NABORS LOSS $296 MLN
Nabors Industries Ltd. ("Nabors") (NYSE:NBR) reported third-quarter operating revenues of $848 million, compared to $863 million in the second quarter of 2015, and $1.81 billion in the third quarter of last year. The comparable third quarter of last year included $612 million in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. The Completion and Production Services business is no longer consolidated with Nabors, and Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.
Net income from continuing operations reported for the third quarter was a loss of $250.9 million or $0.86 per diluted share. This compares to a second-quarter net income loss from continuing operations of $41.9 million or $0.14 per diluted share. The current results include $250.9 million in pre-tax charges or $0.79 per diluted share. The largest portion of the charges consisted of the impairment of Nabors' holdings in C&J Energy Services in the amount of $180.6 million. The balance consisted of numerous small asset impairments and severance costs. These impairments were partially offset by favorable tax adjustments of $19.1 million ($0.07 per diluted share). The quarter also includes a net loss of $35.1 million or $0.12 per diluted share attributable to Nabors' equity share of C&J Energy Services second quarter results.
Anthony Petrello, Nabors' Chairman and CEO, commented, "Our third-quarter results were essentially in line, as increased revenue and cash flow internationally were offset by lower results in North America due to lower activity and increased exposure to spot market pricing. We expect more moderate sequential decreases through the seasonally weak second quarter of next year with gradual declines in rig activity and more rigs converting to spot pricing both in North America and internationally. The recent new rig deployments internationally have been on time and within budget, mitigating the impact of the idling of other high contribution rigs that would likely have been renewed had it not been for the weakening environment. Our PACE®-X rigs continue to experience over 90% utilization and are increasingly viewed as best-in-class for pad drilling.
"Our view of the timing and shape of the recovery remains unchanged with an expectation of a protracted trough followed by a more gradual recovery than recent cycles. Accordingly, we continue to exercise stringent control over our operating, support and capital spending in order to meet our minimum goal of breakeven free cash flow. Our solid financial position and sizable liquidity allow us to remain opportunistic should attractive long-term strategic opportunities arise."
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