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Friday, September 30, 2016

Latest on Chesapeake Energy: SEC Filing Sheds Light on Extent of Legal Problems; Icahn's Rep Resigns From Board

Chesapeake Energy Corp. said Thursday it has received subpoenas from the U.S. Department of Justice (DOJ) and some states in connection with an investigation into whether it violated antitrust laws regarding natural gas and oil leasehold purchases, royalty payment practices and accounting methods for acquiring and classifying properties. 
In a U.S. Securities and Exchange Commission Form 8-K filing, the Oklahoma City-based producer reiterated an earlier disclosure, that it was subpoenaed by DOJ and state government agencies in connection with potential violations of antitrust laws relating to its purchase and lease of gas and oil rights. 
The filing also indicated that Chesapeake has received DOJ, U.S. Postal Service and state subpoenas "seeking information on our royalty payment practices. In addition, we have received a DOJ subpoena seeking information on our accounting methodology for the acquisition and classification of oil and gas properties and related matters."
Also from NGI (view fill article):
Chesapeake Energy Corp. said two of its directors, including a representative of No. 2 investor Carl Icahn, resigned effective Monday, less than a week after Icahn reduced by half his stake in the Oklahoma City-based natural gas producer. 
In a Form 8-K filing with the U.S. Securities and Exchange Commission, Chesapeake said John Lipinski, who was appointed in June 2014, and Icahn director Vincent Intrieri, appointed in June 2012, had resigned. 
According to the filing, the decision by both men was "not the result of any disagreement with the company on any matter relating to its operations, policies or practices." Lipinski had served on the audit and compensation committees. Intrieri, who was named to the board at Icahn's behest, has worked for Icahn-related entities since 1998. He served on Chesapeake's audit, finance and nominating, governance, and social responsibility committees.

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