HOUSTON, May 19, 2024 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) today announced the purchase of substantially all the assets of the well servicing division of Endeavor Energy Resources, L.P. (“Endeavor”) in an all-cash transaction effective May 19, 2024. Key will continue support Endeavor’s well servicing needs in the Permian Basin with these assets.
Key’s President and Chief Executive Officer, Marshall Dodson, stated, “We are excited about this transaction and the great people and assets we have added to our team. We look forward to continuing our relationship with Endeavor, partnering with them to provide the same safe and exceptional service they are accustomed to.”
Dodson continued, “I am very proud of the progress our team at Key has made over the past several years, strengthening our balance sheet to a position where we can add to our already strong footprint in the Permian Basin. Our balance sheet and liquidity have benefited over the past few years from our positive operating results and free cash flow, enabling both this purchase and reductions in our debt outstanding.”
“We are extremely focused on providing Endeavor, and all our customers, with best-in-class service and equipment and doing so with industry leading safely. I’m pleased to say that even with the challenges of increasing activity and a growing employee base, Key is working safer than at any time in its 45-year history.”
Dodson concluded, “I would like to thank the Key employees for all of their dedication and efforts not only for the constant drive to make every job we do at Key incident free, but also for the improvements in our financial position over the past several years.”
About Endeavor Energy Resources Well Services
The well servicing division of Endeavor Energy Resources, known as the Energy Services division, is an integral part of the company’s operations. This division provides various services including well services, vehicle maintenance, manufacturing, facility construction, cased hole work, and other maintenance tasks. It supports both internal asset management and billable field services, aiding Endeavor’s hydrocarbon exploration and production activities as well as serving external customers.
Endeavor’s Energy Services division focuses on maintaining competitive costs and efficient resource management through its vertically integrated structure. This allows for steady access to necessary resources, ensuring stable pricing and support for Endeavor’s broader operational goals within the Permian Basin.
About Key Energy Services
Key Energy Services provides a wide array of leading-edge energy production solutions and services. Through our highly trained and experienced crews, technical expertise, state-of-the-art data analytics, and fit for purpose equipment, Key enable America’s E&P companies, from small independents to majors, to get the most out of the life of their wells.
