BALTIMORE - Federal energy regulators today approved a proposal for a liquefied natural gas terminal near Baltimore despite a request from Maryland’s congressional delegation that the decision be delayed until President-elect Barack Obama takes office.

Chesapeake Energy Corp. agreed to a five-year contract with Chief Executive Officer Aubrey McClendon that includes a one-time $75 million “incentive award,” the company disclosed Wednesday in a federal filing.

Chesapeake Energy sold natural-gas reserves in two Oklahoma fields to Argonaut Private Equity for $412 million, as the company continues to shed assets to boost cash levels.

Liquidity concerns motivate sale of natural gas assets to group of private investors.

The Chesapeake Bay is not tar-black and dead. It is not bright-green and toxic. It looks just as beautiful as ever, come a sunrise in Annapolis or a sunset over Tangier Sound.

WASHINGTON, Dec. 27 (UPI) — A multibillion-dollar Chesapeake Bay cleanup has been marked by failure but officials concealed the results to keep funding flowing, The Washington Post said.