Service & Supply | Quarterly / Earnings Reports | Oilfield Services | First Quarter (1Q) Update | Frac Markets - Pressure Pumping
Key Energy Services Margins Crushed By Weather
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Key Energy Services, Inc. reported first quarter 2014 consolidated revenues of $356.1 million and a pre-tax loss of $19.6 million, or $0.08 per share.
U.S. SegmentFirst quarter 2014 U.S. revenues were $324.0 million, flat compared to $324.1 million in the fourth quarter 2013. First quarter operating income was $35.7 million, or 11.0% of revenue, compared to $47.0 million, or 14.5% of revenue, in the fourth quarter. Operating income margins were impacted by payroll taxes, costs associated with moving rigs from Mexico to the U.S. and multiple severe weather events. Completion-driven services, such as Coiled Tubing Services, large completion rigs, and pipe rental, improved sequentially. Severe weather and changes in regional revenue mix impacted the Company's production-driven services…
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