Key energy services, inc. private company information – bloomberg gas under 2 dollars

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Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States. The company’s U.S. Rig Services segment is involved in the completion of newly drilled wells; workover and recompletion of existing oil and natural gas wells; well maintenance activities; and plugging and abandonment of wells at the end of their lives, as well as provision of specialty drilling services to oil and natural gas producers. Its Fluid Management Services segment offers transportation and well-site storage services for fluids utilized in drilling, completions, workover, and maintenance activities; and disposal services for fluids produced subsequent to well completion. It als…

Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States. The company’s U.S. Rig Services segment is involved in the completion of newly drilled wells; workover and recompletion of existing oil and natural gas wells; well maintenance activities; and plugging and abandonment of wells at the end of their lives, as well as provision of specialty drilling services to oil and natural gas producers. Its Fluid Management Services segment offers transportation and well-site storage services for fluids utilized in drilling, completions, workover, and maintenance activities; and disposal services for fluids produced subsequent to well completion. It also operates a fleet of hot oilers used to clear soluble restrictions in a wellbore. The company’s Coiled Tubing Services segment offers services for wellbore clean-outs, nitrogen jet lifts, through-tubing fishing, and formation stimulations; mills temporary isolation plugs that separate frac zones; and other pre- and post-hydraulic fracturing well preparation services. Its Fishing and Rental Services segment provides fishing services that involve recovering lost or stuck equipment in the wellbore utilizing fishing tools; and rents drill pipes, tubulars, handling tools, pressure-control equipment, pumps, power swivels, reversing units, and foam air units, as well as frac stack equipment used to support hydraulic fracturing operations and the associated flowback of frac fluids, proppants, oil, and natural gas. The company was formerly known as Key Energy Group, Inc. and changed its name to Key Energy Services, Inc. in December 1998. Key Energy Services, Inc. was founded in 1977 and is based in Houston, Texas.

Key Energy Services, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. The company reported first quarter 2018 consolidated revenues of $125.316 million compared to $101.42 million a year ago. Operating loss was $17.825 million compared to $38.338 million a year ago. Loss before tax income taxes was $24.962 million compared to $47.148 million a year ago. Net loss was $24.963 million compared to $46.859 million a year ago. Basic and diluted loss per share $1.23 compared to $2.33 a year ago. EBITDA was $3.354 million compared to LBITDA of $18.335 million a year ago. Adjusted EBITDA was $0.673 million compared to Adjusted LBITDA of $11.002 million a year ago. Capital expenditures for the first quarter of 2018 were $9.4 million. The results for the first quarter include expenses of $2.1 million, or $0.10 per share, associated with certain equity awards and a gain on sale of assets of $4.7 million, or $0.23 per share. Excluding these items, the company reported a pre-tax loss of $27.6 million, or $1.36 per share.

Since the end of the first quarter, the company have deployed an additional 4 units, bringing total deployed fleet to 13 units. The company also successful in increasing prices in rig services segment which provided some benefit in the first quarter with the full effect expected to benefit the second quarter. This impacted results during the quarter and offset the incremental earnings otherwise would expect from the price increases and improving activity. In March, and again in April, the company began to see healthy incremental earnings fall-through via price and lower start-up costs and expect the same for the second quarter of 2018. The company expected to see about a 2% improvement in second quarter revenues due to the full quarter impact of price increases, and a recovery in the trucking activity will increase revenue another 3% to 5%. Adjusted EBITDA margins are expected to recover to the low teens as a result of the price increases, better activity and moving past the First Quarter payroll tax impact.