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Chesapeake Discloses Informal Inquiry From SEC

DOW JONES NEWSWIRES Chesapeake Energy Corp. (CHK) said the Securities and Exchange Commission opened an informal investigation focused on the company and its co-founder and chief executive, Aubrey K. McClendon. The company's board this week forced McClendon to step down as chairman, bowing to pressure from shareholders amid revelations that he was receiving a controversial perk that allows him to purchase a 2.5% stake in every well the natural-gas producer drills. The perk was ended 18 months early and the board plans to name an independent chairman in the near future. Chesapeake said the SEC asked it to retain certain documents, but noted in the request that the inquiry shouldn't be construed as an indication that any violation of federal securities laws occurred. The company added that it planned to cooperate with the SEC in responding to the inquiry. The SEC said it declined to comment. Chesapeake's aggressive push to develop gas and oil from shale rocks has helped create a U.S. energy boom. It and other companies have been so successful at finding natural gas that the price of the fuel recently hit a 10-year low. Earlier this week, Chesapeake said its first-quarter loss narrowed as the company reported a smaller derivative loss from the year-ago period and as production increased. Shares closed Thursday at $17.19 and were down 8 cents after hours. The stock is down 23% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
11/28/201413:24:56U.S. Stock Futures Pause; OPEC Decision Weighs on Energy Shares
11/25/201418:28:27Court Rules Against Chesapeake Energy Over 2013 Bond Redemption
11/25/201415:50:22Chesapeake Energy Bond Redemption Notice Faulty, Court Rules...
11/05/201409:45:59U.S. Hot Stocks: Hot Stocks to Watch
11/03/201415:14:08Southwestern Energy Shares Have 57% Upside -- Barron's
11/03/201412:08:50What Will Chesapeake Energy Do With All That Cash? -- Earnings...
09/18/201408:20:35Magnolia Shares Fall After Unveiling Cummings 2nd Half Well Output...
06/12/201416:43:41MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Down For Third Day
06/12/201414:52:18MARKET SNAPSHOT: U.S. Stocks Fall; Dow In Triple-digit Decline
06/12/201410:29:47MARKET SNAPSHOT: U.S. Stocks Edge Lower; Energy Sector Rallies
06/11/201419:14:44Aubrey McClendon Launches His Post-Chesapeake Comeback
05/28/201420:22:36Oklahoma Governor Signs Bill Raising Energy-Output Tax
05/20/201422:02:19Companies Bet Exposing Hacks Will Help
05/12/201417:58:12Oil Man George Kaiser Proposes Increase in Oklahoma Oil-and-Gas...
05/07/201420:12:46SEC Ends Investigation of Chesapeake Energy Ex-CEO Aubrey McClendon...
05/07/201408:30:12Chesapeake Energy Profit Soars
05/07/201408:04:10Chesapeake Energy Profit Soars, Revenue Jumps 47%
03/05/201421:19:31Chesapeake, Encana Charged With Antitrust Violations -- Update
03/05/201419:10:11Chesapeake, Encana Charged With Antitrust Violations
02/28/201410:01:30Chesapeake Energy to Sell $520 Million in Assets to Exterran...

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