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Several early transition metal dipnictides have been found to hosttopological semimetal states and exhibit large magnetoresistance. In thisstudy, we use angle-resolved photoemission spectroscopy (ARPES) andmagneto-transport to study the electronic properties of a new transition metaldipnictide ZrP$_2$. We find that ZrP$_2$ exhibits an extremely large andunsaturated magnetoresistance of up to 40,000 % at 2 K, which originates froman almost perfect electron-hole compensation. Our band structure calculationsfurther show that ZrP$_2$ hosts a topological nodal loop in proximity to theFermi level. Based on the ARPES measurements, we confirm the results of ourcalculations and determine the surface band structure. Our study establishesZrP$_2$ as a new platform to investigate near-perfect electron-holecompensation and its interplay with topological band structures.

Extremely large magnetoresistance from electron-hole compensation in the nodal loop semimetal ZrP$_2$