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S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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                                              Key Energy Group, Inc. and Subsidiaries
                                               Consolidated Statements of Operations

                                                                                                Seven Months       Five Months
                                                              Year Ended       Year Ended          Ended              Ended
(In thousands, except per share data)                       June 30, 1995     June 30, 1994    June 30, 1993    November 30, 1992
===================================================================================================================================
<S>                                                          <C>                <C>               <C>             <C>  

REVENUES:
   Oilfield services                                          $40,105             $32,616          $14,304         $10,156
   Oil and gas                                                  2,334               1,936                -               -
   Oil and gas well drilling                                    1,932                   -                -               -
   Other, net                                                     318                  69              (48)            277
===================================================================================================================================
                                                               44,689              34,621           14,256          10,433
===================================================================================================================================
COSTS AND EXPENSES:
   Oilfield services                                           30,592              25,992           10,863           7,947
   Oil and gas                                                    757                 593                -               -
   Oil and gas well drilling                                    1,444                   -                -               -
   Depreciation, depletion and amortization                     2,738               1,371              406             505
   General and administrative                                   4,352               3,540            1,587           1,117
   Interest                                                     1,478                 830              276             464
===================================================================================================================================
                                                               41,361              32,326           13,132          10,033
===================================================================================================================================
 Income before reorganization items, income taxes and
   extraordinary item                                           3,328               2,295            1,124             400
===================================================================================================================================
Reorganization items:
   Reorganization costs                                             -                   -                -            (150)
   Adjust accounts to fair value                                    -                   -                -           1,868
===================================================================================================================================
Income before income taxes and extraordinary item               3,328               2,295            1,124           2,118
Income tax expense                                              1,150                 950              413               -
===================================================================================================================================
Income before extraordinary item                                2,178               1,345              711           2,118
Extraordinary gain on discharge of pre-petition liabilities         -                   -                -           2,868
===================================================================================================================================

NET INCOME                                                     $2,178              $1,345             $711          $4,986
===================================================================================================================================

EARNINGS PER SHARE *

Primary:
  Income before reorganization items, income taxes and
   extraordinary item                                           $0.50               $0.44            $0.21           $0.02
  Income before extraordinary item                               0.33                0.26             0.14            0.12
  Extraordinary item                                                -                   -                -            0.16
  Net income                                                     0.33                0.26             0.14            0.28

Assuming full dilution:
  Income before reorganization items, income taxes and
      extraordinary item                                        $0.50               $0.43            $0.21           $0.00**
  Income before extraordinary item                               0.33                0.25             0.14            0.01
  Extraordinary item                                                -                   -                -            0.02
  Net income                                                     0.33                0.25             0.14            0.03

===================================================================================================================================
WEIGHTED AVERAGE SHARES OUTSTANDING:
Primary                                                         6,647               5,274            5,124          17,942
Assuming full dilution                                          6,647               5,288            5,138         176,508
===================================================================================================================================

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 *    - Earnings per common  share for the five months  ended  November 30, 1992
      reflect  the  previous  capital   structure  of  Key  Energy  Group,  Inc.
      (previously  "National  Environmental  Group,  Inc.")  prior  to the  1992
      Reorganization
     Plan (see Note 3).

 ** - Earnings per common share less than $0.01.
See the  accompanying  notes  which are an integral  part of these  consolidated
financial statements.


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