EQT becomes the nation’s leading natural gas ‘juggernaut’ with a $13B deal as data center, export demand surges
Source: Fortune ·
EQT will acquire Range Resources to create the leading natural gas behemoth in the Appalachia.
From the source
Pennsylvania’s EQT would 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…