Mr. Alario: Key is essentially a roll-up of over a hundred companies that was done primarily in the 1990s. Key is the global market leader in rig-based well services. The company has more onshore workover and well re-completion rigs than any company in the world. So we're the largest provider of that service, and we have a handful of other allied services that go along with the core service. It was a roll-up that was brought together by a management team primarily focused on the U.S. Our management team has come in since then and taken the company international, and we are growing internationally. So from the standpoint of the markets in which the company operates, we're stepping outside of the U.S. boundary and doing so very successfully.
TWST: Give us a brief overview of your operations and describe the services that have catapulted Key to being the largest company in the industry.
Mr. Alario: Well, service usually is looked at in three distinct components. One is simple repair and maintenance of existing, usually shallow oil wells, sort of everyday plumbing. The next category would be higher-intensity service applications involving re-working the well, such as to make significant changes to the way the well is completed or to make major repairs to the downhole equipment in the well. Then the third level is the highest-technology one, which is well completions and re-completions. We provide all three levels of those services.
Key being the biggest player in the business, we really focus on the high end. We do a lot of repair and maintenance work, but our focus in terms of how we spend our incremental capital and where we deploy our assets is really on the workover, completion, re-completion, and larger and more challenging jobs in those higher categories. Our auxiliary services - pressure pumping, fishing and rentals, and fluid logistics - work well with our core rig business to give us access to projects and full solutions to our customers.
Tickers included in this excerpt: KEG
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