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Chesapeake Energy

Oil & Gas

McClendon’s actions aren’t uncommon across US shale patch

The actions that resulted in former Chesapeake Energy Corp. chief Aubrey McClendon’s indictment aren’t uncommon across the shale patch, lawyers and analysts said. McClendon was charged Tuesday with allegedly violating antitrust laws known as the Sherman Act by coordinating a scheme in which two companies didn’t bid against each other for oil and natural gas leases in Oklahoma. He died in a car crash in Oklahoma City the next day.

Markets

Chesapeake reduces capital budget, but boosts production

Chesapeake Energy has reduced its 2015 capital budget for the second time this year as looks to cope with the decline in oil and gas prices. The company, which raised its production forecast, has also been hit by weak natural gas prices. Around 15% of its workforce has been cut so far.

Oil & Gas

Chesapeake Energy fined $2.1million

Chesapeake Energy has been fined $2.1million for alleged under reporting on natural gas produced on Indian leases in Oklahoma, according to reports. The Department of Interior's Office of Natural Resources Revenue Office said it had issued a civil penalty against the Oklahoma city-based company for failing to comply with an October 2011 order requiring it to review the amounts reported for more than 100 leases.

Markets

Chesapeake Energy posts loss on $5 bln impairment charge

U.S. natural gas producer Chesapeake Energy reported a quarterly loss, compared with a year-earlier profit, as it took a $5 billion charge on some oil and gas assets. Oil and gas producers including Encana and Chevron have taken massive impairment charges this year as the value of their assets has dropped after global oil prices more than halved in the past year. Natural gas prices, which have also plunged due to a supply glut, are showing no signs of recovery.