On Tuesday, Shares of Exxon Mobil Corporation (NYSE:XOM), lost -0.68% to $77.49, hitting its lowest level.
Exxon Mobil Corporation declared it has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of the Midland Basin.
The two agreements comprise an acquisition and farm-in adjoining XTO’s existing acreage position in Martin and Midland Counties, providing rights to all intervals within the basin. The acreage will be operated by ExxonMobil’s partner XTO Energy Inc.
ExxonMobil has executed five agreements in the Midland Basin since January 2014, providing the company with over 135,000 operated net acres.
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, counting olefins, aromatics, polyethylene and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
Finally, Seventy Seven Energy Inc. (NYSE:SSE), ended its last trade with -1.56% loss, and closed at $3.15.
Seventy Seven Energy stated financial and operational results for the second quarter of 2015. Key information related to SSE for the second quarter is as follows:
- Merged Adjusted EBITDA of $44.3 million and Hydraulic Fracturing Adjusted EBITDA of $18.2 million
- Positive free cash flow for the quarter of $82.0 million
- Exercised $100 million accordion feature under its Term Loan
- Repurchased and cancelled $40.0 million in aggregate principal amount of its 6.5% Senior Notes due 2022
Adjusted net loss, which excludes impairments, gains or losses on sales of property and equipment, severance-related costs, loss on sale of the drilling rig relocation and logistics business, and gains on debt extinguishment, was ($46.8) million, or ($0.93) per fully diluted share. Net loss for the second quarter of 2015 was ($74.7) million, or ($1.50) per fully diluted share, contrast to net loss of ($37.6) million, or ($0.78) per fully diluted share, for the first quarter of 2015 and net income of $21.7 million, or $0.46 per fully diluted share, for the second quarter of 2014.
Seventy Seven Energy Inc. provides oilfield services in the United States. The company operates in four segments: Drilling, Hydraulic Fracturing, Oilfield Rentals, and Oilfield Trucking. The Drilling segment offers land drilling and drilling-related services, counting directional drilling for the oil and natural gas exploration and development activities. The Hydraulic Fracturing segment provides hydraulic fracturing and other well stimulation services.
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