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Vol. 21, No. 13 Week of March 27, 2016
Providing coverage of Alaska and northern Canada's oil and gas industry

Arctic Directory March 2016: Nabors announces third quarter results

Nabors Industries Ltd. reported third-quarter operating revenues of $848 million Oct. 27, compared to $863 million in the second quarter of 2015, and $1.81 billion in the third quarter of last year. The comparable third quarter of last year included $612 million in revenue from completion and production services, a business line that merged with C&J Energy Services on March 24, 2015. The completion and production services business is no longer consolidated with Nabors and Nabors’ results reflect equity-method accounting for this investment on a quarter-lag basis. Net income from continuing operations reported for the third quarter was a loss of $250.9 million or 86 cents per diluted share. This compares to a second-quarter net income loss from continuing operations of $41.9 million or 14 cents per diluted share. The current results include $250.9 million in pre-tax charges or 79 cents per diluted share. The largest portion of the charges consisted of the impairment of Nabors’ holdings in C&J Energy Services in the amount of $180.6 million. The balance consisted of numerous small asset impairments and severance costs. These impairments were partially offset by favorable tax adjustments of $19.1 million, 7 cents per diluted share. The quarter also includes a net loss of $35.1 million or 12 cents per diluted share attributable to Nabors’ equity share of C&J Energy Services second quarter results.



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