Reluctant Activist Sees Heart of Shale Being Ripe for Deals

After years of calling for it privately, Barnes Hauptfuhrer decided that early 2017 was finally time to go public with his desire to see a makeover of America’s hottest natural gas play. On Tuesday, the 62-year-old sent a 10-page open letter to the board of EQT Corp., urging the gas explorer to merge with either Range Resources Corp. or Antero Resources Corp. That prompted Range to put out a statement saying it hadn’t been contacted by EQT about a potential deal and that it had no plans to hold talks.