Encana, Chesapeake said nearing settlements on Michigan collusion probe


Encana (ECA) and Chesapeake Energy (CHK) reportedly are negotiating civil settlements with Michigan to try to end a criminal investigation into whether the companies colluded to keep oil and gas lease prices artificially low in the state.

Encana hopes a settlement will be finalized within a few weeks, a lawyer representing ECA said in a recent court hearing, although potential terms of any settlements are unknown.

Michigan's AG has an incentive to resolve the matter before a four-year criminal statute of limitations deadline expires later this year.

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Comments (1)
  • westelk
    , contributor
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    We all know what this means. To avoid criminal prosecution both companies will send a large chunk of money to Michigan. Like the TBTF banks, just buy your way out of jail.

     

    I still would like one of those privledged to ask questions on the conference call to ask where all the funds from the asset sales went since the reason for making them (decrease the debt) seems not to have happened.
    26 Feb 2014, 08:59 AM Reply Like
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