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Nabors Swings to 2Q Loss on Big Write-Down

Nabors Industries Ltd.'s (NBR) swung to a second-quarter loss as the oil-field services company was hurt by a big write-down and other items. The oil-field-services sector in North America is being squeezed both by high costs--the result of a migration of drillers from natural-gas-rich areas to more complex, oil-rich formations--and lower prices for their services. Pressure pumping, a technique that is critical to extracting oil and natural gas from shale, is undergoing a particularly acute crunch. Chairman and Chief Executive Tony Petrello said the latest period included disappointing results in the company's pressure pumping business, "where lower revenues and higher costs disproportionately affected margins. Similarly, our international unit also fell short of expectations with startup delays and significantly higher costs." Nabors, the largest global driller of onshore oil and natural gas, reported a loss of $72 million, compared with year-earlier profit of $193.2 million. On a per-share basis, which includes preferred dividend impacts, the loss was 25 cents, compared with year-earlier earnings of 65 cents. Excluding write-downs related to the reserve valuation in its NFR Energy joint venture and other items, adjusted earnings were up at 38 cents from 24 cents. Revenue increased 19% to $1.61 billion. Analysts polled by Thomson Reuters most recently projected earnings of 38 cents a share on revenue of $1.74 billion. Nabors' shares have been hurt by falling natural-gas prices as well as investor concerns about executive perks and severance packages. Shares were down six cents at $13.96 in light after-hours trading. Through Tuesday's close, the stock is down by nearly half in the past year. Write to Tess Stynes at tess.stynes@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Nabors (NBR)
DateTimeHeadline
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03/24/201518:27:22C&J Energy, Nabors Industries complete merger
03/24/201517:07:05Current Report Filing (8-k)
03/24/201516:05:00C&J Energy Services and Nabors Industries Complete Combination...
03/24/201516:05:00C&J Energy Services and Nabors Industries Complete Combination...
03/23/201518:08:29Finding Safe Dividends In The Unloved Contract Drilling Services...
03/13/201518:05:51S&P 500 changes: EQIX, SLG, HBI, HSIC in, DNR, NBR, AVP, CFN...
03/13/201517:50:00Celgene, Kinder Morgan and Actavis Set to Join the S&P 100; Several...
03/09/201516:16:18Statement of Changes in Beneficial Ownership (4)
03/06/201508:00:00C&J Energy Services Provides Financing Update for Transaction...
03/03/201506:03:02Current Report Filing (8-k)
03/02/201518:33:10Nabors Industries lower AH on disappointing Q4 results
03/02/201518:12:24Nabors Swings to Loss on Write-Downs
03/02/201516:54:00Nabors Announces Fourth-Quarter and Full-Year Financial Results
03/02/201516:54:00Nabors Announces Fourth-Quarter and Full-Year Financial Results
03/01/201517:35:17Notable earnings after Mondayâs close
02/24/201516:45:40Statement of Changes in Beneficial Ownership (4)
02/24/201516:40:51Statement of Changes in Beneficial Ownership (4)
02/24/201516:37:29Statement of Changes in Beneficial Ownership (4)
02/18/201512:00:00Nabors Industries Ltd. Fourth Quarter 2014 Earnings Conference...

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