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Wednesday, November 8, 2017

Justice Department Gives Chesapeake the Go-Ahead to Continue Slashing Royalties

From Reuters:
The U.S. Department of Justice ended a three-year probe of Chesapeake Energy Corp’s (CHK.N) royalty payment and land purchase practices without taking action, the natural gas producer said in a securities filing on Thursday. 
The department subpoenaed documents from the company in 2014 after dozens of landowners and others accused it of short-changing them on royalties for natural gas and other fuels. 
Chesapeake said in the filing with the U.S. Securities and Exchange Commission that the Justice Department advised it on Sept. 19 that it had concluded the probes. The company remains in discussions with the U.S. Postal Service and various states, which separately sought information about the practices, the filing said. 
A spokesman for the Oklahoma City, Oklahoma, company declined to comment further.
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