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KEG - Another Quarter Of Losses At Key Energy Services
Key Energy Services Inc.
Key Energy Services (KEG) loses money in a highly competitive, capital intensive business. The company's high debt burden and poor competitive prospects mean there is really no sign of improvement on the horizon as its financial situation deteriorates. Even though the stock is down more than 80% in a year, for the reasons stated below and in my previous article, I am short.
1. Background
Key Energy Services calls itself, "the largest onshore, rig-based well servicing contractor based on the number of rigs owned" in the company's most recent Form 10-K.