Text Size:
A | A

Michigan AG Files Criminal Charges Against Chesapeake, Encana

Text Size: A | A
By Darren Barbee, Hart Energy
March 7, 2014

Chesapeake Energy Corp. (NYSE: CHK) and Delaware-based Encana Oil and Gas USA (NYSE: ECA) (TO: ECA.TO) face criminal charges in Michigan over accusations the companies collaborated to avoid a bidding war, Michigan Attorney General Bill Schuette said.

In 2010, oil and gas lease prices for the Collingwood shale plummeted 97% in the space of roughly six months.

The companies are charged with one count each of antitrust violations relating to a contract or conspiracy in restraint of commerce. The crime is punishable by up to $1 million for a corporation. ...

Already a subscriber? Log In
Does your company have a site license? Inquire here
Already a print subscriber? Upgrade your magazine subscription