Range Resources Denies Merger Talks With EQT Corp

(RTTNews) - Responding the press release issued by Chapter IV Investors, Range Resources Corp. (RRC) clarified Tuesday that it has not been contacted by EQT Corp. (EQT) regarding a potential merger of the two companies nor does Range plan to initiate any such discussions.

Range Resources said if EQT or any other entity were to contact Range regarding a potential transaction, Range's Board will evaluate any such potential transaction considering the best interests of its stockholders given the circumstances at the time.

On December 28, 2016, Chapter IV Investors, LLC, an investment firm with ownership stakes in EQT Corporation (EQT), Antero Resources (AR) and Range Resources (RRC), sent a letter and presentation to the Board of Directors of EQT Corporation encouraging EQT's Board to conduct a process to simultaneously evaluate a potential stock-for-stock merger with either Antero Resources or Range Resources and contrast these options versus a go-it-alone strategy. If either merger option is consummated, such merger would create the largest and best-positioned natural gas producer in the United States with an expected pro forma enterprise value greater than $25 billion.

According to Chapter IV Investors, the resulting company would control a complementary, high-growth midstream business that would provide cash flow stability and funding to accelerate its high-return E&P business.

In Chapter IV's opinion, an EQT stock-for-stock merger with either Antero or Range would unlock a multi-billion dollar value creation opportunity for EQT shareholders and the shareholders of EQT's chosen merger partner.