HOUSTON, Nov. 16 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. announced today its rig and trucking hours for the month of October 2009. The activity for the month and comparable periods are as follows:
For the month ended ------------------- October 31, 2009 September 30, 2009 October 31, 2008 ----------------- ------------------- ----------------- Working Days 22 21 23 Rig Hours 152,772 138,948 251,858 Trucking Hours 142,284 130,451 219,246 The Company calculates working days as total weekdays for the month less any Company holidays that occur that month. For the month of November 2009, there are 19 working days.
Chairman, President, and CEO Dick Alario commented, "Key's October rig hours increased 10% from the month prior on an absolute basis and 5% on a per work day basis and include approximately 4,800 hours from our Russian operations. Domestically, Key's hours were up 6.7% on an absolute basis and 1.8% on a per work day basis with pricing remaining constant. During October, we experienced increases in activity from our larger customers as well as a shift in job mix with higher workover and drilling and completion hours than we saw in September."
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. 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, electric 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, continued decreases 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
Key Energy Services, Inc.
CONTACT: Trey Whichard, +1-713-651-4406, for Key Energy Services, Inc.
Web Site: http://www.keyenergy.com/
