EQT to Buy Fort Worth's Range Resources for $13 Billion in All-Stock Deal

Range Resources, a natural gas company headquartered in Fort Worth, Texas, has agreed to be acquired by EQT, a corporation based in Canonsburg, Pennsylvania. The transaction is an all-stock deal valued at $13 billion. EQT is currently the largest natural gas producer in the United States. The merger will create a combined entity with an enterprise value exceeding $50 billion, according to EQT.

EQT’s executive team will lead the combined company from its existing headquarters in Canonsburg. This arrangement means Fort Worth will no longer host the headquarters of a publicly traded energy firm. Two representatives from Range Resources will join the board of directors when the deal is finalized. These individuals include Dennis Degner, who serves as president and CEO of Range Resources.

Neither company has announced what will happen to the Fort Worth headquarters or its staff. Range Resources maintains an office in Canonsburg as well. The company stated that employee roles and responsibilities will remain unchanged for the time being. Range Resources employs approximately 500 people between its Fort Worth location and operations in the Appalachian Basin. Both firms hold major assets in the Appalachian Basin, the largest natural gas production region in the country.

Dennis Degner described the merger as a major milestone for Range Resources. He told Wall Street analysts on a conference call that the company’s technical team has turned the Marcellus Shale discovery into a drilling inventory lasting for decades. In a letter to employees sent Monday, Degner said the decision to join EQT was driven by a shared vision for scale and efficiency. EQT’s existing shareholders will own about 73% of the new company, while Range Resources shareholders will own about 27%.

Toby Rice, president and CEO of EQT, stated that the combination of asset quality and financial strength creates the strongest natural gas platform in the world. Jeremy Knop, EQT’s chief financial officer, called Range Resources a wonderful world-class asset. He said the combination puts the two companies in a class of their own. The deal is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.

Range Resources reported revenue of nearly $1.9 billion in the first half of the current fiscal year. This figure is up from more than $1.5 billion during the same period last year. EQT reported revenue of $5.2 billion in the first half of this year, an increase from $4.3 billion in the same period of 2025. The combined company will focus on the Appalachian Basin, which produced 35 billion to 36 billion cubic feet of natural gas per day in 2024. This amount represents roughly one-third of total U.S. natural gas output.

Daily net production for the combined company will exceed the equivalent of 9 billion cubic feet. The new entity will hold more than 30 years of inventory across nearly 3 million net acres. It will also control more than 3,700 miles of midstream infrastructure. Range Resources traces its origins to 1976 as Lomak Petroleum in Hartville, Ohio. The company moved its headquarters to Fort Worth in 1992, the same year it drilled its first wells in Pennsylvania.