EQT and Range Resources Are Merging: Is It Time to Buy the New U.S. Natural Gas Titan?

EQT will acquire RRC in an all-stock deal valued at $13 billion, creating the largest U.S. natural gas producer with a combined enterprise value above $50 billion.

The companies expect the merger to close in Q1 2027. EQT projects $325 million in annual corporate and operational cost savings, plus another $300 million from post-production optimization. Together, that totals $625 million in targeted annual synergies.

The deal arrives with EQT trading at an 11% free-cash-flow yield. The source frames that valuation as the core of the bull case, alongside expected natural gas demand from AI infrastructure and data centers. Interpretation: the all-stock structure means RRC holders take on EQT equity exposure, so the combined company's performance after close matters as much as the headline price.

The $13 billion figure and the 11% yield give traders two concrete anchors. The synergy targets are management projections, not realized savings, and the Q1 2027 closing date leaves a long runway before any benefits show up in reported results.

WMB is tagged to this story, but the source supplies no specific link between WMB and the transaction, so there is no deal-driven read-through to draw for that name.