Eqt Corp (EQT)

EQT Corporation agreed on 25 October 2026 to acquire Range Resources in an all-stock deal, with each Range share converting into 0.987 EQT shares 2.

After the close, EQT's shareholders are to own about 73 percent of the combined company and Range's stockholders about 27 percent 2. The companies said they expect the deal to close in the first quarter of 2027, after regulatory approvals and votes by the shareholders of both 3.

On 27 October 2026 EQT also reported third-quarter results: sales volume of 583 Bcfe and net cash from operating activities of $1,083 million 1. Net income attributable to EQT was $279 million, against $336 million a year earlier 1.

Sales volume fell from 634 Bcfe in the same quarter a year earlier, and the 583 Bcfe includes 21 Bcfe of strategic curtailments, gas the company keeps back on purpose to improve local pricing 14.

The open questions are the votes of both sets of shareholders and clearance under the Hart-Scott-Rodino antitrust law, all named as conditions to closing 2.

EQT completed its acquisition of Rice Energy Inc. on 13 November 2017 6. Revenue in 2021 was $3.06 billion, almost the same as the $3.06 billion of 2020, because a $3.8 billion loss on derivatives offset gas sales that rose to $6.80 billion 5.

Derivatives are contracts the company uses to lock in gas prices, and in 2021 the loss came mainly from rising futures prices 5. Revenue then jumped 144.6 percent to $7.50 billion in 2022, on a higher average realized price and more volume from the Alta Acquisition 5.

On 22 August 2023 EQT completed the Tug Hill and XcL Midstream Acquisition, paying 49,599,796 shares of its common stock and about $2.4 billion in cash 4. Revenue for 2023 was $6.91 billion 4.

On 22 July 2024 it completed the Equitrans Midstream Merger, paying 152,427,848 shares worth about $5.5 billion 4. The deal turned EQT from one operating segment into three: Upstream, Gathering and Transmission 4.

Revenue fell to $5.27 billion in 2024, a year when the company curtailed 107 Bcfe of production 4. On 30 December 2024 an affiliate of Blackstone Credit and Insurance put $3.5 billion into a midstream joint venture 4.

In 2025 revenue rose to $8.64 billion 4. Sales of natural gas, NGLs and oil grew by about $2,792 million, of which $2,451 million came from a higher average sales price and $341 million from more volume 4.

On 1 July 2025 EQT completed the Olympus Energy Acquisition for 25,229,166 shares and about $473 million in cash 4.

Natural gas production

EQT's Upstream segment drills for natural gas and brings it to market, together with natural gas liquids, which include ethane and propane, and a little oil 4. On 31 December 2025 it had 28.0 Tcfe of proved reserves across about 2.3 million gross acres 4.

Of those reserves, 93 percent are in the Marcellus Shale, and substantially all of its assets and operations are in the Appalachian Basin 4. Sales volume was 2,382 Bcfe in 2025, and Upstream revenue was $8.02 billion, against $5.01 billion in 2024 4.

Its method, called combo-development, drills many wells from several pads in one large project, so rigs spend more time drilling and less time moving 4.

Gathering and Transmission pipelines

The Gathering segment moves gas from wells to larger pipelines through 1,995 miles of gathering pipeline and 200 compression units 4. EQT's own Upstream segment supplied about 73 percent of the throughput and 76 percent of the segment's revenue 4.

Gathering revenue was $1.30 billion in 2025, up from $750 million in 2024 4. The Transmission segment, built from assets acquired in the Equitrans Midstream Merger, runs 950 miles of pipeline with 5.0 Bcf per day of capacity and 18 storage reservoirs 4.

Transmission revenue was $572 million in 2025, against $218 million in 2024 4. EQT also owns an equity method stake in Series A of Mountain Valley Pipeline, which owns a 303-mile, 42-inch pipeline from West Virginia to Virginia that entered service on 14 June 2024 4.

People and workforce

Toby Rice is president and chief executive officer 1. On 31 December 2025 EQT had 1,523 full-time equivalent employees, none under a collective bargaining agreement, and about 56 percent of them work remotely 4.

Current problems

A gas explosion on 31 October 2018 in Morgan Township, Pennsylvania, near a storage field of an EQT subsidiary, is still under review by the state utility commission and the federal pipeline safety agency 4.

The company says its revenue, earnings and cash depend heavily on the price of natural gas, which is volatile, and that nearly all its assets sit in one region 4.

The umbrella, in words

EQT owns what it acquired in three deals reported in its annual report 4. These were the Tug Hill and XcL Midstream assets on 22 August 2023, Equitrans Midstream on 22 July 2024 and the Olympus Energy assets on 1 July 2025 4. The Olympus deal brought about 90,000 net acres with about 500 MMcf a day of production 4.

Since 30 December 2024 an affiliate of Blackstone Credit and Insurance has invested in PipeBox LLC, EQT's midstream joint venture, with $3.5 billion in cash and a noncontrolling interest, and EQT keeps the controlling vote 4. In January 2026 EQT said it exercised its preferential right to acquire more of Mountain Valley Pipeline Series A and Series C for about $200.7 million and $12.5 million 4.

If the Range deal closes, Range's stockholders are expected to own about 27 percent of EQT 2.

For the fourth quarter of 2026 the company expects sales volume of 550 to 600 Bcfe, and for the full year 2,375 to 2,450 Bcfe 1. It expects maintenance capital spending of $2,020 million to $2,100 million and growth spending of $580 million to $640 million for the year 1.

On the Range deal, the companies expect $325 million of base annual synergies within two years, with a pathway to more than $600 million long term 3. Synergies are savings and extra income the combined company expects from running the two together 3.

EQT agreed to enlarge its board to 12 members and add Range's chief executive, Dennis Degner, and one other person chosen by Range at closing 2. Either side may end the agreement if the merger has not closed by 25 October 2027, a date that moves to 25 April 2028 in some cases 2.

EQT launched an open season, a call for shippers to commit capacity, for a new 42-inch POWER Pipeline to the Clarington hub in Ohio 1. The Mountain Valley Pipeline's Southgate and Boost projects are each expected in service by mid-2028, pending regulatory approvals 4.

EQT ended September 2026 with $5.6 billion of total debt, down from $7.8 billion at the end of 2025 1. Its long-term goal is to cut debt to $5.0 billion, subject to the commodity markets 4.