HOUSTON, Feb. 13 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. today provided an activity update and an update on its share repurchase program, and announced that it will host its quarterly earnings conference call on February 28, 2008.
Overall company activity levels remain stable and demand for the Company's services is expected to increase as the Company exits the seasonally slower March quarter. The Company will provide a detailed review of operations on its quarterly earnings call later this month. In addition, the Company announced that through February 13, 2008, it has invested $65.4 million in its share repurchase program, repurchasing 5,023,396 shares of its common stock. The Company is presently authorized to repurchase up to $300.0 million of its common stock through March 31, 2009. The repurchase program commenced on November 19, 2007.
Set forth below is the Company's rig and trucking hours for January 2008. For the month ending January 31, December 31, January 31, 2008 2007 2007 Working Days 22 19 22 Rig Hours 227,077 201,476 209,345 Trucking Hours 197,331 187,973 194,279 The Company calculates working days as total weekdays for the month less any company holidays that occur that month. For the month of February 2008, there are 21 working days. CONFERENCE CALL
The Company will hold an investor conference call on February 28, 2008 at 11:00 am EST. To access the call, which is open to the public, please call the conference call operator at the following number: (888) 794-4637 and ask for the "Key Energy Conference Call." International callers should dial (706) 679-7045. The conference call will also be available on the web. To access the webcast, go to http://www.keyenergy.com/ and select "Investor Relations." A replay of the conference call will be available on February 28, 2008 beginning at 3:00 pm EST and will be available for one week. To access the replay, please call (800) 642-1687. The access code for the replay is 31843377.
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina, Canada and Mexico.
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company, the Company's industry, management's beliefs and certain assumptions made by management. Whenever possible, the Company has identified these "forward-looking statements" by words such as "expects," "believes," "anticipates" and similar phrases. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: risks that the Company will be unable to complete its new capital investment plan, including that it will be unable to complete acquisitions and integrate acquired operations and risks affecting the ability of the Company to maintain or improve operations, including the ability to maintain price increases, the impact of new rigs coming into the market and weather risk; and risks that the Company will be unable to achieve budgeted financial targets or cost reductions; factors affecting the Company's stock repurchase program, including, among others, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company's cash flows from operations, and general economic conditions; and risks affecting activity levels for rig hours including the risk that commodity prices decline or the risk that capital budgets from the Company's customers decrease. Readers should also refer to the section entitled "Risk Factors" in the 2006 Annual Report on Form 10-K filed August 13, 2007 for a discussion of risks to which the Company is subject. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company 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 or documents the Company files periodically with the Securities and Exchange Commission.
Contact: John Daniel
(713) 651-4300
