Key Energy -5.5% after Q4 operations update

In an operations update, Key Energy (KEG -5.5%) says it averaged 32 operating rigs in its international segment during Q4 2013 vs. 35 average operating rigs in Q3.

As a result of lower than expected activity in northern Mexico and uncertainty around the timing of increased workover activity, KEG took steps in Q4 to further reduce its workforce and incurred severance costs of ~$2M.

Pemex is conducting an audit of KEG's aggregate billings of $372M; as a result, KEG expects to take a charge of $2M-$3M in Q4.

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