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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;

Stock News for Nabors (NBR)
11/06/201517:49:40Quarterly Report (10-q)
11/03/201517:19:57Current Report Filing (8-k)
10/28/201506:02:53Current Report Filing (8-k)
10/27/201521:10:00Nabors Posts Loss
10/27/201516:18:00Nabors Announces Third Quarter Results
10/27/201516:18:00Nabors Announces Third Quarter Results
10/22/201509:35:06Schlumberger Limited's Ominous Warning to Oil-Field Service Investors
10/05/201516:01:00Nabors Industries Ltd. Third Quarter 2015 Earnings Conference...
10/05/201516:01:00Nabors Industries Ltd. Third Quarter 2015 Earnings Conference...
10/01/201514:42:12Statement of Changes in Beneficial Ownership (4)
10/01/201514:36:33Statement of Changes in Beneficial Ownership (4)
10/01/201509:02:10Current Report Filing (8-k)
09/30/201511:06:00Stock Summaries from the Basic Materials Sector - Nabors Industries...
09/09/201509:02:05Current Report Filing (8-k)
08/26/201506:02:51Current Report Filing (8-k)
08/05/201516:02:17Quarterly Report (10-q)
08/05/201510:00:19U.S. Hot Stocks: Hot Stocks to Watch
08/04/201518:30:21Nabors Swings to Loss
08/04/201517:02:36Current Report Filing (8-k)
08/04/201516:15:00Nabors Announces Second Quarter Results

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