Chesapeake and rival plotted to suppress land prices

SPECIAL REPORT-Chesapeake and rival plotted to suppress land prices

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Mon Jun 25, 2012 4:28pm IST

 

* Chesapeake, Encana discussed how to avoid bid fight in Michigan-state land auction, documents show

* Rivals discussed dividing up bids for oil and gas acreage held by private Michigan owners

* CEOs of Chesapeake, EnCana were involved in land discussions, emails show

* Chesapeake CEO McClendon told deputy companies should “smoke a peace pipe”: email

* Chesapeake executive said goal of talks was “to avoid us bidding each other up”: email

* Encana says it has opened investigation into Reuters findings on Michigan talks

* Encana, Chesapeake say they discussed joint venture in 2010 but didn’t proceed

Pdf version here: link.reuters.com/wab98s

By Brian Grow, Joshua Schneyer and Janet Roberts

GAYLORD, MICHIGAN, June 25 (Reuters) - Under the direction of CEO Aubrey McClendon, Chesapeake Energy Corp. plotted with its top competitor to suppress land prices in one of America’s most promising oil and gas plays, a Reuters investigation has found.

 

 

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Permalink Reply by Marcus Grayson on June 26, 2012 at 2:17pm

...

Permalink Reply by Keith Mauck (Site Publisher) on June 26, 2012 at 2:22pm

This was originally posted by that natural gas lovin James Northrup. However, his predetermined bent should not get in the way of legitimate newsworthy stories. So, I removed his inflammatory edits and have posted this to be discussed.

Permalink Reply by Billy Park Whyde on June 26, 2012 at 5:07pm

I'll second that!

Permalink Reply by Billy Park Whyde on June 26, 2012 at 5:07pm

  Correct me if I am wrong on this but wasn't there accusations made the CHK had  ran under the radar a shell company that was acquiring leases  dirt cheap only to be flipped to CHK as well?  Yep here it is https://docs.google.com/document/d/1cNpmLJDciQq2Zg_33cXDWw9CwPFV-yT...

  So it rather comes down to is what is the real value of the property in leasing when knowing games are beig played?

Permalink Reply by Schnoozie on June 26, 2012 at 5:39pm

Games..games...games.

Glad I listned to my head my heart and finally my Lawyer.

Who by the way........did not charge me a percentage of my bonus.

Permalink Reply by Jim Litwinowicz on June 26, 2012 at 10:20pm

Good thing since you got a lower bonus and a lower royalty with deductions....

Permalink Reply by Schnoozie on June 27, 2012 at 9:03am

What I got was a document that is based on fact not fantasy and works for both sides and protects my land and my family.

What I won't have is a Chinese well tender on my property.

Permalink Reply by Chartist on June 26, 2012 at 6:01pm

This is a violation of US antitrust laws.....Aubrey is a scumbag on many different levels.

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