- 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.
Nabors' operating profit slips but results beat estimates, +2.3% AH
Feb 18 2014, 17:53 ET