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2017-03-21 18:35:00

NABORS NET LOSS $1 BLN

NABORS NET LOSS $1 BLN

NABORS - Nabors Industries Ltd. ("Nabors") (NYSE: NBR)  reported full-year 2016 operating revenue of $2.2 billion, compared to operating revenue of $3.9 billion in the prior year, which included $366 million in 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 ceased to be consolidated with Nabors on that date. Net income from continuing operations for the year was a loss of $1.0 billion, or $3.58 per share, compared to a loss of $330 million, or $1.14 per share, in FY 2015. Included in the net loss from continuing operations for full year 2016 were total after-tax impairments and other charges of $487 million, or $1.71 per share, as well as $0.80 per share in Nabors' proportional share of CJES' net loss for the period. This compares to prior year impairments and other charges of $380 million, or $1.31 per share, and $0.29 per diluted share for the company's proportional share of CJES' net loss.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

           
 

Three Months Ended

Year Ended

 

December 31,

September 30,

December 31,

(In thousands, except per share amounts)

2016

2015

2016

2016

2015

           

Revenues and other income:

         

Operating revenues 

$  538,948

$  738,872

$         519,729

$  2,227,839

$ 3,864,437

Earnings (losses) from unconsolidated affiliates

4

(45,367)

2

(221,914)

(75,081)

Investment income (loss)

260

180

310

1,183

2,308

  Total revenues and other income

539,212

693,685

520,041

2,007,108

3,791,664

           

Costs and other deductions:

         

Direct costs

331,560

445,130

306,436

1,344,298

2,371,436

General and administrative expenses

52,603

61,056

56,078

227,639

324,328

Research and engineering

8,764

9,354

8,476

33,582

41,253

Depreciation and amortization

216,187

231,137

220,713

871,631

970,459

Interest expense

47,557

46,410

46,836

185,360

181,928

Other, net

275,270

124,568

10,392

542,673

329,795

      Total costs and other deductions

931,941

917,655

648,931

3,205,183

4,219,199

           

Income (loss) from continuing operations before income taxes

(392,729)

(223,970)

(128,890)

(1,198,075)

(427,535)

           

Income tax expense (benefit)

(62,533)

(62,880)

(31,051)

(186,831)

(98,038)

           

Income (loss) from continuing operations, net of tax

(330,196)

(161,090)

(97,839)

(1,011,244)

(329,497)

Income (loss) from discontinued operations, net of tax

(4,266)

(1,730)

(12,187)

(18,363)

(42,797)

           

Net income (loss)

(334,462)

(162,820)

(110,026)

(1,029,607)

(372,294)

     Less: Net (income) loss attributable to noncontrolling interest

(1,125)

(834)

(1,185)

(135)

(381)

Net income (loss) attributable to Nabors

$ (335,587)

$ (163,654)

$        (111,211)

$ (1,029,742)

$   (372,675)

           

Amounts attributable to Nabors:

         

Net income (loss) from continuing operations

$ (331,321)

$ (161,924)

$          (99,024)

$ (1,011,379)

$   (329,878)

Net income (loss) from discontinued operations

(4,266)

(1,730)

(12,187)

(18,363)

(42,797)

Net income (loss) attributable to Nabors

$ (335,587)

$ (163,654)

$        (111,211)

$ (1,029,742)

$   (372,675)

           

Earnings (losses) per share:

         

   Basic from continuing operations

$       (1.17)

$         (.57)

$                (.35)

$          (3.58)

$         (1.14)

   Basic from discontinued operations

(.01)

(.01)

(.04)

(.06)

(.15)

    Basic

$       (1.18)

$         (.58)

$                (.39)

$          (3.64)

$         (1.29)

           

   Diluted from continuing operations

$       (1.17)

$         (.57)

$                (.35)

$          (3.58)

$         (1.14)

   Diluted from discontinued operations

(.01)

(.01)

(.04)

(.06)

(.15)

    Diluted

$       (1.18)

$         (.58)

$                (.39)

$          (3.64)

$         (1.29)

           

Weighted-average number   

         

   of common shares outstanding:

         

   Basic 

276,793

276,371

276,707

276,475

282,982

   Diluted 

276,793

276,371

276,707

276,475

282,982

           

Adjusted EBITDA

$   146,021

$   223,332

$         148,739

$      622,320

$ 1,127,420

Adjusted operating income (loss)

$   (70,166)

$     (7,805)

$         (71,974)

$    (249,311)

$    156,961

Revenue for the quarter of $539 million represented an increase of $19.2 million, the first sequential increase in nine quarters. Net loss from continuing operations for the fourth quarter totaled $331 million, or $1.17 per share. The fourth quarter results include $245 million in net after-tax charges, or $0.87 per share, related primarily to the impairment and retirement of certain assets. These results compare to a loss of $99.0 million, or $0.35 per share, in the preceding quarter.

Anthony Petrello, Nabors' Chairman and CEO, commented, "2016 was a challenging year with the U.S. rig count reaching its lowest point since rig counts were first published. Nabors was proportionally impacted with our working U.S. land rig count declining as much as 81% from our late 2014 high. Our U.S. rig count bottomed in the second quarter while our international count appears to have done so at the end of 2016. We believe the fourth quarter should mark the low point in our financial results both in North America and internationally. Despite the challenges of 2016, we delivered positive free cash flow while funding the continued upgrading of our U.S. fleet. We also were able to implement our new operating system, maintain our critical engineering projects, such as the development of automation initiatives, and keep our dividend commitment. We achieved this through stringent costs control, disciplined capital allocation and efficiencies derived from the streamlining of our operations, engineering and support organizations. We also deployed a significant number of new and upgraded rigs and rolled out our SmartRig™ systems and introduced our iRig® technology. These new technologies represent a game changer in the implementation of a high degree of automation of both surface and downhole drilling systems.

