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2016-02-16 11:03:00

NABORS NET LOSS $372.7 MLN

NABORS NET LOSS $372.7 MLN

Notable items:

  • Fourth quarter GAAP EPS was ($0.57), which translates to ($0.22) excluding ($0.35) in impairments related to the current downturn
  • Above EPS includes a loss of $0.16 per share from unconsolidated affiliates
  • Repurchased $27.5 million of notes in 4Q 2015
  • Decreased total debt by $677 million during 2015

HAMILTON, Bermuda, Feb. 16, 2016 -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR) today reported FY 2015 operating revenues of $3.86 billion, including $366 million which comprises first-quarter revenue from the Completion and Production Services segment (NCPS), a business line that merged with C&J Energy Services, Inc. (CJES) on March 24, 2015 and is no longer consolidated with Nabors. This compares to operating revenues of $6.80 billion in FY 2014, including $2.25 billion of revenue from NCPS. The Company's equity ownership in C&J Energy Services Ltd. is accounted for in the Company's consolidated financial results as an unconsolidated affiliate on a quarter-lag basis. Net income from continuing operations for the year was a loss of $329.5 million, or ($1.14) per diluted share, compared to a loss of $669.3 million, or ($2.28) per diluted share, in FY 2014. Included in net loss from continuing operations for FY 2015 were total impairments and other charges related to the current downturn of net $1.31 per diluted share. Also included in 2015 net income was a loss of net ($0.29) per diluted share on our proportional share of CJES earnings.

Revenue for the quarter of $739 million decreased by $109 million, or 13% sequentially. Net loss from continuing operations for the fourth quarter totaled $161.1 million, or ($0.57) per diluted share. The current results include $101.2 million in net after-tax charges, or $0.35 per diluted share, related to the impairment of certain assets. The quarter also includes a net loss of $45.4 million, or ($0.16) per diluted share, attributable to Nabors' equity share of CJES's third quarter results. These results compare to a loss of $250.9 million in the third quarter of 2015. The third quarter included after-tax charges of $206.0 million, or ($0.72) per diluted share.

Anthony Petrello, Nabors' Chairman and CEO, commented, "2015 has been a difficult year for the industry due to weak and volatile oil prices, as well as a declining rig count. Our fourth-quarter results reflect the magnitude of progress we have made in scaling the business in line with the industry's lowest U.S. rig count in 17 years. Quarter to quarter, we saw moderately lower revenues across our business units due to lower activity and increased exposure to depressed spot market pricing. From the year-end level, we expect additional decreases in drilling activity and rig count in the Lower 48 and Canada, at least through the second quarter of this year with more rigs converting to spot pricing. We remain resilient internationally; however, no region is immune to lower oil prices. Developing technological solutions to drive additional sales content through our rigs remains a core strategic focus and should be a key differentiator for Nabors in a future recovery.

"With the timing of a recovery still uncertain, our focus is primarily on continuing to exercise stringent control over our operating, support and capital spending in order to meet our goals of breakeven free cash flow and preserving more than adequate liquidity. During the fourth quarter, we continued to generate positive free cash flow and we continued to reduce our net debt. I am confident we will maintain a solid financial position, as we target positive free cash flow in 2016."

Segment Results

Quarterly adjusted operating income ("adjusted income") in Drilling and Rig Services decreased 34% to $29.9 million from $45.5 million in the third quarter of this year. Quarterly adjusted EBITDA in this business line decreased by only 9% sequentially to $260.5 million, the majority of which was attributable to the International segment. For the quarter, the Company averaged 223 rigs operating at an average gross margin of $14,229 per rig day, compared to 242 rigs at $14,567 per rig day in the third quarter. Future quarters are expected to show additional declines as the weak commodity price environment persists and customer spending continues to slow.

International adjusted income decreased by 30% sequentially to $51.9 million, primarily due to a modest reduction in rig years and some negative items, following several positive items which occurred in the third quarter. Quarterly adjusted EBITDA in this segment decreased by only 14% sequentially to $160.7 million. Compared to the fourth quarter, the Company foresees slightly decreasing quarterly income in the near term as margins should return to previous levels but activity moves lower. Despite the weakening conditions throughout 2015, this segment managed to post a $64.3 million, or 26%, increase in annual adjusted income compared to 2014.

The U.S. Drilling segment posted an adjusted operating loss of $7.4 million, reflecting further activity declines during the quarter. However, margin expansion resulted in $6.6 million higher adjusted income versus the prior quarter. The Lower 48 saw 13% fewer rigs working versus the third quarter, for an average rig count of 78. This was partially offset by higher margins from both a favorable mix of higher-spec PACE®-X and PACE®-B rigs working as well as lower compensation cost. Going forward however, the Company anticipates lower margins in the Lower 48 given current market conditions. Canada saw further utilization declines of 16% and remains a highly challenged market, though adjusted income did improve modestly, primarily due to seasonal factors.

