Executives of the two rivals shared critical data that gave Chesapeake the “upper hand” in Michigan land deals, according to a Reuters review of company emails. Information exchange isn’t explicitly illegal, but the discussions could fuel probes by Justice Department and Michigan authorities, antitrust experts tell the news service.
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. In the days after learning that Encana was paring back, Chesapeake CEO Aubrey McClendon ordered Chesapeake to renegotiate or delay closing on at least 10 deals that his company was negotiating with major land lease holders in Michigan, documents reviewed by Reuters show.
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