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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
05/04/201516:39:07Quarterly Report (10-q)
05/01/201504:31:13Nabors Industries Upgraded by TheStreet to "Hold" (NBR)
04/30/201509:31:06Nabors Industries's "Buy" Rating Reaffirmed at Deutsche Bank...
04/30/201506:29:25Nabors Industries Upgraded to "Neutral" by Global Hunter Securities...
04/30/201505:28:15Nabors Industries Price Target Raised to $20.00 at Argus (NBR)
04/28/201516:16:53Statement of Changes in Beneficial Ownership (4)
04/28/201516:13:54Statement of Changes in Beneficial Ownership (4)
04/27/201504:27:45Nabors Industries Earns Sector Outperform Rating from Howard...
04/27/201503:29:59Nabors Industries Lifted to "Buy" at Goldman Sachs (NBR)
04/24/201516:16:52Current Report Filing (8-k)
04/23/201510:27:38Nabors Industries PT Raised to $12.00 at Jefferies Group (NBR)
04/23/201508:35:05Proxy Statement (definitive) (def 14a)
04/22/201506:02:48Current Report Filing (8-k)
04/21/201517:17:00Nabors Announces First Quarter Results
04/21/201517:17:00Nabors Announces First Quarter Results
04/20/201513:32:32Nabors Industries PT Raised to $19.00 (NBR)
04/13/201517:28:42Proxy Statement - Notice of Shareholders Meeting (preliminary...
04/13/201511:44:00Nabors Industries Ltd. First Quarter 2015 Earnings Conference...
04/13/201511:44:00Nabors Industries Ltd. First Quarter 2015 Earnings Conference...
04/13/201511:24:39More on RayJay's downgrade of oil services names

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