The deal, signed on Oct. 25 and announced the next day, would combine two Appalachian-focused natural-gas businesses. The enlarged company is expected to produce more than 9 billion cubic feet equivalent per day, hold nearly 3 million net acres with more than 30 years of inventory, and operate more than 3,700 miles of midstream infrastructure. It would also become the largest U.S.
EQT projects $325 million in annual base synergies within two years from corporate, operating and commodity-marketing efficiencies. The company says the combination would lower its unlevered free-cash-flow breakeven price to below $2 per million British thermal units and could eventually support more than $600 million in annual savings through development, infrastructure and marketing improvements. The companies project roughly $20 billion in cumulative free cash flow over five years at recent strip prices.
Existing EQT shareholders are expected to own about 73% of the combined company, with Range shareholders holding the remaining 27% on a fully diluted basis. EQT’s board would expand to 12 members and add Range CEO Dennis Degner plus another Range-selected director, while EQT’s executive team would lead the business from Canonsburg, Pennsylvania.
The transaction is expected to close in the first quarter of 2027, but both shareholder groups must approve it and regulatory clearances, New York Stock Exchange listing approval and other closing conditions remain. The companies are positioning the enlarged producer to serve rising domestic power demand, including gas-fired generation associated with artificial-intelligence data centers, as well as international demand for liquefied natural gas and natural-gas liquids. Both companies plan to release third-quarter 2026 results after the market close on Oct. 27, while previously scheduled earnings conference calls were canceled after the merger announcement.