Seventy Seven Energy 2014: Revenue Down 5%, Losing Money

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Seventy Seven Energy, with major operations in the northeast, is the old Chesapeake Oilfield Operating division of Chesapeake–spun off into its own company on July 1, 2014 (see Long Labor & Delivery: Seventy Seven Energy Born Yesterday). On Monday the company released their 2014 full year and fourth quarter update. The company’s revenue was down 5% in 2014 compared with 2013, and they lost money ($8 million, or 17 cents per share). Company CEO Jerry Winchester says the company is in a good position to “weather the storm the industry is currently experiencing and take advantage of the opportunities that will arise from it.” Below is the update…

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