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2016-10-26 21:00:00

NABORS NET LOSS $694 MLN

NABORS NET LOSS $694 MLN

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) reported third-quarter 2016 operating revenues of $519.7 million, compared to operating revenues of $571.6 million in the second quarter of 2016. Net income from continuing operations, attributable to Nabors, for the current quarter was a loss of $99.0 million, or $0.35 per diluted share, compared to a loss of $183.7 million, or $0.65 per diluted share, last quarter.

Anthony Petrello, Nabors' Chairman, President, and CEO, commented, "After a challenging downturn, we are experiencing significant utilization increases in our Lower 48 market, although spot market pricing continues to remain competitive. Similarly, our international markets are showing signs of impending activity increases. We are very encouraged by our customers' acceptance of our newest rig, the PACE®-M800. We now have contracts for the first four M800s, with two already deployed, and awards for two more. Likewise, the high demand for our PACE®-X rigs has brought the utilization of that fleet to over 80%. This increased demand is beginning to exert upward pressure on pricing for these top-end rigs, although, in the near-term, our fleet average margins will remain under pressure due to expiring long-term contracts. We are also implementing a cost-effective plan to enhance other classes of our existing AC rig fleet to incorporate most of the features of these rigs. Regardless of how the recovery unfolds, we expect our reduced cost structure, improved performance and our various technology initiatives to significantly increase operating leverage across our global fleet.

"We recorded a sequential decline in adjusted operating income, as a modest increase in Rig Services was more than offset by reduction in one-time gains in Drilling, as compared to the second quarter. We expect this trend in operating income to continue into the beginning of 2017 driven by lower U.S. Drilling margins and International utilization." 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

           
 

Three Months Ended

Nine Months Ended

 

September 30,

June 30,

September 30,

           

(In thousands, except per share amounts)

2016

2015

2016

2016

2015

           

Revenues and other income:

         

  Operating revenues 

$  519,729

$  847,553

$  571,591

$ 1,688,891

$ 3,125,565

  Earnings (losses) from unconsolidated affiliates

2

(35,100)

(54,769)

(221,918)

(29,714)

  Investment income (loss)

310

(22)

270

923

2,128

    Total revenues and other income

520,041

812,431

517,092

1,467,896

3,097,979

           

Costs and other deductions:

         

Direct costs

306,436

518,174

341,279

1,012,738

1,926,306

General and administrative expenses

56,078

72,032

56,624

175,036

263,272

Research and engineering

8,476

9,716

8,180

24,818

31,899

Depreciation and amortization

220,713

240,107

218,913

655,444

739,322

Interest expense

46,836

44,448

45,237

137,803

135,518

Other, net

10,392

259,731

74,607

267,403

205,227

      Total costs and other deductions

648,931

1,144,208

744,840

2,273,242

3,301,544

           

Income (loss) from continuing operations before income taxes

(128,890)

(331,777)

(227,748)

(805,346)

(203,565)

           

Income tax expense (benefit)

(31,051)

(80,898)

(41,183)

(124,298)

(35,158)

           

Income (loss) from continuing operations, net of tax

(97,839)

(250,879)

(186,565)

(681,048)

(168,407)

Income (loss) from discontinued operations, net of tax

(12,187)

(45,275)

(984)

(14,097)

(41,067)

           

Net income (loss)

(110,026)

(296,154)

(187,549)

(695,145)

(209,474)

     Less: Net (income) loss attributable to noncontrolling interest

(1,185)

320

2,899

990

453

Net income (loss) attributable to Nabors

$(111,211)

$(295,834)

$(184,650)

$  (694,155)

$  (209,021)

           

Amounts attributable to Nabors:

         

Net income (loss) from continuing operations

$   (99,024)

$(250,559)

$(183,666)

$  (680,058)

$  (167,954)

Net income (loss) from discontinued operations

(12,187)

(45,275)

(984)

(14,097)

(41,067)

Net income (loss) attributable to Nabors

$(111,211)

$(295,834)

$(184,650)

$  (694,155)

$  (209,021)

           

Earnings (losses) per share:

         

   Basic from continuing operations

$         (.35)

$         (.86)

$         (.65)

$         (2.41)

$           (.57)

   Basic from discontinued operations

(.04)

(.16)

-

(.05)

(.15)

     Basic

$         (.39)

$       (1.02)

$         (.65)

$         (2.46)

$           (.72)

           

   Diluted from continuing operations

$         (.35)

$         (.86)

$         (.65)

$         (2.41)

$           (.57)

   Diluted from discontinued operations

(.04)

(.16)

-

(.05)

(.15)

     Diluted

$         (.39)

$       (1.02)

$         (.65)

$         (2.46)

$           (.72)

           

Weighted-average number of common shares outstanding:

         

   Basic 

276,707

284,112

276,550

276,369

285,186

   Diluted 

276,707

284,112

276,550

276,369

285,186

           

Adjusted EBITDA (1)

$  148,739

$  247,631

$   165,508

$    476,299

$    904,088

Adjusted operating income (loss) (2)

$   (71,974)

$      7,524

$   (53,405)

$  (179,145)

$    164,766

 

(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 financial 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 Company's consolidated results based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures 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.  Other companies in our industry may compute these measures differently.  A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable 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 financial 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 Company's consolidated results based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures 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.  Other companies in our industry may compute these measures differently.  A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable 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".

----

Earlier:

NABORS NET LOSS $583 MLN 

NABORS NET LOSS $398.3 MLN 

NABORS NET LOSS $372.7 MLN 

NABORS LOSS $296 MLN 

NABORS LOSS $ 41.9  MLN

 

 

Tags: NABORS, INDUSTRIES, CANRIG

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