Profile: Key Energy Services Inc (KEG.N)
Key Energy Services, Inc. (Key), incorporated on April 22, 1977, is an onshore, rig-based well servicing contractor. The Company provides a range of well services to major oil companies, foreign national oil companies and independent oil and natural gas production companies. Key’s services include rig-based and coiled tubing-based well maintenance and workover services, well completion and recompletion services, fluid management services, fishing and rental services and other ancillary oilfield services. In addition, certain of its rigs are capable of specialty drilling applications. The Company operates in oil and natural gas producing regions of the continental United States, and has operations in Mexico, Colombia, the Middle East, Russia and Argentina. In addition, it has a technology development and control systems business based in Canada. Key operates in two segments: U.S. Segment and International Segment.
Key’s U.S. segment includes domestic rig services, fluid management services, fishing and rental services, and coiled tubing services. The Company’s rig-based services include 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 at the end of their useful lives. It also provides specialty drilling services to oil and natural gas producers with certain of its larger rigs that are capable of providing conventional and horizontal drilling services. Its rigs consist of various sizes and capabilities, allowing it to service all types of wells with depths up to 20,000 feet. Its KeyView technology captures and reports well site operating data and provides safety control systems. Its rig fleet is also used in the process of permanently shutting-in oil or natural gas wells that are at the end of their productive lives.
The Company provides transportation and well-site storage services for fluids utilized in connection with drilling, completions, workover and maintenance activities. It also provides disposal services for fluids produced subsequent to well completion. These fluids are removed from the well site and transported for disposal in saltwater disposal (SWD) wells owned by it or a third party.
Coiled tubing services involve the use of a continuous metal pipe spooled onto a reel, which is then deployed into oil and natural gas wells to perform various applications, such as wellbore clean-outs, nitrogen jet lifts, through-tubing fishing, and formation stimulations utilizing acid and chemical treatments. Coiled tubing is also used for a number of horizontal well applications, such as logging and perforating tool conveyance, milling temporary isolation plugs that separate frac zones, and various other pre- and post- hydraulic fracturing well preparation services. Its coiled tubing operations consist of both small diameter conventional units (less than two inches in diameter) and large diameter units (two inches or greater in diameter).
The Company offers a range of services and rental equipment designed for use in providing both onshore and offshore drilling and workover services. Fishing services involve recovering lost or stuck equipment in the wellbore utilizing an array of fishing tools. Its rental tool inventory consists of drill pipe, tubulars, handling tools (including its Hydra-Walk pipe-handling units and services), pressure-control equipment, pumps, power swivels, reversing units and foam air units. Its rental inventory also includes frac stack equipment used to support hydraulic fracturing operations and the associated flowback of frac fluids, proppants, oil and natural gas. It also provides well testing services.
The Company’s International segment includes operations in Mexico, Colombia, the Middle East and Russia. In addition, it has a technology development and control systems business based in Canada. It provides rig-based services, such as the maintenance, workover, and recompletion of existing oil wells, completion of newly-drilled wells, and plugging and abandonment of wells at the end of their useful lives in each of its international markets. In addition, in Mexico it provides drilling, coiled tubing, wireline and project management and consulting services. Its work in Mexico also requires it to provide third-party services, which vary in scope by project. In the Middle East, it operates in the Kingdom of Bahrain and Oman. Its business in Bahrain is conducted through a joint venture in which it has a controlling interest. Through its joint venture operations in Russia, it provides drilling workover and reservoir engineering services. Also included in its International segment is its technology development and control systems business based in Canada. This business is focused on the development of hardware and software related to oilfield service equipment controls, data acquisition and digital information flow.
The Company competes with Nabors Industries Ltd., Basic Energy Services, Inc., Superior Energy Services, Forbes Energy Services Ltd., Pioneer Drilling Company, Heckman Water Resources Corporation, Stallion Oilfield Services Ltd., Schlumberger Ltd., Baker Hughes Incorporated, Halliburton Company, Baker Oil Tools, Weatherford International, Parker Drilling Company and Knight Oil Tools.
Key Energy Services Inc
Suite 1800, 1301 McKinney Street
HOUSTON TX 77010-3057