You seem to be using KEG purely as a short-term trading vehicle.
What are the chances of its hitting enduring profitablility?
Key Energy Services, Inc. (Key), is the largest onshore, rig-based well
servicing contractor in the world, with approximately 1,400 well service rigs
and 1,200 oilfield trucks as of June 30, 1999. The Company is also a leading
onshore drilling contractor, with 73 land drilling rigs as of June 30, 1999. In
addition, Key produces and develops oil and natural gas reserves in the
Permian Basin and Texas Panhandle. The Company's well services include
rig-based services, oilfield trucking and ancillary oilfield services. The Company
provides contract drilling services for major and independent oil companies
onshore the continental United States in the Permian Basin, the Four Corners
area, Michigan, the Northeast, the Gulf Coast, and the Rocky Mountains, and
internationally in Argentina and Ontario, Canada. The Company is engaged in
the production of oil and natural gas in the Permian Basin and Panhandle areas
of West Texas through its wholly owned subsidiary, Odessa Exploration, Inc.
Financial Summary
Key Energy is a provider of onshore oil and gas well services in the United
States and Argentina, operating 1,420 well service rigs, 1,200 oilfield trucks
and 73 drilling rigs. For the six months ended 12/99, revenues rose 19% to
$309.3 million. Net loss rose 90% to $15.1 million. Revenues reflect increased
well servicing due to the effect of acquisitions completed. Earnings reflect
additional debt incurred in connection with the acquisitions. |
