the conflict with Iran, as a factor boosting U.S. gas demand.
Closing timeline
The transaction is expected to close in the first quarter of 2027, pending customary regulatory approvals.
Bob Francis is business editor of the Fort Worth Report. Contact him at [email protected].
Original reporting: Fort Worth Report — read the source article.
