(Corrects story to say Keane Group is an oilfield services
company and not an oil driller; removes reference to company
posting bigger loss due to higher costs, oil producers putting
more rigs to work, and Keane's costs rising on increased
drilling activity; also corrects headline and dateline)
March 14 Oilfield services company Keane Group
Inc reported a bigger loss for the fourth quarter, and
the company forecast an increase in first-quarter gross revenue.
A significant increase in demand from oil producers would
also allow the company to comfortably commission a part of its
idle fleet through 2017, Chief Executive James Stewart told
Keane Group said the continuation of present market
conditions would result in a sequential gross revenue increase
of 30 percent to 40 percent in the first quarter of 2017.
Keane Group's net loss widened to $38.5 million, in the
fourth quarter ended Dec. 31, from a loss of $25.7 million, a
Revenue nearly tripled to $151 million.
The company's quarterly costs more than doubled to $180
While pricing continues to improve, input cost inflation,
which includes sand costs and pressure on wages, would continue
to be a headwind for the industry, CEO James Stewart said.
(Reporting by Vishaka George in Bengaluru; Editing by Shounak