EQT becomes the nation’s leading natural gas ‘juggernaut’ with a $13B deal as data center, export demand surges

Pennsylvania’s EQT will become the nation’s top natural gas producer with the $12.8 billion, all-stock acquisition of rival Range Resources announced Monday.

The deal comes as EQT prepares for a future of surging gas demand both domestically from power and the data center boom, and from rising exports to fuel the world, highlighted this year by the Iran war and the resulting gas shortages throughout much of Europe and Asia. That’s why EQT was willing to pay a nearly 21% premium for Range during a time of deflated premiums in oil and gas dealmaking.

“This transaction comes at a pivotal moment for America’s economy as the convergence of modern industry and energy ushers in a new era of growth,” said EQT CEO Toby Rice in a conference call. “With a significant inflection in natural gas demand on the horizon, proven by new power generation facilities, and expanding pipeline infrastructure, we believe this combination supercharges EQT’s positioning.”

Much of this growth is focused on demand spikes anticipated near 2030 and beyond from AI and the ongoing wave of construction of liquefied natural gas export facilities along the U.S. Guif Coast.

“This is all about preparing today for what that future will look like,” said Rice, who is arguably the biggest industry evangelist of natural gas.

The deal, which is slated to close in the first quarter of 2027, would expand EQT to an enterprise value of roughly $50 billion. The companies are largely........

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