Key Energy Services Reports Asset Acquisition

HOUSTON, May 19, 2024 (GLOBE NEWSWIRE) -- Key Energy Services, Inc. (“Key” or the “Company”) today announced the purchase of substantially all the assets of the well servicing division of Endeavor Energy Resources, L.P. (“Endeavor”) in an all-cash transaction effective May 19, 2024. Key will continue support Endeavor’s well servicing needs in the Permian Basin with these assets.

Key’s President and Chief Executive Officer, Marshall Dodson, stated, “We are excited about this transaction and the great people and assets we have added to our team. We look forward to continuing our relationship with Endeavor, partnering with them to provide the same safe and exceptional service they are accustomed to.”

Dodson continued, “I am very proud of the progress our team at Key has made over the past several years, strengthening our balance sheet to a position where we can add to our already strong footprint in the Permian Basin. Our balance sheet and liquidity have benefited over the past few years from our positive operating results and free cash flow, enabling both this purchase and reductions in our debt outstanding.”  

“We are extremely focused on providing Endeavor, and all our customers, with best-in-class service and equipment and doing so with industry leading safely. I’m pleased to say that even with the challenges of increasing activity and a growing employee base, Key is working safer than at any time in its 45-year history.”

Dodson concluded, “I would like to thank the Key employees for all of their dedication and efforts not only for the constant drive to make every job we do at Key incident free, but also for the improvements in our financial position over the past several years.”

About Key Energy Services

Key Energy Services provides a wide array of leading-edge energy production solutions and services. Through our highly trained and experienced crews, technical expertise, state-of-the-art data analytics, and fit for purpose equipment, Key enable America’s E&P companies, from small independents to majors, to get the most out of the life of their wells.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature or that relate to future events and conditions are, or may be deemed to be, forward-looking statements, including statements relating to Key's operational and financial strategies, including leverage reduction strategies, Key’s ability to successfully effect those strategies and the expected benefits therefrom. These forward-looking statements are based on Key’s current expectations, estimates and projections and its management’s beliefs and assumptions concerning future events and financial trends affecting its financial condition and results of operations. In some cases, you can identify these statements by terminology such as “may,” “will,” “should,” “predicts,” “expects,” “believes,” “anticipates,” “projects,” “potential” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions or estimates and are subject to substantial risks and uncertainties and are not guarantees of performance. Future actions, events and conditions and future results of operations may differ materially from those expressed in these statements and the assumptions on which they are based could prove incorrect. Key undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release except as required by law. All of Key’s written and oral forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements.