Seventy Seven Energy Inc. (“SSE”) today reported financial and
operational results for the second quarter of 2016. Key information
related to SSE for the second quarter is as follows:
- Emerged from bankruptcy on August 1,
2016, which reduced debt by $1.115 billion
- Net Loss of $84.5 million
- Consolidated Adjusted EBITDA of
$31.5 million
- 8 rigs currently operating in the
Permian; over 30 new customers in the first half of the
year
SSE reported total revenues of $138.1 million for the second
quarter of 2016, an 11% decrease compared to revenues of $155.4
million for the first quarter of 2016, and a 53% decrease compared
to revenues of $295.1 million for the second quarter of 2015.
Net loss for the second quarter of 2016 was $84.5 million, or
$1.53 per fully diluted share, compared to net loss of $59.6
million, or $1.09 per fully diluted share, for the first quarter of
2016 and net loss of $74.7 million, or $1.50 per fully diluted
share, for the second quarter of 2015. SSE’s adjusted EBITDA was
$31.5 million for the second quarter of 2016, compared to adjusted
EBITDA of $37.9 million for the first quarter of 2016 and adjusted
EBITDA of $44.3 million for the second quarter of 2015.
Adjusted EBITDA is a non-GAAP financial measure. A
reconciliation of this measure to comparable financial measures
calculated in accordance with generally accepted accounting
principles (“GAAP”) is provided on pages 9 - 12 of this
release.
“We are pleased to have completed the prepackaged restructuring
of our balance sheet while experiencing no disruption to our
operations throughout the process. This $1.115 billion reduction in
our debt provides us with the ability to take advantage of our
operational strengths and strong asset base to grow our business
when market conditions improve,” Chief Executive Officer Jerry
Winchester said.
“While we are seeing early signs of activity levels improving,
we would caution that we have yet to see pricing respond. We remain
focused on tightly managing our costs while continuing to operate
safely and efficiently for our customers. Our continued emphasis on
service quality is reflected in our diverse customer base,
including over 30 new customers added to our portfolio in the first
half of 2016.”
Drilling
SSE’s drilling segment contributed revenues of $62.8 million and
adjusted EBITDA of $40.6 million during the second quarter of 2016,
compared to revenues of $71.9 million and adjusted EBITDA of $46.0
million for the first quarter of 2016 and revenues of $100.4
million and adjusted EBITDA of $45.7 million for the second quarter
of 2015. The decrease in revenues for the second quarter of 2016
compared to the first quarter of 2016 was primarily due to an 18%
decline in revenue days (which is the aggregate number of days each
active rig generated revenue).
The percentage of revenues from non-CHK customers decreased from
39% to 37% of total segment revenues for the second quarter of 2016
compared to the first quarter of 2016. SSE’s drilling segment
generated revenues related to idle-but-contracted payments from CHK
of $35.3 million and $36.2 million, respectively, during the second
and first quarters of 2016. Excluding the idle-but-contracted
revenues, the Company has diversified its customer base in the
drilling segment and increased non-CHK revenue from 79% in the
first quarter of 2016 to 85% in the second quarter of 2016. As of
June 30, 2016, approximately 71% of SSE’s active rigs were
contracted by non-CHK customers and SSE had a total drilling
revenue backlog of $220.1 million with an average duration of 11
months.
As a percentage of drilling revenues, drilling operating costs
were 37% for the second quarter of 2016, 38% for the first quarter
of 2016 and 57% for the second quarter of 2015. Operating costs
were $23.0 million during the second quarter of 2016, compared to
$27.2 million for the first quarter of 2016 and $57.1 million for
the second quarter of 2015. Average operating costs per revenue day
in the second quarter of 2016 increased 3% from the first quarter
of 2016, primarily due to fewer revenue days.
As of June 30, 2016, the Company’s marketed fleet consisted
of 94 rigs, 74 of which are multi-well pad capable.
