Key Energy Services

Background

The company, established in 1977, provides well services and is based in Houston, Texas with other offices in Midland, Texas and regional offices in Bakersfield, California; Farmington, New Mexico; Casper, Wyoming; El Reno, Oklahoma; Fort Lupton and Grand Junction, Colorado; Lafayette and Shreveport, Louisiana; and Arnoldsburg, West Virginia. Key has over 175 service locations (known as “districts”) in the US. Globally, Key Energy Services has operations in the Middle East, Russia, Mexico, Colombia and Ecuador.

Business Segments

Service offerings include:

Rig Services

Rig-based well-servicing for workover or re-entries on existing wells, such as:

• New well completions
• PNA (Plug and Abandonment)
• Stimulation of existing wells with declining production
• Horizontal or directional drilling
• SmartTongsm Rod Connection Service

Fluid Management Services

Oilfield transportation services (often referred to as “Trucking”)

Fishing Services

Process to recover lost or stuck equipment in the well bore utilizing a "fishing tool” or “jar”. The FRS operations also cut windows in well sidewall casings for horizontal re-entries.

Rental Services

Ancillary equipment such as generators, drill collars as well as proprietary tools such as the Hydra-Walkr automated pipe handling system.

Coiled Tubing Services (CTS)

Provides fracing aka Hydraulic fracturing, acidizing and cementing services.

History and notable acquisitions

While Key Energy traces its roots to New Hope, Pennsylvania, operating under the name The Yankee Companies, the company's current name is a legacy of Yale E. Key, a West Texas oilman from Midland, Texas, who started his oilwell service business in the 1940s. After his death in the 1980s, his company, Yale E. Key, Inc., was sold to the Yankee Companies. As a result of the continued acquisition of oilwell service companies, the Yankee Companies changed its name to Key Energy in the 1990s. Key Energy has grown through over 1002 acquisitions. Key Energy Services, Inc. became a non-public (private) company on December 14, 2020 (Form 15, U.S. Securities and Exchange Commission).

Notable historical acquisitions of Key Energy Services, Inc. are listed below.

References

References

1. "Form 10-K 2014". United States Securities and Exchange Commission.
2. "Form 8-K October 2002". United States Securities and Exchange Commission.
3. "FORM 8-K 2007". United States Securities and Exchange Commission.
4. "Form 8-K June 2008". United States Securities and Exchange Commission.
5. "Form 8-K July 2008". United States Securities and Exchange Commission.