(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 (Reuters) - 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 Reuters.
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 year earlier.
Revenue nearly tripled to $151 million.
The company’s quarterly costs more than doubled to $180 million.
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 Dasgupta)