Hydraulic Fracturing
SSE’s hydraulic fracturing segment contributed revenues of $66.9
million and adjusted EBITDA of $2.8 million during the second
quarter of 2016, compared to revenues of $76.3 million and adjusted
EBITDA of $6.5 million for the first quarter of 2016 and revenues
of $163.4 million and adjusted EBITDA of $24.3 million for the
second quarter of 2015. The decrease in revenues from the first
quarter of 2016 to the second quarter of 2016 was primarily due to
a 9% decrease in revenue per stage. Revenues from non-CHK customers
as a percentage of total segment revenues decreased from 30% in the
first quarter of 2016 to 21% in the second quarter of 2016. As of
June 30, 2016, SSE’s hydraulic fracturing revenue backlog was
$89.8 million with an average duration of 10 months.
As a percentage of hydraulic fracturing revenues, hydraulic
fracturing operating costs were 96% for the second quarter of 2016,
92% for the first quarter of 2016 and 86% for the second quarter of
2015. Average operating costs per stage in the second quarter
decreased 5% from the first quarter of 2016. The decrease in
average operating costs per stage for the second quarter of 2016
compared to the first quarter of 2016 was primarily due to a
decrease in labor-related costs.
As of June 30, 2016, SSE owned 13 hydraulic fracturing
fleets with an aggregate of 500,000 horsepower operating in the
Anadarko Basin and the Eagle Ford and Utica shales.
Oilfield Rentals
SSE’s oilfield rentals segment contributed revenues of $8.4
million and adjusted EBITDA of $0.1 million during the second
quarter of 2016, compared to revenues of $7.1 million and adjusted
EBITDA of ($1.7) million for the first quarter of 2016 and revenues
of $17.8 million and adjusted EBITDA of ($1.9) million for the
second quarter of 2015. Revenues from non-CHK customers as a
percentage of total segment revenues decreased from 76% in the
first quarter of 2016 to 48% in the second quarter of 2016.
As a percentage of oilfield rental revenues, operating costs
were 100% for the second quarter of 2016, 127% for the first
quarter of 2016 and 114% for the second quarter of 2015. The
decrease in operating costs as a percentage of revenues was due to
declines in labor-related costs and sub-contracting services in the
second quarter of 2016 compared to both prior periods. Operating
costs were $8.4 million during the second quarter of 2016, compared
to $9.1 million for the first quarter of 2016 and $20.2 million for
the second quarter of 2015.
Former Oilfield Trucking
During the second quarter of 2015, SSE sold its drilling rig and
logistics business and water hauling assets. As of June 30, 2015,
there were no remaining assets or operations in the oilfield
trucking segment, although we do have ongoing liabilities,
primarily related to insurance claims, whose income statement
impact is charged to general and administrative expense.
General and Administrative Expenses
General and administrative expenses were $39.7 million in the
second quarter of 2016, compared to $22.3 million in the first
quarter of 2016 and $34.8 million in the second quarter of 2015.
General and administrative expenses for corporate functions settled
in cash were $11.8 million in the second quarter of 2016, compared
to $12.7 million in the first quarter of 2016 and $23.1 million in
the second quarter of 2015. The decrease was primarily due to
declines in consulting fees.
SSE incurred restructuring charges of $23.5 million and $4.7
million in the second quarter of 2016 and first quarter of 2016,
respectively. Additionally, general and administrative expenses
include non-cash compensation of $4.1 million, $4.5 million and
$8.6 million, for the second quarter of 2016, first quarter of 2016
and second quarter of 2015, respectively, and severance-related
costs of $0.3 million for both the second and first quarters of
2016 and $3.1 million for the second quarter of 2015. Below is a
breakout of general and administrative expenses incurred in the
second and first quarters of 2016 and the second quarter of
2015.
Three Months Ended June 30,
March 31, 2016 2015
2016 (In thousands) G&A expenses settled in cash
$ 11,760 $ 23,121 $ 12,662 Restructuring charges 23,535 — 4,747
Non-cash compensation expenses 4,135 8,592 4,514 Severance-related
costs 287 3,102 339 Total General and
Administrative Expenses $ 39,717 $ 34,815 $ 22,262
Liquidity
As of June 30, 2016, SSE had cash and short-term
investments of $81.4 million and working capital of $187.9 million.
As of August 4, 2016, SSE had cash and short-term investments
of $50.3 million and the Company’s revolving credit facility
remained undrawn. As of June 30, 2016, SSE had $14.0 million of
purchase commitments related to future capital expenditures that
the Company expects to incur during the second half of 2016.
