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Chesapeake Energy Settles with New York on Lease Renegotiations

By Ben Lefebvre Chesapeake Energy Corp. (CHK) will have to renegotiate more than 4,400 land leases in New York and pay $250,000 as part of a settlement with the state, the New York attorney general's office disclosed Thursday. The decision forces Chesapeake to allow other natural-gas producers to bid on certain leases Chesapeake holds that expire by Dec. 31, 2013. Chesapeake would then have to match the other bid price or give up the lease, according to the attorney general's office. The settlement stemmed from Chesapeake's previous attempts to hold on to leases past the original dates agreed to by landowners without renegotiating terms. Chesapeake argued that it could hold the leases until New York state's Department of Environmental Conservation completed a review on the effects of hydraulic fracturing, or fracking. Some environmental groups have contended that the chemicals used in fracking could leak into groundwater supplies. Chesapeake hasn't drilled on the land while the DEC worked on its review. The decision should have little effect on Chesapeake's earnings, analysts said. "Chesapeake was not drilling there, and I doubt they'd renew many of those leases," Jefferies & Co. analyst Biju Perincheril said. The Oklahoma City-based producer has been trying to limit its exposure to natural gas, prices of which have plummeted because of a wave of production. Natural gas traded at $2.425 a million British thermal units Thursday, up from a decade low of $1.90 in April. A Chesapeake spokesman wasn't immediately available. The agreement with New York's attorney general also requires Chesapeake to pay the state $250,000 as reimbursement for costs of the investigation. Write to Ben Lefebvre at ben.lefebvre@dowjones.com. Order free Annual Report for Chesapeake Energy Corp. Visit http://djnweurope.ar.wilink.com/?ticker=US1651671075 or call +44 (0)208 391 6028

Stock News for Chesapeake (CHK)
DateTimeHeadline
09/19/201618:49:00Carl Icahn Sells More Than Half of Chesapeake Stake -- Update
09/19/201618:10:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/19/201618:03:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/18/201621:00:00Oklahomans Turn Out for Auction of McClendon's Wines
09/18/201616:49:00Oklahomans Turn Out for Auction of Aubrey McClendon's Wines
09/13/201607:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
09/13/201607:00:00Chesapeake Energy Corporation Announces Extension Of Expiration...
09/10/201603:02:00France's Total Expands in Texas -- WSJ
09/09/201614:50:00France's Total Buys Bigger Piece of Barnett Shale in Texas...
09/09/201614:46:00Correction to Total Barnett Shale Story
09/09/201604:20:00France's Total Takes Control of Barnett Shale in Texas
09/09/201604:09:00France's Total Takes Control of Barnett Shale in Texas -- Update
09/09/201603:11:00Total to Acquire Chesapeake's 75% of Barnett Shale
09/09/201603:02:00Pipeline-Deal Pursuit Ends -- WSJ
09/08/201619:46:00Enterprise Products Withdraws Its Interest in Williams -- 4th...
09/08/201618:42:00Enterprise Products Withdraws Its Interest in Williams -- 3rd...
09/08/201618:22:00Enterprise Products Withdraws Its Interest in Williams -- 2nd...
09/08/201617:37:00Enterprise Products Withdraws Its Interest in Williams -- Update
08/26/201607:00:00Chesapeake Energy Corporation Announces Early Results Of Cash...
08/26/201607:00:00Chesapeake Energy Corporation Announces Increase In Size Of Cash...

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