Bloomberg Businessweek How Natural Gas Drillers Are Scaling Up To Meet AI Energy Demand
Nov 11, 2026
Toby Rice, CEO of natural gas producer EQT, discusses the industry’s race to power artificial intelligence. He explores EQT’s Range Resources acquisition, surging gas demand from AI data centers, permitting reform, infrastructure challenges, affordability, and the company’s acquisition strategy and international LNG ambitions.
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EQT Bets On Scale To Power AI
- EQT’s $12.8 billion all-stock Range Resources acquisition aims to make it America’s largest natural-gas producer.
- Toby Rice links the expanded platform to energy security and the electricity demand created by artificial intelligence.
Permitting Reform Could Unlock Cheaper Energy
- Push for permitting reform to unlock existing gas resources and let market forces improve affordability, reliability, and cleanliness.
- Rice says bipartisan support exists because politicians across the aisle want better energy for consumers.
Overbuilding Could Keep AI Power Affordable
- Data-center growth can lower electricity costs if developers overbuild generation and connect surplus capacity back to the grid.
- Virginia added 2,300 megawatts of data-center demand while prices rose about two cents, versus Rhode Island’s eight-cent increase after adding 10 megawatts.