Chesapeake Energy Corp. (NYSE: CHK) said on Nov. 3 it received a request from the U.S. Securities and Exchange Commission (SEC), seeking information on its accounting methodology for the acquisition and classification of oil and natural gas properties.
The second largest U.S. natural gas producer has also received a subpoena from the Department of Justice (DOJ) related to the same issue, the company said in September.
A class action lawsuit was filed in a U.S. District Court on Oct. 4 against Chesapeake, alleging violations of securities laws for "purported misstatements" in its public filings, the company said in a regulatory filing on Nov. 3.
Chesapeake said it had engaged in discussions with the DOJ and the SEC.
The company said in May it received subpoenas and demands for documents from the DoJ and some state government agencies in connection with investigations into possible violations of antitrust laws relating to the purchase and lease of oil and natural gas rights.
Chesapeake had come under scrutiny when former CEO Aubrey McClendon, who helped transform the U.S. energy industry with shale gas, was charged in March with conspiring to rig bids to buy oil and natural gas leases in Oklahoma.
McClendon died a day later, when his car slammed into an overpass.
Reuters reported in 2012 that McClendon had taken out more than $1 billion in loans using his personal stakes in thousands of company wells as collateral.
The U.S. natural gas producer reported a surprise adjusted profit on Nov. 3, helped by lower expenses, and said it expects to exit the next two years at higher production rates.
ExxonMobil Corp. (NYSE: XOM) is also being probed by the SEC and New York Attorney General Eric Schneiderman on how the company has valued its oil reserves in the wake of low prices and potential curbs on carbon emissions.
RELATED: New York Reportedly Investigating ExxonMobil's Accounting Practices
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