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Encana Shares Drop on Report of Collusion with Chesapeake

By Edward Welsch Encana Corp. (ECA) shares slid more than 5% Monday following a report alleging the Canadian company colluded with a rival to lower the price of U.S. shale-gas lands up for auction. Shares of the Calgary-based natural-gas producer, the second largest in North America after Exxon Mobil Corp. (XOM), dropped as low as 5.4% on the New York Stock Exchange after Reuters reported that, in email exchanges, executives at Encana and rival Chesapeake Energy Corp. (CHK) discussed ways to avoid competing against each other for shale-gas land in Michigan. The report alleged that Encana and Chesapeake agreed to split up shale-gas lands between them before a public auction to avoid creating a bidding war that would drive up the price. If the allegations are true, the report suggested Encana and Chesapeake could be in violation of U.S. anti-trust laws. An Encana spokesman said the company is working on a response to the report and didn't have an immediate comment. The report comes at an inconvenient time for Encana, which is trying to rapidly expand its liquids-rich natural-gas production and offset the low price of natural gas by selling partnership stakes in its shale-gas plays. "To have one of the major plays that is in your [partnership] package to now be scrutinized, that obviously reduces the marketability of those assets," Morningstar analyst Robert Bellinski said. Encana shares were down 4.9% to $18.88 in recent trading. Shares of Chesapeake Energy, the third-largest natural gas producer in North America, fell 7.7% to $17.17. Write to Edward Welsch at edward.welsch@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
07/28/201516:00:00Lonestar Announces Joint Development Agreement With IOG Capital
07/21/201510:20:08Chesapeake Energy to Drop Dividend
07/21/201510:05:56Chesapeake to Eliminate Dividend to Pay for Capital Spending
07/21/201507:01:00Chesapeake Energy Corporation Updates Financial Strategy
07/11/201510:30:03Why Chesapeake Energy, Clean Energy Fuels, and Legacy Reserves...
07/11/201507:11:033 Types of Risks Facing Natural Gas Stocks
07/10/201517:09:17Judge Orders Chesapeake to Pay $379.7 Million in Bond-Redemption...
06/12/201516:27:443 Stocks to Watch in Oil Rigs
06/05/201513:04:02How Energy Companies Are Raising Cash In A Pinch
06/02/201517:11:59The Competitive Advantage of the Best Natural Gas Stocks
05/29/201516:03:025 Best Stocks to Invest in the Shale Boom
05/20/201518:32:02Why EOG Resources Is a Buy Amidst Oil Carnage
05/20/201512:15:10What Is the S&P 500 Index?
05/15/201522:41:08
05/15/201521:10:47Court Rules Chesapeake Energy Must Settle Dispute with Old CEO...
05/15/201516:21:53Court Rules Chesapeake Energy Must Settle Dispute with Old CEO...
05/15/201515:53:14Court Rules Chesapeake Energy Must Settle Dispute with Old CEO...
05/12/201516:57:35Aubrey McClendon's American Energy Partners Seeks Capital for...
05/11/201511:40:11Icahn Enterprises Reports Profit
05/11/201510:03:023 Fossil Fuel Stock Fails

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