Key Energy to focus on reduction of net-debt-to-capitalization ratio

By Aleesia Forni

Columbus, Ohio, Sept. 8 - Key Energy Services Inc. intends to focus on reducing its net-debt-to-capitalization ratio back into the low 30-percentage range over the next 18 months, according to president and chief executive officer Dick Alario.

During the company's presentation at Barclays Capital 2011 Energy CEO Conference, Alario said that with the right acquisition opportunity, the ratio may rise to the low 40s once again, but that percentage is outside of the company's "appropriate level of comfort."

As of June 30, the company reported a total debt of $572 million and cash of $14.6 million.

"The good news is that because we refinanced both our bonds and revolver earlier this year, we have no maturities until 2016," Alario said.

Key Energy is a Houston-based onshore energy services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.