Key Energy Services (KEGX) 8-K Key Energy Services Generated First Quarter 2013 Normalized Earnings of $0.01 Per Share

Exhibit 99.1

Key Energy Services, Inc. 1301 McKinney Street Suite 1800 Houston, TX 77010 April 25, 2013   Contact: Gary Russell, Investor Relations 713-651-4434

FOR IMMEDIATE RELEASE

Key Energy Services Generated First Quarter 2013 Normalized Earnings of $0.01 Per Share

GAAP Earnings Were $0.00 Per Share

HOUSTON, TX, April 25, 2013 – Key Energy Services, Inc. (NYSE: KEG) generated first quarter 2013 consolidated revenues of $428.4 million and normalized earnings from continuing operations of $1.1 million, or $0.01 per share. Normalized earnings exclude a $2.2 million one-time charge associated with the previously announced retirement of an executive. On a GAAP basis, first quarter 2013 net loss was $274,000, or $0.00 per share. Fourth quarter 2012 consolidated revenues were $466.5 million with net income from continuing operations of $13.5 million, or $0.09 per share.

Overview of Results

Commenting on the results, Key’s Chairman, President and Chief Executive Officer, Dick Alario, stated, “Despite historically high oil prices and improving natural gas prices during the first quarter, U.S. customer activity declined further from the fourth quarter of 2012, as U.S. onshore drilling rig counts declined 3% compared to the fourth quarter 2012. Against this backdrop in our U.S. operations, our well completion related coiled tubing and frac stack and flowback operations generated operating income growth quarter-over-quarter despite revenue declines. Internationally, our largest customer in Mexico reduced activity during the quarter, which negatively impacted our results in the country, and more recently initiated spending reductions in certain producing assets.”

The following table sets forth summary data from continuing operations for the first quarter 2013 and prior comparable quarterly periods.

	Three Months Ended (unaudited)
	March 31, 2013			December 31, 2012		March 31, 2012
	(in millions, except per share amounts)
Revenues	$	428.4		$	466.5	$	486.8
Income (loss) attributable to Key		(0.3	)		13.5		34.1
Diluted earnings per share attributable to Key		0.00			0.09		0.23
Adjusted EBITDA		68.8			92.2		115.4

U.S. Segment

First quarter 2013 U.S. revenues were $346.1 million, down 7.0% compared to $372.3 million in the fourth quarter 2012. First quarter U.S. operating income was $38.3 million, or 11.1% of revenues, compared to $51.3 million, or 13.8% of revenues, in the fourth quarter. Customer activity declines drove lower revenues and profitability in Key’s U.S. segment. Adverse weather impacted first quarter results by approximately $0.01 per share, and approximately one-third of Rig Services’ quarter-over-quarter revenue decline was attributed to activity reductions by a large customer. Additionally, a decline of profitability in Key’s Fluid Management Services business negatively impacted results by approximately $0.03 per share relative to the fourth quarter. Conversely, improved operating efficiencies in Key’s coiled tubing and frac stack and flow back operations benefitted results.

April 25, 2013

International Segment

First quarter 2013 international revenues were $82.4 million, down 12.4% compared to $94.1 million in the fourth quarter 2012. First quarter international operating income was $11.9 million, or 14.4% of revenues, compared to fourth quarter operating income of $17.1 million, or 18.2% of revenues. The first quarter decline in international revenues and operating income was driven primarily by customer activity reductions in Mexico, which negatively impacted Key’s earnings by approximately $0.02 per share compared to the fourth quarter 2012.

General and Administrative Expenses

General and administrative (G&A) expenses were $63.2 million, or 14.8% of revenues, for the first quarter 2013 compared to $57.9 million, or 12.4% of revenues, in the prior quarter. Excluding the one-time executive retirement charge, first quarter G&A expenses were $61.0 million, or 14.2% of revenues.

