HAMILTON, Bermuda, April 25, 2016 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors") (NYSE: NBR) today reported first
quarter 2016 operating revenues of $597.6
million, compared to operating revenues of $738.9 million in the fourth quarter of last
year. Net income (loss) from continuing operations for the
quarter was a loss of $396.6 million,
or ($1.41) per diluted share,
compared to a loss of $161.1 million,
or ($0.57) per diluted share, last
quarter. The net loss from continuing operations for
the first quarter included a per share loss of $1.12 per share due to impairments to the
carrying value of the Company's investment in C&J Energy
Services, Ltd. ("C&J") (NYSE: CJES) and from our proportionate
share of C&J losses from the prior quarter, as such losses are
accounted for on a quarter lag basis.
Anthony Petrello, Nabors'
Chairman, President, and CEO, commented, "Our first quarter results
reflect the continued strain from low commodity prices. In
particular, the first quarter's drop in oil prices below
$30 led to sharp reductions in
customer spending plans on a worldwide basis and had a
corresponding adverse impact on our results. In the U.S., our
customers' swift reaction to commodity price drops resulted in a
roughly equal impact on both rig years and margins.
Internationally, a reduction of seven rig years combined with other
unfavorable factors resulted in lower operating cash flows for the
quarter. Additionally, the Canada market's typical seasonal uptick in the
first quarter failed to materialize this year due to market
conditions. Despite these reductions in cash flows, we still
modestly reduced net debt during the quarter while continuing to
fund the innovative technological initiatives that will best
position Nabors for the eventual upturn."
Segment Results
Quarterly adjusted operating income ("adjusted income") in
Drilling and Rig Services decreased to a loss of $18.6 million from a profit of $29.9 million in the fourth quarter of last
year. Quarterly adjusted EBITDA in this business line
decreased sequentially to $200.2
million, a 23% decline of which the majority was
attributable to the U.S. drilling segment. For the quarter,
the Company averaged 187.9 rigs operating at an average gross
margin of $13,407 per rig day,
compared to 222.9 rigs at $14,229 per
rig day in the fourth quarter of last year. The Company
expects additional declines in near-term volume and pricing as the
weak commodity price environment persists and customer spending
continues to adjust to their reduced budget levels.
International adjusted income decreased by 10% sequentially to
$46.9 million, primarily due to a
reduction of seven rig years, additional pricing concessions, and
unfavorable cost impacts and rig moving activity. Quarterly
adjusted EBITDA in this segment decreased by 8% sequentially to
$148.3 million. Compared to the
first quarter, the Company expects moderately decreasing quarterly
income in the near term as activity declines. In Canada, where the first quarter is
traditionally the strongest, rig years declined 13% from the fourth
quarter with future results expected to remain challenged.
The U.S. Drilling segment posted an adjusted operating loss of
$47.6 million during the quarter,
reflecting further activity declines and margin erosion as term
contracts expire. The Lower 48 saw 30% fewer rigs working compared
to the fourth quarter of last year, for an average rig count of
54. At current commodity prices, the Company anticipates the
rig count to stabilize mid-year but expects further deterioration
in average margins in the near-term. Should market fundamentals
push oil prices comfortably into the $50's, rig activity could
improve.
Rig Services, which consists of the Company's manufacturing,
directional drilling, and complementary services, reported an
adjusted loss of $10.6 million, a
$2.9 million improvement from the
fourth quarter due to cost savings. While market fundamentals
continue to provide minimal upside for new equipment and services
at this time, Nabors remains encouraged about the future potential
of this segment with its focus on technology and
automation.
William Restrepo, Nabors' Chief
Financial Officer, stated, "We continue to focus on maintaining our
liquidity and enhancing operational performance during these
challenged times. Though the quarter's results declined
materially from the previous quarter, we were able to slightly
reduce net debt through a combination of continued execution of
stringent cost control and disciplined capital spending.
During the quarter, we repurchased $154.1
million of Nabors senior unsecured notes at a modest
discount for an estimated net annual interest expense savings of
$7 million. As a result of the
continued deterioration of industry conditions, we made the
decision to impair our carrying value in C&J to better reflect
the market value of our equity position.
