EQT acquires Range Resources for $12.8B

EQT announced a $12.8 billion all-stock acquisition of Range Resources at a nearly 21% premium, creating the largest U.S. natural gas producer at more than 9 Bcf/d. The deal is a bet on data center power demand and rising LNG exports.

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EQT's all-stock purchase of Range Resources creates an Appalachian gas giant with an enterprise value near $50 billion and more than 9 Bcf/d of output, overtaking Expand Energy. The 21% premium in a period of depressed oil and gas deal premiums signals strong conviction in gas demand from AI power and Gulf Coast LNG. Analysts largely praised the deal, with $325 million of near-term synergies and a further $300 million or more over the long term. Consolidation could raise pricing discipline in Appalachia and make EQT the default gas-exposure holding for investors. Risks include a Russia-Ukraine peace deal, normalized Middle East LNG flows, or an AI slowdown that cuts demand forecasts.