Capital Expenditures and Liquidity

Capital expenditures were $37.1 million during the first quarter 2013. Additionally, during the first quarter, Key funded into escrow the previously disclosed $14.6 million acquisition of the remaining 50% interest in Geostream, its joint venture in Russia, which closed on April 9, 2013.

Key’s consolidated cash balance at March 31, 2013 was $39.9 million compared to $45.9 million at December 31, 2012. Total debt at March 31, 2013 was $878.1 million compared to total debt of $848.5 million at December 31, 2012. At the end of the first quarter, there was $300.9 million of unused capacity under the Company’s $550 million senior secured credit facility. Net debt to total capitalization at the end of the first quarter 2013 was 38.7%.

Outlook

Commenting on Key’s outlook, Alario continued, “Thus far in the second quarter, Key’s U.S. activity is following seasonal trends, which typically generate 3% to 5% activity improvement from first quarter levels, and we now anticipate a gradual activity increase for the year. Additionally, we are implementing a significant restructuring of our Fluid Management Services business to better align it with current market conditions.

“In Mexico, we are currently operating just under half of the rigs that we were operating during the first quarter of the year. We are closely monitoring our customer’s evolving plans, and we are quickly reducing our costs in the country commensurate with the activity decline. While we understand this disruption to be short term, we are redeploying rigs to unaffected areas in Mexico and other countries where there are opportunities for these rigs.”

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April 25, 2013

Conference Call Information

As previously announced, Key management will host a conference call to discuss its first quarter 2013 financial results on Friday, April 26, 2013 at 9:00 a.m. CDT. Callers from the U.S. and Canada should dial 888-794-4637 to access the call. International callers should dial 660-422-4879. All callers should ask for the “Key Energy Services Conference Call” or provide the access code 18186977. The conference call will also be available live via the internet. To access the webcast, go towww.keyenergy.com and select “Investor Relations.”

A telephonic replay of the conference call will be available on Friday, April 26, 2013, beginning approximately two hours after the completion of the conference call and will remain available for one week. To access the replay, call 855-859-2056 or 800-585-8367. The access code for the replay is 18186977. The replay will also be accessible atwww.keyenergy.com under “Investor Relations” for a period of at least 90 days.

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April 25, 2013

Consolidated Statements of Operations (in thousands, except per share amounts, unaudited):

	Three Months Ended
	March 31, 2013			December 31, 2012			March 31, 2012
REVENUES	$	428,449		$	466,471		$	486,751
COSTS AND EXPENSES:
Direct operating expenses		299,182			317,553			311,497
Depreciation and amortization expense		54,193			57,195			51,189
General and administrative expenses		63,245			57,930			60,918
Operating income		11,829			33,793			63,147
Interest expense, net of amounts capitalized		13,804			13,992			11,882
Other, net		(1,223	)		(2,711	)		(1,029	)
Income (loss) from continuing operations before tax		(752	)		22,512			52,294
Income tax benefit (expense)		566			(8,205	)		(18,813	)
Income (loss) from continuing operations		(186	)		14,307			33,481
Loss from discontinued operations, net of tax		—			—			(30,905	)
Net income (loss)		(186	)		14,307			2,576
Income (loss) attributable to noncontrolling interest		88			822			(614	)
INCOME (LOSS) ATTRIBUTABLE TO KEY	$	(274	)	$	13,485		$	3,190
Earnings per share attributable to Key:
Basic and diluted	$	—		$	0.09		$	0.02
Weighted average shares outstanding:
Basic		151,967			151,100			151,132
Diluted		151,967			151,104			151,506
Income (loss) from continuing operations attributable to Key:
Income (loss) from continuing operations		(186	)		14,307			33,481
Income (loss) attributable to noncontrolling interest		88			822			(614	)
Income (loss) from continuing operations attributable to Key	$	(274	)	$	13,485		$	34,095
Earnings per share from continuing operations attributable to Key:
Basic and diluted	$	—		$	0.09		$	0.23
Loss from discontinued operations, net of tax:	$	—		$	—		$	(30,905	)
Loss per share from discontinued operations:
Basic and diluted	$	—		$	—		$	(0.21	)

