Chesapeake Energy discloses SEC investigation in filing - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Chesapeake Energy discloses SEC investigation in filing

Posted: Updated:
  • Local NewsMore>>

  • 13 County Coalitions Come Together To Prevent Substance Abuse

    13 County Coalitions Come Together To Prevent Substance Abuse

    Wednesday, April 23 2014 12:00 AM EDT2014-04-23 04:00:20 GMT
    It was all about celebrating recovery at the Clarksburg Baptist Church Tuesday evening .Coalition programs from thirteen different counties came together with some local officials to talk about the importance of preventing substance abuse.
    It was all about celebrating recovery at the Clarksburg Baptist Church Tuesday evening .Coalition programs from thirteen different counties came together with some local officials to talk about the importance of preventing substance abuse.
  • Volunteers Spruce Up Bridgeport Lakes With 'Community Clean Up Day'

    Volunteers Spruce Up Bridgeport Lakes With 'Community Clean Up Day'

    Tuesday, April 22 2014 11:35 PM EDT2014-04-23 03:35:46 GMT
    Tuesday turned out to be a beautiful evening for dozens of Bridgeport residents, who came out in support of Earth Day to spruce up Hinkle and Deegan Lakes.
    Tuesday turned out to be a beautiful evening for dozens of Bridgeport residents, who came out in support of Earth Day to spruce up Hinkle and Deegan Lakes.
  • Senator Rockefeller and Ted Koppel Host a Fireside Chat at WV Wesleyan

    Senator Rockefeller and Ted Koppel Host a Fireside Chat at WV Wesleyan

    Tuesday, April 22 2014 6:40 PM EDT2014-04-22 22:40:43 GMT
    It was a celebratory day at West Virginia Wesleyan College as Senator Jay Rockefeller returned to campus for the first time in nearly eight years in an event with journalist Ted Koppel. 
    It was a celebratory day at West Virginia Wesleyan College as Senator Jay Rockefeller returned to campus for the first time in nearly eight years in an event with journalist Ted Koppel. 
  • EnergyEnergyMore>>

  • Marshall Co. makes plans for natural gas combined cycle power plant

    Marshall Co. makes plans for natural gas combined cycle power plant

    Tuesday, April 22 2014 6:42 PM EDT2014-04-22 22:42:40 GMT
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
  • WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    Monday, April 21 2014 1:00 PM EDT2014-04-21 17:00:50 GMT
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
  • Fracking foes cringe as unions back drilling boom

    Fracking foes cringe as unions back drilling boom

    Monday, April 21 2014 8:51 AM EDT2014-04-21 12:51:19 GMT
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.

In a recent filing with the Securities Exchange Commission, Chesapeake Energy disclosed a federal financial investigation into its CEO and business.

The investigation is related to the Founders Well Participation Program, an executive perk that allowed CEO Aubrey McClendon to take a financial interest in the wells drilled by Chesapeake. The program would allow McClendon to have up 2.5 percent interest in a well.

Additionally, the company was looking into McClendon's borrowing of more than $1 billion from EIG Global Energy Partners, a major partner with Chesapeake.

Last month, Chesapeake announced it had conducted an internal investigation of the practices the SEC is investigating and concluded there was no evidence of intentional wrongdoing.

On Friday, the company's 10-K disclosure revealed that an investigation initiated last May by the SEC is ongoing.

"On December 21, 2012, the SEC's Fort Worth Regional Office advised Chesapeake that its inquiry is continuing as an investigation, and it has issued subpoenas for information and testimony," the filing states. "The company, including Mr. McClendon, is providing information to the SEC in connection with this matter. The company is also responding to related inquiries from other governmental and regulatory agencies and self-regulatory organizations."

The board has already taken action to end the Founders Well Participation Program and Aubrey McClendon has agreed to step down as CEO on April 1. McClendon was one of the founders of Chesapeake.