Key Energy Services Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 06, 2018 at 09:15 pm
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Key Energy Services Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenues of $134,721,000 compared to $110,653,000 for the same period a year ago. Operating loss was $17,115,000 compared to $34,744,000 for the same period a year ago. Loss before tax income taxes was $25,610,000 compared to $38,316,000 for the same period a year ago. Net loss was $23,860,000 compared to $38,220,000 for the same period a year ago. Loss per share, basic and diluted was $1.18 compared to $1.90 for the same period a year ago. EBITDA was $4,705,000 compared to LBITDA of $9,294,000 for the same period a year ago. Adjusted EBITDA was $5,560,000 compared to $639,000 for the same period a year ago. Capital expenditures for the third quarter of 2018 were $11.3 million.
For the nine months, the company reported revenues of $404,442,000 compared to $319,885,000 for the same period a year ago. Operating loss was $43,853,000 compared to $80,106,000 for the same period a year ago. Loss before tax income taxes was $67,306,000 compared to $99,500,000 for the same period a year ago. Net loss was $65,718,000 compared to $98,262,000 for the same period a year ago. Loss per share, basic and diluted was $3.25 compared to $4.89 for the same period a year ago. Capital expenditures were $28.5 million.
Key Energy Services, Inc. provides an array of energy production solutions and services. The Companyâs solutions include well servicing, fishing and rental services and cementing and abandonment. Its fleet of rigs includes a range of classes for production, including completion services. Each rig is available with ancillary equipment to help meet clients' needs. It offers a full line of services and rental equipment to enhance the value of its customers' oil and gas wells. Its rental equipment includes reverse units, drill pipe, tubulars, laydown machines, power swivels, foam air units, fishing and completion tools and others. Its P&A package provides all the equipment necessary to plug and abandon a well, all from a single service provider.