- Key Energy (KEG -6.2%) shares slide as it makes its presentation at the Barclays CEO Energy-Power Conference; among the key points:
- Q2 pricing for U.S. services is generally stable vs. Q2.
- Q3 U.S. revenues are expected 2%-4% lower Q/Q as equipment, primarily, vacuum trucks, coiled tubing units and frac stacks, are redeployed due to transitory changes in customers programs.
- U.S. operating income margins are seen 100-200 bps lower Q/Q.
- Based on 35-40 rigs average rigs working outside the U.S., international operating income margins are expected to range from a 5% loss to breakeven.
Key Energy sees lower Q3 revenues, shares -6.2%
Sep 12 2013, 10:54 ET