EQT’s acquisition of Range underscores race to dominate US natgas market

EQT’s acquisition of Range Resources marks the latest consolidation in the natural gas industry, as producers scramble to secure supply for growing demand in liquefied natural gas exports and power generation. EQT, based in Canonsburg, Pennsylvania, announced a $13 billion all-stock deal to acquire Range Resources, a Fort Worth, Texas-based producer, creating the nation’s largest gas producer.

This transaction positions EQT as the natural choice for gas supply both domestically in Appalachia and internationally with LNG. EQT CEO Toby Rice highlighted the deal's significance, stating it would boost the company’s market access to premium markets. The merger is expected to increase EQT’s demand growth estimates for the Appalachian region to over 25 billion cubic feet per day, with half of that growth remaining in the basin to supply power plants for data centers and pipeline projects.

Internationally, EQT aims to expose 15% of its gas sales to global markets, taking advantage of higher LNG prices outside the US. The acquisition comes as top US gas producers race to consolidate ahead of expected demand changes driven by LNG exports and data center power demand.