Chesapeake review 'clears McClendon'

Internal audit: Chesapeake Energy directors clear McClendon

AP/Scanpix

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Bill Lehane

 20 February 2013 15:12 GMT

Chesapeake Energy has said its internal conflict of interest review did not find any intentional misconduct on the part of outgoing chief executive Aubrey McClendon.

The Oklahoma City-based explorer said that the board of directors’ review also found that the company itself did not violate anti-trust laws in the acquisition of Michigan land rights in 2010.

The company said it had been responding to requests from US anti-trust authorities to produce evidence over the Michigan deals.

The ongoing inquiries came after claims emerged last summer alleging Chesapeake Energy and Encana Corporation had colluded to reduce the price tags involved in land leases, a charge which both companies deny.

The internal audit also cleared McClendon of improper conduct regarding the…

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