HOUSTON, June 18 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. announced today its rig and trucking hours for the month of May 2009.
For the month ending May 31, April 30, May 31, 2009 2009 2008 Working Days 20 21 21 Rig Hours 133,908 143,291 229,356 Trucking Hours 136,452 145,589 201,764 The Company calculates working days as total weekdays for the month less any Company holidays that occur that month. For the month of June 2009, there are 22 working days.
Chairman, President, and CEO Dick Alario commented, "May rig hours declined approximately 7% from April on an absolute basis, and closer to 2% on a rig hours per working day basis. The West Coast Marketplace slowed meaningfully during the last two weeks in May versus April, as our primary customers in the region paused to revisit spending plans for the second half of 2009. Quarter to date rig pricing has declined about 700 basis points from first quarter average pricing, with most of the decline experienced in April. However, if the first half of June is indicative of the full month, we believe our rig hours should approximate rig hours recorded in April on an absolute basis. While we would hesitate to call for an immediate or pronounced recovery in rig hours, anecdotal evidence, in the form of escalating inquiries and select assets returning to work, suggests that activity will improve over the coming months."
Key Energy Services, Inc. is the largest provider of onshore well service rigs in the United States and one of the leading onshore, rig-based well servicing contractors in the world. The Company 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 and ancillary oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina and Mexico. Additionally, the Company has a technology development group based in Canada as well as interests in a drilling and production services company in Canada and a drilling and workover services and sub-surface engineering and modeling company in the Russian Federation.
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 affecting the ability of the Company to maintain or improve operations, including risks affecting rig pricing and the impact of weather; risks associated with prolonged poor economic conditions in the United States and globally; risks affecting activity levels for rig hours, including the decline and instability of commodity prices and decreased capital budgets from the Company's customers; and risks affecting the Company's foreign operations, including operations in Argentina and Mexico. Other important risk factors that may affect the Company's business, results of operations and financial condition are discussed in the Company's 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. 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: Blake Hutchinson
(713) 651-4523
Key Energy Services, Inc.
CONTACT: Blake Hutchinson of Key Energy Services, Inc., +1-713-651-4523
Web Site: http://www.keyenergy.com/