Capital expenditures totaled $21.9 million for the second
quarter of 2016, which primarily consisted of investments in new
PeakeRigs™. For the six months ended June 30, 2016, capital
expenditures totaled $76.1 million. SSE currently expects its total
year-end 2016 capital expenditures to be less than $100.0
million.
On June 7, 2016, the Company and its wholly owned subsidiaries
filed bankruptcy petitions for reorganization under Chapter 11 in
the United States Bankruptcy Court for the District of Delaware
(the “Bankruptcy Court”). On July 14, 2016, the Bankruptcy Court
entered an order confirming the Plan. The Company and its wholly
owned subsidiaries satisfied the remaining conditions to
effectiveness contemplated under the Company’s Joint-Prepackaged
Plan of Reorganization and emerged from Chapter 11 on August 1,
2016.
SSE expects its primary sources of liquidity will be from cash
on hand and cash from operations. In addition, the Company entered
into a $100.0 million senior secured asset-based revolving credit
facility upon emerging from the Chapter 11 proceeding.
Conference Call Information
SSE does not plan to host an earnings conference call to discuss
second quarter 2016 operational and financial results.
About Seventy Seven Energy Inc.
Headquartered in Oklahoma City, SSE provides a wide range of
wellsite services and equipment to U.S. land-based exploration and
production customers. SSE’s services include drilling, hydraulic
fracturing and oilfield rentals and its operations are
geographically diversified across many of the most active oil and
natural gas plays in the onshore U.S., including the Anadarko and
Permian basins and the Eagle Ford, Haynesville, Marcellus, Niobrara
and Utica shales. For additional information about SSE, please
visit our website at www.77nrg.com,
where we routinely post announcements, updates, events, investor
information and presentations and recent news releases.
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the
subjects of this release) contains certain statements and
information that may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. The words “anticipate,” “believe,”
“ensure,” “expect,” “if,” “intend,” “plan,” “estimate,” “project,”
“forecasts,” “predict,” “outlook,” “aim,” “will,” “could,”
“should,” “potential,” “would,” “may,” “probable,” “likely,” and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include statements, estimates
and projections regarding the Plan of Reorganization and related
matters, as well as, the Company's business outlook and plans,
future financial position and flexibility, capital structure,
liquidity and capital resources, acquisitions, returns, capital
expenditure budgets and other guidance regarding future
developments. Forward-looking statements are not assurances of
future performance. These forward-looking statements are based on
management’s current expectations and beliefs, forecasts for its
existing operations, experience, and perception of historical
trends, current conditions, anticipated future developments and its
effect on the Company, and other factors believed to be
appropriate. Although management believes that the expectations and
assumptions reflected in these forward-looking statements are
reasonable as and when made, no assurance can be given that these
assumptions are accurate or that any of these expectations will be
achieved (in full or at all). Moreover, the Company's
forward-looking statements are subject to significant risks and
uncertainties, many of which are beyond its control, which may
cause actual results to differ materially from its historical
experience and its present expectations or projections which are
implied or expressed by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, risks relating to general economic and industry
conditions; the terms and availability of any new debt; potential
adverse effects of the Chapter 11 proceedings on the Company’s
liquidity, results of operations, brand or business prospects; our
customers’ drilling and completion expenditures; delays in or
failure of delivery of current or future orders of specialized
equipment; the loss of or interruption in operations of one or more
key suppliers or customers; the effects of government regulation,
permitting and other legal requirements, including new legislation
or regulation of hydraulic fracturing; operating risks; the
adequacy of our capital resources and liquidity; weather;
litigation; competition in the onshore oil and natural gas services
industry; and costs and availability of resources.
