Key Energy Services Explained

Key Energy Services
Type:Private
Foundation:1977
Location:Houston, Texas
United States
Num Employees:1000-5000 worldwide
Industry:Oilfield services
Products:Well services, fishing and rental services, Coiled Tubing, Fluid Management

Key Energy Services is an American oilfield services company.[1]

Background

The company, established in 1977, provides well services and is based in Houston, Texas with other offices in Midland, Texas and regional offices in Bakersfield, California; Farmington, New Mexico; Casper, Wyoming; El Reno, Oklahoma; Fort Lupton and Grand Junction, Colorado; Lafayette and Shreveport, Louisiana; and Arnoldsburg, West Virginia. Key has over 175 service locations (known as “districts”) in the US. Globally, Key Energy Services has operations in the Middle East, Russia, Mexico, Colombia and Ecuador.

Business Segments

Service offerings include:

Rig Services
Rig-based well-servicing for workover or re-entries on existing wells, such as:

Fluid Management Services
Oilfield transportation services (often referred to as “Trucking”)

Fishing Services
Process to recover lost or stuck equipment in the well bore utilizing a "fishing tool” or “jar”. The FRS operations also cut windows in well sidewall casings for horizontal re-entries.

Rental Services
Ancillary equipment such as generators, drill collars as well as proprietary tools such as the Hydra-Walkr automated pipe handling system.

Coiled Tubing Services (CTS)
Provides fracing aka Hydraulic fracturing, acidizing and cementing services.

History and notable acquisitions

While Key Energy traces its roots to New Hope, Pennsylvania, operating under the name The Yankee Companies, the company's current name is a legacy of Yale E. Key, a West Texas oilman from Midland, Texas, who started his oilwell service business in the 1940s. After his death in the 1980s, his company, Yale E. Key, Inc., was sold to the Yankee Companies. As a result of the continued acquisition of oilwell service companies, the Yankee Companies changed its name to Key Energy in the 1990s. Key Energy has grown through over 1002 acquisitions. Key Energy Services, Inc. became a non-public (private) company on December 14, 2020 (Form 15, U.S. Securities and Exchange Commission).

Notable historical acquisitions of Key Energy Services, Inc. are listed below.

YearCompanyLocation
1993Odessa Exploration Texas
1994Oilwell fishing tools TX
1995Clint Hurt and Associates Texas
1996WellTechOK, MI, PA, WV and CA
Woodward Oil Service Oklahoma
Brownlee Well Service/Integrity Fishing & Rental Tools TX
Energy Air Drilling ServicesTX
Hitwell SurveysMI and WV
Brooks Well Servicing TX
B&L HotshotMI
1997Talon TruckingOK
Cobra IndustriesNM
Tri-State Wellhead & ValveTX
Kalkaska Construction/Elder Well ServiceMI
T.S.T. Parafin ServiceTX
Diamond Well ServiceOK
DrillersArgentina
Shreve Well ServiceWV
GSI Trucking & Kahlden Truckingvarious
Jeter ServiceTX
1998 Dawson Production ServicesTexas
1999 Six minor companies, adding 93 rigs to inventoryvarious
2001 Three minor acquisitions, adding 34 rigs to inventoryvarious
2002 Q Services[2] TX, LA, OK, NM and Gulf of Mexico
2003Lea Fishing Tools (oilfield services)NM
2004 Fleet CementersCA & TX
2007 Moncla Companies LA, MS & TX
Advanced Measurements Incorporated (AMI)Canada
Kings Oil Tools[3] CA
2008Hydra-Walk, Inc.[4] OK
Leader Energy (US operations)[5] MI, ND, WV

See also

External links

Notes and References

  1. Web site: Form 10-K 2014. United States Securities and Exchange Commission. 29 June 2015.
  2. Web site: Form 8-K October 2002. United States Securities and Exchange Commission. 29 June 2015.
  3. Web site: FORM 8-K 2007. United States Securities and Exchange Commission. 29 June 2015.
  4. Web site: Form 8-K June 2008. United States Securities and Exchange Commission. 29 June 2015.
  5. Web site: Form 8-K July 2008. United States Securities and Exchange Commission. 29 June 2015.