HOUSTON, Feb. 11 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (NYSE: KEG) announced today its January 2010 consolidated rig hours and trucking hours, which increased 2.7% and 5.0% over the previous month, respectively. U.S. and international hourly activity levels for the month of January 2010 and comparable periods are as follows:
For the month ended |
|||||||
January 31, 2010 |
December 31, 2009 |
January 31, 2009 |
|||||
Working Days |
20 |
20 |
21 |
||||
U.S. Rig Hours |
113,296 |
111,803 |
147,980 |
||||
International Rig Hours |
39,030 |
36,547 |
29,948 |
||||
Total Rig Hours |
152,326 |
148,350 |
177,928 |
||||
Trucking Hours |
148,539 |
141,371 |
182,601 |
||||
Key calculates working days as total weekdays for the month less any company holidays that occur in the month. For the month of February 2010, there will be 20 working days. |
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The following reflects utilization data relative to Key's U.S. rig services fleet: |
|||||||
For the month ended |
|||||||
January 31, 2010 |
December 31, 2009 |
January 31, 2009 |
|||||
Total Available U.S. Rigs |
743 |
743 |
904 |
||||
Average Rigs Worked* |
437 |
428 |
629 |
||||
Utilization |
59% |
58% |
70% |
||||
* Average U.S. rigs worked is calculated as the total number of rigs worked per day during a period divided by the number of workdays in that period. |
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Comparable 2009 and 2008 monthly information is available on Key's website at www.keyenergy.com under "Investor Relations."
Chairman, President and CEO Dick Alario commented, "In January, both our domestic and international rig hours improved over the prior month on an absolute and a per working day basis. Despite significant weather disruptions in the U.S., activity improved throughout January led by our larger customers. We view this as another positive sign that our customers' optimism continued to improve, which we believe will result in higher activity."
FOURTH QUARTER CONFERENCE CALL
As previously announced, Key will hold a conference call to discuss its fourth quarter and full year 2009 financial results on February 18, 2010 at 10:00 a.m. CST. To access the call in the U.S. and Canada please dial the following number: (877) 809-3720 and ask for the "Key Energy Services Conference Call". International callers should dial (660) 422-4879. The conference call will also be available live via the internet. To access the webcast, go to www.keyenergy.com and select "Investor Relations". A replay of the conference call will be available on February 18, 2010, beginning at 2:00 p.m. CST and will be available for one week. To access the replay, please call (800) 642-1687. The access code for the replay is 50936218.
About Key Energy Services
Key Energy Services is the largest provider of onshore well service rigs in the world. Key provides a complete range of well services, including rig-based well maintenance, workover, well completion and recompletion services, fluid management services, pressure pumping services, fishing and rental services, wireline services and ancillary oilfield services. Key has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina, Mexico and Russia. Additionally, Key has a technology development group based in Canada and ownership interests in a drilling and production services company in Canada.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" are based on Key's current expectations, estimates and projections about Key, its industry, its management's beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these "forward-looking statements" are identified by words such as "expects," "believes," "anticipates" and similar phrases.
A number of factors could cause actual results to differ materially from the expectations, estimates and projections expressed in this press release, including, but not limited to: risks affecting activity levels for Key's services, including the decline and instability of commodity prices, future decreases or other changes in the capital budgets of customers, the impact of activity levels not recovering, or even decreasing in the future, among Key's larger customers, and changes in the demand for the mix of services that Key provides; risks associated with the prolonged economic downturn and credit market instability; risks affecting Key's foreign operations and investments, including its expanded investment and operations in Russia; and risks affecting Key's ability to maintain or improve operations, including its ability to maintain prices for services under increasing pricing pressures, the impact of rig capacity in the market and weather risk.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect Key's business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, Key also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that Key files periodically with the Securities and Exchange Commission.
Contact: Trey Whichard
(713) 651-4406
SOURCE Key Energy Services, Inc.
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