Exhibit 99.1



keylogo2016a04.jpg
Key Energy Services, Inc.
 
February 25, 2019
1301 McKinney Street
Suite 1800
Houston, TX 77010
 
 
 
Contact:
Marshall Dodson
713-651-4403
 
 
 
 
FOR IMMEDIATE RELEASE

 Key Energy Services Reports Fourth Quarter and Full Year 2018 Earnings

HOUSTON, TX, February 25, 2019 - Key Energy Services, Inc. (“Key” or the “Company”) reported fourth quarter 2018 consolidated revenues of $117.2 million and a net loss of $23.1 million, or $(1.14) per share as compared to consolidated revenues of $134.7 million and a net loss of $23.9 million, or $(1.18) per share for the third quarter of 2018. The results for the fourth quarter of 2018 include expenses of $1.3 million, or $0.06 per share, associated with certain equity awards, and gains on sale of assets of $2.2 million, or $0.11 per share. Excluding these items, the Company reported a net loss of $24.0 million, or $(1.19) per share for the fourth quarter of 2018. The results for the third quarter of 2018 include expenses of $1.6 million, or $0.08 per share, associated with certain equity awards, gains on sale of assets of $1.9 million, or $0.10 per share, and costs associated with executive changes of $1.2 million, or $0.06 per share. Excluding these items, the Company reported a net loss of $23.0 million, or $(1.14) per share for the third quarter of 2018.
Consolidated revenues for the full year of 2018 increased $85.5 million, or 19.6%, to $521.7 million from full year 2017 revenues of $436.2 million. The Company reduced its net loss by $31.8 million to $88.8 million for the full year of 2018 from $120.6 million for the full year of 2017, with diluted loss per share improving by $1.62 per share to $(4.38) per share for the year ended December 31, 2018 as compared to $(6.00) per share for the full year of 2017. Full year 2018 results include expenses of $5.2 million, or $0.26 per share, associated with certain equity awards, gains on sale of assets of $9.6 million, or $0.47 per share, and costs associated with executive changes of $1.2 million, or $0.06 per share. Adjusted EBITDA for the full year of 2018 improved by $31.2 million to $22.0 million from negative EBITDA of $9.2 million in 2017.
Overview and Outlook
Key’s President and Chief Executive Officer, Rob Saltiel, stated, “Our fourth quarter results were impacted by a general reduction in activity due to the completion of clients’ 2018 budgets, the decline in oil prices from October onward and the seasonal holiday slowdown. This particularly affected our coiled tubing business and our 24-hour completion rigs in the Permian Basin. Despite the decline in activity and revenues, our results benefited from price increases during the fourth quarter and our success in lowering

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The following information was filed by Key Energy Services Inc (KEG) on Tuesday, February 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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