In addition, SSE calculates its contract drilling backlog by
multiplying the day rate under its contracts by the number of days
remaining under the contract. The Company calculates its hydraulic
fracturing backlog by multiplying the (i) rate per stage, which
varies by operating region and is, therefore, estimated based on
current customer activity levels by region and current contract
pricing, by (ii) the number of stages remaining under the contract,
which it estimates based on current and anticipated utilization of
its crews. With respect to its hydraulic fracturing backlog, the
Company's contracts provide for periodic adjustments of the rates
it may charge for its services, which will be negotiated based on
then-prevailing market pricing and in the future may be higher or
lower than the current rates it charges and utilizes in calculating
its backlog. The drilling backlog calculation does not include any
reduction in revenues related to mobilization or demobilization,
nor does it include potential reductions in rates for unscheduled
standby or during periods in which the rig is moving, on standby or
incurring maintenance and repair time in excess of what is
permitted under the drilling contract. The Company computes average
duration for its contract drilling backlog and hydraulic fracturing
backlog as the average number of months remaining for its drilling
rigs under contract and its remaining hydraulic fracturing fleets
under contract, respectively.
For additional information regarding known material factors that
could cause the Company's actual results to differ from its present
expectations and projected results, please see its filings with the
U.S. Securities and Exchange Commission (“SEC”), including its
Current Reports on Form 8-K that it files from time to time,
Quarterly Reports on Form 10-Q, and Annual Report on Form 10-K.
Readers are cautioned not to place undue reliance on any
forward-looking statement which speaks only as of the date on which
such statement is made. The Company undertakes no obligation to
correct, revise or update any forward-looking statement after the
date such statement is made, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
All references in this release to “Chesapeake” or “CHK” are to
Chesapeake Energy Corporation (NYSE: CHK), SSE's former parent
company.
SEVENTY SEVEN ENERGY INC.
(Debtor-in-possession) Condensed Consolidated Statements
of Operations (Unaudited) Three Months Ended
June 30, Six Months Ended June 30, 2016
2015 2016 2015 (In
thousands, except per share data) Revenues: Revenues $
138,120 $ 295,128 $ 293,481 $ 724,915
Operating Expenses:
Operating costs 96,219 239,127 203,179 570,738 Depreciation and
amortization 69,877 72,950 139,523 157,925 General and
administrative 39,717 34,815 61,979 68,727 Loss on sale of a
business — 34,989 — 34,989 Losses on sales of property and
equipment, net 1,014 9,010 564 13,220 Impairments and other
5,789 8,882 6,094 15,154
Total Operating Expenses 212,616
399,773 411,339 860,753
Operating Loss (74,496 ) (104,645 )
(117,858 ) (135,838 )
Other (Expense) Income:
Interest expense (20,464 ) (24,968 ) (45,742 ) (48,484 ) Gains on
early extinguishment of debt — 13,085 — 13,085 Income from equity
investee — 136 — 1,108 Other income 926 1,043 1,928 947
Reorganization items, net (13,427 ) —
(13,427 ) — Total Other Expense (32,965 )
(10,704 ) (57,241 ) (33,344 )
Loss Before
Income Taxes (107,461 ) (115,349 ) (175,099 ) (169,182 )
Income Tax Benefit (22,956 ) (40,679 )
(31,030 ) (56,911 )
Net Loss $ (84,505 ) $ (74,670 )
$ (144,069 ) $ (112,271 )
Loss Per Common Share Basic
$ (1.53 ) $ (1.50 ) $ (2.63 ) $ (2.30 ) Diluted $ (1.53 ) $ (1.50 )
$ (2.63 ) $ (2.30 )
Weighted Average Common Shares
Outstanding Basic 55,057 49,788 54,761 48,869 Diluted 55,057
49,788 54,761 48,869
SEVENTY
SEVEN ENERGY INC. (Debtor-in-possession) Condensed
Consolidated Balance Sheets (Unaudited) June
30, 2016 December 31, 2015 (In
thousands, except share amounts) Assets: Current Assets:
Cash $ 79,639 $ 130,648 Short-term investments 1,770 — Accounts
receivable, net of allowance of $2,937 and $3,680 at June 30, 2016
and December 31, 2015, respectively 92,312 164,721 Inventory 15,499
