Key Energy Services Provides April 2010 Activity Data
HOUSTON, May 12 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (NYSE: KEG) provides April 2010 activity data. With fewer available work days in April, total rig and trucking hours decreased 7%, and 2%, respectively, from the previous month. Hourly activity levels for the month of April 2010 and comparable periods are as follows:
For the Month Ended |
% Change |
% Change |
||||||||
4/30/10 |
3/31/10 |
4/30/09 |
vs 3/31/10 |
vs 4/30/09 |
||||||
U.S. Rig Hours |
132,175 |
141,318 |
116,601 |
-6.5% |
13.4% |
|||||
U.S. Rig Hours Per Working Day |
6,294 |
6,144 |
5,552 |
2.4% |
13.4% |
|||||
International Rig Hours |
29,742 |
37,271 |
26,690 |
-20.2% |
11.4% |
|||||
International Rig Hours Per Calendar Day |
991 |
1,202 |
890 |
-17.5% |
11.4% |
|||||
Total Rig Hours |
161,917 |
178,589 |
143,291 |
-9.3% |
13.0% |
|||||
Total Trucking Hours |
166,031 |
169,837 |
145,589 |
-2.2% |
14.0% |
|||||
Total Trucking Hours Per Calendar Day |
5,534 |
5,479 |
4,853 |
1.0% |
14.0% |
|||||
U.S. Working Days* |
21 |
23 |
21 |
-8.7% |
0.0% |
|||||
Calendar Days |
30 |
31 |
30 |
-3.2% |
0.0% |
|||||
*Key calculates U.S. working days as total weekdays for the month less any holidays that occur in the month. |
||||||||||
For the month of May 2010, there will be 20 working days. |
||||||||||
The following reflects utilization data relative to Key's U.S. rig services fleet: |
||||||||||
For the Month Ended |
% Change |
% Change |
||||||||
4/30/10 |
3/31/10 |
4/30/09 |
vs 3/31/10 |
vs 4/30/09 |
||||||
Total Available U.S. Rigs |
743 |
743 |
849 |
0.0% |
-12.5% |
|||||
Average Rigs Worked* |
466 |
469 |
446 |
-0.6% |
4.5% |
|||||
Utilization |
63% |
63% |
53% |
|||||||
*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. |
||||||||||
Additional comparable information for prior monthly periods is available on Key's website at www.keyenergy.com under "Investor Relations."
Chairman, President and CEO Dick Alario commented, "On a per working day basis, our U.S. rig services and fluids management businesses both saw moderate continued improvement during April, up 2% and 1% from the prior month, respectively. Price increases that we began to see in our U.S. rig business during the past quarter continued into April. Our international rig hours declined compared to last month, driven by our previously disclosed contract expiration in Mexico. We believe that oil prices at or near current levels will continue to motivate incremental oil-directed activity increases in our U.S. and international businesses through the remainder of the year."
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on Key's current expectations, estimates and projections, 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 impact of declines or instability of commodity prices, future decreases or other changes in the capital budgets of customers, continued pricing pressures and the possibility of pricing for Key's services not continuing to experience modest increases or even decreasing in the future, the impact of activity levels not recovering, or even decreasing, among Key's customers, and changes in the demand for the mix of services that Key provides; risks affecting Key's foreign operations and investments, including its work in Mexico, which is performed under its remaining contract that expires in 2010 and which may not be renewed; risks associated with the recent prolonged economic downturn and credit market instability; and risks affecting Key's ability to maintain or improve operations, including 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: Gary Russell |
|
713-651-4434 |
|
SOURCE Key Energy Services, Inc.
Share this article