Nabors Industries Ltd. (NBR) said it expects its fourth quarter results to modestly exceed mean estimates of $0.16 per share, excluding estimated non-cash, pre-tax charges of about $274 million or $0.65 per share. Tenty-five analysts estimate earnings per share of $0.16 for the fourth quarter.
The company stated that its oil and gas segment incurred about $255 million of these non-cash, pre-tax charges, the majority of which resulted from year-end ceiling-test adjustments in unconsolidated joint venture entities which utilize the full-cost method of accounting.
Gene Isenberg, Nabors' chairman and chief executive, commented, "These sizable non-cash charges obscure what was otherwise a good quarter, with most of our larger units achieving improved results. The writedowns in our oil and gas segment reduce to less than $700 million the carrying value of both our joint venture companies and our wholly owned oil and gas interests."
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