"Despite a recent upturn in the price of oil, at its current
level, we anticipate further near-term reductions in rig count both
internationally and in the U.S. We also expect margins to
deteriorate, particularly in the Lower 48 market. Though low
oil prices have had increasing spill-over effects on our
international business, Nabors remains uniquely well positioned to
weather the storm given our ongoing cash flow from international
operations and strong liquidity."
Mr. Petrello concluded, "We continue to execute on our cost
reduction initiatives and to move forward with our vision of the
rig serving as the central platform for all drilling services and
future innovation. We expect our technological advances to
give Nabors a sustainable competitive advantage by drilling wells
with greater efficiency, safety, and accuracy in every one of our
markets."
About Nabors
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a leading provider of
offshore platform rigs in the United
States and multiple international markets. Nabors also
provides directional drilling services, performance tools, and
innovative technologies throughout the world's most significant oil
and gas markets. Leveraging our advanced drilling automation
capabilities, Nabors' highly skilled workforce continues to set new
standards for operational excellence and transform our
industry.
Forward-looking Statements
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to certain risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements. The forward-looking statements
contained in this press release reflect management's estimates and
beliefs as of the date of this press release. Nabors does not
undertake to update these forward-looking
statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial
measures. The components of these non-GAAP measures are
computed by using amounts that are determined in accordance with
accounting principles generally accepted in the United States of America ("GAAP").
Adjusted EBITDA is computed by subtracting the sum of direct costs,
general and administrative expenses and research and engineering
expenses from operating revenues. Adjusted operating income
(loss) is computed similarly, but also subtracts depreciation and
amortization expenses from operating revenues. A reconciliation of
adjusted EBITDA and adjusted operating income (loss) to income
(loss) from continuing operations before income taxes, which is its
nearest comparable GAAP financial measure, are included elsewhere
in this press release.
Media Contact:
Dennis A. Smith, Vice President
of Corporate Development & Investor Relations, +1
281-775-8038. To request investor materials, contact Nabors'
corporate headquarters in Hamilton,
Bermuda at +441-292-1510 or via e-mail
at mark.andrews@nabors.com
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (LOSS)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
597,571
|
|
$ 1,414,707
|
|
$
738,872
|
|
Earnings (losses)
from unconsolidated affiliates
|
|
(167,151)
|
|
6,502
|
|
(45,367)
|
|
Investment income
(loss)
|
|
343
|
|
969
|
|
180
|
|
Total
revenues and other income
|
|
430,763
|
|
1,422,178
|
|
693,685
|
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
|
Direct
costs
|
|
365,023
|
|
919,610
|
|
445,130
|
|
General and
administrative expenses
|
|
62,334
|
|
115,430
|
|
61,056
|
|
Research and
engineering
|
|
8,162
|
|
11,703
|
|
9,354
|
|
Depreciation and
amortization
|
|
215,818
|
|
281,019
|
|
231,137
|
|
Interest
expense
|
|
45,730
|
|
46,601
|
|
46,410
|
|
Other, net
|
|
182,404
|
|
(55,842)
|
|
1,011
|
|
Impairments and other
charges
|
|
-
|
|
-
|
|
123,557
|
|
Total costs and other
deductions
|
|
879,471
|
|
1,318,521
|
|
917,655
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
(448,708)
|
|
103,657
|
|
(223,970)
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
(52,064)
|
|
(20,705)
|
|
(62,880)
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
(396,644)
|
|
124,362
|
|
(161,090)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(926)
|
|
(817)
|
|
(1,730)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(397,570)
|
|
123,545
|
|
(162,820)
|
|
Less: Net (income) loss
attributable to noncontrolling interest
|
|
(724)
|
|
89
|
|
(834)
|
|
Net income (loss)
attributable to Nabors
|
|
$ (398,294)
|
|
$
123,634
|
|
$
(163,654)
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
Basic
from continuing operations
|
|
$
(1.41)
|
|
$
.43
|
|
$
(.57)
|
|
Basic
from discontinued operations
|
|
-
|
|
-
|
|
(.01)
|
|
Basic
|
|
$
(1.41)
|
|
$
.43
|
|
$
(.58)
|
|
|
|
|
|
|
|
|
Diluted
from continuing operations
|
|
$
(1.41)
|
|
$
.43
|
|
$
(.57)
|
|
Diluted
from discontinued operations
|
|
-
|
|
(.01)
|
|
(.01)
|
|
Diluted
|
|
$
(1.41)
|
|
$
.42
|
|
$
(.58)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number
|
|
|
|
|
|
|
|
of
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
275,851
|
|
285,361
|
|
276,371
|
|
Diluted
|
|
275,851
|
|
286,173
|
|
276,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
$
162,052
|
|
$
367,964
|
|
$
223,332
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss) (2)
|
|
$
(53,766)
|
|
$
86,945
|
|
$
(7,805)
|
|
|
|
(1)
|
Adjusted EBITDA is
computed by subtracting the sum of direct costs, general and
administrative expenses and research and engineering expenses from
operating revenues. Adjusted EBITDA is a non-GAAP measure and
should not be used in isolation or as a substitute for the amounts
reported in accordance with GAAP. However, management evaluates the
performance of our operating segments and the consolidated company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because we believe that these financial
measures accurately reflect our ongoing profitability and
performance. In addition, securities analysts and investors
use this measure as one of the metrics on which they analyze our
performance. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is a GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Income (loss) from Continuing Operations before Income
Taxes".