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April 25, 2013

Condensed Consolidated Balance Sheets (in thousands):

	March 31, 2013 (unaudited)		December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	39,900	$	45,949
Restricted funds held in escrow		14,615		—
Other current assets		561,603		543,845
Total current assets		616,118		589,794
Property and equipment, net		1,419,650		1,436,674
Goodwill		626,047		626,481
Other assets, net		99,486		108,639
TOTAL ASSETS	$	2,761,301	$	2,761,588
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	94,745	$	104,073
Other current liabilities		172,558		201,023
Total current liabilities		267,303		305,096
Long-term debt, less current portion		877,971		848,110
Other non-current liabilities		330,690		321,050
Equity		1,285,337		1,287,332
TOTAL LIABILITIES AND EQUITY	$	2,761,301	$	2,761,588

Consolidated Cash Flow Data (in thousands, unaudited):

	Three Months Ended
	March 31, 2013			March 31, 2012
Net cash provided by operating activities	$	19,562		$	74,320
Net cash used in investing activities		(51,385	)		(162,472	)
Net cash provided by financing activities		25,826			90,069
Effect of exchange rates on cash		(52	)		(5,425	)
Net decrease in cash and cash equivalents		(6,049	)		(3,508	)
Cash and cash equivalents, beginning of period		45,949			35,443
Cash and cash equivalents, end of period	$	39,900		$	31,935

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April 25, 2013

Segment Revenue and Operating Income from continuing operations (in thousands, except for percentages, unaudited):

	Three Months Ended
	March 31, 2013			December 31, 2012			March 31, 2012
Revenues
U.S. Operations:
Rig Services	$	161,750		$	174,912		$	203,382
Fluid Management Services		70,384			76,897			97,844
Coiled Tubing Services		49,291			53,525			52,980
Fishing & Rental Services		64,647			67,001			70,767
Total U.S. Operations		346,072			372,335			424,973
International Operations		82,377			94,136			61,778
Consolidated Total	$	428,449		$	466,471		$	486,751
Operating Income
U.S. Operations	$	38,275		$	51,250		$	91,458
International Operations		11,874			17,149			10,368
Functional Support		(38,320	)		(34,606	)		(38,679	)
Consolidated Total	$	11,829		$	33,793		$	63,147
Operating Income % of Revenues
U.S. Operations		11.1	%		13.8	%		21.5	%
International Operations		14.4	%		18.2	%		16.8	%
Consolidated Total		2.8	%		7.2	%		13.0	%

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April 25, 2013

Following is a reconciliation of income from continuing operations attributable to Key as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA from continuing operations and Adjusted EBITDA from continuing operations as required under Regulation G of the Securities Exchange Act of 1934.

Reconciliations of EBITDA from continuing operations and Adjusted EBITDA from continuing operations to income (loss) from continuing operations (in thousands, except for percentages, unaudited):

	Three Months Ended
	March 31, 2013			December 31, 2012			March 31, 2012
Income (loss) from continuing operations	$	(186	)	$	14,307		$	33,481
Income tax (benefit) expense		(566	)		8,205			18,813
Income (loss) attributable to noncontrolling interest, excluding depreciation and amortization		(544	)		(1,456	)		87
Interest expense, net of amounts capitalized		13,804			13,992			11,882
Interest income		(11	)		(20	)		(7	)
Depreciation and amortization		54,193			57,195			51,189
EBITDA	$	66,690		$	92,223		$	115,445
% of revenues		15.6	%		19.8	%		23.7	%
Executive retirement		2,153			—			—
Adjusted EBITDA	$	68,843		$	92,223		$	115,445
% of revenues		16.1	%		19.8	%		23.7	%
Revenues	$	428,449		$	466,471		$	486,751

“EBITDA” is defined as income or loss from continuing operations attributable to Key before interest, taxes, depreciation, and amortization.

