Nuverra Buys Clearwater Solutions w/Guernsey, OH Injection Wells

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. Those operations are expanding. Nuverra announced last Friday it has purchased, lock, stock and barrel, ClearWater Solutions, an Ohio injection well operator. Purchase price was $41.9 million. Looks like Nuverra has fully recovered from bankruptcy just one year ago.
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Nuverra Roller Coaster Continues – Stock Listed on NYSE American

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January 2016, the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). In April of this year, Nuverra issued their full year 2016 update which showed a $169 million loss for the year (see Nuverra Environmental 2016 Update – Red Ink Slows, Some). And in May, the company filed for bankruptcy (see Nuverra Environmental Files for Chapter 11 Bankrutpcy). Three months later, Nuverra has emerged from bankruptcy with $70 million of new financing and magically dumping $500 million of debt (see Nuverra Environmental Exits Chapter 11, $500M Debt Magically Gone). Of course, there is no magic. Like others before them, Nuverra turned its creditors into owners, swapping out debt for ownership equity, thereby screwing existing shareholders–their shares become so watered down they are worthless. The roller coaster continues. Last Friday the company announced its stock would be redeemed from the Pink Sheets (as a penny stock) and will, once again, be traded on the NYSE American exchange–what used to be called the American Stock Exchange. No, it’s not total redemption of regaining it’s listing on the NYSE, but hey, it’s progress, and it’s an exit from the purgatory of the Pink Sheets…
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Nuverra Environmental Exits Chapter 11, $500M Debt Magically Gone

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January 2016, the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). In April of this year, Nuverra issued their full year 2016 update which showed a $169 million loss for the year (see Nuverra Environmental 2016 Update – Red Ink Slows, Some). And in May, the company filed for bankruptcy (see Nuverra Environmental Files for Chapter 11 Bankrutpcy). It’s now three months later, and Nuverra has emerged from bankruptcy with $70 million of new financing and magically dumping $500 million of debt. Like others before them, Nuverra turned its creditors into owners, swapping out debt for ownership equity, thereby screwing existing shareholders–their shares become so watered down they are worthless. As part of the restructuring, the old board of directors (former shareholders) are now gone, and a new board has been appointed…
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Nuverra Environmental Files for Chapter 11 Bankrutpcy

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January 2016, the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). In April they issued a full year 2016 update showing a $169 million loss for the year (see Nuverra Environmental 2016 Update – Red Ink Slows, Some). Although Nuverra says they had previously floated a “prepackaged plan of reorganization”–a euphemism for bankruptcy–we certainly hadn’t seen or heard of it. So we were somewhat (but not totally) surprised to see an announcement from Nuverra that the company has, as of today, filed for Chapter 11 bankruptcy…
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Nuverra Environmental 2016 Update – Red Ink Slows, Some

Nuverra Environmental Solutions is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). At last check-in in December, we noted that the company continues to struggle (see Nuverra Environmental Line of Credit Expanded, Payback Extended). Although it’s a bit later than others, Nuverra has just released its full year 2016 update. What do the numbers show? While Nuverra lost $195 million in 2015, it narrowed the loss in 2016–losing “only” $169 million for the year. Still not great, but better than it was. Here’s the update…
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Nuverra Environmental Line of Credit Expanded, Payback Extended

Nuverra Environmental Solutions is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). We recently noted that in 3Q16 the company “only” lost $38 million–which is $90 million less than they lost in 3Q15 (see Nuverra Environmental 3Q16: Still in the Red, but Improving). The company continues to struggle financially. We make that statement based on a recent 8-K filing made with the Securities and Exchange Commission. In that filing Nuverra discloses that they have worked out an agreement with their bank, Wells Fargo, to extend the payback date for a loan made on a line of credit from December 31 of this year to March 31 of next year–an additional three months. The disclosure also shows Nuverra will be allowed to borrow more money–going from the current $30.6 million cap to $58.1 million. When you consider companies like Chesapeake Energy have over $9 billion in debt, Nuverra’s debt seems pretty tiny. But the fact remains they’re pushing out the time for repayment, and potentially borrowing more money…
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Nuverra Environmental 3Q16: Still in the Red, but Improving

nuverraNuverra Environmental Solutions is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). Last week the company issued its third quarter update. There was (some) improvement. In 3Q15 the company lost $128 million. In 3Q16 they only lost $38 million–a swing of $90 million to the good. A quick check shows the share price year-to-date has bumped around from $0.15 – $0.20 per share. Not so hot…
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Nuverra Environmental Delisted from NYSE, Now a Penny Stock

Nuverra Environmental Solutions is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. We’ve written about Nuverra a couple of times in the past, most recently in 2013 when we highlighted an investor lawsuit against the company (see Nuverra Environmental Sued Over Stock Price Tumble). Those investors have even more to make them angry. As of yesterday, Nuverra was delisted from the New York Stock Exchange and became a penny stock trading on the OTCQB Market…
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