New ETF Book by Larry Connors - Click here to read more
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
SOURCE Key Energy Services, Inc.
http://www.keyenergy.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.