Seventy Seven Energy’s 1st Quarterly Update: Revenue Down 6%
It was a loooong labor and delivery, but finally Seventy Seven Energy was born a little over a month ago (see Long Labor & Delivery: Seventy Seven Energy Born Yesterday). Who or what is Seventy Seven Energy? It’s the old Chesapeake Oilfield Operating (COO) division of Chesapeake Energy–the services arm that competes with companies like Halliburton and Baker Hughes. Chessy’s current CEO Doug Lawler, who seems to report to corporate raider Carl Icahn, spun out COO into its own company to improve Chessy’s balance sheet and make Carl’s stock holdings worth more. Such is life in corporate raider America. Anywho, the new Seventy Seven Energy (or SSE as they call themselves), a company with operations in both the Marcellus and Utica, issued their first quarterly operational and financial update yesterday–an update that will be watched closely…
Read More “Seventy Seven Energy’s 1st Quarterly Update: Revenue Down 6%”
Three weeks ago MDN highlighted news from NGI’s Shale Daily that Magnum Hunter Resources had purchased the mineral rights for two former Ormet properties in Ohio and West Virginia (see 
Two “independent” administrative law judges for the Pennsylvania Public Utility Commission have dealt what could be a major blow to Sunoco Logistics’ request to have the Mariner East NGL (natural gas liquids) pipeline declared a public utility. The two judges–David Salapa and Elizabeth Barnes–handed down a decision yesterday that denies Sunoco’s request to have 18 pump and 17 value stations (in 31 locations) that would need to be built along the 300+ mile pipeline exempt from local zoning ordinances. If the pipeline is considered a public utility it would be exempt from local ordinances. Without that exemption, Sunoco Logistics faces a nearly impossible task of trying to gain permission to build the necessary new stations. Below is a copy of the decision, and MDN’s background on this important pipeline project, along with a “where do we go from here” analysis…