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SEC Filings

S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
Entire Document
 
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         Of the  total  of  $1,727,000  in  revenues  for the six  months  ended
December 31, 1995,  approximately  $1,308,000 was from the sale of oil and gas -
44,351  barrels of oil at an average  price of $16.19 per barrel and 479,149 mcf
of natural gas at an average price of $1.62 per mcf. The  remaining  $419,000 of
revenues represented primarily administrative fee income.

         Clint Hurt. Clint Hurt was acquired in March 1995 . Comparable  numbers
for the prior quarter are, therefore, not available.


Depreciation, Depletion and Amortization


         Depreciation , depletion and  amortization  expense  increased 44% from
$1,245,000  to  $1,794,000  during the six months  ended  December  31,  1995 as
compared  with the prior  period.  The  increase was  primarily  due to oilfield
service depreciation expense,  which resulted from increased capital expenditure
depreciation  for the current period compared to the prior period.  In addition,
depletion expense,  generated by Odessa  Exploration,  increased for the current
period due to the increase in the production of oil and natural gas.


Interest Expense


         Interest  expense for Key increased  40% from  $627,000  during the six
months ended December 31, 1994 to $877,000 for the current period.  The increase
was primarily the result of acquisitions and the addition of certain oil and gas
properties by Odessa Exploration .


General and Administrative Expenses


         General and  administrative  expenses  include  those of Key as well as
Yale E. Key, Odessa  Exploration and Clint Hurt. These expenses increased 31% to
$2,390,000  during  the six  months  ended  December  31,  1995 as  compared  to
$1,822,000  for the three months  ended  September  30,  1994.  The increase was
primarily attributed to the acquisition and subsequent inclusion of Clint Hurt's
general and administrative expenses.


Income Tax Expense


         Income tax expense for Key for the six months  ended  December 31, 1995
and 1994 was $730,000 and $476,000 respectively.


Net Income


         Net income before income taxes was  $2,224,000 for the six months ended
December 31, 1995,  which was an increase of $737,000 or 50% over $1,487,000 for
the  comparable  quarter in 1994. The increase in net income before income taxes
was  primarily  due to the  addition  of Clint  Hurt and  increased  oil and gas
revenues.  Net income for the six months ended December 31, 1995 was $1,494,000,
an increase of 48% from $1,011,000 for the six months ended December 31, 1994.


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