Range Resources Corp (RRC)

Range Resources agreed on 25 October 2026 to be bought by EQT Corporation in an all-stock deal 1. Each Range share would become 0.987 shares of EQT, and Range holders would own about 27 percent of the combined company 1.

The companies expect the deal to close in the first quarter of 2027, after votes by both sets of shareholders and regulatory clearances 2. EQT chief executive Toby Rice called the result a company "uniquely positioned for the next era of natural gas" 2.

Range's third-quarter 2026 net income was $175.3 million, up from $144.3 million a year earlier 3. Production rose 12 percent from the third quarter of 2025, which, with higher realized prices, drove the gain, the company said 3.

The open question is whether both sets of shareholders and the antitrust reviewers approve 1. Until then, Range must keep running as a stand-alone company 3.

Range Resources was incorporated in 1980 and is based in Fort Worth, Texas 4. Its work today centers on the Marcellus Shale in Pennsylvania, though it once also held gas fields in North Louisiana 46.

Range sold its North Louisiana operations in August 2020 but kept some related pipeline and processing obligations that run until 2030 4. The sale brought $246.1 million in cash, and the company cut debt due through 2023 by about $1.2 billion 6.

In 2020 revenue fell to $1.97 billion and the company lost $711.8 million, as the prices it received dropped 31 percent 6. Weak gas prices that year, not weak drilling, drove the loss, since its Marcellus output grew 3 percent 6.

Prices turned in 2022: net income reached $1.2 billion, up from $411.8 million in 2021, as realized prices rose 65 percent 5.

Revenue then fell from $3.37 billion in 2023 to $2.42 billion in 2024, and recovered to $3.12 billion in 2025 4. Net income was $871.1 million, $266.3 million and $658.0 million in those three years 4.

The 2025 recovery came from realized prices up 14 percent and slightly more output, 2.24 billion cubic feet of gas equivalent a day in 2025 against 2.18 in 2024 4. That year Range paid $85.7 million in dividends and bought back $230.6 million of its own stock 4.

It drilled and completed 53 net wells in 2025 with a 100 percent success rate, and its capital investment for the year was $673.8 million 4. Range operates almost all of its production and says it aims to keep its cost to find, develop and produce among the lowest in the industry 4.

What Range sells

Range is an independent producer of natural gas, natural gas liquids (NGLs, such as ethane and propane) and oil, mostly condensate 4. It reports one business segment, run by a single company-wide management team 3.

At the end of 2025 it had proved reserves, gas and liquids it can recover with reasonable certainty, of 18.1 trillion cubic feet equivalent: 65 percent gas, 34 percent NGLs and 1 percent oil 4.

In the third quarter of 2026 gas sales were $371.8 million, NGL sales $321.0 million and oil sales $45.2 million 3. Daily output averaged about 2.5 billion cubic feet equivalent, 12 percent above a year earlier 3.

Where it works

Nearly all reserves and output come from the Marcellus Shale in Pennsylvania, where Range holds about 879,000 gross (769,000 net) acres under lease 4. At the end of 2025 it had 1,579 gross (1,499 net) operating producing wells 4.

People

Range had 564 full-time employees on 1 January 2026, none covered by a union 4. Dennis Degner, who joined in 2010, has been chief executive since 21 May 2023, and Mark Scucchi, who joined in 2008, is chief financial officer 4.

Rivals and customers

Range's competitors include the major oil and gas companies and many independents, and it says many have financial resources substantially exceeding its own 4. Its gas is sold to utilities, marketing and midstream companies and industrial users, and its NGLs to petrochemical users, refiners and marketers 4.

Debt and exposure

At the end of September 2026 total debt was $780.9 million, after Range repaid its 8.25 percent senior notes due 2029 in January 2026 3. About $1.5 billion of borrowing capacity was available on its bank credit facility 3.

Range says its revenues, profits and cash flow depend substantially on prevailing prices for natural gas, NGLs and oil, which it expects to remain volatile 3.

The umbrella, in words

Range lists five subsidiaries in its annual report, each wholly owned: Range Resources-Appalachia, Range Resources-Pine Mountain, Range Production Company, Range Resources-Midcontinent and Range Resources-Louisiana 8. Its interests in the ground are mostly working interests and, to a lesser extent, royalty and overriding royalty interests 4.

Its common stock, $0.01 par value, trades on the New York Stock Exchange as RRC 1. If the merger closes, Range would become an indirect wholly owned subsidiary of EQT, an agreement to be bought rather than a stake 1.

The companies expect the merger to close in the first quarter of 2027 2. It needs a majority of Range's voting shares, a majority of votes cast at an EQT meeting, the end of the Hart-Scott-Rodino antitrust waiting period and an effective registration of the new EQT shares 21.

Either side may end the agreement if it has not closed by 25 October 2027, a date that moves to 25 April 2028 if only antitrust or court conditions remain 1. In certain cases of termination Range would pay EQT $423 million, or EQT would pay Range $1,148 million 1.

EQT agreed to raise its board to 12 members and add Dennis Degner and one other Range choice at closing 1. EQT said it expects $325 million of base annual savings within two years, with a path to more than $600 million over the long term 2.

On the 26 October call, Rice said Range assets could grow their capacity to 5 bcfd from roughly 2.5 bcfd today, Oil & Gas Journal reported 7.

Before the deal, Range set a 2026 capital budget of $650 million to $700 million and said it expects less drilling and more completions work through 2026 4.