View the sales data and calculation
| Product | Sales |
|---|---|
| Natural gas | 339.796 |
| Natural-gas liquids | 312.822 |
| Oil | 49.469 |
Liquids and oil: 312.822 + 49.469 = 362.291. Total product sales: 702.087. Liquids and oil share: approximately 51.6%. Bars round to one decimal and share a zero-to-$400-million scale. Product sales precede derivative settlements and transportation, gathering, processing and compression deductions. These are earlier Range figures, not combined-company revenue or profit.
EQT agreed on October 26 to buy Range Resources in an all-stock deal, adding more than natural gas. Its proposed purchase includes a liquids business that recently brought in more product sales than Range's gas did. [1] [3]
For shareholders of the two producers, listed on the New York Stock Exchange as EQT and RRC, that mix helps explain the combination. EQT would gain another source of sales alongside more Appalachian wells, while Range's owners would exchange their shares for a stake in the larger company. [1]
The other products coming out of the ground
Natural-gas liquids include familiar fuels and industrial ingredients. Propane heats homes and fuels cooking. Ethane helps make plastics. Their buyers extend beyond customers using ordinary natural gas for heat or electricity. [4]
In the June quarter, Range reported $312.8 million of natural-gas-liquids sales and $49.5 million of oil sales. Together, they exceeded its $339.8 million of natural gas sales. These figures come before hedges and transportation deductions; they are sales, rather than profit. [3]
Range credited access to international markets with helping it earn higher prices for its liquids. Buying that business would give EQT more products to sell and more routes to customers. Those earlier results do not establish what the products will fetch after a merger. [3]
A well is only the start of the business
The companies' presentation describes a combined system with more than 3,700 miles of pipelines. It pairs a large resource base with a marketing operation that connects production to domestic and overseas buyers. Those are proposed combined operations, rather than assets newly assembled today. [2]
The commercial opportunity is to match that supply with customers willing to make long-term commitments. Management also sees ways to coordinate development, reduce operating costs and improve marketing. Having gas underground matters less if it cannot reach a buyer at an attractive price. [2]
“creates opportunities to build long-term value neither could fully realize independently”
Dennis L. Degner, Range president and chief executive — October 26, 2026 [1]
The market connection The combination would broaden EQT's products and selling opportunities. It would still depend on commodity prices and the cost of getting those products to customers.
Range holders would receive shares, not a fixed cash price
The agreed exchange is 0.987 EQT shares for each Range share. That ratio links the value of the consideration to EQT's stock price. A larger company can offer more opportunities while leaving shareholders exposed to falling energy prices and integration problems. [1]
Management expects $325 million in annual combination benefits within two years. Delivering those benefits requires the operating and marketing changes to work. Liquids add another exposure; they can also lose value when fuel or industrial demand weakens. [1] [2] [4]
Both companies plan to release quarterly results after the market closes on October 27, although their October 28 earnings calls are canceled. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals. The next operating update will therefore arrive well before the proposed businesses become one. [1]