Internal investigation clears Encana of collusion allegation
An internal investigation by Canadian natural gas giant Encana Corp. clears officials of collusion allegation.
In brief
Probe clears
Encana of
collusion
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Chesapeake coverage on NewsOK:
Canadian natural gas giant Encana Corp. has concluded company officials did not collude with rival Chesapeake Energy Corp. to lower the cost of land acquisitions in Michigan in 2010, Reuters reports.
The news agency reported in June that the companies plotted to keep land prices under control in the Collingwood Shale, a promising oil and natural gas play. That raised the specter of antitrust violations that have sparked investigations by the U.S. Department of Justice and authorities in Michigan.
A subsequent report cited emails indicating Chesapeake CEO Aubrey McClendon directed company officials to renegotiate or delay closing on deals with major Michigan lease holders after learning Encana was paring back its leasing efforts there.
A Chesapeake spokesman declined to comment Wednesday on the latest Reuters report.
The company has denied any wrongdoing in Michigan, where officials said it had considered a possible joint venture with Encana that was never consummated.
McClendon is scheduled to speak Thursday morning at an industry conference in New York, his first such appearance since April.
JAY F. MARKS,
BUSINESS WRITER
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