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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; [email protected]

Stock News for Nabors (NBR)
DateTimeHeadline
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...
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)

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