Chesapeake subpoenaed on anti-trust claims

Department of Justice: Investigating Chesapeake on antitrust issues

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Kathrine Schmidt

 09 August 2012 22:23 GMT

The US Department of Justice is investigating Chesapeake Energy on potential antitrust issues raised on land deals in Michigan, the company said in a market filing Thursday.

In a quarterly report to the Securities and Exchange Commission, the Oklahoma City-based explorer said it had received subpoenas from the antitrust division of the US Department of Justice's midwest field office, and is expected to produce the material before a grand jury.

The revelations follow Reuters reports earlier this year which, citing internal emails, made a case that Chesapeake flouted securities laws and aimed to communicate with its competitors to tamp down bidding wars on hotly contested tracts of potential oil exploration land in Michigan.

"Chesapeake intends to provide information…

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