"The high point of the year was the fourth quarter signing of a joint venture agreement with Saudi Aramco, a key strategic relationship and growth driver for both parties. We expect to form the JV at the end of the second quarter. The formation of this new company will be a significant step in creating a best-in-class local drilling operation, utilizing locally manufactured rigs, in accordance with the Kingdom's Vision 2030 initiative."

Consolidated and Segment Results

Adjusted operating income for the Company was a loss of $70.2 million during the quarter as compared to a loss of $72.0 million in the prior quarter. Drilling & Rig Services adjusted operating income was a loss of $36.4 million, slightly better than the loss of $38.4 million in the third quarter. Quarterly adjusted EBITDA for the Company showed a slight decrease sequentially at $146 million, compared to $149 million in the third quarter. For the quarter, the Company averaged 177 rigs operating at an average gross margin of $12,482 per rig day, compared to 164 rigs at $14,029 per rig day in the third quarter.

International adjusted EBITDA decreased sequentially by $20.5 million to $128 million. The decrease was attributable to several factors, the most impactful being a reduction of 5.5 average rigs working. These reductions are mostly temporary and consist of three rigs in Algeria and single rigs in various other venues for a portion of the quarter. Aggregating to a slightly larger impact were an unusually high number of non-revenue days for rig maintenance in Saudi combined with a lesser amount of discrete favorable items in the fourth quarter in comparison to the third. The Company has recently had five high-specification rigs commence with another rig startup imminent. Most of these rigs commenced either late in, or subsequent to, the fourth quarter. This leads to an expectation of gradually improving results in the near term and more meaningful increases as the year progresses. Although some tenders have been delayed, there are still numerous awards pending with second-half start dates, further supporting the improving outlook. Canada operations increased sequentially with seasonally stronger winter activity.

The U.S. Drilling segment posted adjusted EBITDA of $49.2 million for the quarter, primarily as a result of a 26% increase in rig activity and higher revenues in Alaska. Nearly all of the rig count increase was realized in the lower 48 operation which averaged 64 rigs operating in the quarter compared to 50 in the third quarter. The Company currently has 86 rigs on revenue in the lower 48 operation, but expects lower average margins in the near term as more rigs return to work at current market rates and incur start-up expenses. However, with improving pricing and relatively short average contract durations, this margin trend can reverse quickly. This segment expects to complete six X, R and M800 new built rigs by year end and utilize some existing components to construct four M1000 rigs, all but one of which already have customer commitments. All of this supports the expectation of increasingly improving results throughout the balance of 2017.

Rig Services, which consists of the Company's manufacturing, directional drilling, and complementary services, reported positive adjusted EBITDA of $0.9 million compared to a loss of $4.3 million in the third quarter. The improved results were primarily from increased penetration by Nabors Drilling Solutions (NDS), and a modest improvement in Canrig primarily attributable to reduced costs and higher revenues from service and repair operations. The Company expects these trends to accelerate throughout 2017.

William Restrepo, Nabors' Chief Financial Officer, stated, "2016 was a productive year in which we continued to execute on our near and longer term goals. We significantly enhanced the capabilities of our lower 48 fleet while maintaining capital and cost discipline. We signed a joint venture with our largest customer. We started to turn our NDS vision into a reality and increased our market lead in rig automation and integration. Finally, we generated free cash flow throughout the down cycle, and recently extended our debt maturity profile through attractively priced six-year senior notes.

"I am excited about our prospects for 2017. We expect to accelerate NDS growth and deliver on our goal of fully automating our rigs and the drilling process through increased integration. We plan to complete the upgrading of our U.S. fleet into the most modern and capable in the industry. We believe 2017 will allow us to grow our U.S. and International rig counts, while making significant progress in pricing. Nabors is committed to remain disciplined and focused on our strategy to deliver solid cash generation and return on capital to our shareholders."

Mr. Petrello concluded, "We expect the fourth quarter to represent the bottom in our results with a gradual progression in the first half followed by a more meaningful improvement throughout the second half, assuming stable oil prices. Our rig counts and margins are increasing with our highest specification rigs, the PACE®-X and PACE®-M800 operating at full utilization. NDS has achieved positive adjusted EBITDA and increased market penetration. We continue to implement our Rigtelligent™ operating system and upgrade our AC rigs to SmartRig™ system configuration at a steady pace. As of today, we have 61 SmartRig™ system upgrades in service and plan to have completed 100 by year end. We expect to begin deploying our new iRacker™ automated drill pipe and casing handling system later this year. There are clear signs of building momentum in our business, particularly considering the customer commitments for nine of our ten 2017 new deployments in the low $20,000 per day range. All of this bolsters our confidence in an improving 2017 outlook. Meanwhile, we will continue to focus on controlling costs, reducing leverage and restoring attractive rates of return on our capital."

-----

Earlier:

WEATHERFORD & NABORS ALLIANCE 

SAUDI & NABORS AGREEMENT 

NABORS NET LOSS $694 MLN 

NABORS NET LOSS $583 MLN 

NABORS NET LOSS $398.3 MLN

 

 

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

Chronicle:

NABORS NET LOSS $1 BLN
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

NABORS NET LOSS $1 BLN
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

NABORS NET LOSS $1 BLN
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

NABORS NET LOSS $1 BLN
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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