Seventy Seven Energy 2015: Revenue Down 45%, $221M Loss

Last week MDN told you that Seventy Seven Energy, the old Chesapeake Energy Oilfield Operating unit that was spun into its own company a few years ago, had released some selected 2015 financial numbers with no context (see Seventy Seven Energy Releases Cherry-Picked Numbers). Which led us to speculate, “It must be worse at oilfield services company Seventy Seven Energy (SSE) than we thought.” SSE released their fourth quarter and full year 2015 financials yesterday, and our speculation was spot on. SSE lost $221 million in 2015 (with $61 million of that loss coming in 4Q15). In 2014 SSE had $2 billion in revenue. In 2015, they had $1.1 billion in revenue–nearly cut in half. Which we suppose should not come as a surprise, that a company which supplies the rigs and people to drill and frack has seen business disappear since energy companies pulled way back in 2015. Still, you have to wonder how long they can hold on with losses like this. SSE has a large operation in the Marcellus/Utica, which is why we track them. Below is SSE’s 4Q15 and full year 2015 update…

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