Profile: Key Energy Services Inc (KEG)
22 May 2019
Key Energy Services, Inc., incorporated on December 15, 2016, is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies, foreign national oil companies, and independent oil and natural gas production companies. The Company's segments include U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services, and International. Its U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services operate geographically within the United States. The International segment includes its operations in Mexico, Colombia, Ecuador, Bahrain and Oman. The Company'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. Additionally, certain of its rigs provide specialty drilling applications.
U.S. Rig Services
The Company's U.S. 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. It also provides specialty drilling services to oil and natural gas producers with certain of its rigs that provide conventional and horizontal drilling services. Its rigs include various sizes, allowing it to service all types of oil and gas wells. The Company's rigs are outfitted with its KeyView technology, which captures and reports well site operating data and provides safety control systems. The Company's completion and recompletion services provided by its rigs prepare wells for production, whether newly drilled or extended through a workover operation.
The Company provides workover services, which include deepening or extending wellbores into new formations by drilling horizontal or lateral wellbores, sealing off depleted production zones and accessing previously bypassed production zones, converting former production wells into injection wells for recovery operations and conducting subsurface repairs due to equipment failures. Maintenance services provided with its rig fleet are required throughout the life cycle of an oil or natural gas well. These maintenance services include routine mechanical repairs to the pumps, tubing and other equipment, removing debris and formation material from wellbores, and pulling rods and other downhole equipment from wellbores to identify and resolve production problems. 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. These plugging and abandonment services require auxiliary equipment in addition to a well servicing rig.
Fluid Management Services
The Company provides transportation and well-site storage services for various 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 the Company or a third-party. In addition, the Company operates a fleet of hot oilers capable of pumping heated fluids used to clear soluble restrictions in a wellbore.
Coiled Tubing Services
The Company's Coiled Tubing Services segment is involved in 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, particularly larger diameter coil units, is also used for various horizontal well applications, such as milling temporary isolation plugs that separate frac zones and various other pre- and post-hydraulic fracturing well preparation services.
Fishing and Rental Services
The Company offers a line of fishing services and rental equipment designed for use in providing both onshore drilling and workover services. Fishing services involve recovering lost or stuck equipment in the wellbore utilizing a range 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. The Company also provides well testing services.
The Company 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 addition, in Mexico it provides drilling, coiled tubing, wireline and project management and consulting services.
The Company competes with C & J Energy Services, Inc., Basic Energy Services, Inc., Superior Energy Services, Inc., Forbes Energy Services Ltd., Pioneer Energy Services Corp., Nuverra Environmental Solutions, Forbes Energy Services Ltd., Stallion Oilfield Services Ltd., Schlumberger Ltd., Baker Hughes Incorporated, Halliburton Company, Weatherford International Ltd., Parker Drilling Company and Knight Oil Tools.
Key Energy Services Inc
1301 McKinney St Ste 1800
HOUSTON TX 77010-3057