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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0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on June 26, 2012 at 7:17am

...

Permalink Reply by Keith Mauck (Site Publisher) on June 26, 2012 at 7:22am

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 10:07am

I'll second that!

Permalink Reply by Billy Park Whyde on June 26, 2012 at 10:07am

  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 10:39am

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 3:20pm

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

Permalink Reply by Schnoozie on June 27, 2012 at 2:03am

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 11:01am

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

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