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Wednesday, February 20, 2013

Chesapeake probe finds no intentional CEO misconduct, (NYSE: CHK)

Chesapeake Energy Corp said on Wednesday its internal probe of the financial dealings of outgoing Chief Executive Aubrey McClendon found no intentional wrongdoing.A series of Reuters investigations last year triggered civil and criminal probes into the second-largest U.S. producer of natural gas. Big shareholders took control of the board in June after McClendon was stripped of the chairmanship of the company he co-founded in 1989.Last month, Chesapeake said McClendon was stepping down as CEO. McClendon cited philosophical differences with the board as the reason for his departure.The Oklahoma City, Oklahoma, oil and natural gas company also said on Wednesday that its board had concluded that no antitrust laws were violated in connection with the acquisition of Michigan oil and gas rights in 2010.

Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK traded higher by 0.96% or $0.195/share to $20.56. In the past year, the shares have traded as low as $13.32 and as high as $26.09. On average, 13770400 shares of CHK exchange hands on a given day and today's volume is recorded at 1371450.