Nabors Industries - Making Big Moves For The Future Drilling Of Profits
Nabors Industries: An Activist Led Turnaround Is Underway
Tue, Apr. 26, 3:58 PM
- Nabors Industries (NBR -9.8%) sinks ~10% after reporting a narrower than expected Q1 loss but total revenues that fell 70% Y/Y and fell far short of analyst expectations.
- Adjusted earnings excluded $1.12/share of impairments from its investment in C&J Energy Services (CJES -2.4%); NBR owns 53% of CJES after selling its completion and production services business to the pressure pump operator in 2014.
- NBR says its current rig count fell to 54, matching its forecast in the mid-50s, and CFO William Restrepo warns that the company expects further near-term reductions in rig counts both internationally and in the U.S. despite the recent upturn in oil prices, and expects margins to deteriorate.
- NBR bounced slightly off its lows of the day after Morgan Stanley's Ole Storer maintained an Overweight rating in the stock with a $17 price target, saying today's selloff was unwarranted; Storer says NBR's international fleet build-out and its continued efforts to improve its marketing of technology position it well for a market recovery, adding that the company's balance sheet looks stable with neutral free cash flow at the current cyclical trough.
- Now read Beware offshore drillers rising too far too fast, analyst says
Mon, Apr. 25, 4:20 PM
Sun, Apr. 24, 5:35 PM
Tue, Feb. 16, 4:28 PM
Mon, Feb. 15, 5:35 PM
Oct. 28, 2015, 2:38 PM
- Nabors Industries (NBR +2.2%) is higher after posting a Q3 loss in line with analyst expectations and saying it will continue cutting costs to meet its minimum goal of breakeven free cash flow.
- Weak prices eventually will chip away at the global glut of crude oil, which should prod prices higher again, but oil companies are not yet convinced the market has rebounded enough to drill again, CEO Tony Petrello said in today's earnings conference call.
- To offset the declining demand for its rigs, NBR is trying to protect its balance sheet by cutting costs and headcount, and squeezing suppliers for deeper discounts, and the company says it plans to implement additional cost-cutting measures in Q4.
- NBR currently has 81 rigs operating in the U.S. oil patch, and Petrello expects that number to slip into the mid-70s in Q4.
- While other oilfield services companies and equipment suppliers say they are looking at potential mergers and acquisitions, Petrello says NBR has not yet seen a deal worth making.
Oct. 27, 2015, 4:27 PM
- Nabors (NYSE:NBR): Q3 EPS of -$0.14 in-line.
- Revenue of $812.4M (-55.1% Y/Y) beats by $45.7M.
Oct. 26, 2015, 5:35 PM
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Aug. 4, 2015, 7:31 PM
- Nabors Industries (NYSE:NBR) says it expects a decrease in Q3 results as current depressed market conditions likely will prevail for an extended period.
- Q2 results, "while down significantly [Y/Y], were better than we had anticipated," Chairman/CEO Anthony Petrello says, adding that NBR expects another decline in Q3 but that the quarter may "represent the bottom in most areas outside of the U.S. Lower 48," as international rig startups and Q4 seasonal upticks in Alaska and Canada should "mitigate some of the impact of further pricing erosion in the U.S."
- NBR says it expects the North American market to remain depressed for a long time; total Q2 revenue fell 47% Y/Y to $863M, with revenue from the company's drilling operations in the U.S. falling ~40%.
Aug. 4, 2015, 5:05 PM
- Nabors (NYSE:NBR): Q2 EPS of $0.09 beats by $0.18.
- Revenue of $863.3M (-46.7% Y/Y) beats by $64.13M.
Apr. 21, 2015, 7:15 PM
- Nabors Industries (NYSE:NBR) +1.6% AH after reporting better than expected Q1 earnings and revenues, as improved earnings in its drilling and rig services segment offset losses at the completion and production business it recently sold to C&J Energy.
- The Q1 results include the completion and production results through March 23, during which the segment generated an operating loss of $58.5M that had a $0.15/share negative impact on NBR's bottom line.
- NBR says Q1 operating earnings at its drilling and rig services segment rose 29% Y/Y to $201M, U.S. drilling operating earnings improved 6.3%, while international drilling profit more than doubled.
- NBR also says it had cut its global workforce by more than 18% since the end of 2014, including respective reductions of 41% and 26% in the U.S. drilling and Canada segments; excluding Q1 severance charges, NBR says it has reduced overhead costs by ~$20M Q/Q.
Apr. 21, 2015, 5:23 PM
- Nabors (NYSE:NBR): Q1 EPS of $0.20 beats by $0.16.
- Revenue of $1.42B (-10.7% Y/Y) beats by $80M.
Apr. 20, 2015, 5:35 PM
Mar. 2, 2015, 6:33 PM
- Nabors Industries (NYSE:NBR) -2.7% AH after missing expectations for Q4 earnings and revenues.
- Unadjusted earnings swung to an $891M Q4 loss, which included a $612M impairment NBR booked on its older rigs which have become less valuable as they are used less and the company is no longer able to justify maintenance, and a $387M writedown related to goodwill; NBR reported an unadjusted $152M profit in the year-ago quarter.
- NBR says its drilling operations posted a Q/Q improvement in operating income, primarily attributable to new rig deployments and the seasonal ramp-up in Alaska, and its international drilling segment also benefited from new rig deployments and contract renewals, but rig services and completion and production services operations were hurt by lower activity and increased pricing competitiveness compared with the previous quarter.
Mar. 2, 2015, 4:57 PM
- Nabors (NYSE:NBR): Q4 EPS of $0.33 misses by $0.06.
- Revenue of $1.78B (+10.6% Y/Y) misses by $50M.
- Shares -2%.
Nabors Industries Ltd. provides offshore platform work over and drilling rigs and manufactures top drives for a broad range of drilling applications, directional drilling systems, rig instrumentation and data collection equipment, pipeline handling equipment and rig reporting software. The... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States
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