nabors industries ltd (NBR) Key Developments
Nabors Industries Ltd. Declares Quarterly Cash Dividend, Payable on June 28, 2013
Apr 30 13
On April 25, 2013, Nabors Industries Ltd.'s board of directors declared a quarterly cash dividend of $0.04 per common share, which will be paid on June 28, 2013 to shareholders of record at the close of business on June 7, 2013.
Nabors Industries Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Fiscal Year 2013
Apr 23 13
Nabors Industries Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported adjusted income derived from operating activities was $149.6 million, compared to $315.5 million in the first quarter of 2012. Net income from continuing operations was $97.2 million or $0.33 per diluted share, compared to $142.6 million or $0.49 per diluted share in the first quarter of 2012. Total revenues and other income was $1,660.961 million against $1,842.009 million a year ago. Income from continuing operations before income taxes was $109.194 million against $212.412 million a year ago. Income from continuing operations, net of tax was $97.172 million against $142.618 million a year ago. Net income attributable to the company $99.121 million or $0.33 per diluted share against $134.090 million or $0.46 per diluted share a year ago. Adjusted EBITDA from continuing operations was $422.953 million against $563.157 million a year ago. Net debt stands at about $3.7 billion, up $89 million from last quarter, as the company used EBITDA from last quarter of $422 million to fund capital expenditures of $271 million, interest payments, dividends, 2012 related bonuses and changes in working capital. The company generated net operating cash flow of approximately $152 million. Capital expenditures for the quarter were $271 million and capital expenditure sustaining was $59 million. Operating income was $150 million, essentially flat with the prior quarter and down 53% from $316 million in the same quarter last year.
The company provided earnings guidance for the fiscal year 2013. For 2013, the company expects depreciation of about $1.1 billion and have currently budgeted $1.2 billion of capital expenditure, which includes construction of rigs for both U.S. and international opportunities over 20 walking systems and sustaining capital expenditure, which the company will work on and try to minimize. The company will continue to focus on managing growth and sustaining capital expenditure plans and are prepared to increase the company’s budget to fund additional new build awards that have attractive economics. The company still expects to generate significant operating cash flow through the remainder of 2013 despite weaker North American conditions. Based on consensus EBITDA estimates for the remainder of 2013, the company’s net debt to capitalization would be 35% at December 2013, assuming no additional asset sales and current levels of planned capital expenditure. The company expects the remainder of 2013 effective tax rate to be approximately 22% to 24%, and cash taxes should remain at minimal levels.
Nabors Mulls Options
Apr 5 13
Nabors Industries Ltd. is evaluating options. President and Chief Executive Officer of Nabors, Anthony G. Petrello said, “We are pleased to have reached this beneficial agreement following a series of constructive discussions with Pamplona. Today's announcement enables us to add new and qualified independent directors to our Board and to continue executing on our strategic plan to create value for our shareholders. The Board is also evaluating strategies to enhance shareholder value, including optimizing the Company's capital structure, reviewing its mix of businesses and improving operating performance with the assistance of an independent financial advisory firm of international reputation. We remain confident that our quality asset base, diverse product lines and geography, global infrastructure and talented employee base uniquely position us for the long-term”.
Nabors Industries Ltd. Appoints Howard Wolf as Board of Director
Apr 4 13
Nabors Industries Ltd. announced that its Board of Directors has expanded the Board to eight members from the current seven and subsequently appointed Howard Wolf to fill the newly created vacancy. Mr. Wolf is a former senior partner with the law firm of Fulbright & Jaworski L.L.P. where he practiced from 1959 until his retirement from the firm in 2003. While practicing at Fulbright, he chaired the Committee on Securities and Investment Banking, as well as the Section on Corporation, Banking and Business Law of the State Bar of Texas. His practice involved a number of industries, including extensive work in the energy industry, and was primarily focused on corporate and securities matters, including mergers and acquisitions, finance, international law and restructuring. He chaired the firm's Corporate department from 1977-84. Mr. Wolf has also served on or chaired a number of public, private and charitable boards of directors -- including Stewart & Stevenson and Offshore Logistics -- and as a partner of various companies. He currently serves on the board of Simmons & Company International, a private investment banking and securities firm specializing in the energy industry.
Nabors Industries Ltd. to Report Q1, 2013 Results on Apr 23, 2013
Apr 1 13
Nabors Industries Ltd. announced that they will report Q1, 2013 results at 5:00 PM, SA Western Standard Time on Apr 23, 2013