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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; [email protected]

Stock News for Nabors (NBR)
DateTimeHeadline
01/13/201716:17:36Current Report Filing (8-k)
01/11/201706:03:31Current Report Filing (8-k)
01/10/201707:17:00Nabors Prices $500,000,000 In Exchangeable Senior Unsecured Debt...
01/09/201716:31:00Nabors Announces Offering Of Exchangeable Senior Unsecured Notes
01/05/201716:18:42Statement of Changes in Beneficial Ownership (4)
01/05/201716:13:32Statement of Changes in Beneficial Ownership (4)
01/04/201715:24:26Statement of Changes in Beneficial Ownership (4)
01/04/201715:15:39Statement of Changes in Beneficial Ownership (4)
01/04/201715:14:46Statement of Changes in Beneficial Ownership (4)
12/09/201616:08:46Current Report Filing (8-k)
12/05/201606:03:24Current Report Filing (8-k)
12/02/201617:02:00Nabors Prices $600,000,000 In Senior Unsecured Debt Offering
12/02/201609:10:00Nabors Announces Offering Of Senior Unsecured Notes
11/10/201607:15:12Current Report Filing (8-k)
11/02/201606:32:24Quarterly Report (10-q)
10/31/201617:13:32Current Report Filing (8-k)
10/31/201607:00:00Saudi Aramco and Nabors Sign Joint Venture Agreement
10/28/201616:32:03Current Report Filing (8-k)
10/26/201606:02:51Current Report Filing (8-k)
10/25/201618:02:00Nabors Announces Third-Quarter Results

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