Key Energy: Company charting course for growth ahead of cycle recovery

By Jennifer Lanning Drey

Portland, Ore., Aug. 25 - Key Energy Services, Inc. is charting its own course rather than waiting for a cycle recovery to drive its activity levels higher, Trey Wilson, Key's chief operating officer, said Wednesday during a presentation at EnterCom, Inc.'s Oil and Gas Conference in Denver.

The company is doing so by helping its customers extract more oil and gas from existing reservoirs to offset natural production decline, expanding to under-exploited fields worldwide and by investing in higher technology assets to participate in new well completions, he said.

Regarding its international expansion, Wilson said the percentage of revenues brought in from international operations doubled between 2008 and 2009. The percentage is expected to continue to grow, he said.

Wilson also noted that the company is confident it has enough cash, cash flow and credit availability to fund its capital program.

"We have ample liquidity to execute our growth strategy and to grow with improving cycle levels," Wilson said.

Key had $47 million of cash at June 30.

Key Energy Services is a rig-based well services provider based in Houston.

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