Chesapeake, Encana set to answer antitrust charges in Michigan

Chesapeake Energy (CHK -0.4%) and Encana (ECA -1.3%) appear before a Michigan judge today to answer allegations they criminally conspired to lower land leases in the state.

Collaboration between the two companies may have caused lease prices to plummet from $1,510/acre at a May 2010 auction to less than $40/acre at an auction conducted five months later, according to the Michigan AG.

ECA has expanded its presence in the region’s Collingwood shale formation, controlling ~429K acres by the end of 2012, while CHK withdrew from the area after investing $400M.

From other sites
Comments (1)
    , contributor
    Comments (1149) | Send Message
    So (CHK) stopped buying it all together so sounds like they DID NOT want it so how did they do wrong by NOT BIDDING up land they DIDN'T want? note I SOLD my (ECA) this AM and will stay away from them till after all this is settled.
    19 Mar 2014, 03:54 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs