Nabors 2Q Net Soars On Higher Revenue, Asset Sale Gain

Date : 07/26/2011 @ 4:52PM
Source : Dow Jones News
Stock : Nabors Industries Ltd. (NBR)
Quote : 7.69  -0.16 (-2.04%) @ 3:59PM

Nabors 2Q Net Soars On Higher Revenue, Asset Sale Gain

Nabors (NYSE:NBR)
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Nabors Industries Ltd.'s (NBR) second-quarter profit soared on continued strong results from the land-drilling oil contractor's operations in the continental U.S., as well as a gain related to the sale of Colombia assets.

The company joined larger rivals, including market leader Schlumberger Ltd. (SLB), in reporting a stronger second-quarter profit as producers rush to cash in on high crude-oil prices globally and to tap North America's newfound reserves of oil and natural gas. However, Nabors last month projected an operating profit for the second quarter and the full year that missed analysts' then expectations, citing lower-than-expected performances in its pressure-pumping and international businesses.

On Tuesday, Nabors reported earnings of $192.4 million, or 65 cents a share, up from $43.6 million, or 15 cents a share, a year earlier. The latest results included a 42-cent gain related to the sale of the company's Colombia exploration and production assets. Total revenue jumped 50% to $1.36 billion.

Analysts polled by Thomson Reuters expected a profit of 24 cents a share on revenue of $1.33 billion.

Drilling revenue increased 33% in the continental U.S. segment but fell 0.7% internationally.

Shares fell 0.5% to $27 in after-hours trading.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

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