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Nabors 2Q Net Soars On Higher Revenue, Asset Sale Gain

DOW JONES NEWSWIRES Nabors Industries Ltd.'s (NBR) second-quarter profit soared on continued strong results from the land-drilling oil contractor's operations in the continental U.S., as well as a gain related to the sale of Colombia assets. The company joined larger rivals, including market leader Schlumberger Ltd. (SLB), in reporting a stronger second-quarter profit as producers rush to cash in on high crude-oil prices globally and to tap North America's newfound reserves of oil and natural gas. However, Nabors last month projected an operating profit for the second quarter and the full year that missed analysts' then expectations, citing lower-than-expected performances in its pressure-pumping and international businesses. On Tuesday, Nabors reported earnings of $192.4 million, or 65 cents a share, up from $43.6 million, or 15 cents a share, a year earlier. The latest results included a 42-cent gain related to the sale of the company's Colombia exploration and production assets. Total revenue jumped 50% to $1.36 billion. Analysts polled by Thomson Reuters expected a profit of 24 cents a share on revenue of $1.33 billion. Drilling revenue increased 33% in the continental U.S. segment but fell 0.7% internationally. Shares fell 0.5% to $27 in after-hours trading. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Nabors (NBR)
DateTimeHeadline
03/27/201517:57:00Realty Income Set to Join S&P 500; Windstream, Douglas Emmett...
03/24/201518:27:22C&J Energy, Nabors Industries complete merger
03/24/201517:07:05Current Report Filing (8-k)
03/24/201516:05:00C&J Energy Services and Nabors Industries Complete Combination...
03/24/201516:05:00C&J Energy Services and Nabors Industries Complete Combination...
03/23/201518:08:29Finding Safe Dividends In The Unloved Contract Drilling Services...
03/13/201518:05:51S&P 500 changes: EQIX, SLG, HBI, HSIC in, DNR, NBR, AVP, CFN...
03/13/201517:50:00Celgene, Kinder Morgan and Actavis Set to Join the S&P 100; Several...
03/09/201516:16:18Statement of Changes in Beneficial Ownership (4)
03/06/201508:00:00C&J Energy Services Provides Financing Update for Transaction...
03/03/201506:03:02Current Report Filing (8-k)
03/02/201518:33:10Nabors Industries lower AH on disappointing Q4 results
03/02/201518:12:24Nabors Swings to Loss on Write-Downs
03/02/201516:54:00Nabors Announces Fourth-Quarter and Full-Year Financial Results
03/02/201516:54:00Nabors Announces Fourth-Quarter and Full-Year Financial Results
03/01/201517:35:17Notable earnings after Mondayâs close
02/24/201516:45:40Statement of Changes in Beneficial Ownership (4)
02/24/201516:40:51Statement of Changes in Beneficial Ownership (4)
02/24/201516:37:29Statement of Changes in Beneficial Ownership (4)
02/18/201512:00:00Nabors Industries Ltd. Fourth Quarter 2014 Earnings Conference...

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