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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.The company did not say how it had reached its conclusions and did not release a full report of its investigation. Despite Chesapeake's internal findings, state and federal investigations of the company continue.The U.S. Securities and Exchange Commission is also examining McClendon's financial transactions, while the Department of Justice and the attorney general in Michigan are investigating whether Chesapeake may have violated antitrust laws."Simply finding no intentional misconduct doesn't necessarily mean that nothing problematic occurred," said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "Board investigations are only part of the process. I would not say this is the final word."

Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK fell by 0.2% or $-0.04/share to $20.32. 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 10570538.