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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
03/07/201709:47:58Statement of Changes in Beneficial Ownership (4)
03/06/201708:53:05Current Report Filing (8-k)
02/28/201706:20:06Annual Report (10-k)
02/23/201708:04:11Current Report Filing (8-k)
02/22/201718:24:00Nabors Announces FY 2016 and Fourth Quarter Results
02/21/201718:24:37Statement of Changes in Beneficial Ownership (4)
02/21/201718:23:10Statement of Changes in Beneficial Ownership (4)
02/17/201717:26:20Current Report Filing (8-k)
02/13/201715:49:59Amended Statement of Ownership (sc 13g/a)
02/13/201714:32:18Statement of Ownership (sc 13g)
02/10/201710:38:57Amended Statement of Ownership (sc 13g/a)
02/09/201709:38:10Statement of Ownership (sc 13g)
02/01/201717:46:00Weatherford and Nabors Form Alliance for Integrated Drilling...
02/01/201717:25:00Weatherford and Nabors Form Alliance for Integrated Drilling...
02/01/201717:25:00Nabors and Weatherford Form Alliance for Integrated Drilling...
01/25/201717:26:56Amended Statement of Ownership (sc 13g/a)
01/20/201707:00:00Nabors Industries Ltd. Fourth Quarter 2016 Earnings Conference...
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...

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