|
|
|
|
(2)
|
Adjusted operating
income (loss) is computed by subtracting the sum of direct costs,
general and administrative expenses, research and engineering
expenses and depreciation and amortization from operating revenues.
Adjusted operating income (loss) is a non-GAAP measure and should
not be used in isolation or as a substitute for the amounts
reported in accordance with GAAP. However, management evaluates the
performance of our operating segments and the consolidated company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect our ongoing profitability and
performance. In addition, securities analysts and investors use
this measure as one of the metrics on which they analyze our
performance. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is a GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Income (loss) from Continuing Operations before Income
Taxes".
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
(In
thousands)
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and short-term
investments
|
|
$
221,501
|
|
$
274,589
|
|
Accounts receivable,
net
|
|
594,506
|
|
784,671
|
|
Assets held for
sale
|
|
80,100
|
|
75,678
|
|
Other current
assets
|
|
363,280
|
|
340,959
|
|
Total current
assets
|
|
1,259,387
|
|
1,475,897
|
|
Property, plant and
equipment, net
|
|
6,942,315
|
|
7,027,802
|
|
Goodwill
|
|
167,217
|
|
166,659
|
|
Investment in
unconsolidated affiliates
|
|
94,657
|
|
415,177
|
|
Other long-term
assets
|
|
486,755
|
|
452,305
|
|
Total assets
|
|
$
8,950,331
|
|
$
9,537,840
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current
debt
|
|
$
5,880
|
|
$
6,508
|
|
Other current
liabilities
|
|
865,388
|
|
999,991
|
|
Total current
liabilities
|
|
871,268
|
|
1,006,499
|
|
Long-term
debt
|
|
3,584,402
|
|
3,655,200
|
|
Other long-term
liabilities
|
|
578,464
|
|
582,273
|
|
Total liabilities
|
|
5,034,134
|
|
5,243,972
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Shareholders'
equity
|
|
3,904,320
|
|
4,282,710
|
|
Noncontrolling
interest
|
|
11,877
|
|
11,158
|
|
Total equity
|
|
3,916,197
|
|
4,293,868
|
|
Total liabilities and
equity
|
|
$
8,950,331
|
|
$
9,537,840
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
SEGMENT
REPORTING
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
The following tables
set forth certain information with respect to our reportable
segments and rig activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
(In thousands,
except rig activity)
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
U.S.
|
|
$
148,676
|
|
$
453,821
|
|
$
222,060
|
|
Canada
|
|
17,494
|
|
57,840
|
|
28,312
|
|
International
|
|
401,055
|
|
439,161
|
|
448,507
|
|
Rig Services
(1)
|
|
53,853
|
|
144,084
|
|
72,862
|
|
Subtotal
Drilling & Rig Services
|
|
621,078
|
|
1,094,906
|
|
771,741
|
|
|
|
|
|
|
|
|
Completion & Production Services:
|
|
|
|
|
|
|
|
Completion
Services
|
|
-
|
|
207,860
|
|
-
|
|
Production
Services
|
|
-
|
|
158,512
|
|
-
|
|
Subtotal
Completion & Production Services
|
|
-
|
|
366,372
|
|
-
|
|
|
|
|
|
|
|
|
Other reconciling items (2)
|
|
(23,507)
|
|
(46,571)
|
|
(32,869)
|
|
Total operating
revenues
|
|
$
597,571
|
|
$
1,414,707
|
|
$
738,872
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
U.S.
