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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
02/08/201620:14:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- 3rd Update
02/08/201617:19:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- 2nd Update
02/08/201616:42:00Dow Pares Losses to End Volatile Session Off 1.1%
02/08/201616:22:00Stocks Pare Losses Ahead of Closing Bell
02/08/201613:30:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- Update
02/08/201613:21:00Stocks Sink as Bank, Energy Shares Tumble
02/08/201612:53:00MARKET SNAPSHOT: Stocks Battered Again; S&P On Track For Lowest...
02/08/201612:20:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy
02/08/201612:10:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy
02/08/201611:35:00MARKET SNAPSHOT: Stocks Drop On Global Growth Fears; Dow Down...
02/08/201611:18:00Chesapeake Energy Corporation Statement
02/08/201611:02:00MARKET SNAPSHOT: U.S. Stocks Tumble To 22-month Low As Energy...
02/03/201608:00:00Chesapeake Energy Corporation Provides 2015 Fourth Quarter And...
01/26/201616:33:00MARKET SNAPSHOT: U.S. Stocks End Sharply Higher, Lifted By Oil's...
01/26/201613:55:00MARKET SNAPSHOT: Dow Jumps Nearly 300 Points As Stock Rally Gathers...
01/26/201612:06:00MARKET SNAPSHOT: Dow Up More Than 200 Points As Stock Rally Gathers...
01/26/201612:05:00MARKET SNAPSHOT: Dow Up More Than 200 Points As Stock Rally Gathers...
01/22/201609:39:00U.S. Hot Stocks: Hot Stocks to Watch
01/22/201609:10:00Chesapeake Energy Suspends Dividends on Preferred Stock
01/22/201609:04:00Chesapeake Energy Suspends Preferred Dividends; Will Pay Down...

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