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Nabors Industries Q3 operating revenues $848 million

Staff writer |
Nabors Industries reported third-quarter operating revenues of $848 million, compared to $863 million in Q2 2015, and $1.81 billion in Q3 of last year.

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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.

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