KEG is probably absorbing this good news
Key Energy Raises June 2001 Guidance and Announces
Significant Debt Reduction
EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--June 29, 2001--Key Energy Services, Inc. (NYSE: KEG - news) today announced that it expects to significantly exceed its previous guidance on the June 2001 quarter.
Specifically, the Company expects revenues for the June 2001 quarter of between $245 to $247 million and EBITDA of between $70 to $72 million, exceeding management's previous revenue and EBITDA guidance of $230 to $235 million and $67 to $70 million, respectively. In addition, during the June 2001 quarter, the Company repaid approximately $42 million of indebtedness, improving the Company's long term debt to total capitalization to approximately 50% from 54% at March 31, 2001. Also, the Company generated over 755,000 rig hours.
Key Energy Services, Inc. is the world's largest well service company and owns approximately 1,400 well service rigs and 1,200 fluid hauling vehicles, as well as 75 drilling rigs. The Company provides diversified energy operations including well servicing, contract drilling and other oilfield services and oil and natural gas production. The Company has operations in all major onshore oil and gas producing regions of the continental United States and in Argentina and Ontario, Canada.
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