Key Energy Services Inc. (KEGX)

[tasari]

NEWS OUT !!! On May 13, 2020, Key Energy Services, Inc., a Delaware corporation (the “Company”) announced its results for the quarter ended March 31, 2020.


Dodson continued, “We began to feel the impact of the fall in oil prices in March as many of our customers began to reduce activity and to seek reduced pricing for our services. March rig hours, which typically improve 10% to 15% over the first two months of the quarter, were flat, leading to an overall decline in rig hours in the first quarter of 2020 of 11.7% as compared to the fourth quarter of 2019

This was to be expected... and more ..

“Today, we have limited visibility into when our customers will resume their production maintenance activities, but believe that as oil supply adjusts to demand and our customers begin to bring wells back on line, we will see some recovery in activity as maintenance work is resumed to stem further production declines. Additionally, we are ready to assist our customers if additional work is required to repair wells and artificial lift systems as a result of the wells being shut in.”