Key Energy Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Capital Expenditure Guidance for the Year 2018
February 26, 2018 at 06:03 pm
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Key Energy Services Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $116.280 million, operating loss of $16.074 million, income before income taxes of $22.791 million, net loss of $22.327 million or $1.11 basic and diluted per share. EBITDA was $6.375 million and adjusted EBITDA was $1.790 million. Cash flow used in operations was $2.7 million for the fourth quarter as compared to $21.4 million used in the third quarter. Capital expenditures for the fourth quarter were $6.5 million and $16.1 million for full year 2017.
For the year, the company reported revenues of $436.165 million, operating loss of $96.180 million, income before income taxes of $122.291 million, net loss of $120.589 million or $6.00 basic and diluted per share. LBITDA was $6.663 million and adjusted LBITDA was $9.230 million.
For the year 2018, the company expects to spend capital expenditure between $30 million and $35 million and also expects to generate about $15 million of cash for obsolete asset sales and other non operating sources. The company expects its cash balance to fall with the timing of payrolls and CapEx but do not expect the significant reduction in overall liquidity for 2018.
Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies and independent oil and natural gas production companies. The Company's segments include Rig Services, Fishing and Rental Services, and Coiled Tubing Services. The Rig Services segment includes the completion of newly drilled wells, workover and recompletion of existing oil and natural gas wells, well maintenance, and the plugging and abandonment of wells. The Fishing and Rental Services segment offers a line of fishing services and rental equipment designed for use in providing both onshore drilling and workover services. The Coiled Tubing Services segment involves the use of metal pipe spooled onto a large reel which is then deployed into oil and natural gas wells to perform various applications.
Key Energy Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Capital Expenditure Guidance for the Year 2018