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Chesapeake Shares Fall Two Percent (May 14, 2012)

NEW YORK (AP) - Chesapeake Energy Corp. shares have fallen 2 percent after a published report said the company didn't tell investors about $1.4 billion in liabilities.

The Wall Street Journal reports Chesapeake raised $6.4 billion since 2007 by signing oil and gas production deals with banks, but didn't disclose to investors the full cost of meeting those repayment obligations over 10 years.

Chesapeake spokesman Michael Kehs says the company disclosed $300 million in costs for 2012 in a regulatory filing this year. Kehs says the rest of the $1.4 billion hasn't been broken out for shareholders, but those are liabilities for future years and companies typically don't disclose those.

Another recent report revealed that CEO Aubrey McClendon took out personal loans from a company while that company was planning to buy Chesapeake assets

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