Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NABORS INDUSTRIES LTD | h78282e8vk.htm |
| EX-12 - EX-12 - NABORS INDUSTRIES LTD | h78282exv12.htm |
| EX-99.2 - EX-99.2 - NABORS INDUSTRIES LTD | h78282exv99w2.htm |
| EX-23.1 - EX-23.1 - NABORS INDUSTRIES LTD | h78282exv23w1.htm |
| EX-99.3 - EX-99.3 - NABORS INDUSTRIES LTD | h78282exv99w3.htm |
EXHIBIT 99.1
ITEM 6. SELECTED FINANCIAL DATA
| Year Ended December 31, | ||||||||||||||||||||
| Operating Data (1)(2)(3) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| (In thousands, except per share amounts and ratio data) | ||||||||||||||||||||
Revenues and other income: |
||||||||||||||||||||
Operating revenues |
$ | 3,683,419 | $ | 5,507,542 | $ | 4,938,748 | $ | 4,707,268 | $ | 3,394,472 | ||||||||||
Earnings (losses) from
unconsolidated affiliates |
(155,433 | ) | (192,548 | ) | 20,980 | 20,545 | 5,671 | |||||||||||||
Investment income (loss) |
25,599 | 21,412 | (16,290 | ) | 101,907 | 85,358 | ||||||||||||||
Total revenues and other income |
3,553,585 | 5,336,406 | 4,943,438 | 4,829,720 | 3,485,501 | |||||||||||||||
Costs and other deductions: |
||||||||||||||||||||
Direct costs |
2,001,404 | 3,100,613 | 2,763,462 | 2,508,611 | 1,958,374 | |||||||||||||||
General and administrative expenses |
428,161 | 479,194 | 436,274 | 416,582 | 247,089 | |||||||||||||||
Depreciation and amortization |
667,100 | 614,367 | 469,669 | 365,357 | 285,054 | |||||||||||||||
Depletion |
9,417 | 22,308 | 30,904 | 38,580 | 46,894 | |||||||||||||||
Interest expense |
266,039 | 196,718 | 154,919 | 120,507 | 44,849 | |||||||||||||||
Losses (gains) on sales and
retirements of long-lived assets and
other expense (income), net |
12,559 | 15,829 | 11,777 | 22,092 | 44,239 | |||||||||||||||
Impairments and other charges |
330,976 | 176,123 | 41,017 | — | — | |||||||||||||||
Total costs and other deductions |
3,715,656 | 4,605,152 | 3,908,022 | 3,471,729 | 2,626,499 | |||||||||||||||
Income (loss) from continuing
operations before income taxes |
(162,071 | ) | 731,254 | 1,035,416 | 1,357,991 | 859,002 | ||||||||||||||
Income tax expense (benefit) |
(133,803 | ) | 209,660 | 201,896 | 407,282 | 218,995 | ||||||||||||||
Income (loss) from continuing
operations, net of tax |
(28,268 | ) | 521,594 | 833,520 | 950,709 | 640,007 | ||||||||||||||
Income (loss) from discontinued
operations, net of tax |
(57,620 | ) | (41,930 | ) | 31,762 | 24,927 | 10,413 | |||||||||||||
Net income (loss) |
(85,888 | ) | 479,664 | 865,282 | 975,636 | 650,420 | ||||||||||||||
Less: Net (income) loss attributable
to noncontrolling interest |
342 | (3,927 | ) | 420 | (1,914 | ) | (1,725 | ) | ||||||||||||
Net income (loss) attributable to Nabors |
$ | (85,546 | ) | $ | 475,737 | $ | 865,702 | $ | 973,722 | $ | 648,695 | |||||||||
Earnings (losses) per share: |
||||||||||||||||||||
Basic from continuing operations |
$ | (.10 | ) | $ | 1.84 | $ | 2.97 | $ | 3.26 | $ | 2.04 | |||||||||
Basic from discontinued operations |
(.20 | ) | (.15 | ) | .11 | .09 | .03 | |||||||||||||
Total Basic |
$ | (.30 | ) | $ | 1.69 | $ | 3.08 | $ | 3.35 | $ | 2.07 | |||||||||
Diluted from continuing operations |
$ | (.10 | ) | $ | 1.80 | $ | 2.89 | $ | 3.16 | $ | 1.97 | |||||||||
Diluted from discontinued operations |
(.20 | ) | (.15 | ) | .11 | .08 | .03 | |||||||||||||
Total Diluted |
$ | (.30 | ) | $ | 1.65 | $ | 3.00 | $ | 3.24 | $ | 2.00 | |||||||||
Weighted-average number of common
shares outstanding: |
||||||||||||||||||||
Basic |
283,326 | 281,622 | 281,238 | 291,267 | 312,667 | |||||||||||||||
