Company profile

Robert J. Saltiel
Incorporated in
Fiscal year end
Former names
Key Energy Group Inc, National Environmental Group Inc
IRS number

KEGX stock data


Investment data

Data from SEC filings
Securities sold
Number of investors


8 Nov 19
24 Jan 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 0 0 0 0
Net income -25.49M -18.3M -23.44M -23.08M
Diluted EPS -1.25 -0.9 -1.15 -1.14
Operating income -17.39M -14.43M -15.31M -15.11M
Net change in cash -6.68M -6.41M -14.62M 7.02M
Cash on hand 22.61M 29.28M 35.69M 50.31M
Cost of revenue 87.96M 90.56M 88.19M 92.34M
Annual (USD) Dec 18 Dec 17 Dec 15 Dec 14
Revenue 0 0 0 0
Net income -88.8M -120.59M -917.7M -178.63M
Diluted EPS -4.38 -6 -5.86 -1.16
Operating income -58.97M -96.18M -1.03B -203.88M
Net change in cash -22.75M -131.29M 177.05M
Cash on hand 50.31M 73.07M 204.35M 27.3M
Cost of revenue 406.4M 332.33M 714.64M 1.06B

Financial data from company earnings reports

32.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 37 54 -31.5%
Opened positions 4 11 -63.6%
Closed positions 21 18 +16.7%
Increased positions 9 12 -25.0%
Reduced positions 14 17 -17.6%
13F shares
Current Prev Q Change
Total value 12.06M 24.27M -50.3%
Total shares 6.62M 9.29M -28.7%
Total puts 27.27K 17.17K +58.8%
Total calls 10.2K 26.81K -62.0%
Total put/call ratio 2.7 0.6 +317.4%
Largest owners
Shares Value Change
Contrarian Capital Management, L.L.C. 1.9M $2.84M 0.0%
Rutabaga Capital Management 1.88M $2.8M -15.7%
Hotchkis & Wiley Capital Management 795.8K $1.19M -0.5%
MHR Fund Management 522.39K $778K 0.0%
FII Federated Investors 273.18K $407K -2.3%
Vanguard 239.6K $357K -51.5%
Boston Partners 200.43K $299K -1.1%
Bridgeway Capital Management 166.8K $249K +149.7%
IVZ Invesco 164.59K $245K -3.8%
BLK BlackRock 117.92K $175K +0.3%
Largest transactions
Shares Bought/sold Change
GS Goldman Sachs 31.59K -1.5M -97.9%
Rutabaga Capital Management 1.88M -348.84K -15.7%
Vanguard 239.6K -253.94K -51.5%
Renaissance Technologies 0 -138.02K EXIT
Bridgeway Capital Management 166.8K +100K +149.7%
NTRS Northern Trust 32.21K -86.7K -72.9%
Millennium Management 0 -64.28K EXIT
BK Bank Of New York Mellon 0 -64.25K EXIT
RBF Capital 12K -61.01K -83.6%
Paloma Partners Management 0 -46K EXIT

Financial report summary

  • The amount of our debt and the covenants in the agreements governing our debt could negatively impact our financial condition, results of operations and business prospects.
  • We may incur more debt and long-term lease obligations in the future.
  • We may not be able to generate sufficient cash flow to meet our debt service and other obligations.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • We may be unable to implement price increases or maintain existing prices on our core services.
  • We participate in a capital-intensive industry. We may not be able to finance future growth of our operations or future acquisitions.
  • Increased labor costs or the unavailability of skilled workers could hurt our operations.
  • Our future financial results could be adversely impacted by asset impairments or other charges.
  • Our business involves certain operating risks, which are primarily self-insured, and our insurance may not be adequate to cover all insured losses or liabilities we might incur in our operations.
  • We operate in a highly competitive industry, with intense price competition, which may intensify as our competitors expand their operations.
  • Historically, we have experienced a high employee turnover rate. Any difficulty we experience replacing or adding workers could adversely affect our business.
  • We may not be successful in implementing and maintaining technology development and enhancements. New technology may cause us to become less competitive.
  • Potential adoption of future state or federal laws or regulations surrounding the hydraulic fracturing process could make it more difficult to complete oil or natural gas wells and could materially and adversely affect our business, financial condition and results of operations.
  • Permit conditions, legislation or regulatory initiatives could restrict our ability to dispose of fluids produced subsequent to well completion, which could have a material adverse effect on our business.
  • We may incur significant costs and liabilities as a result of environmental, health and safety laws and regulations that govern our operations.
  • Severe weather could have a material adverse effect on our business.
  • Acquisitions and divestitures - we may not be successful in identifying, making and integrating acquisitions or limiting ongoing costs associated with the operations we divest.
  • Compliance with climate change legislation or initiatives could negatively impact our business.
  • Conservation measures and technological advances could reduce demand for oil and natural gas.
  • Our operations may be subject to cyber-attacks that could have an adverse effect on our business operations.
  • Information contained in our historical financial statements will not be comparable to the information contained in our financial statements after the application of fresh start accounting.
  • We have a limited operating history since our emergence from bankruptcy and consequently our business plan is difficult to evaluate and our long term viability cannot be assured.
  • Our corporate advisory services agreement may result in financial burden or other adverse effects.
  • Our controlling stockholder may deter transactions that could be beneficial to other stockholders.
  • The resale of shares of our common stock, including shares issuable upon exercise of our warrants, may adversely affect the market price of our common stock.
  • We cannot assure you that an active trading market for our common stock will develop or be maintained, and the market price of our common stock may be volatile, which could cause the value of your investment to decline.
  • The Company does not expect to pay dividends on its common stock in the foreseeable future.
  • Certain provisions of our corporate documents and Delaware law, as well as change of control provisions in our debt agreements, could delay or prevent a change of control, even if that change would be beneficial to stockholders, or could have a material negative impact on our business.
Management Discussion
  • Our revenues for the three months ended September 30, 2019 decreased $28.2 million, or 20.9%, to $106.5 million from $134.7 million for the three months ended September 30, 2018, due to lower spending from our customers as a result of lower oil prices. These market conditions resulted in reduced customer activity. See “Segment Operating Results — Three Months Ended September 30, 2019 and 2018” below for a more detailed discussion of the change in our revenues.
  • Our direct operating expenses decreased $18.1 million, to $88.0 million (82.6% of revenues), for the three months ended September 30, 2019, compared to $106.1 million (78.8% of revenues) for the three months ended September 30, 2018. This decrease is primarily a result of a decrease in employee compensation costs, fuel expense and repair and maintenance expense due to a decrease in activity levels.
  • Depreciation and amortization expense decreased $7.2 million, or 33.1%, to $14.6 million during the three months ended September 30, 2019, compared to $21.8 million for the three months ended September 30, 2018. This decrease is primarily due to certain assets becoming fully depreciated.
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