Nabors Industries Q3 operating revenues $848 million
The comparable third quarter of last year included $612 million in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015.
The Completion and Production Services business is no longer consolidated with Nabors, and Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.
Net income from continuing operations reported for the third quarter was a loss of $250.9 million or $0.86 per diluted share. This compares to a second-quarter net income loss from continuing operations of $41.9 million or $0.14 per diluted share.
The current results include $250.9 million in pre-tax charges or $0.79 per diluted share.
The largest portion of the charges consisted of the impairment of Nabors' holdings in C&J Energy Services in the amount of $180.6 million. The balance consisted of numerous small asset impairments and severance costs. These impairments were partially offset by favorable tax adjustments of $19.1 million ($0.07 per diluted share).
The quarter also includes a net loss of $35.1 million or $0.12 per diluted share attributable to Nabors' equity share of C&J Energy Services second quarter results. ■