Joshua's Feed
Sep 13, 2012

Romney energy adviser Hamm exceeded campaign-donation limits

WASHINGTON, Sept 13 (Reuters) – The national energy adviser
for Mitt Romney’s presidential campaign, Oklahoma oil
billionaire Harold Hamm, made political contributions that
exceed Federal legal limits by as much as 41 percent, according
to data compiled by Reuters.

The data, based on public filings, showed that Hamm’s
political donations exceeded the legal limits for individual
donations to political parties, campaigns and po litical action
committees (P ACs) over the 2011-2012 election period.

Jul 24, 2012

Michigan lawmakers call for action in Chesapeake-Encana probe

By Brian Grow and Joshua Schneyer

(Reuters) – Two Michigan state representatives have called on officials there to step up their investigations into possible collusion between Chesapeake Energy Corp and Encana Corp, following a Reuters report that the energy rivals plotted to avoid bidding against each other in Michigan land deals.

Encana, which opened an internal investigation led by its board of directors in late June, is scheduled to release second- quarter earnings Wednesday. Canada’s largest natural gas company, Encana has said it will not comment further on the collusion report until its inquiry is completed. Chesapeake has declined to comment beyond saying that it never bid jointly with Encana.

Jul 11, 2012

Exclusive: Encana tipped off Chesapeake to land plans in Michigan – Emails

By Brian Grow and Joshua Schneyer

(Reuters) – As Chesapeake Energy Corp and Encana Corp face antitrust investigations, emails reviewed by Reuters indicate that top executives of the two rivals shared sensitive information that gave Chesapeake the upper hand in deals with Michigan land owners.

The emails show the competitors traded information about whether Encana was halting new land leasing in Michigan in 2010, and the information prompted Chesapeake to dramatically change its leasing strategy in subsequent weeks and helped send Michigan land prices tumbling from record highs.

Jul 11, 2012

Exclusive – Emails: Encana tipped off Chesapeake to land plans in Michigan

By Brian Grow and Joshua Schneyer

(Reuters) – As Chesapeake Energy Corp and Encana Corp face antitrust investigations, emails reviewed by Reuters indicate that top executives of the two rivals shared sensitive information that gave Chesapeake the upper hand in deals with Michigan land owners.

The emails show the competitors traded information about whether Encana was halting new land leasing in Michigan in 2010, and the information prompted Chesapeake to dramatically change its leasing strategy in subsequent weeks and helped send Michigan land prices tumbling from record highs.

Jun 26, 2012

Insight: A land owner caught between energy giants

GAYLORD, Michigan (Reuters) – A Michigan land owner who alleges he was jilted by two of North America’s largest energy companies says emails made public Monday by Reuters prove that the two companies colluded to kill deals that could have earned him more than $54 million.

Walter Zaremba, who is locked in litigation with Encana Corp, Canada’s largest natural gas producer, said he has long suspected that Encana and Chesapeake Energy Corp had been working together, which would be a possible violation of state and federal antitrust laws.

Jun 26, 2012

A land owner caught between energy giants

GAYLORD, Michigan June 26 (Reuters) – A Michigan land owner
who alleges he was jilted by two of North America’s largest
energy companies says emails made public Monday by Reuters prove
that the two companies colluded to kill deals that could have
earned him more than $54 million.

Walter Zaremba, who is locked in litigation with Encana
Corp, Canada’s largest natural gas producer, said he has long
suspected that Encana and Chesapeake Energy Corp had been
working together, which would be a possible violation of state
and federal antitrust laws.

Jun 5, 2012

Exclusive: Astenbeck hedge fund down 14 percent in “Mensis Horribilis”

By Joshua Schneyer and Barani Krishnan

(Reuters) – Andrew Hall’s $3.1 billion commodity hedge fund lost 14.4 percent in May, as crude prices tumbled a month after the legendary energy trader told investors he was bullish on oil because of tightening global supplies, according to sources familiar with the fund’s performance.

The poor showing in May for Hall’s Astenbeck fund – the second-largest monthly loss in its history – means it was down 6.4 percent for the year through May 31, fund data given to Reuters shows. That wiped out Hall’s gains in the first quarter of 2012 and means Astenbeck must crawl out of a hole to avoid a second straight year of losses.

May 8, 2012

Exclusive: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK (Reuters) – In its latest employment contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave him permission to trade commodities for himself after he already had begun doing so.

Giving the CEO explicit license to play the markets represented an extraordinary incentive that enhanced one of corporate America’s most generous compensation plans and reinforced the unique treatment afforded to McClendon by Chesapeake.

May 8, 2012

EXCLUSIVE: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK, May 8 (Reuters) – In its latest employment
contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave
him permission to trade commodities for himself after he already
had begun doing so.

Giving the CEO explicit license to play the markets
represented an extraordinary incentive that enhanced one of
corporate America’s most generous compensation plans and
reinforced the unique treatment afforded to McClendon by
Chesapeake.

May 2, 2012

Special Report: Inside Chesapeake, CEO ran $200 million hedge fund

NEW YORK (Reuters) – As chairman and CEO of Chesapeake Energy Corp, Aubrey McClendon has been a powerhouse in the vast U.S. natural gas market, directing the company’s multibillion dollar energy-trading operation and setting output targets for America’s second-largest producer.

Behind the scenes, a Reuters investigation has found, McClendon also ran a lucrative business on the side: a $200 million hedge fund that traded in the same commodities Chesapeake produces.