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“Chesapeake, McClendon Endure Rocky Year; More Uncertainty Ahead”

Filed by KOSU News in State Impact.
December 28, 2012

Earlier this year, Reuters reported that Chesapeake Energy and rival Encana had discussed ways to avoid bidding against each other for land in Michigan, which prompted anti-trust investigations by the Department of Justice and the Michigan Attorney General. Reuters investigated the company email trail, which suggests deeper collaboration between the two competitors.

The latest revelations add to the struggles of a company that was already beleaguered by slumping natural-gas prices and a $16 billion pile of debt. “It wouldn’t surprise me if McClendon lost his board seat and was terminated,” said Mark Hanson, an oil analyst for Morningstar. “If I were a shareholder of the firm, you could make a case that he’s probably done more harm than good.”

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