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

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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