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• ☕️What Else is Brewing Tuesday Morning
  Biden’s budget would hike taxes on the rich, and corporations. The...
  Biden’s budget would hike taxes on the rich, and corporations. The president submitted a $7.3 trillion budget to Congress that would raise taxes on billionaires and businesses to put more cash into social programs, including Social Security and Medicare. But, like all presidential budgets, it’s got about as much chance of getting passed by Congress as a bill guaranteeing each American a pet unicorn, so it’s mostly a statement of Biden’s priorities—the 2024 budget is still being hashed out.
  
  Reddit will be targeting a valuation of nearly $6.5 billion and looking to raise ~$750 million in its upcoming IPO.
  
  Airbnb banned indoor security cameras in all listings, so now you’ll only have to worry about the cleaning fees.
  
  Telegram’s founder told the Financial Times that the encrypted messaging app has 900 million users and is making “hundreds of millions” off advertising, which should make the company profitable next year.
  
  Elon Musk, who is suing to force OpenAI to make its tech open source, said his competing company, xAI, will make the code for its chatbot, Grok, public this week.
  
  The Oscars drew 19.5 million viewers, with the Barbenheimer hype helping to make it the most viewed awards show since 2020.
  
  The House is scheduled to vote tomorrow on legislation that would effectively ban TikTok in the US.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for April delivery ...
  Benchmark U.S. crude oil for April delivery fell 8 cents to $77.93 per barrel Monday. Brent crude for May delivery rose 13 cents to $82.21 per barrel.
  
  Wholesale gasoline for April delivery rose 5 cents to $2.58 a gallon. April heating oil rose 1 cent to $2.65 a gallon. April natural gas fell 5 cents to $1.76 per 1,000 cubic feet.
  
  
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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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