Rig Services, which consists of the Company's manufacturing and directional drilling operations, reported negative adjusted income of $13.5 million, as the industry's newbuild and drilling activity has declined. The Company expects performance in this segment to modestly improve in coming quarters with further adjustments to its cost structure.

William Restrepo, Nabors' Chief Financial Officer, stated, "If oil prices persist at current levels we expect further decreases in the North American land rig count over the next couple of quarters. Paramount in this kind of environment are cost and capital control, squeezing cash out of our operations, and maintaining a strong liquidity position. During the quarter, we were cash flow positive as we continued to reduce our overhead, with material reductions in our SG&A and field support costs. Our operations implemented healthy reductions in direct costs, as we contained the reduction in adjusted income to acceptable levels despite the reduced revenue. We also maintained the capital discipline we have implemented throughout the year. Capital expenditures were $132 million, with an annual drilling spend of $827 million, well within our annual target of $900 million. During the fourth quarter, we entered into a new $325 million term loan facility and were able to repay our outstanding commercial paper and repurchase $27.5 million of face value in our senior notes, while ending the year with full availability on our $2.25 billion revolving credit facility.

Mr. Petrello concluded, "During 2016, we will remain vigilant by continuing to align all of our costs to the new market reality. Not only will we continue to rapidly scale our direct costs to our rig count, but we are also targeting additional reductions in overhead costs, cuts in annual capex to under $500 million and additional reductions to our debt level with any excess liquidity."

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

 

 

Three Month Ended

 

Year Ended

 

December 31,

September 30,

December 31,

(In thousands, except per share amounts)

2015

2014

2015

2015

2014

           

Revenues and other income:

         

Operating revenues 

$  738,872

$ 1,783,836

$         847,553

$ 3,864,437

$ 6,804,197

Earnings (losses) from unconsolidated affiliates

(45,367)

(429)

(35,100)

(75,081)

(6,301)

Investment income (loss)

180

1,596

(22)

2,308

11,831

  Total revenues and other income

693,685

1,785,003

812,431

3,791,664

6,809,727

           

Costs and other deductions:

         

Direct costs

445,130

1,194,844

518,174

2,371,436

4,505,064

General and administrative expenses

61,056

128,081

72,032

324,328

500,036

Research and engineering

9,354

14,790

9,716

41,253

49,698

Depreciation and amortization

231,137

293,572

240,107

970,459

1,145,100

Interest expense

46,410

43,697

44,448

181,928

177,948

Other, net

1,011

9,606

14,321

(39,172)

9,073

Impairments and other charges

123,557

1,010,423

245,410

368,967

1,027,423

      Total costs and other deductions

917,655

2,695,013

1,144,208

4,219,199

7,414,342

           

Income (loss) from continuing operations before income taxes

(223,970)

(910,010)

(331,777)

(427,535)

(604,615)

           

Income tax expense (benefit)

(62,880)

(23,609)

(80,898)

(98,038)

62,666

           

Subsidiary preferred stock dividend

-

-

-

-

1,984

           

Income (loss) from continuing operations, net of tax

(161,090)

(886,401)

(250,879)

(329,497)

(669,265)

Income (loss) from discontinued operations, net of tax

(1,730)

(4,467)

(45,275)

(42,797)

21

           

Net income (loss)

(162,820)

(890,868)

(296,154)

(372,294)

(669,244)

     Less: Net (income) loss attributable to noncontrolling interest

(834)

(202)

320

(381)

(1,415)

Net income (loss) attributable to Nabors

$ (163,654)

$   (891,070)

$        (295,834)

$   (372,675)

$   (670,659)

           

Earnings (losses) per share: (1)

         

   Basic from continuing operations

$         (.57)

$         (3.06)

$                (.86)

$         (1.14)

$         (2.28)

   Basic from discontinued operations

(.01)

(.02)

(.16)

(.15)

-

    Basic

$         (.58)

$         (3.08)

$              (1.02)

$         (1.29)

$         (2.28)

           

   Diluted from continuing operations

$         (.57)

$         (3.06)

$                (.86)

$         (1.14)

$         (2.28)

   Diluted from discontinued operations

(.01)

(.02)

(.16)

(.15)

-

    Diluted

$         (.58)

$         (3.08)

$              (1.02)

$         (1.29)

$         (2.28)

 

nabors.com

-----

More: 

NABORS LOSS $296 MLN 

NABORS LOSS $41.9 MLN 

NABORS LOSS $891.1 MLN 

NABORS ACHIEVED A MAJOR OBJECTIVE 

NABORS INDUSTRIES IGNORES 

NABORS FALLS SUSTAINABLE 

NABORS CHANGES 

NABORS SPLITS & LIMITS 

NABORS LIMITS 

NABORS INDUSTRIES: TOMORROW NEVER DIES 

NABORS WILL BE LOWER 

 

Tags: NABORS, INDUSTRIES, OIL, GAS, DRILLING, CANRIG

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