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2015-03-03 20:40:00

NABORS LOSS $891.1 MLN

NABORS LOSS $891.1 MLN

Onshore and offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices.

The company's shares fell 2.7 percent to $12.20 in after-hours trading on Monday.

Adjusted income from Nabors' completion and production services business more than halved to $16.7 million in the fourth quarter compared with a year earlier.

Global crude prices have nearly halved since June, forcing several oil and gas companies to idle rigs and lay off staff.

Nabors, which operates the largest land drilling rig fleet in the world, said it had "significantly scaled back" the pace of new rig construction in the United States as part of its efforts to cut costs.

The company has also cut staffing levels and begun consolidating its operating footprint, Chief Executive William Restrepo said.

Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn".

Nabors had said in June that it would merge its well maintenance business with C&J for $2.86 billion in cash and stock. C&J last month cut the cash portion of its offer by $250 million.

Nabors posted a net loss of $891.1 million, or $3.08 per share, in the quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier.

Excluding items, the company reported a profit from continuing operations of 33 cents per share, missing the average analyst estimate of 39 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 11.1 percent to $1.79 billion.

reuters.com

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Chronicle:

NABORS LOSS $891.1 MLN
2018, August, 20, 14:00:00

U.S. RIGS UP 0 TO 1,057

BAKER HUGHES A GE - U.S. Rig Count is unchanged at 1,057 rigs, with oil rigs unchanged at 869, gas rigs unchanged at 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 3 rigs from last week to 212, with oil rigs up 1 to 141 and gas rigs up 2 to 71.

NABORS LOSS $891.1 MLN
2018, August, 17, 12:01:00

OIL PRICE: NOT ABOVE $72

REUTERS - Brent crude oil futures LCOc1 were down 3 cents at $71.40 a barrel by 00229 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped 1 cent to $65.45 a barrel.

NABORS LOSS $891.1 MLN
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ШИРОКИЕ ПЕРСПЕКТИВЫ СОТРУДНИЧЕСТВА

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NABORS LOSS $891.1 MLN
2018, August, 17, 11:50:00

GLOBAL NUCLEAR POWER UP

WNA - Nuclear reactors generated a total of 2506 TWh of electricity in 2017, up from 2477 TWh in 2016. This is the fifth successive year that nuclear generation has risen, with output 160 TWh higher than in 2012.

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