EQT宣布全股票收购Range Resources：合并企业价值逾500亿美元，2027年第一季度交割
EQT Corporation 与 Range Resources Corporation 10月26日在宾夕法尼亚州 Canonsburg 与德克萨斯州 Fort Worth 联合宣布，两家公司已达成最终合并协议，EQT 将以全股票交易收购 Range，合并后的企业价值超过500亿美元，交易预计在2027年第一季度完成。
根据协议，Range 每股普通股将换取 0.987 股 EQT 普通股；交易完成后，EQT 原股东预计持有合并公司约73%的股份，Range 股东约持有27%。据路透社测算，按 Range 约2.34亿股流通股计算，这笔交易的股权价值约128.3亿美元，隐含每股作价54.91美元，较 Range 上周五收盘价溢价约20.6%；消息公布后，Range 股价在周一盘前交易中上涨约10.1%，EQT 股价下跌约4.6%。
两家公司表示，合并后的公司净产量将超过每日90亿立方英尺天然气当量，在阿巴拉契亚盆地拥有近300万净英亩土地与30多年的可采库存，以及超过3700英里的中游管线基础设施，成为美国最大的垂直一体化天然气生产商。合并预计使公司的无杠杆自由现金流盈亏平衡点降至每百万英热单位2美元以下，两年内实现每年3.25亿美元的基础协同效应，长期有望超过6亿美元；按近期期货曲线价格测算，合并公司未来五年累计自由现金流预计约200亿美元。
EQT 总裁兼首席执行官 Toby Z. Rice 表示，这笔交易把北美两个质量最高、持续时间最长的资产基础结合在一起，合并公司作为行业成本最低的天然气生产商，将在天然气需求的新时期占据独特位置。Range 总裁兼首席执行官 Dennis Degner 表示，Range 董事会一致认定，这笔交易能让 Range 股东更好地分享天然气与天然气凝析液长期向好的前景。
交割后，Range 的两名代表（包括 Degner）将加入 EQT 董事会，合并公司由 EQT 现任管理团队领导，总部继续设在 Canonsburg。交易尚需获得监管批准与两家公司股东批准。花旗与加拿大皇家银行资本市场担任 EQT 的财务顾问，Evercore 与摩根大通证券担任 Range 的顾问。两家公司已取消原定10月28日的第三季度业绩电话会，第三季度业绩仍按计划于10月27日盘后公布。路透社指出，数据中心用电增长推升了美国天然气需求前景，正促使生产商扩大产量与储量规模。
EQT to Acquire Range Resources in All-Stock Deal: Combined Enterprise Value Tops $50 Billion, Closing Expected in Q1 2027
EQT Corporation and Range Resources Corporation announced on October 26 in Canonsburg, Pennsylvania, and Fort Worth, Texas, that they have entered into a definitive merger agreement under which EQT will acquire Range in an all-stock transaction, creating a combined company with a pro forma enterprise value of more than $50 billion. The transaction is expected to close in the first quarter of 2027.
Under the agreement, each Range share will be exchanged for 0.987 EQT shares. EQT's existing shareholders are expected to own about 73% of the combined company and Range shareholders about 27%. Reuters calculated the equity value of the deal at about $12.83 billion based on Range's roughly 234 million shares outstanding, implying an offer price of $54.91 per share, about 20.6% above Range's closing price on Friday. Range shares rose about 10.1% in premarket trading on Monday, while EQT shares fell about 4.6%.
The companies said the combined business will produce more than 9 billion cubic feet of natural gas equivalent per day, hold nearly 3 million net acres and more than 30 years of inventory in the Appalachian Basin, and own more than 3,700 miles of midstream infrastructure, making it America's largest vertically integrated natural gas producer. The merger is expected to lower the company's unlevered free cash flow breakeven to below $2 per MMBtu, deliver $325 million of base annual synergies within two years with a pathway to more than $600 million long-term, and generate about $20 billion of cumulative free cash flow over the next five years at recent strip pricing.
EQT President and CEO Toby Z. Rice said the transaction brings together two of the highest-quality, longest-duration asset bases in North America and positions the combined company, the industry's lowest-cost producer, for the next era of natural gas. Range President and CEO Dennis Degner said Range's board unanimously determined the deal would enhance shareholders' ability to participate in a constructive long-term outlook for natural gas and natural gas liquids.
Upon closing, two Range representatives, including Degner, will join EQT's board, EQT's executive team will lead the combined company, and headquarters will remain in Canonsburg. The deal requires regulatory approvals and approval by both companies' shareholders. Citi and RBC Capital Markets advised EQT; Evercore and J.P. Morgan Securities advised Range. Both companies canceled their previously scheduled third-quarter earnings calls on October 28, while still reporting results after the market close on October 27. Reuters noted that growing natural gas demand from data centers has improved the outlook for U.S. producers and prompted them to pursue larger output and deeper drilling inventories.
来源：GSM·美国（原文链接）
图片来源：图：宾夕法尼亚州 Marcellus 页岩气田的一座天然气钻塔（资料图）。照片：Ruhrfisch，CC BY-SA 4.0，经 Wikimedia Commons。Photo: A natural gas drilling tower in Pennsylvania's Marcellus Shale (file photo). Photo: Ruhrfisch, CC BY-SA 4.0, via Wikimedia Commons.