|
|
$
51,235
|
|
$
187,745
|
|
$
94,254
|
|
Canada
|
|
2,122
|
|
18,468
|
|
10,041
|
|
International
|
|
148,309
|
|
194,789
|
|
160,716
|
|
Rig Services
(1)
|
|
(1,481)
|
|
21,583
|
|
(4,491)
|
|
Subtotal
Drilling & Rig Services
|
|
200,185
|
|
422,585
|
|
260,520
|
|
|
|
|
|
|
|
|
Completion & Production Services:
|
|
|
|
|
|
|
|
Completion
Services
|
|
-
|
|
(28,110)
|
|
-
|
|
Production
Services
|
|
-
|
|
23,043
|
|
-
|
|
Subtotal
Completion & Production Services
|
|
-
|
|
(5,067)
|
|
-
|
|
|
|
|
|
|
|
|
Other reconciling items (4)
|
|
(38,133)
|
|
(49,554)
|
|
(37,188)
|
|
Total adjusted
EBITDA
|
|
$
162,052
|
|
$
367,964
|
|
$
223,332
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
U.S.
|
|
$
(47,559)
|
|
$
77,038
|
|
$
(7,398)
|
|
Canada
|
|
(7,278)
|
|
6,358
|
|
(1,034)
|
|
International
|
|
46,872
|
|
98,802
|
|
51,850
|
|
Rig Services
(1)
|
|
(10,644)
|
|
12,873
|
|
(13,505)
|
|
Subtotal
Drilling & Rig Services
|
|
(18,609)
|
|
195,071
|
|
29,913
|
|
|
|
|
|
|
|
|
Completion & Production Services:
|
|
|
|
|
|
|
|
Completion
Services
|
|
-
|
|
(55,243)
|
|
-
|
|
Production
Services
|
|
-
|
|
(3,559)
|
|
-
|
|
Subtotal
Completion & Production Services
|
|
-
|
|
(58,802)
|
|
-
|
|
|
|
|
|
|
|
|
Other reconciling items (4)
|
|
(35,157)
|
|
(49,324)
|
|
(37,718)
|
|
Total
adjusted operating income (loss)
|
|
$
(53,766)
|
|
$
86,945
|
|
$
(7,805)
|
|
|
|
|
|
|
|
|
Earnings (losses)
from unconsolidated affiliates (6)
|
|
$
(167,151)
|
|
$
6,502
|
|
$
(45,367)
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
|
Rig years:
(7)
|
|
|
|
|
|
|
|
U.S.
|
|
64.9
|
|
167.6
|
|
91.0
|
|
Canada
|
|
12.5
|
|
25.6
|
|
14.4
|
|
International (8)
|
|
110.5
|
|
130.1
|
|
117.5
|
|
Total rig
years
|
|
187.9
|
|
323.3
|
|
222.9
|
|
Rig hours:
(9)
|
|
|
|
|
|
|
|
U.S.
Production Services
|
|
-
|
|
129,652
|
|
-
|
|
Canada
Production Services
|
|
-
|
|
23,947
|
|
-
|
|
Total rig
hours
|
|
-
|
|
153,599
|
|
-
|
|
|
|
(1)
|
Includes our other
services comprised of our drilling technology and top drive
manufacturing, directional drilling, rig instrumentation and
software services.
|
|
|
|
(2)
|
Represents the
elimination of inter-segment transactions.
|
|
|
|
(3)
|
Adjusted EBITDA is
computed by subtracting the sum of direct costs, general and
administrative expenses and research and engineering expenses from
operating revenues. Adjusted EBITDA is a non-GAAP measure and
should not be used in isolation or as a substitute for the amounts
reported in accordance with GAAP. However, management evaluates the
performance of our operating segments and the consolidated company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because we believe that these financial
measures accurately reflect our ongoing profitability and
performance. In addition, securities analysts and investors
use this measure as one of the metrics on which they analyze our
performance. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is a GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Income (loss) from Continuing Operations before Income
Taxes".
|
|
|
|
(4)
|
Represents the
elimination of inter-segment transactions and unallocated corporate
expenses.
|
|
|
|
(5)
|
Adjusted operating
income (loss) is computed by subtracting the sum of direct costs,
general and administrative expenses, research and engineering
expenses and depreciation and amortization from operating revenues.
