HOUSTON, Sept. 17 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. announced today its rig and trucking hours for the month of August 2009. The results for the month and comparable periods are as follows:
For the month ending August 31, 2009 July 31, 2009 August 31, 2008 Working Days 21 22 21 Rig Hours 137,881 139,981 241,269 Trucking Hours 132,769 134,807 205,871 The Company calculates working days as total weekdays for the month less any Company holidays that occur that month. For the month of September 2009, there are 21 working days.
Chairman, President, and CEO Dick Alario commented, "Key's rig hours per working day increased 3.2% for the month of August versus the month of July, and are up 4.5% from the June trough. Our U.S. based rig business witnessed an increase in rig hours per day of 4.4% over July. Almost all of the increase in domestic rig hours per day can be attributed to small to medium sized independent operator customers. While oil-well repair and maintenance activity continues to displace workover activity in our hourly mix, we have experienced some increase in drilling and completion directed hours. At current oil prices we believe that this slow but steady improvement in oil-well repair and maintenance activity is likely to be a prevailing trend through the remainder of the year, as this type of work is representative of what we would anticipate to occur first in the early stages of a cyclical recovery."
About Key Energy Services
Key Energy Services 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, electric wireline services and ancillary oilfield services. Key Energy Services 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 and ownership 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.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about the company, our industry, our management's beliefs and certain assumptions made by management. Whenever possible, we have 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 activity levels for our services, including the decline and instability of commodity prices, continued decreases in the capital budgets of our customers, and the impact of continuing periods of lower activity from our larger customers, and changes in the demand for the mix of services we provide; risks associated with the prolonged economic downturn and credit market instability; risks affecting our foreign operations and investments; risks impacting incremental margins and risks affecting our ability to maintain or improve operations, including our ability to maintain prices for services under increasing pricing pressures, the impact of rig capacity in the market and weather risk. Other important risk factors that may affect our business, results of operations and financial condition are discussed in our 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, our actual results and performance 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, we also disclaim 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 the reports and documents we file 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/
