Range Resources Stock Jumps 17.7% on Agreement to Be Acquired by EQT in All-Stock Deal

Range Resources (NYSE: RRC) shares rose 17.7% on Monday, Oct. 26, 2026, closing at $53.56 from a previous close of $45.52, while the S&P 500 ETF (SPY) gained 0.71%. Volume ran at about 9.8 times its usual level. The move followed a deal: Range agreed to be acquired by EQT Corporation in an all-stock transaction.

Under the merger agreement, described in an 8-K filed the same morning, each Range common share will be converted into 0.987 shares of EQT common stock. After closing, Range's existing stockholders are expected to own about 27% of the combined company, and EQT's about 73%. A separate filing on Form 425 contained the same merger terms.

Deal terms and conditions

Completion requires approval by a majority of Range's voting shares, approval of the EQT share issuance by EQT shareholders, antitrust clearance under the Hart-Scott-Rodino Act, and an effective registration statement on Form S-4. The companies expect the transaction to close in the first quarter of 2027. If the merger is not completed by October 25, 2027, either party may terminate it, subject to an automatic extension to April 25, 2028 in some circumstances.

Termination fees are $423 million payable by Range and $1,148 million payable by EQT in certain circumstances.

Combined company outlook

EQT said the combination would create a company with more than 9 Bcfe/d of net production and pro forma enterprise value above $50 billion. EQT expects $325 million of base annual synergies within two years. Dennis L. Degner, Range's president and CEO, is expected to join the EQT board at closing.

The companies canceled their Q3 2026 earnings calls scheduled for Oct. 28, and said they will release Q3 results after the market close on Oct. 27.

Range's most recent reported quarter, ended June 30, 2026, showed revenue of $833.6 million, down 3% from a year earlier, and net income of $195.3 million, down 18%.