“Adjusted EBITDA” is EBITDA as further adjusted for certain non-recurring or extraordinary items such as loss on debt extinguishment, certain other gains or losses, asset retirements and impairments, and certain non-recurring transaction or other costs.

EBITDA and Adjusted EBITDA are non-GAAP measures that are used as supplemental financial measures by the Company’s management and directors and by external users of the Company’s financial statements, such as investors, to assess:

• The financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;

• The ability of the Company’s assets to generate cash sufficient to pay interest on its indebtedness;

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April 25, 2013

• The Company’s operating performance and return on invested capital as compared to those of other companies in the well services industry, without regard to financing methods and capital structure; and

• The Company’s operating trends underlying the items that tend to be of a non-recurring nature.

EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered an alternative to net income, operating income, cash flow from operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income and operating income and these measures may vary among other companies. Limitations to using EBITDA and Adjusted EBITDA as an analytical tool include:

• EBITDA and Adjusted EBITDA do not reflect Key’s current or future requirements for capital expenditures or capital commitments;

• EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements necessary to service, interest or principal payments on Key’s debt;

• EBITDA and Adjusted EBITDA do not reflect income taxes;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

• Other companies in Key’s industry may calculate EBITDA and Adjusted EBITDA differently than Key does, limiting their usefulness as a comparative measure; and

• EBITDA and Adjusted EBITDA are a different calculation from earnings before interest, taxes, depreciation and amortization as defined for purposes of the financial covenants in the Company’s senior secured credit facility, and therefore should not be relied upon for assessing compliance with covenants.

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April 25, 2013

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements as to matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on Key’s current expectations, estimates and projections about Key, its industry, its management’s beliefs and certain assumptions made by management, and include statements regarding future operational and activity expectations, anticipated financial performance in the second quarter of 2013, and expected financial contribution of rigs that are being redeployed due to the decline in customer activity in Mexico. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these “forward-looking statements” are identified by words such as “expects,” “believes,” “anticipates” and similar phrases.

Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: risks that Key will be unable to achieve its financial, capital expenditure and operational projections, including quarterly projections of revenue and risks that Key’s expectations regarding future activity levels, customer demand, and pricing stability may not materialize (whether for Key as a whole or for geographic regions and/or business segments individually); risks that fundamentals in the U.S. oil and gas markets may not yield anticipated future growth in Key’s businesses, or could further deteriorate or worsen from the recent market declines, and/or that Key could experience further unexpected declines in activity and demand for its rig service, fluid management service, coiled tubing service, and fishing and rental service businesses; risks associated with the restructuring of Key’s Fluid Management Services business; risks relating to Key’s ability to implement technological developments and enhancements; risks relating to compliance with environmental, health and safety laws and regulations, as well as actions by governmental and regulatory authorities; risks affecting Key’s international operations, including customer activity declines in Mexico and Key’s understanding of such customer’s spending plans; risks that Key may not be able to achieve its international growth and mobilization strategy in the foreign countries in which Key operates; risks that Key may be unable to achieve the benefits expected from acquisition and disposition transactions, and risks associated with integration of the acquired operations into Key’s operations; risks, in responding to changing or declining market conditions, that Key may not be able to reduce, and could even experience increases in, the costs of labor, fuel, equipment and supplies employed and used in Key’s businesses; risks relating to changes in the demand for or the price of oil and natural gas; risks that Key may not be able to execute its capital expenditure program and/or that any such capital expenditure investments, if made, will not generate adequate returns; and other risks affecting Key’s ability to maintain or improve operations, including its ability to maintain prices for services under market pricing pressures, weather risks, and the impact of potential increases in general and administrative expenses.

Because such statements involve risks and uncertainties, many of which are outside of Key’s control, Key’s actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect Key’s business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, Key also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that Key files periodically with the Securities and Exchange Commission.

About Key Energy Services

Key Energy Services is the largest onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Mexico, Colombia, the Middle East and Russia.

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