Chesapeake Energy

In Northern MIchigan
6:23 pm
Wed March 19, 2014

Chesapeake Energy Faces Antitrust Charges

MIchigan Attorney General Bill Schuette
Credit State Of Michigan

Representatives of two energy companies that are accused of colluding to keep bids low on oil and gas leases have appeared in a northern Michigan court to face criminal charges.

Michigan Attorney General Bill Schuette announced March 5 that he filed antitrust charges against Chesapeake Energy Corp. and Encana Corp.

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Chesapeake
8:48 am
Thu March 6, 2014

OKC's Cheseapeake Energy Accused Of Collusion

Credit Chesapeake Energy

Michigan Attorney General Bill Schuette says he's filed criminal charges Chesapeake Energy and Encana Corporation for colluding to avoid bidding against each other for Michigan oil and gas leases.

Schuette said Wednesday that the antitrust violations happened in 2010, when Oklahoma City-based Chesapeake and Calgary, Alberta-based Encana bought natural gas leases in Michigan.

He says collusion is suspected of depressing the per-acre cost of leases from $1,510 in May 2010 to under $40 in October 2010.

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StateImpact Pennsylvania
1:00 pm
Fri February 14, 2014

Penn. State Senator Asks For Investigation Into Chesapeake Energy Royalty Payments

Pennsylvania State Sen. Gene Yaw (R- Bradford) is asking for an investigation into Chesapeake Energy.
Credit Provided / Senator Gene Yaw

The chairman of the state Senate Environmental Resources and Energy Committee, Gene Yaw (R- Bradford) is asking state Attorney General Kathleen Kane to investigate allegations of fraud against Pennsylvania’s biggest natural gas driller, Chesapeake Energy.

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Chesapeake Energy
6:29 pm
Thu December 19, 2013

Chesapeake Subsidiary To Pay Nearly $10 Million In Fines In West Virginia

Credit Chesapeake Energy

A Chesapeake Energy subsidiary agrees to nearly $10 million in fines and restoration work to settle federal allegations over unauthorized discharges of fill material at more than two dozen natural gas extraction sites in West Virginia.

The U.S. Environmental Protection Agency and Department of Justice announced the settlement Thursday.

Oklahoma City-based Chesapeake's subsidiary, Chesapeake Appalachia LLC, will pay a $3.2 million fine and spend $6.7 million on restoration work. It also agreed to implement a plan to follow water protection laws.

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Chesapeake
7:56 am
Mon October 21, 2013

Reporter’s Notebook: Update On OKC’s Chesapeake Energy

Credit Joe Wertz / StateImpact Oklahoma

The chief executive of Chesapeake Energy Inc. says he expects the company to grow in the future, despite the fact that it gave pink slips to 800 employees Oct. 8.

Journal-Record energy reporter Sarah Terry-Cobo provides an overview of developments and where the company is headed.

Terry-Cobo says the situation with Chesapeake is unique, and similar layoff should not be expected by other Oklahoma City energy companies.

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Co-founder of Chesapeake and SandRidge
6:19 pm
Fri October 18, 2013

Former CEO Starts New Energy Company

Tom Ward
Credit snu.edu

The former CEO of SandRidge Energy Inc. and co-founder of Chesapeake Energy Corp. has started a new Oklahoma City energy company.

The Oklahoman reports that Tom Ward's new company, Tapstone Energy LLC, has leased space in an office building downtown. Ward says the company has "a handful of employees" and is looking for more employees and oil and gas properties.

Ward says he is funding the new company himself for now, but that he might consider bringing on other investors.

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Chesapeake
8:08 am
Fri October 18, 2013

Fort Worth Joins Lawsuit Against OKC's Chesapeake Energy

The corporate campus of Chesapeake Energy in Oklahoma City.
Credit Joe Wertz / StateImpact Oklahoma

Fort Worth and several other individuals and cities have sued Oklahoma City-based Chesapeake Energy claiming the company underpaid natural gas royalties.

The Fort Worth Star-Telegram reports Friday the lawsuit was filed in a Tarrant County district court.

The newspaper says the lawsuit filed Thursday claims Chesapeake improperly deducted production services and sold natural gas to its affiliates under market price. The lawsuit says that as a result Fort Worth, Arlington and others were underpaid royalties.

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640 Laid Off in Oklahoma City
4:58 pm
Tue October 8, 2013

Chesapeake's Bad News Tuesday

Credit Chesapeake Energy

Chesapeake Energy Corp. is laying off 800 workers across the company, including 640 at its home base of Oklahoma City.

The company says the Tuesday layoff announcement is necessary to keep the oil and natural gas specialist competitive.

Chesapeake CEO Doug Lawler told The Oklahoman that he's working to keep the company vibrant for "decades to come."

About 1,200 people have left jobs with Chesapeake since the start of 2013.

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Energy
5:52 pm
Tue September 24, 2013

Oklahoma City-based Chesapeake Lays Off 86 Workers

Chesapeake Energy's campus in Oklahoma City.
Credit Joe Wertz / StateImpact Oklahoma

Chesapeake Energy Corp. reportedly laid off dozens of employees Tuesday as part of an ongoing restructuring under its new chief executive.

In an email to employees of the Oklahoma City-based energy giant, CEO Doug Lawler said 86 employees from several departments lost their jobs.

Lawler said in the email obtained by KWTV-News9 the company "worked hard to ensure that each was treated with integrity and respect throughout this process."

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Tax Credits
9:20 am
Thu July 11, 2013

Incentives For Oil, Gas Drilling Draining State Treasury

A horizontal drilling rig.
Credit Meredithw / Flickr Creative Commons

Oklahoma finance officials say major tax breaks handed out to the oil and gas industry during the economic downturn in 2010 cost the state $321 million last fiscal year.

Secretary of Finance Secretary Preston Doerflinger released figures Wednesday that show tax rebates and refunds for drilling totaled $173 million in the fiscal year that ended June 30, while state tax credits cost an additional $148 million.

The huge drain on state coffers has prompted Doerflinger and other state leaders to call for revisiting the tax credits, especially those for horizontal drilling.

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