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Key Energy Services announced the acquisition of nearly all assets of Endeavor Energy Resources' well servicing division in an all-cash deal effective May 19, 2024. This move will bolster Key's operations in the Permian Basin. CEO Marshall Dodson expressed enthusiasm about integrating new assets and personnel, emphasizing that Key’s strengthened balance sheet and liquidity enabled the purchase and debt reduction. Key will maintain its commitment to providing top-tier service and equipment, particularly to Endeavor. The company highlighted improvements in safety and financial performance, attributing these achievements to dedicated employees.
Team, Inc. (NYSE: TISI) has appointed Nelson M. Haight as Executive Vice President and Chief Financial Officer, effective June 13, 2022. He succeeds Matt Kvarda, who served as Interim CFO since November 2021 and will assist in the transition until mid-July. Haight brings over 30 years of experience in finance and operations, previously serving at Key Energy Services, Inc. (OTC: KEGX). Interim CEO Keith Tucker expressed confidence in Haight's ability to enhance TEAM's profitability and efficiency amid its strategic repositioning.
Key Energy Services (KEGX) announced the sale of its Texas and New Mexico fluid management and saltwater disposal assets, marking its exit from this line of business. The proceeds will boost liquidity and enable reinvestment, as stated by CEO Marshall Dodson. The company reports its highest activity levels since November 2019, despite ongoing challenges from labor shortages and COVID impacts. Key continues to generate positive operating cash flow driven by improved demand and pricing, although cost pressures from labor and materials are present. The fleet rationalization aims to reduce well service rigs to around 400 by Q1 2022.
Key Energy Services (OTC: KEGX) announced an operational and financial update on June 14, 2021. Despite losses from winter storm Uri, Q1 2021 consolidated revenue grew 10.9% to $52.4 million, influenced by rig services revenue reaching $35.3 million. Liquidity stood at $13.7 million, with no outstanding advances under the ABL Credit Facility. The company reported an increase in rig count, averaging 124 in April. However, inflationary pressures and labor costs pose challenges. Overall, Key anticipates continued activity and pricing improvements exiting 2021.