Range Resources shares jumped nearly 18% on Monday after the natural gas producer agreed to be acquired by EQT in an all-stock deal valuing the combined company at more than $50 billion. The merged company would have over 9 billion cubic feet equivalent per day of net production, three decades of inventory, 3 million net acres of gas-rich land and 3,700 miles of midstream infrastructure. EQT expects $325 million in annual cost savings to lower its free cash flow breakeven price to under $2 per MMBtu, and the combined company expects roughly $20 billion of total free cash flow over the next half-decade. Each Range share would convert into 0.987 EQT shares, Range CEO Dennis Degner will join EQT's board, and the deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approval.
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