Referenced Stocks

Energy Stocks Down More than 2% as a Group; Report Alleges Chesapeake, EnCana Colluded on Land Auctions

By Midnight Trader,  June 25, 2012, 01:11:20 PM EDT

Top Energy Stocks

XOM -1.6%

CVX -2.1%

COP -1.6%

SLB -2.1%

OXY -2.7%

Energy stocks are sharply lower today with the NYSE Energy Sector Index and S&P Energy Index both off about 2.6%. Crude oil is down $1.54 at $78.22 a barrel. Natural gas is up 7 cents at 2.697 per 1 million BTU.

In company news, shares of Chesapeake Energy ( CHK ) and Encana ( ECA ) are tumbling today following a Reuters report that the two companies plotted to suppress land prices in one of America's most promising oil and gas plays.

In emails, the rivals repeatedly discussed how to avoid bidding against each other in a public land auction in Michigan two years ago and in at least nine prospective deals with private land owners, according to the report.

The exchanges could provide evidence that the two companies violated federal and state laws by seeking to keep land prices down, antitrust lawyers said.

At last look, CHK shares are down nearly 9% while ECA is off nearly 5% this afternoon.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: CHK, ECA



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