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No More Fracking for Chesapeake Energy in NY

According Reuters, Chesapeake Energy Corporation(NYSE:CHK-D) will abandon its fracking efforts in the State of New York. The five year moratorium on hydraulic fracking imposed by the state in 2008 has become too onerous for the company. Chesapeake is expected to withdraw from their lease agreements by next week.

Chesapeake was seeking to extend lease terms based on prior agreements, which landowners were not too excited about. If Chesapeake renegotiated under new terms, cost per acre would have skyrocketed because of all recent news about the potential dangers of fracking.

(Image Source: wnyc.org)