U.S. ends antitrust probe of Chesapeake, Encana


The Department of Justice ends its probe of possible antitrust violations by Chesapeake Energy (CHK) and Encana (ECA) related to their land-leasing activities in Michigan, the companies say.

ECA says "The conclusion of their investigation is consistent with the findings of our independent investigation, and of our Board of Directors, that Encana did not engage in collusion with competitors in Michigan in 2010."

CHK and ECA still face state charges in Michigan; both have denied the Michigan charges and said they would fight the allegations.

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Comments (2)
  • WPSPIKER
    , contributor
    Comments (1149) | Send Message
     
    good for them, (chk) is good
    30 Apr 2014, 09:20 PM Reply Like
  • GamCap LLC
    , contributor
    Comments (500) | Send Message
     
    Lowers the risk profile considerably in our view. Instead of a potential 250-300 mil DOJ fine, they run the risk of $5-10 mil state variety, max. Tis likely that they will now cut a deal with Michigan, ECA for a slap on the wrist(which was suggested in Feb but ran out of time to negotiate based on a soon to expire statute of limitations).

     

    SEC, breach of fiduciary investigations are more of an Aubrey issue as most senior managers, board members have been replaced.

     

    On a good tape tomorrow, slight miss on the weekly injection and we might take a run at $30.
    30 Apr 2014, 10:34 PM Reply Like
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