18,553 Deferred income tax asset 13,235 1,499 Prepaid expenses and
other 15,908 17,141 Total Current
Assets 218,363 332,562 Property and
Equipment: Property and equipment, at cost 2,678,600 2,646,446
Less: accumulated depreciation (1,223,171 )
(1,116,026 ) Total Property and Equipment, Net 1,455,429
1,530,420 Other Assets: Deferred financing
costs — 1,238 Other long-term assets 38,970
38,398 Total Other Assets 38,970 39,636
Total Assets $ 1,712,762 $ 1,902,618
Liabilities and Stockholders’ Equity: Current Liabilities:
Accounts payable $ 10,409 $ 53,767 Current portion of long-term
debt 5,000 5,000 Other current liabilities 15,077
98,318 Total Current Liabilities 30,486
157,085 Long-Term Liabilities: Deferred income tax
liabilities 41,338 60,623 Long-term debt, excluding current
maturities 475,684 1,564,592 Other long-term liabilities 948 1,478
Liabilities subject to compromise 1,178,873 —
Total Long-Term Liabilities 1,696,843
1,626,693 Commitments and Contingencies Stockholders’
Equity: Common stock, $0.01 par value: authorized 250,000,000
shares; issued and outstanding 58,968,427 and 59,397,831 shares at
June 30, 2016 and December 31, 2015, respectively 590 594 Paid-in
capital 361,436 350,770 Accumulated deficit (376,593 )
(232,524 ) Total Stockholders’ Equity (Deficit)
(14,567 ) 118,840
Total Liabilities and
Stockholders’ Equity $ 1,712,762 $ 1,902,618
SEVENTY SEVEN ENERGY INC.
(Debtor-in-possession) Condensed Consolidated Statements
of Cash Flows (Unaudited) Six Months Ended
June 30, 2016 2015 (In
thousands) CASH FLOWS FROM OPERATING ACTIVITIES: NET
LOSS $ (144,069 ) $ (112,271 )
ADJUSTMENTS TO RECONCILE NET
LOSS TO CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and
amortization 139,523 157,925 Amortization of deferred financing
costs 2,287 2,135 Gains on early extinguishment of debt — (13,085 )
Loss on sale of a business — 34,989 Losses on sales of property and
equipment, net 564 13,220 Impairments and other 6,094 15,154 Income
from equity investee — (1,108 ) Non-cash reorganization items, net
12,544 — Provision for doubtful accounts 1,406 2,584 Non-cash
compensation 11,341 31,486 Deferred income tax benefit (31,022 )
(56,911 ) Other (12 ) (810 ) Changes in operating assets and
liabilities 28,365 86,369 Net cash
provided by operating activities 27,021
159,677
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (76,064 ) (90,724 ) Purchases
of short-term investments (6,242 ) — Proceeds from sales of assets
2,619 16,367 Proceeds from sale of a business — 15,000 Proceeds
from sales of short-term investments 4,468 — Additions to
investments — (112 ) Other 22 3,392 Net
cash used in investing activities (75,197 ) (56,077 )
CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from
revolving credit facility — 160,100 Payments on revolving credit
facility — (210,600 ) Payments to extinguish senior notes — (26,405
) Proceeds from issuance of term loan, net of issuance costs —
94,481 Payments on term loan (2,500 ) (2,250 ) Deferred financing
costs — (784 ) Other (333 ) (698 ) Net cash (used in)
provided by financing activities (2,833 ) 13,844
Net (decrease) increase in cash (51,009 ) 117,444 Cash,
beginning of period 130,648 891 Cash,
end of period $ 79,639 $ 118,335
SEVENTY SEVEN ENERGY INC.
(Debtor-in-possession)
Condensed Consolidated Statements of
Cash Flows — (Continued)
(Unaudited)
Supplemental disclosures to the condensed consolidated
financial statements of cash flows are presented below:
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT
NON-CASH INVESTING AND FINANCING ACTIVITIES: Decrease in other
current liabilities related to purchases of property and equipment
$ (1,767 ) $ (8,991 ) Note receivable received as consideration for
sale of a business $ — $ 27,000
SUPPLEMENTAL DISCLOSURE OF CASH
PAYMENTS: Interest paid, net of amount capitalized $ 27,004 $
48,146
SEVENTY SEVEN ENERGY
INC.Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
“Adjusted EBITDA” is a non-GAAP financial measure. Adjusted
EBITDA as used and defined by us, may not be comparable to
similarly titled measures employed by other companies and is not a
measure of performance calculated in accordance with GAAP.
