The revenue and profitability of our Coiled Tubing business in the second quarter was much better than first and we're expecting continued revenue growth and margin improvement in the third quarter. The we're definitely applying our own dose of self help. We believe the market of Coiled Tubing services remains favorable, and we feel good about the leadership and operation changes we've made in that business.
Key's Rig Services units have been a strong performer in 2012 and the financial results for the business were roughly in line with our original forecast for the year despite market dynamics that I described earlier. Customer demand for our premium workover rigs in oil markets remain strong and we expect that will remain the case through the year-end.
Internationally, our franchise continues to grow and prosper. We believe that the success of our Mexico operations is attributable to the efforts of our international management group and our operations team in the country. Our talented leadership understands this complicated market very well and have been very effective in demonstrating Key's value and service quality to our customers, thereby enabling us to generate more opportunities there. In fact, in addition to the 40 rigs we're already operating in Mexico, we expect to deploy additional assets there in the second half the year and Trey Wilson will make a commentary on that in his presentation.
Our efforts to sell our Argentine business have been complicated by the change in the political landscape there, yet sale process continuous and we are certainly in discussions with potential buyers. Commensurate with flattening activity levels in the U.S., we recently announced the $100 million of reduction in our capital budget this year. Trey Wilson will elaborate further on our capital plans. Now I'll turn the call over to Trey Whichard for his financial review.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV