EQT to Purchase Range Resources Corp.
EQT Corp. will buy Range Resources Corp. in an all-stock deal valued at $13 billion, creating the largest natural gas producer in the U.S. (Reuters, subscription). EQT CEO Toby Rice is a member of the NAM Board of Directors.
What’s going on: The new, combined energy company will have an enterprise value of more than $50 billion, including debt, and a net production of more than 9 billion cubic feet equivalent per day.
- “The deal combines two major Appalachian Basin producers, giving EQT greater scale and infrastructure to serve utilities, LNG exporters and industrial customers.”
- The new firm will control nearly 3 million net acres of natural gas properties, over 30 years of drilling inventory and about 3,700 miles of midstream infrastructure.
The details: EQT management will lead the combined company, which will retain EQT’s Canonsburg, Pennsylvania, headquarters.
- Two representatives from Range Resources will join the EQT board.
Why it’s important: Natural gas production in the U.S. is projected to reach record levels in 2026, according to the Energy Information Administration. LNG exports are rising, and demand from data centers is increasing as well.
- “EQT now expects potential Appalachian gas demand rising to 25 bcfed, compared with its previous estimate of 20 bcfed … Rice said on a conference call.”
Photo: Rice onstage during the NAM State of Manufacturing tour.
