• EQT and Range Resources announced on October 26, 2026 an all-stock deal at 0.987 EQT shares per Range share; EQT holders would own about 73 percent and Range holders about 27 percent.
• The joint release says combined net production would exceed 9 Bcfe/d; Wood Mackenzie, cited by Rigzone on October 29, 2026, says that stands 25 percent clear of the nearest rival.
• Synergies of $325 million a year within two years, with a pathway above $600 million long-term, and about $20 billion of five-year free cash flow are company projections, not results.
• The release cites LNG only as a source of marketing margin improvement; it states no LNG export volumes.
• Closing is expected in the first quarter of 2027 and needs regulatory and shareholder approvals, so the deal is pending.

EQT has agreed to buy Range Resources in an all-stock deal that, if completed, would make it the largest US natural gas producer. In a joint release dated October 26, 2026 (SEC Exhibit 99.1), the companies put combined net production above 9 Bcfe/d. Wood Mackenzie, cited by Rigzone on October 29, 2026, says that leaves the combined company 25 percent clear of its nearest rival. The deal is pending, and its Gulf relevance runs mainly through LNG.

What the joint release says about terms and scale

The joint release, filed as Exhibit 99.1 to an EQT Form 8-K and dated October 26, 2026, states that each Range share will be exchanged for 0.987 EQT shares. EQT holders are expected to own about 73 percent of the combined company and Range holders about 27 percent. The release describes more than 30 years of inventory across nearly 3 million net acres and more than 3,700 miles of midstream infrastructure. These are company figures, not independently audited.

Why the 25 percent lead is the headline figure

Wood Mackenzie's Lower 48 upstream analysis, reported by Rigzone on October 29, 2026, says the deal creates America's largest natural gas producer, standing 25 percent clear of its nearest rival and producing roughly three times more than most gas-focused peers. The ranking measures production scale, not pricing power. Nothing in either source suggests one producer's size sets the US benchmark price, which is formed by the wider market.

Synergies and cash flow are projections

The release projects $325 million of base annual synergies within two years, with a pathway to more than $600 million long-term, and cumulative free cash flow of about $20 billion over five years at recent strip pricing. Both are management forecasts that depend on commodity prices and integration. They are targets, not realised savings, and should be checked against the combined company's later quarterly filings.

The LNG link is real but unquantified

The release mentions LNG only among the marketing efforts expected to improve margins, alongside natural gas and NGLs, and it discloses no export volumes or contracts. Wood Mackenzie's quoted demand case centres on Appalachian power generation and data-centre growth. For Gulf energy watchers, any effect on competition with Gulf LNG cargoes is therefore an open question, not a finding of this reporting.

What to watch before closing

The companies expect closing in the first quarter of 2027, subject to regulatory approvals, approval by both companies' shareholders and other customary conditions. Watch the shareholder votes, any regulatory review, and the first combined production and capital-spending guidance. Until those steps are complete the combination is a proposal. This is analysis, not investment or trading advice.