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Nabors 1Q Profit Climbs 62% On U.S. Drilling Activity

DOW JONES NEWSWIRES Nabors Industries Ltd.'s (NBR) first-quarter profit jumped 62% on continued revenue growth in its continental U.S. drilling business. The stronger-than-expected results continue Nabors's streak of improved core earnings, as U.S. oil-and-gas producers adopt increasingly complex drilling techniques to access harder-to-reach reserves, boosting the contractor's top line. At the same time, Nabors is working to improve its operational efficiency after the company acknowledged it strayed off target in its exploration and production forays, which led it to miss growth opportunities in the U.S. The company last month unveiled plans to raise at least $800 million from selling oil and gas properties and other noncore businesses, the latest in a series of divestitures. Heavy North American drilling activity also helped boost earnings for rival Schlumberger Ltd. (SLB), which on Friday reported a stronger-than-expected core profit. Nabors posted a profit of $134.1 million, or 46 cents a share, up from $82.8 million, or 28 cents a share, a year earlier. Excluding impairment charges and other adjustments, per-share earnings from continuing operations rose to 65 cents from 29 cents as revenue jumped 32% to $1.84 billion. Analysts polled by Thomson Reuters were looking for a 50-cent per-share profit with $1.8 billion of revenue. Operating earnings in Nabors's U.S.-lower-48 land-drilling business, its largest segment, grew 31%, while its domestic pressure-pumping business reported 54% higher earnings. Profit rose 17% in the smaller international business. Shares were up 1.4% at $16.18 in light after-hours trading Tuesday. The stock had declined 50% over the past year through Tuesday's close. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Nabors (NBR)
DateTimeHeadline
07/01/201509:17:00Statement of Changes in Beneficial Ownership (4)
07/01/201509:06:52Statement of Changes in Beneficial Ownership (4)
06/09/201502:17:25Nabors to Extend Executive Pay Cuts
06/08/201516:27:03Current Report Filing (8-k)
06/04/201515:53:08Statement of Changes in Beneficial Ownership (4)
06/04/201515:50:09Statement of Changes in Beneficial Ownership (4)
06/04/201515:44:22Statement of Changes in Beneficial Ownership (4)
06/04/201515:35:53Statement of Changes in Beneficial Ownership (4)
06/04/201515:29:36Statement of Changes in Beneficial Ownership (4)
06/04/201515:24:21Statement of Changes in Beneficial Ownership (4)
06/01/201516:32:07Specialized Disclosure Report (sd)
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)

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