Adjusted EBITDA should not be considered in isolation or as a
substitute for operating income, net income or loss, cash flows
provided by operating, investing and financing activities, or other
income or cash flow statement data prepared in accordance with
GAAP. However, our management uses Adjusted EBITDA to evaluate our
performance and liquidity and believes Adjusted EBITDA may be
useful to an investor in evaluating our operating performance and
liquidity because this measure:
- is widely used by investors in the
oilfield services industry to measure a company’s operating
performance without regard to items excluded from the calculation
of such measure, which can vary substantially from company to
company depending upon accounting methods, book value of assets,
capital structure and the method by which assets were acquired,
among other factors;
- is a financial measurement that is used
by rating agencies, lenders and other parties to evaluate our
creditworthiness; and
- is used by our management for various
purposes, including as a measure of performance of our operating
entities and as a basis for strategic planning and
forecasting.
There are significant limitations to using Adjusted EBITDA as a
measure of performance, including the inability to analyze the
effect of certain recurring and non-recurring items that materially
affect our net income or loss. Additionally, because Adjusted
EBITDA excludes some, but not all, items that affect net income and
is defined differently by different companies in our industry, our
definition of Adjusted EBITDA may not be comparable to similarly
titled measures of other companies.
Consolidated Adjusted EBITDA
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016
2015 2016 2016
2015 (In thousands) Net loss $ (84,505 ) $ (74,670 )
$ (59,563 ) $ (144,069 ) $ (112,271 ) Add: Interest expense 20,464
24,968 25,279 45,742 48,484 Gains on early extinguishment of debt —
(13,085 ) — — (13,085 ) Income tax benefit (22,956 ) (40,679 )
(8,074 ) (31,030 ) (56,911 ) Depreciation and amortization 69,877
72,950 69,645 139,523 157,925 (Gain) loss on sale of a business and
exit costs(a) (138 ) 34,989 148 9 34,989 Losses (gains) on sales of
property and equipment, net 1,014 9,010 (450 ) 564 13,220
Impairments and other 5,789 8,882 305 6,094 15,154 Non-cash
compensation 5,229 13,131 6,112 11,341 31,486 Severance-related
costs 287 3,102 339 626 4,506 Restructuring charges 23,673 — 4,747
28,421 — Reorganization items, net 13,427 — — 13,427 — Interest
income (614 ) (108 ) (614 ) (1,229 ) (108 ) Less: Drilling rig
relocation and logistics Adjusted EBITDA(a) — (5,886 ) — — (9,745 )
Water hauling Adjusted EBITDA(a) — 55
— — (4,531 ) Adjusted EBITDA $
31,547 $ 44,321 $ 37,874 $ 69,419 $
137,665 (a) During the second quarter of 2015, SSE
sold its drilling rig and logistics business and water hauling
assets. As of June 30, 2015, there were no remaining assets or
operations in the oilfield trucking segment, although we do have
ongoing liabilities, primarily related to insurance claims, whose
income statement impact is charged to general and administrative
expense as exit costs.
Drilling Adjusted EBITDA
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016
2015 2016 2016
2015 (In thousands) Net (loss) income $ (651 ) $
(9,689 ) $ 5,184 $ 4,162 $ (9,210 ) Add: Income tax (benefit)
expense (177 ) (5,279 ) 703 897 (5,072 ) Depreciation and
amortization 36,857 38,202 38,304 75,161 87,739 Losses on sales of
property and equipment, net 728 3,564 240 968 7,951 Impairments and
other 2,900 8,688 305 3,205 12,417 Non-cash compensation 791 2,344
985 1,776 7,669 Severance-related costs 54 512 189 242 856
Corporate overhead allocation(a) — 7,338 — — 16,521 Restructuring
charges 120 — 118 238
— Adjusted EBITDA $ 40,622 $ 45,680 $
46,028 $ 86,649 $ 118,871 (a) Prior to 2016, the
information that was regularly reviewed by our chief operating
decision maker included general and administrative expenses that
were allocated to each of our reportable segments for corporate
overhead functions provided by the Other Operations segment, on
behalf of our reportable segments. Effective January 1, 2016, we no
longer allocate general and administrative expenses to our
reportable segments from the Other Operations segment in the
information that is reviewed by our chief operating decision maker.
