Chesapeake Energy: Justice Department Conducting Antitrust Investigation

Date : 08/09/2012 @ 6:03PM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 5.51  0.0 (0.00%) @ 7:36AM

Chesapeake Energy: Justice Department Conducting Antitrust Investigation

Chesapeake (NYSE:CHK)
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   By Angel Gonzalez 
 

HOUSTON--Chesapeake Energy Corp. (CHK) said Thursday that the U.S. Department of Justice is conducting an antitrust investigation into its oil and gas leasing activities.

The disclosure comes in the wake of a Reuters report in June that said the company may have colluded with rival Encana Corp. (ECA) while bidding for oil and gas leases in Michigan. Chesapeake said in a quarterly filing with the U.S. Securities and Exchange Commission that the Midwest Field Office of the Department's Antitrust Division had requested documents from the company for a grand jury investigation of possible violation of antitrust laws.

Chesapeake said it also has received demands from state governmental agencies related to other investigations of its oil and gas rights leases and purchases.

"Chesapeake intends to provide information in response to these investigations, and its Board of Directors is conducting an internal review of the matter," the company said in the filing.

Write to Angel Gonzalez at angel.gonzalez@dowjones.com

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