CNBC (Power Lunch) · Oct 29, 2026
With Toby Rice, CEO of EQT
EQT's all-stock acquisition of Range Resources — $13 billion in transaction value, $50 billion including debt — creates what Toby Rice calls America's undisputed natural gas champion.
"You create America's undisputed natural gas champion." — Toby Rice
He told CNBC the deal is accretive on both free-cash-flow- and NAV-per-share, with synergies he puts at over $625 million, split roughly evenly between corporate overhead cuts and midstream upside.
The full interview is covered here so you can skip it.
Here are the 2 takeaways that matter.
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Key Takeaways
The $13 billion all-stock deal ($50 billion including debt) creates the largest US natural gas producer
Toby puts synergies at over $625 million, split between overhead cuts and midstream/demand-capture upside
In-basin Appalachian AI power demand estimates have grown from 20 to over 25 Bcf/day
The combined company's 17 Bcf/day of productive capacity positions it to capture most of that growth
European gas prices near $30/MMBtu versus about $3 domestically, a gap Toby ties to Middle East conflict and US energy independence
1. The Deal Math
Toby frames the Range Resources acquisition as accretive from day one, not a bet on future execution.
The deal is accretive on free-cash-flow- and NAV-per-share, with synergies over $625 million
"We've created a higher quality business... EQT is on the top of the charts." — Toby Rice
"The synergies that we've announced would be over $625 million." — Toby Rice
