Key Energy Seeks Closure On Acctg Woes

FROM DOW JONES NEWS SERVICE

Publicly traded service companies have seen their shares skyrocket as a result of high commodity prices and drilling activity that has hit a 20-year high in North America. Key's stock has nearly doubled since March 2004, but Alario acknowledges the company missed opportunities while it was restructuring its front office and tracking down phantom rigs. North American activity has stabilized and may be on the decline, meaning a scandal-free Key must now court investors in a post-boom environment.

"Would you want your daughter to marry a reformed convicted murderer? I think the answer to that would be no," said Harlan Platt, a professor of finance at Northeastern University. "But this is more like the situation of Dr. Frankenstein putting a new brain into an old body. You'd be more likely to let your daughter date the new (man)."

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