Seventy Seven Energy 3Q16: Post-Bankruptcy, Still Losing $
In August MDN reported that oilfield services company Seventy Seven Energy (SSE), the former Chesapeake Oilfield Operating company, had popped out of bankruptcy in record time–just two months after declaring bankruptcy (see Seventy Seven Energy Pops Out of Chapter 11 Bankruptcy in 2 Mos.). The bankruptcy reduced more than $1 billion worth of debt by waving a magic wand and turning debt into equity (shares of stock)–hosing existing stockholders. SSE’s second quarter report reflects the pre-bankrupt company and showed they lost $84.5 million in 2Q16, compared to losing $74.7 million in 2Q15 (see Seventy Seven Energy 2Q16: Shed $1B Debt, Lost $84.5M). SSE has just released their 3Q16 update, which is the first update since they magically wiped away $1 billion in debt. What does it show? It’s complicated, since there is the pre-bankrupt financials and post-bankrupt financials. The bottom line is that the company is still losing money. If you look at just the two months since emerging from Chapter 11, SSE lost another $36.5 million. The company reports they currently have 29 rigs operating with another 22 rigs under contract…
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Back in April the Federal Energy Regulatory Commission (FERC) told PennEast they would extend the amount of time they are taking until December of this year, rather than this past August, to complete their Environmental Review (see 
Last week a plan to build a $550 million natural gas-fired electric generating plant in the city of Bridgeport, CT was approved by city zoning officials. PSEG Power Connecticut currently operates a coal-fired plant in the same location and wants to build a 485-megawatt facility at the same address. The only remaining obstacle is an air permit from CT environmental protection officials, which is expected to be issued early next year. Once the air permit is in hand, PSEG plans to begin construction. Our question is, with no extra pipeline capacity serving New England, where will they get the gas to power the plant?…
In December 2014 the Massachusetts-based utility Berkshire Gas Company announced the amount of natural gas they could purchase from the Tennessee Gas Pipeline (TGP) was at full capacity. There’s no additional gas supplies to buy–unless TGP builds their Northeast Energy Direct (NED) expansion project. So Berkshire was forced to tell new customers for natural gas in portions of Franklin County they won’t be able to tap into Berkshire’s line (see 
In May, U.S.-based oilfield services company FMC Technologies announced they will merge with their much larger quasi-competitor, France-based Technip, in an all-stock deal that will create a new company called TechnipFMC worth $13 billion (see 
MDN has highlighted the importance of the Ohio Supreme Court’s decision with regard to the Ohio Dormant Mineral Act (DMA). In September the OH Supreme Court ruled in three DMA cases, saying all of the other cases come under those three (see 
As soon as Donald Trump secured victory in Tuesday’s presidential election, the hew and cry went up from radical environmentalists that his election spells the end of Mom Earth. Trump is rightly skeptical of claims that mankind is causing a catastrophic warming of the earth–namely because there’s no evidence to support it. No objective “average” temperature data that shows the earth warming up by burning fossil fuels, as is the claim. But global warmers, who have changed their name to climate changers, won’t listen to reason. Their belief in man-made global warming surpasses the fervency of belief by most people in a Supreme Being (i.e. God). Global warming is their religion, and no amount of discourse and debate will convince them otherwise. So when Trump, a “climate denier” as they call him, won–it was for them a disaster. Barack Hussein Obama has been the warmers’ best friend. But there’s a problem with the way Obama achieved his environmental agenda–he did it by fiat. By executive orders. By using executive branch agencies like the EPA and BLM and others to implement his wishes apart from having those wishes enacted in legislation. And what one president can do with executive orders, another can undo with executive orders. Obama’s entire environmental agenda is built on sand–a house of cards. And it’s about to gloriously come crashing down with President Trump. And that fact has warmers sweating…
As we pointed out to you last December, evil corporate raider Carl Icahn (invests in companies so he can fire a bunch of people, boost the stock and pocket the profit) had fired Cheniere Energy CEO Charif Souki (see 
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Vallourec reports $176M loss; EQT takes smart tech for a spin; President Trump will make Amercian energy great again; fracking played major role in election; investors snap up $28B in U.S. drillers; global shale lurking; and more!