EQT to Acquire Range Resources to Form Largest U.S. Natural Gas Producer

### EQT Corporation to Acquire Range Resources in $50+ Billion All-Stock Merger

**CANONSBURG, Pa. and FORT WORTH, Texas — October 26, 2026** — EQT Corporation (NYSE: EQT) and Range Resources Corporation (NYSE: RRC) have signed a definitive agreement under which EQT will acquire Range in an all-stock transaction. The combination values the combined entity at an enterprise value exceeding $50 billion, creating the largest and only vertically integrated natural gas producer in North America.

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### Key Transaction Highlights

* **Pro Forma Scale:** Combined daily net production of >9 Bcfe/d, controlling nearly 3 million net acres and over 30 years of inventory, alongside >3,700 miles of midstream pipeline assets.
* **Cost Efficiency:** Expected unlevered free cash flow breakeven drops below $2.00 per MMBtu, strengthened by expanded NGL asset diversification.
* **Synergies:** Anticipated run-rate annual base synergies of $325 million within two years across G&A, operational efficiency, and marketing. Long-term run-rate optimization potential exceeds $600 million annually through supply chain, infrastructure, and LNG/NGL marketing integration.
* **Financial Profile:** Projected cumulative free cash flow of approximately $20 billion over the next five years based on recent strip pricing, maintaining investment-grade (BBB quality) balance sheet metrics.

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### Executive Commentary

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