Adjusted operating income (loss) is a non-GAAP measure and should
not be used in isolation or as a substitute for the amounts
reported in accordance with GAAP. However, management evaluates the
performance of our operating segments and the consolidated company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect our ongoing profitability and
performance. In addition, securities analysts and investors
use this measure as one of the metrics on which they analyze our
performance. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is a GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Income (loss) from Continuing Operations before Income
Taxes".
|
|
|
|
(6)
|
Represents our share
of the net income (loss), as adjusted for our basis difference, of
our unconsolidated affiliates accounted for by the equity method,
inclusive of $(167.1) million and $(81.3) million for the three
months ended March 31, 2016 and December 31, 2015, respectively,
related to our share of the net loss of C&J, which we report on
a quarter lag.
|
|
|
|
(7)
|
Excludes
well-servicing rigs, which are measured in rig hours.
Includes our equivalent percentage ownership of rigs owned by
unconsolidated affiliates. Rig years represent a measure of
the number of equivalent rigs operating during a given
period. For example, one rig operating 182.5 days during a
365-day period represents 0.5 rig years.
|
|
|
|
(8)
|
International rig
years includes our equivalent percentage ownership of rigs owned by
unconsolidated affiliates, which totaled 2.5 years during the three
months ended March 31, 2015. As of May 24, 2015, this was no
longer an unconsolidated affiliate.
|
|
|
|
(9)
|
Rig hours represents
the number of hours that our well-servicing rig fleet operated
during the period. This fleet was included in the Completion
& Production Services business that was merged with C&J
Energy Services, Inc. in March 2015 and we will therefore no longer
report this performance metric.
|
|
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
162,052
|
|
$
367,964
|
|
$
223,332
|
|
Depreciation and
amortization
|
|
(215,818)
|
|
(281,019)
|
|
(231,137)
|
|
Adjusted operating
income (loss)
|
|
(53,766)
|
|
86,945
|
|
(7,805)
|
|
|
|
|
|
|
|
|
Earnings (losses)
from unconsolidated affiliates
|
|
(167,151)
|
|
6,502
|
|
(45,367)
|
|
Investment income
(loss)
|
|
343
|
|
969
|
|
180
|
|
Interest
expense
|
|
(45,730)
|
|
(46,601)
|
|
(46,410)
|
|
Other, net
|
|
(182,404)
|
|
55,842
|
|
(1,011)
|
|
Impairments and other
charges
|
|
-
|
|
-
|
|
(123,557)
|
|
Income (loss) from
continuing operations before income taxes
|
|
$
(448,708)
|
|
$ 103,657
|
|
$
(223,970)
|
|
|
|
|
|
|
|
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) ITEMS EXCLUDING CERTAIN NON-CASH
CHARGES
AND OTHER NON-OPERATIONAL ITEMS (NON-GAAP)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
Actuals
|
|
Charges and
Non-
Operational
Items
|
|
As
adjusted
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
(396,644)
|
|
$
(316,552)
|
|
$
(80,092)
|
|
|
Diluted earnings
(losses) per share from continuing operations
|
|
$
(1.41)
|
|
$
(1.12)
|
|
$
(0.29)
|
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
SCHEDULE OF
NON-CASH CHARGES AND OTHER NON-OPERATIONAL ITEMS
(NON-GAAP)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
|
|
Per
Diluted
|
|
|
(In thousands,
except per share amounts)
|
|
2016
|
|
Share
|
|
|
|
|
|
|
|
|
Impairments and equity losses (1)
|
|
$
316,552
|
|
$
1.12
|
|
|
|
|
|
|
|
|
Total Adjustments,
net of tax
|
|
$
316,552
|
|
$
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
impairments to the carrying value of our C&J holdings and
earnings (losses) from unconsolidated affiliates, which represents
our proportionate share of C&J's losses from the prior quarter,
net of tax of $27.8 million.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nabors-announces-first-quarter-results-300256974.html
SOURCE Nabors Industries Ltd.