Nabors Industries Ltd. (NBR, Financial) filed Quarterly Report for the period ended 2012-06-30.
Nabors Industries Ltd. has a market cap of $4.17 billion; its shares were traded at around $13.91 with a P/E ratio of 7.8 and P/S ratio of 0.7. Nabors Industries Ltd. had an annual average earning growth of 7.6% over the past 10 years.
Operating revenues and Earnings (losses) from unconsolidated affiliates for the three months ended June 30, 2012 totaled $1.6 billion, representing an increase of $249.8 million, or 18%, as compared to the three months ended June 30, 2011, and $3.4 billion for the six months ended June 30, 2012, representing an increase of $681.8 million, or 25%, as compared to the six months ended June 30, 2011. Adjusted income derived from operating activities for the three and six months ended June 30, 2012 totaled $230.4 million and $551.6 million, respectively, representing increases of 30% and 43%, respectively, compared to the three and six months ended June 30, 2011. Net income (loss) from continuing operations for the three and six months ended June 30, 2012 totaled $(98.7) million ($(.34) per diluted share) and $44.0 million ($.16 per diluted share), respectively, representing decreases of 239% and 73%, respectively, compared to the three and six months ended June 30, 2011.
The amount of gains (losses) on sales and retirements of long-lived assets and other income (expense), net for the three and six months ended June 30, 2012 was primarily comprised of net losses on sales and retirements of long-lived assets of approximately $6.0 million and $4.2 million, respectively, and net increases to our litigation reserves of $5.0 million and $5.5 million, respectively.
Operating Activities. Net cash provided by operating activities totaled $711.9 million during the six months ended June 30, 2012 compared to net cash provided by operating activities of $869.9 million during the corresponding 2011 period. Net cash provided by operating activities is our primary source of capital and liquidity. Factors affecting changes in operating cash flows are largely the same as those that affect net earnings, with the exception of non-cash expenses such as depreciation and amortization, impairments and other charges, share-based compensation, deferred income taxes and our proportionate share of earnings or losses from unconsolidated affiliates. Net income (loss) adjusted for non-cash components was approximately $871.5 million and $680.2 million for the six months ended June 30, 2012 and 2011, respectively. Additionally, changes in working capital items such as increases or decreases in receivables or payables can be a significant factor in the determination of operating cash flows. Changes in working capital items used $159.6 million and provided $189.7 million, respectively, in cash flows for the six months ended June 30, 2012 and 2011.
Our discontinued operations include our contracts with pipeline companies include pipeline transmission commitments in the Horn River Basin. During the year ended December 31, 2011, we evaluated current production levels, natural gas prices and the anticipated sales cycle related to the sale of properties corresponding to these commitments. As a result, we recorded liabilities for excess pipeline capacity. Our consolidated balance sheets included current liabilities related to discontinued operations of $63.9 million and $54.3 million that were included in accrued liabilities and noncurrent liabilities related to discontinued operations of $35.3 million and $71.4 million that were included in other long-term liabilities at June 30, 2012 and December 31, 2011, respectively. These amounts represent our best estimate of the excess capacity of the pipeline, based upon the estimated sales date of the properties, as compared to the contractual commitments. Our commitments beyond December 31, 2013 could approximate $265.4 million if the related properties are not sold or developed. Decreases in actual production, natural gas prices or a change in the estimated sales date could result in future charges related to excess capacity of the pipeline that may materially impact our results of operations.
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Nabors Industries Ltd. has a market cap of $4.17 billion; its shares were traded at around $13.91 with a P/E ratio of 7.8 and P/S ratio of 0.7. Nabors Industries Ltd. had an annual average earning growth of 7.6% over the past 10 years.
Highlight of Business Operations:
Our contracts with pipeline companies include pipeline transmission commitments in the Horn River Basin. During the year ended December 31, 2011, we evaluated current production levels, natural gas prices and the anticipated sales cycle related to the sale of properties corresponding to these commitments. As a result, we recorded liabilities for excess pipeline capacity. Our consolidated balance sheets included current liabilities related to discontinued operations of $63.9 million and $54.3 million that were included in accrued liabilities and noncurrent liabilities related to discontinued operations of $35.3 million and $71.4 million that were included in other long-term liabilities at June 30, 2012 and December 31, 2011, respectively. These amounts represent our best estimate of the excess capacity of the pipeline, based upon the estimated sales date of the properties, as compared to the contractual commitments. Our commitments beyond December 31, 2013 could approximate $265.4 million if the related properties are not sold or developed. Decreases in actual production, natural gas prices or a change in the estimated sales date could result in future charges related to excess capacity of the pipeline that may materially impact our results of operations.Operating revenues and Earnings (losses) from unconsolidated affiliates for the three months ended June 30, 2012 totaled $1.6 billion, representing an increase of $249.8 million, or 18%, as compared to the three months ended June 30, 2011, and $3.4 billion for the six months ended June 30, 2012, representing an increase of $681.8 million, or 25%, as compared to the six months ended June 30, 2011. Adjusted income derived from operating activities for the three and six months ended June 30, 2012 totaled $230.4 million and $551.6 million, respectively, representing increases of 30% and 43%, respectively, compared to the three and six months ended June 30, 2011. Net income (loss) from continuing operations for the three and six months ended June 30, 2012 totaled $(98.7) million ($(.34) per diluted share) and $44.0 million ($.16 per diluted share), respectively, representing decreases of 239% and 73%, respectively, compared to the three and six months ended June 30, 2011.
The amount of gains (losses) on sales and retirements of long-lived assets and other income (expense), net for the three and six months ended June 30, 2012 was primarily comprised of net losses on sales and retirements of long-lived assets of approximately $6.0 million and $4.2 million, respectively, and net increases to our litigation reserves of $5.0 million and $5.5 million, respectively.
Operating Activities. Net cash provided by operating activities totaled $711.9 million during the six months ended June 30, 2012 compared to net cash provided by operating activities of $869.9 million during the corresponding 2011 period. Net cash provided by operating activities is our primary source of capital and liquidity. Factors affecting changes in operating cash flows are largely the same as those that affect net earnings, with the exception of non-cash expenses such as depreciation and amortization, impairments and other charges, share-based compensation, deferred income taxes and our proportionate share of earnings or losses from unconsolidated affiliates. Net income (loss) adjusted for non-cash components was approximately $871.5 million and $680.2 million for the six months ended June 30, 2012 and 2011, respectively. Additionally, changes in working capital items such as increases or decreases in receivables or payables can be a significant factor in the determination of operating cash flows. Changes in working capital items used $159.6 million and provided $189.7 million, respectively, in cash flows for the six months ended June 30, 2012 and 2011.
Our discontinued operations include our contracts with pipeline companies include pipeline transmission commitments in the Horn River Basin. During the year ended December 31, 2011, we evaluated current production levels, natural gas prices and the anticipated sales cycle related to the sale of properties corresponding to these commitments. As a result, we recorded liabilities for excess pipeline capacity. Our consolidated balance sheets included current liabilities related to discontinued operations of $63.9 million and $54.3 million that were included in accrued liabilities and noncurrent liabilities related to discontinued operations of $35.3 million and $71.4 million that were included in other long-term liabilities at June 30, 2012 and December 31, 2011, respectively. These amounts represent our best estimate of the excess capacity of the pipeline, based upon the estimated sales date of the properties, as compared to the contractual commitments. Our commitments beyond December 31, 2013 could approximate $265.4 million if the related properties are not sold or developed. Decreases in actual production, natural gas prices or a change in the estimated sales date could result in future charges related to excess capacity of the pipeline that may materially impact our results of operations.
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