Investigation opened on Chesapeake, McClendon

OKLAHOMA CITY—A federal agency has stepped up its investigation into the financial dealings of outgoing Chesapeake Energy CEO Aubrey McClendon.

The company disclosed that the U.S. Securities and Exchange Commission is looking into a controversial perk that granted McClendon a share in each of Chesapeake’s energy wells.

We’re told that an informal inquiry was launched back in May of 2012 and that the company and McClendon are cooperating.