Key Energy Services, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 16, 2020 at 08:13 am EST
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Key Energy Services, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced sales was USD 42.911 million compared to USD 106.523 million a year ago. Operating loss was USD 10.021 million compared to USD 17.392 million a year ago. Net loss was USD 3.896 million compared to USD 25.489 million a year ago. Basic loss per share from continuing operations was USD 0.28 compared to USD 62.32 a year ago. For the nine months, sales was USD 152.969 million compared to USD 328.739 million a year ago. Operating loss was USD 79.940 million compared to USD 47.131 million a year ago. Net income was USD 85.973 million compared to net loss of USD 67.233 million a year ago. Basic earnings per share from continuing operations was USD 8.14 compared to basic loss per share from continuing operations of USD 164.79 a year ago. Diluted earnings per share from continuing operations was USD 8.08 compared to diluted loss per share from continuing operations of USD 164.79 a year ago.
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.