Possible scenario

Gas Market Dominates

15%its chance, of the story’s futures

0.0%on the S&P 500, if it happens

The transaction’s market reception could be overwhelmed by expectations for U.S. gas prices, LNG demand, and producer discipline. Because both EQT and Range are highly exposed to natural gas, a change in the commodity outlook can matter more than the merger structure.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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