Chesapeake Energy received a subpoena from the U.S. Department of Justice for information related to its asset purchase accounting practices, the Oklahoma-based company disclosed in a Securities and Exchange Committee filing.
The DOJ subpoena sought information on the petroleum and natural gas exploration and production company’s accounting methodology for the acquisition and classification of oil and gas properties and related matters, according to the filing. Chesapeake Energy also noted that, as previously disclosed, the DOJ and “certain state governmental agencies and authorities” sent subpoenas and demands for “documents, information and testimony in connection with investigations into possible violations of federal and state antitrust laws relating to our purchase and lease of oil and natural gas rights in various states.”
The company also disclosed it has received DOJ, U.S. Postal Service and state subpoenas seeking information on its royalty practices.
The DOJ had previously probed into Chesapeake Energy’s land leasing practices. Former CEO Aubrey McClendon was indicted in March on charges of conspiring to rig bids for the purchase of oil and natural gas leases in Oklahoma. McClendon denied any wrongdoing and the DOJ dismissed its case against him after his death in a car accident one day after those charges were filed.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access