Seventy Seven Energy 3Q15: Still Losing Money, But Not as Much

I love quarterly reportsSeventy Seven Energy (SSE), an oilfield services company 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). Every quarter we bring you SSE’s financial and operational update, and every quarter seems like the news gets worse. In 1Q15 SSE lost $37.6 million. Last quarter they lost $74.7 million. What about 3Q15? They lost again–$48.5 million. To be fair, they lost less money than they did last quarter, so there’s that. But the reason they lost less is because revenues are down 28% from 2Q15. They just aren’t drilling as much. Less work. Was there any good news? Not much, but perhaps this…

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