Nabors' operating profit slips but results beat estimates, +2.3% AH

Nabors Industries (NBR) +2.3% AH after posting a slight drop in Q4 operating earnings but coming in ahead of analyst estimates.

NBR's completion and production services, which includes its U.S. well servicing and pressure-pumping operations, posted a Y/Y adjusted operating income drop of 21%; adjusted operating earnings at the drilling and rig services business rose 11%.

While its international rig count was flat in Q4, NBR was able to boost margins due to lower costs to move rigs and other items.

Says it reinvested $1.4B in new rigs and technological upgrades while cutting its debt level by $870M.

Last year should represent "the low point in Nabors' protracted five-year tough," CEO Tony Petrello says, adding that he sees "substantial, year-over year quarterly improvement" in results starting next quarter.

Comments (2)
  • Ocean Man
    , contributor
    Comments (647) | Send Message
    My diet starts tomorrow too.
    18 Feb 2014, 07:39 PM Reply Like
  • Secret Recipe
    , contributor
    Comments (63) | Send Message
    Mine started years ago and I have lost so much weight, it is not even funny;
    About time I put up some fat. Ha
    19 Feb 2014, 10:00 AM Reply Like
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