Seventy Seven Energy’s 1st Quarterly Update: Revenue Down 6%

It was a loooong labor and delivery, but finally Seventy Seven Energy was born a little over a month ago (see Long Labor & Delivery: Seventy Seven Energy Born Yesterday). Who or what is Seventy Seven Energy? It’s the old Chesapeake Oilfield Operating (COO) division of Chesapeake Energy–the services arm that competes with companies like Halliburton and Baker Hughes. Chessy’s current CEO Doug Lawler, who seems to report to corporate raider Carl Icahn, spun out COO into its own company to improve Chessy’s balance sheet and make Carl’s stock holdings worth more. Such is life in corporate raider America. Anywho, the new Seventy Seven Energy (or SSE as they call themselves), a company with operations in both the Marcellus and Utica, issued their first quarterly operational and financial update yesterday–an update that will be watched closely…

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