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February 5, 2013
09:15 EDTKEGKey Energy sees reporting Q4 results in line with prior guidance
Key Energy disclosed in a regulatory filing that it expects to report consolidated Q4 results in line with prior guidance provided on its Q3 conference call. The company also disclosed in advance of an investor conference presentation that one of its large customers significantly reduced its U.S. well servicing activity late in 2012, and the company expects the full impact of this reduction to be reflected in its 1Q13 results. The company said it expects activity levels in its U.S. segment to increase after 1Q13 and anticipates overall activity for full year 2013 to approximate full year 2012 activity levels. The company said its 2013 capital expenditure plan is currently $210M and is planned to be primarily focused on equipment maintenance and rig fleet upgrades.
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February 18, 2015
20:07 EDTKEGKey Energy initiating cost cutting initiatives
Key Energy CEO Dick Alario stated, "As conditions in the U.S. services market are unfolding in 2015, we are enacting a series of cost cutting initiatives at both the corporate and field levels, which include fixed-cost, headcount and wage reductions, along with supply-chain efficiencies, in order to help mitigate margin pressures our businesses will face in this market. We see the economic rationale for our customers to exploit existing wellbores as one of the few resilient service opportunities in the U.S. landscape, and we also see it at the core of Key's future. Further, we expect that as the secular trend of the aging horizontal wellbore continues, the importance of our services will continue to grow, perhaps even more so in a moderated oil price environment, and Key has positioned itself to capitalize on this element of production maintenance demand. We believe that we are taking the appropriate actions, including sizing our cost structure to survive this downturn and preserving capital, to emerge a stronger company."
20:05 EDTKEGKey Energy reports Q4 EPS (10c), consensus (11c)
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