As of June 1, 2014, SSE's marketed fleet consisted of 20 Tier 1 rigs, including 10 proprietary PeakeRigs, 57 Tier 2 rigs and 9 Tier 3 rigs. It also owned nine hydraulic fracturing fleets with an aggregate of 360,000 horsepower, a diversified oilfield rentals business, and an oilfield trucking fleet consisting of 260 rig relocation trucks, 67 cranes and forklifts used in the movement of drilling rigs and other heavy equipment and 145 water transport trucks.The four business units of this new spin-off/company:
- NOMAC Drilling
- Performance Technologies
- Great Plains Oilfield Rental
- Hodges Trucking Company/Hodges Oilfield Trucking Solutions
And I just love "google." I was curious how many shares of SSE one can expect for each share of CHK. This is the answer as of March 14, 2014 (I can't make this up; it's a cut and paste from the source):
A timeline wasn’t stated, but it was stated under terms of the spin-off that CHK shareholders will receive one share of SSE for every yet-to-be determined number of CHK stock held on a yet-to-be announced record date.That's sounds like an Obama speech without the apology for all of America's transgressions.
Surely we can do better. Oh, there it is, right in the Seeking Alpha article (I missed it the first time):
CHK's shareholders will receive one share of SSE common stock for every 14 shares of CHK common stock held at the close of business on the record date of June 19, 2014. The distribution is expected to occur following the close of business on June 30, 2014.Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read here or anything you think you may have read here.
[Note: comments are not google-searchable, so I need to bring this comment up here, so I can find it again. It's intriguing:
For great coffee order directly from Filadelfia Coffee Plantation in Antigua, Guatemala. My wife and I toured the plantation in February and have been ordering the coffee directly from them since. We order the Genuine Antigua 6 pack 12 oz packages for $54. No postage charged and you receive the coffee in 3 days. These are whole beans so all you need is a grinder to grind them each morning.]
Bruce,
ReplyDeleteFor great coffee order directly from Filadelfia Coffee Plantation in Antigua, Guatemala. My wife and I toured the plantation in February and have been ordering the coffee directly from them since. We order the Genuine Antigua 6 pack 12 oz packages for $54. No postage charged and you receive the coffee in 3 days. These are whole beans so all you need is a grinder to grind them each morning.
Jerry
Sorry for the late posting. I got so much e-mail this morning, I saw this but then forgot to post it. I was looking for it because it's an intriguing idea. Thank you for the suggestion. I brought the comment up to the main post because comments are not google-searchable.
DeleteI thought Chesapeake had pulled out of southern ND? But I have seen numerous Help Wanted ads in the Williston Herald in the last couple weeks for jobs out of the Williston office for Chesapeake Energy. Tool pushers, supervisors, drilling hands, etc... are they back in North Dakota? Must be in Williston at least? They were referring the jobs to their NOMAC drilling company. I'm curious where they are drilling in ND?
ReplyDeleteThe post above should answer your question. Chesapeake (prior to the spin-off yet to come) is involved in all aspects of oil and gas exploration and production, providing services to other operators. After the spin-off, I assume -- over time -- we will gradually see those "help wanted" ads for "Seventy Seven Energy (SSE) and not Chesapeake. In addition, I am not sure if Chesapeake sold all their minerals in North Dakota or simply stopped work as an operator.
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