Key Energy Services reported an adjusted nearly $4 million or 28 cent a share loss in its third quarter, an improvement over the previous quarter. But the adjusted loss totaled more than $10 million.
The Houston-based company, one with a major field office in El Reno, Oklahoma reported the net loss of $3.9 million compared to $19.1 million or $1.39 per basic share in the second quarter of 2020.
Consolidated revenues for the quarter were about $43 million, up from the $35 million reported the previous quarter. Key Energy attributed the increased revenue on a number of things included its ongoing cost reduction efforts and first quarter debt restructuring. It also had a gain of $8 million or 58 cents a share after a favorable settlement of a legal matter. The sale of assets brought in $500,000 or 4-cents a basic share.
Click here to view the report by Key Energy.
