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.

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Comments (1)
  • WPSPIKER
    , 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
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