Accordingly, this change has been reflected through retroactive
revision of the prior period segment information.
Hydraulic Fracturing Adjusted
EBITDA
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016
2015 2016 2016
2015 (In thousands) Net (loss) income $ (15,388 ) $
(457 ) $ (12,143 ) $ (27,446 ) $ 5,597 Add: Income tax (benefit)
expense (4,180 ) (248 ) (1,646 ) (5,911 ) 2,365 Depreciation and
amortization 21,983 17,804 19,741 41,724 34,081 Losses (gains) on
sales of property and equipment, net 2 4 45 47 (1 ) Non-cash
compensation 227 1,043 429 656 2,281 Severance-related costs 55 60
— 55 141 Corporate overhead allocation(a) — 6,108 — — 12,762
Restructuring charges 77 — 75
152 — Adjusted EBITDA $ 2,776
$ 24,314 $ 6,501 $ 9,277 $ 57,226
(a) Prior to 2016, the information that was regularly
reviewed by our chief operating decision maker included general and
administrative expenses that were allocated to each of our
reportable segments for corporate overhead functions provided by
the Other Operations segment, on behalf of our reportable segments.
Effective January 1, 2016, we no longer allocate general and
administrative expenses to our reportable segments from the Other
Operations segment in the information that is reviewed by our chief
operating decision maker. Accordingly, this change has been
reflected through retroactive revision of the prior period segment
information.
Oilfield Rentals Adjusted
EBITDA
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016
2015 2016 2016
2015 (In thousands) Net loss $ (6,764 ) $ (9,682 ) $
(8,624 ) $ (15,136 ) $ (13,191 ) Add: Income tax benefit (1,838 )
(5,275 ) (1,169 ) (3,260 ) (6,790 ) Depreciation and amortization
7,847 10,575 8,501 16,348 22,747 Losses (gains) on sales of
property and equipment, net 284 (277 ) (717 ) (434 ) (448 )
Impairments and other 287 — — 287 — Non-cash compensation 76 523
184 260 1,384 Severance-related costs 135 34 38 173 (12 ) Corporate
overhead allocation(a) — 2,205 — — 4,104 Restructuring charges
43 — 40 83
— Adjusted EBITDA $ 70 $ (1,897 ) $ (1,747 ) $
(1,679 ) $ 7,794 (a) Prior to 2016, the information
that was regularly reviewed by our chief operating decision maker
included general and administrative expenses that were allocated to
each of our reportable segments for corporate overhead functions
provided by the Other Operations segment, on behalf of our
reportable segments. Effective January 1, 2016, we no longer
allocate general and administrative expenses to our reportable
segments from the Other Operations segment in the information that
is reviewed by our chief operating decision maker. Accordingly,
this change has been reflected through retroactive revision of the
prior period segment information.
Segment Statistics Drilling
Three Months Ended Six Months Ended June 30,
March 31, June 30, 2016
2015 2016 2016
2015 (In thousands) Revenues $ 62,801 $ 100,444 $
71,908 $ 134,709 $ 266,498 Operating Costs 22,984
57,148 27,156 50,140
155,288 Gross Margin $ 39,817 $ 43,296 $
44,752 $ 84,569 $ 111,210
Hydraulic Fracturing
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016 2015
2016 2016 2015 (In thousands) Revenues
$ 66,913 $ 163,411 $ 76,308 $ 143,221 $ 365,428 Operating Costs
64,499 141,225 70,439
134,939 312,530 Gross Margin $ 2,414 $
22,186 $ 5,869 $ 8,282 $ 52,898
Oilfield Rentals
Three Months Ended Six Months Ended June
30, March 31, June 30, 2016 2015
2016 2016 2015 (In thousands) Revenues
$ 8,406 $ 17,762 $ 7,145 $ 15,551 $ 50,250 Operating Costs
8,413 20,224 9,078 17,491
43,843 Gross Margin $ (7 ) $ (2,462 ) $ (1,933 ) $
(1,940 ) $ 6,407
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160809005449/en/
Seventy Seven Energy Inc.Bob Jarvis,
405-608-7730IR@77nrg.com
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