Key Energy announces May rig hours
Texas-based Key Energy Services, Inc. announced today that rig hours for the month of May 2003 totaled approximately 198,600 as compared to total rig hours of approximately 204,000 for the month of April 2003 and approximately 185,500 for the month of May 2002.
Trucking hours for the month of May 2003 totaled approximately 244,100 as compared to total trucking hours of approximately 240,000 for the month of April 2003 and approximately 170,300 for the month of May 2002.
The modest decline in total rig hours in May from April was due primarily to the Memorial Day holiday in the US. Based on current activity levels, the company currently expects rig hours for the June 2003 quarter to total between 595,000 and 605,000 and trucking hours for the June 2003 quarter to total between 715,000 and 725,000.
Additionally, based on current activity levels, the company currently expects earnings per diluted share to be within the previously announced range of $0.04 and $0.07.
Key Energy Services, Inc. is the world's largest rig-based, onshore well service company and owns approximately 1,489 well service rigs, 2,295 oilfield service vehicles and 79 drilling rigs. The company provides diversified energy operations including well servicing, contract drilling and other oilfield services and oil and natural gas production.
The Company has operations in all major onshore oil and gas producing regions of the continental United States and in Argentina, Egypt and Canada. — (menareport.com)
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