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Seventy Seven Energy Inc. (SVNT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Seventy Seven Energy Inc.

CIK: 1532930 Ticker: SVNT
Exhibit 99.1
ssea01a02a07.jpg
FOR IMMEDIATE RELEASE
FEBRUARY 13, 2017

Seventy Seven Energy Inc. Announces
2016 Full Year and Fourth Quarter Operational and Financial Results


OKLAHOMA CITY, OKLAHOMA, February 13, 2017 - Seventy Seven Energy Inc. (“SSE”) today reported financial and operational results for the five months and quarter ended December 31, 2016 for its Successor and the seven months ended July 31, 2016 for its Predecessor. Upon emergence from Chapter 11 bankruptcy on August 1, 2016, SSE adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and the results of operations of the reorganized SSE as of and subsequent to August 1, 2016. References to “Predecessor” refer to the financial position of SSE prior to August 1, 2016 and the results of operations through July 31, 2016. As a result of the application of fresh-start accounting and the effects of the implementation of the plan of reorganization, the financial statements on or after August 1, 2016 are not comparable with the financial statements prior to that date. Key information related to SSE for the five months ended December 31, 2016 and seven months ended July 31, 2016 are as follows:

Net Loss of $27.0 million for the fourth quarter of 2016, a 44% improvement, compared to $36.5 million and $11.6 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively
Consolidated Adjusted EBITDA of $29.5 million for the fourth quarter of 2016, a 156% improvement, compared to $8.5 million and $3.0 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively
Net Loss of $63.6 million and $155.7 million for the five months ended December 31, 2016 and the seven months ended July 31, 2016, respectively
Consolidated Adjusted EBITDA of $37.9 million and $72.5 million for the five months ended December 31, 2016 and the seven months ended July 31, 2016, respectively
Emerged from bankruptcy on August 1, 2016, which reduced debt by $1.115 billion
41 rigs currently operating and 10 additional rigs under contract as of February 9, 2017
Previously announced merger with Patterson-UTI expected to close late first quarter or early second quarter

SSE reported total revenues of $142.7 million for the fourth quarter of 2016, a 19% increase compared to total combined revenues of $79.7 million and $40.4 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively, and a 26% decrease compared to total revenues of $192.8 million for the fourth quarter of 2015. SSE reported total combined revenues of $222.4 million and $333.9 million for the five months ended December 31, 2016 and seven months ended July 31, 2016, respectively, a 51% decrease compared to total revenues of $1.131 billion for the year ended December 31, 2015.

Net loss for the fourth quarter of 2016 was $27.0 million, or $1.21 per fully diluted share, which was an improvement of 35% per share, compared to $36.5 million and $11.6 million, or $1.66 and $0.21 per fully diluted share, respectively, for the two months ended September 30, 2016 and one month ended July 31, 2016, and $60.6 million, or $1.18 per fully diluted share for the fourth quarter of 2015. SSE reported net losses of $63.6 million and $155.7 million for the five months ended December 31, 2016 and seven months ended July 31, 2016, or $2.86 and $2.84 per fully diluted share, respectively, compared to a net loss of $221.4 million, or $4.42 per fully diluted share, for the year ended December 31, 2015.

SSE’s adjusted EBITDA for the fourth quarter of 2016 was $29.5 million, a 156% improvement, compared to $8.5 million and $3.0 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively, and $56.3 million for the fourth quarter of 2015. SSE’s adjusted EBITDA for the five months ended December 31, 2016 and seven months ended July 31, 2016 was $37.9 million and $72.5 million, respectively, compared to $235.0 million for the year ended December 31, 2015.


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The following information was filed by Seventy Seven Energy Inc. (SVNT) on Monday, February 13, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Operations
Asset Sales And Impairments And Other
Asset Sales And Impairments And Other (details)
Asset Sales And Impairments And Other (tables)
Basis Of Presentation And Spin-off
Basis Of Presentation And Spin-off (details)
Commitment And Contingencies - Noncancelable Operating Leases (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Concentration Of Credit Risk And Major Customers
Concentration Of Credit Risk And Major Customers - Additional Information (details)
Debt
Debt (tables)
Debt - Credit Facility (details)
Debt - Schedule Of Debt Instruments (details)
Debt - Senior Notes (details)
Debt - Term Loans (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Emergence From Voluntary Reorganization Under Chapter 11 Proceedings And Related Events
Emergence From Voluntary Reorganization Under Chapter 11 Proceedings And Related Events (details)
Equity Method Investment
Equity Method Investment - Additional Information (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Estimated Fair Value Of Financial Liabilities (details)
Fresh-start Accounting
Fresh-start Accounting (details)
Fresh-start Accounting (tables)
Fresh-start Accounting - Fair Value Of Warrants, Valuation Assumptions (details)
Fresh-start Accounting - Fresh-start Adjustments (details)
Fresh-start Accounting - Fresh-start Adjustments, Narrative (details)
Fresh-start Accounting - Reconciliation Of Enterprise Value To Estimated Fair Value Of Successor Common Stock (details)
Fresh-start Accounting - Reconciliation Of Enterprise Value To Estimated Reorganization Value (details)
Fresh-start Accounting - Reorganization Adjustments (details)
Fresh-start Accounting - Reorganization Adjustments, Cash Payments (details)
Fresh-start Accounting - Reorganization Adjustments, Impact Of Reorganization Adjustments (details)
Fresh-start Accounting - Reorganization Adjustments, Liabilities Subject To Compromise (details)
Fresh-start Accounting - Summary Of Property And Equipment (details)
Fresh-start Accounting, Fresh-start Adjustments, Impact On Fresh-start Adjustments (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (details)
Income Taxes - Deferred Tax (details)
Income Taxes - Income Tax Reconciliation (details)
Other Current Liabilities
Other Current Liabilities (tables)
Other Current Liabilities - Schedule Of Other Current And Long-term Liabilities (details)
Patterson-uti Merger Agreement
Patterson-uti Merger Agreement (details)
Property And Equipment Held For Sale
Property And Equipment Held For Sale (details)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Additional Information (details)
Recently Issued And Proposed Accounting Standards
Reorganization Items, Net
Reorganization Items, Net (details)
Reorganization Items, Net (tables)
Sale Of Hodges Trucking Company, L.l.c.
Sale Of Hodges Trucking Company, L.l.c. (details)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (details)
Segment Information - Segment Reporting Information By Segment (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (details)
Share-based Compensation - Schedule Of Unvested Shares Of Restricted Stock Related To Employees (details)
Share-based Compensation - Summary Of Stock Option Activity (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Accounts Receivable (details)
Significant Accounting Policies - Additional Information (details)
Significant Accounting Policies - Deferred Financing Cost (details)
Significant Accounting Policies - Environmental Costs (details)
Significant Accounting Policies - Goodwill, Intangible Assets And Amortization (details)
Significant Accounting Policies - Income Tax (details)
Significant Accounting Policies - Property And Equipment (details)
Subsequent Events
Subsequent Events (details)
Transactions With Chk
Transactions With Chk - Additional Information (details)
Ticker: SVNT
CIK: 1532930
Form Type: 10-K Annual Report
Accession Number: 0001532930-17-000006
Submitted to the SEC: Mon Feb 13 2017 4:21:11 PM EST
Accepted by the SEC: Mon Feb 13 2017
Period: Saturday, December 31, 2016
Industry: Oil And Gas Field Services

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