Nabors Industries Ltd. (NBR, Financial) filed Quarterly Report for the period ended 2009-03-31.
Nabors Industries Inc. is one of the largest land drilling contractors. Nabors conducts oil gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business it offers a number of ancillary well-site services including oilfield management engineering transportation construction maintenance well logging and other support services in selected domestic and international markets. Nabors Industries Ltd. has a market cap of $4.94 billion; its shares were traded at around $17.47 with a P/E ratio of 5.9 and P/S ratio of 0.9. Nabors Industries Ltd. had an annual average earning growth of 26.2% over the past 10 years. GuruFocus rated Nabors Industries Ltd. the business predictability rank of 4.5-star.
While average spot prices over the preceding two years reflect increasing natural gas and oil prices, beginning in the fourth quarter of 2008, there was a significant reduction in the demand for natural gas that was caused, at least in part, by the significant deterioration of the global economic environment including the extreme volatility in the capital and credit markets. This resulted in gas prices declining significantly by approximately 50% from the third quarter of 2008 average of $9.07 per mcf to the first quarter of 2009 average of $4.56 per mcf. Oil prices also declined significantly by approximately 63% from the third quarter
of 2008 average of $118.23 per barrel to the first quarter of 2009 average of $43.18 per barrel. The following table sets forth natural gas and oil price data per Bloomberg for each quarter over the preceding two years:
Operating revenues and Earnings (losses) from unconsolidated affiliates for the three months ended March 31, 2009 totaled $1.1 billion, representing a decrease of $161.8 million, or 12% as compared to the three months ended March 31, 2008. Adjusted income derived from operating activities and net income for the three months ended March 31, 2009 totaled $199.1 million and $125.2 million ($.44 per diluted share), respectively, representing decreases of 30% and 41%, respectively, compared to the three months ended March 31, 2008.
Read the The complete ReportNBR is in the portfolios of Martin Whitman of Third Avenue Value Fund, Third Avenue Management, Richard Snow of Snow Capital Management, L.P., Chris Davis of Davis Selected Advisers, Kenneth Fisher of Fisher Asset Management, LLC.
Nabors Industries Inc. is one of the largest land drilling contractors. Nabors conducts oil gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business it offers a number of ancillary well-site services including oilfield management engineering transportation construction maintenance well logging and other support services in selected domestic and international markets. Nabors Industries Ltd. has a market cap of $4.94 billion; its shares were traded at around $17.47 with a P/E ratio of 5.9 and P/S ratio of 0.9. Nabors Industries Ltd. had an annual average earning growth of 26.2% over the past 10 years. GuruFocus rated Nabors Industries Ltd. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Natural gas prices are the primary drivers of our U.S. Lower 48 Land Drilling and Canadian Contract Drilling operations, while oil prices are the primary driver in our Alaskan, International, U.S. Offshore (Gulf of Mexico), Canadian well-servicing and U.S. Land Well-servicing operations. The Henry Hub natural gas spot price (per Bloomberg) averaged $7.91 per million cubic feet (mcf) during the period from April 1, 2008 through March 31, 2009, up from a $7.32 per mcf average during the period from April 1, 2007 through March 31, 2008. West Texas intermediate spot oil prices (per Bloomberg) averaged $86.68 per barrel during the period from April 1, 2008 through March 31, 2009, up from a $81.97 per barrel average during the period from April 1, 2007 through March 31, 2008.While average spot prices over the preceding two years reflect increasing natural gas and oil prices, beginning in the fourth quarter of 2008, there was a significant reduction in the demand for natural gas that was caused, at least in part, by the significant deterioration of the global economic environment including the extreme volatility in the capital and credit markets. This resulted in gas prices declining significantly by approximately 50% from the third quarter of 2008 average of $9.07 per mcf to the first quarter of 2009 average of $4.56 per mcf. Oil prices also declined significantly by approximately 63% from the third quarter
of 2008 average of $118.23 per barrel to the first quarter of 2009 average of $43.18 per barrel. The following table sets forth natural gas and oil price data per Bloomberg for each quarter over the preceding two years:
Operating revenues and Earnings (losses) from unconsolidated affiliates for the three months ended March 31, 2009 totaled $1.1 billion, representing a decrease of $161.8 million, or 12% as compared to the three months ended March 31, 2008. Adjusted income derived from operating activities and net income for the three months ended March 31, 2009 totaled $199.1 million and $125.2 million ($.44 per diluted share), respectively, representing decreases of 30% and 41%, respectively, compared to the three months ended March 31, 2008.
Read the The complete ReportNBR is in the portfolios of Martin Whitman of Third Avenue Value Fund, Third Avenue Management, Richard Snow of Snow Capital Management, L.P., Chris Davis of Davis Selected Advisers, Kenneth Fisher of Fisher Asset Management, LLC.
