Pioneer Drilling Co. Inc., a San Antonio-based drilling-services company, reported a net loss of $8.4 million
Pioneer Drilling Co. Inc., a San Antonio-based drilling-services company, reported a net loss of $8.4 million, or 16 cents per diluted share, on revenues of $81.2 million for the quarter ended Dec. 31, 2009. This includes the positive earnings impact of a $3.5 million tax benefit. When adjusted to exclude the tax benefit, the net loss is $11.9 million, or 23 cents per diluted share for the fourth quarter of 2009. The recent quarterly results compare to a net loss of $117.9 million, or $2.37 per diluted share, on revenues of $170.7 million for the quarter ended Dec. 31, 2008. The net loss from that quarter included a $118.6 million goodwill impairment charge and a $52.8 million intangible asset impairment charge. The net loss for the full year ended Dec. 31, 2009 was $23.2 million, or 46 cents per diluted share, compared to a net loss of $62.7 million, or $1.26 per diluted share, for the year ended Dec. 31, 2008. [Read the full article]
David Gardner called it. He up 1,334%! See what David recommending that you buy NEXT. Following my recent praise of Noble’s (NYSE: NE) 2009 results, a reader asked about the risk of long-term rig overcapacity in the deepwater drilling market. It’s an important question, and I’m happy to take a crack at it. First, let’s establish some terminology, which we’ll borrow from Transocean (NYSE: RIG). When we talk about deepwater rigs, we mean either drillships or semisubmersibles that are able to operate in more than 4,500 feet of water. Ultra-deepwater rigs, a state-of-the-art subset, have a rated water depth of 7,500 feet or more. We’ll later see that this is an important distinction. Oil: Who needs it? Let’s start with demand for these drilling leviathans, which is ultimately driven by oil fundamentals. The dynamics of the oil market extend well beyond the scope of this article. [Read the full article]
Nabors Industries Ltd. (NYSE:NBR – News) today announced its results for the fourth quarter and full year 2009. The Company net income, excluding previously disclosed non-cash charges, was $51.5 million ($0.18 per diluted share) in the fourth quarter and $369.4 million ($1.29 per diluted share) for the full year. On the same basis the quarter adjusted income derived from operating activities was $133 million, bringing the total for the full year to $664 million. Revenues for the Company were $841 million for the quarter and $3.7 billion for the full year.
Gene Isenberg, Nabors Chairman and CEO, commented, “The quarter sequential improvement was fueled by higher activity in our US Offshore, US Lower 48 Land Drilling and Well Servicing operations, bolstered by seasonal ramp-ups in Alaska and Canada. These increases more than offset the predicted decrease in our International business. [Read the full article]