Justice Department Charged Aubrey McClendon for Conspiring in Oil and Natural Gas Bidding in Oklahoma

.

Justice Department Charged Aubrey McClendon for Conspiring in Oil and Natural Ga

On Tuesday, the Justice Department announced that Aubrey McClendon, ex- chief executive officer of Chesapeake Energy Corp has been charged for conspiring to rig bids to buy oil and natural gas leases in Oklahoma.

A federal antitrust probe has been going for almost four years regarding matters related to land-leasing during the shale-drilling boom and now the indictment followed.

The probe started following a Reuters investigation in 2012 which discovered that Chesapeake discussed ways of suppressing land lease prices in Michigan with a rival. The matter ignited a spark in the state and led to a federal antitrust investigation that was closed but proved to be evidence of the supposed bid-rigging allegations in Oklahoma.

McClendon, based in Oklahoma was once upon a time counted among the highest paid CEOs in the U. S. He and Tom Ward, his fellow Oklahoma oilman co-founded Chesapeake in 1989. Later on both of them left Chesapeake with McClendon stepping down in 2013in the middle of concerns related governance and liquidity crunch. In 2006, Ward left the company and in the same year, founded rival SandRidge Energy Inc.


Latest News

Apple releases new app for Apple TV --- ‘iBooks StoryTime’
Al Gore wants to work with Trump to tackle climate change
Martian show home opened at London’s Royal Observatory
Apple officially starts selling refurbished versions of previous iPhones
Google Capital re-branded as ‘CapitalG;’ Snapchat added to its list of investmen
Facebook
White House’s plans for "digital transition" between Obama administration and ne
Microsoft's first desktop computer --- ‘Surface Studio’
Professor writes ‘prank’ physics paper using iOS autocomplete
Twitter plans to shrink its workforce by about 8%
Elon Musk talks about SpaceX’s plans to test ITS’ huge fuel tank at sea
Hackers cut access to some of the world's best known websites on Friday