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• Dow ekes out gain ahead of critical inflation data due this week
  U.S. stocks saw a mixed finish Monday, as investors awaited key inflation...
  U.S. stocks saw a mixed finish Monday, as investors awaited key inflation readings due this week that may help decide the timing of any interest-rate cuts by the Federal Reserve.
  
  The Dow Jones Industrial Average DJIA gained 46.97 points, or 0.1%, to end at 38,769.66.
  
  The S&P 500 SPX fell 5.75 points, or 0.1%, to finish at 5,117.94.
  
  The Nasdaq Composite COMP declined 65.84 points, or 0.4%, to close at 16,019.27.
  
  The Dow fell 0.9% last week for back-to-back weekly declines, while the S&P 500 lost 0.3% and the Nasdaq Composite dropped 1.2%.
  
  The S&P 500 has gained 7% this year and 33% over the last 52 weeks.
  
  
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• EQT, Equitrans to Merge in $5.45B Deal, Continuing Industry Consolidation
  E&P EQT Corp. and Equitrans Midstream...

  E&P EQT Corp. and Equitrans Midstream Corp. have entered into a definitive merger agreement reuniting the two companies in an all-stock deal worth roughly $5.45 billion, according to a March 11 press release.

  
  

  The companies said the deal creates the U.S.’ only large-scale, vertically integrated natural gas company prepared to “compete on the global stage,” according to EQT — an echo of the rationale Chesapeake Energy cited in its $7.4 billion merger announcement in January with Southwestern Energy.

  
  

  Under the terms of the merger agreement, each outstanding share of Equitrans common stock will be exchanged for 0.3504 shares of EQT common stock, representing an implied value of $12.50 per Equitrans share brd on the volume weighted average price of EQT common stock for the 30 days ending on March 8. The transaction suggests a 12% premium over Equitrans’ March 8 closing price of $11.16.

  
  

  After the deal, EQT shareholders would own 74% of the combined company and Equitrans shareholders the remaining 26%.

  
  

  EQT said that when complete, the combined company’s enterprise value would exceed $35 billion and add more than 2,000 miles of critical pipeline infrastructure with “extensive overlap with EQT's core upstream operations and existing midstream assets.”

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• New Mexico Governor vetoes bill to help with tax exemptions for small oil and gas wells
  New Mexico Gov. Michelle Lujan Grisham stepped in and used her veto powers...
  New Mexico Gov. Michelle Lujan Grisham stepped in and used her veto powers to kill a bill to give a tax exemption to operators of small oil and gas wells in her state.
  
  The exemption for “stripper” wells was included in a catch-all tax package approved in February by the New Mexico legislature. However, the governor used a line-item veto power against the exemption. It was the only veto in the 149-page tax package.
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• US airlifts nonessential staff from its Haiti embassy as violence rages
  At the same time, the US military ...
  At the same time, the US military flew in personnel to bolster security at the Port-au-Prince compound located in an area that’s largely controlled by gangs, which joined forces this month to attack government buildings. De facto opposition leader Jimmy Chérizier, who goes by the moniker Barbecue, said if Prime Minister Ariel Henry doesn’t step down, it will result in a civil war and genocide. US Southern Command said in a statement that no Haitians were on the departing aircraft with nonessential staff, in a likely attempt to quell any speculation that Haitian government officials were fleeing.
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• It’s been one year since regional banks melted down
  Yesterday marked the first anniversary of Silicon Valley Bank’s collapse,...
  Yesterday marked the first anniversary of Silicon Valley Bank’s collapse, which sparked regional banking jitters that brought down two other lenders last spring. One year later, regulation to shore up confidence in the sector has been slow to materialize, and the big US banks have grown even bigger after scooping up the remains of their collapsed challengers. Silicon Valley Bank, for its part, argues it’s on stronger footing after its sale: The company’s president told Axios that 81% of its clients are still banking with it. However, concerns about regional banks’ health remain after teetering New York Community Bancorp received a $1+ billion lifeline last week.
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