Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Second Quarter (2Q) Update | Financial Results | Capital Markets
Key Energy Reports $94 Million Loss; SEC $5M Settlement
Print
|
Key Energy Services, Inc. reported second quarter 2016 consolidated revenues of $95.0 million.
Key's President and Chief Executive Officer, Robert Drummond, stated, "We are also pleased to have resolved the FCPA investigation with the SEC. We agreed to pay disgorgement of $5 million and entered into a cease and desist agreement. Key had already accrued a liability for the payment in the first quarter of 2016."
US Results
Second quarter 2016 U.S. Rig Services revenues of $51.5 million were down 12.7% as compared to the first quarter. Second quarter operating loss was $13.7 million, or -26.6% of revenue, which included a loss on sale of asset of $0.3 million and severance of $0.4 million; excluding these items, normalized operating loss was $12.9 million, or -25.1% of revenue.
International
Se…
- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
More Second Quarter (2Q) Update News
Berry Reaffirms FY25 Guidance; Uinta Wells Drive 2H Growth
Berry Corporation delivered a steady second quarter update that reinforced the company’s core message for 2025: production is on plan, guidance is intact, and the hedge book is…
SM Energy Hits Record Output; Driven by Uinta
In Q2 2025, SM Energy (NYSE: SM) delivered a performance that underscored its evolution from a mid-cap E&P into a streamlined, tech-enabled operator executing a multibasin optimization strategy.…
Expand Energy Talks, Wells, Frac Crews, Production For 2H-2025
In the second half of 2025, Expand Energy is not chasing production growth — it's engineering it. Fresh off record-setting drilling performance in Q2, the company is approaching…
Comstock Rides Higher Gas Prices, Operational Momentum in Q2 2025
Comstock Resources delivered a resilient second quarter, capitalizing on higher natural gas prices and solid well results across the Haynesville and Bossier plays. The company reported strong production…
A Quarter of Quiet Strength: CNX’s Patient Ascent in Appalachia
In the heart of Appalachia, CNX Resources continued to methodically execute on a playbook built for resilience and long-term value. Q2 2025 marked the company’s 22nd consecutive quarter…
United States News
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It
A handful of recent transactions and capital raises point to a subtle pattern in North American upstream—one that is easy to miss because each event, on its own,…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
New E&P Scores Capital; Heading To the MidCon Region
Company Overview 406 Energy, LLC is a newly formed, Houston-based upstream oil & gas development company launched in October 2025 with an initial equity commitment from NGP Natural…
2025 Forecast : Dangerous Time Ahead
This is the time of year when we share a clear view into how we’re thinking about what to expect for drilling and completion activity in 2025. To…
Petrus Resources Ltd. First Quarter 2023 Results
Petrus Resources Ltd. announced first quarter 2023 results. Highlights Higher production – Production was up 54% from 7,379 boe/d(1) in the first quarter of 2022 to 11,385 boe/d…