Nabors Q1 loss almost $4 million
April 25 (Reuters) – Contract driller Nabors Industries Ltd posted a quarterly loss, compared with a year-earlier profit, as oil producers used fewer rigs amid persistently low crude oil prices.
Net loss attributable to the company was $398.3 million, or $1.41 per share, in the first quarter ended March 31, compared with a profit of $123.6 million, or 42 cents per share, a year earlier.
Total revenue fell nearly 70 percent to $430.8 million.
Anthony Petrello, Nabors’ Chairman, President, and CEO, said, “Our first quarter results reflect the continued strain from low commodity prices. In particular, the first quarter’s drop in oil prices below $30 led to sharp reductions in customer spending plans on a worldwide basis and had a corresponding adverse impact on our results.”
“We continue to focus on maintaining our liquidity and enhancing operational performance during these challenged times”, said William Restrepo, Nabors’ Chief Financial Officer. Restrepo added “Though the quarter’s results declined materially from the previous quarter, we were able to slightly reduce net debt through a combination of continued execution of stringent cost control and disciplined capital spending.”
According to the company website, Nabors owns and operates the world’s largest land-based drilling rig fleet and is a leading provider of offshore platform rigs in the United States and multiple international markets.
The company also provides directional drilling services, performance tools throughout the significant oil and gas markets world-wide.
(Reporting by Manish Parashar in Bengaluru; Editing by Sriraj Kalluvila)