Diluted |
283,326 | 288,236 | 288,226 | 300,677 | 323,712 | |||||||||||||||
Capital expenditures and acquisitions
of businesses (4) |
$ | 990,287 | $ | 1,578,241 | $ | 1,945,932 | $ | 2,006,286 | $ | 1,003,269 | ||||||||||
Interest coverage ratio (5) |
6.3:1 | 21.0:1 | 32.6:1 | 38.2:1 | 25.6:1 | |||||||||||||||
| As of December 31, | ||||||||||||||||||||
| Balance Sheet Data (2)(3) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| (In thousands, except ratio data) | ||||||||||||||||||||
Cash, cash equivalents, short-term
and long-term investments and other
receivables (6) |
$ | 1,191,733 | $ | 826,063 | $ | 1,179,639 | $ | 1,653,285 | $ | 1,646,327 | ||||||||||
Working capital |
1,568,042 | 1,037,734 | 719,674 | 1,650,496 | 1,264,852 | |||||||||||||||
Property, plant and equipment, net |
7,646,050 | 7,331,959 | 6,669,013 | 5,423,729 | 3,886,924 | |||||||||||||||
Total assets |
10,644,690 | 10,517,899 | 10,139,783 | 9,155,931 | 7,230,407 | |||||||||||||||
Long-term debt |
3,940,605 | 3,600,533 | 2,894,659 | 3,457,675 | 1,251,751 | |||||||||||||||
Shareholders’ equity |
5,167,656 | 4,904,106 | 4,801,579 | 3,889,100 | 3,758,140 | |||||||||||||||
Funded debt to capital ratio: |
||||||||||||||||||||
Gross (7) |
0.41:1 | 0.41:1 | 0.39:1 | 0.43:1 | 0.32:1 | |||||||||||||||
Net (8) |
0.33:1 | 0.35:1 | 0.30:1 | 0.28:1 | 0.08:1 | |||||||||||||||
| (1) | All periods present the operating activities of oil and gas assets in the Horn River basin in Canada and in the Llanos basin in Colombia and the Sea Mar business as discontinued operations. | |
| (2) | The operating data for the year ended December 31, 2005 and the balance sheet data at December 31, 2005 do not reflect the adoption of the revised provisions relating to convertible debt within the Debt with Conversions and Other Options Topic of the Accounting Standards Codification. | |
| (3) | Our acquisitions’ results of operations and financial position have been included beginning on the respective dates of acquisition and include Pragma Drilling Equipment Ltd. assets (May 2006), 1183011 Alberta Ltd. (January 2006), Sunset Well Service, Inc. (August 2005), Alexander Drilling, Inc. assets (June 2005), Phillips Trucking, Inc. assets (June 2005), and Rocky Mountain Oil Tools, Inc. assets (March 2005). | |
| (4) | Represents capital expenditures and the portion of the purchase price of acquisitions allocated to fixed assets and goodwill based on their fair market value. | |
| (5) | The interest coverage ratio is a trailing 12-month quotient of the sum of income (loss) from continuing operations, net of tax, net income (loss) attributable to noncontrolling interest, interest expense, depreciation and amortization, depletion expense, impairments and other charges, income tax expense (benefit) and our proportionate share of full-cost ceiling test writedowns from our unconsolidated oil and gas joint ventures less investment income (loss) divided by cash interest expense. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense. The interest coverage ratio is not a measure of operating performance or liquidity defined by GAAP and may not be comparable to similarly titled measures presented by other companies. | |
| (6) | The December 31, 2008 and 2007 amounts include $1.9 million and $53.1 million, respectively, in cash proceeds receivable from brokers from the sale of certain long-term investments that are included in other current assets. Additionally, the December 31, 2009, 2008 and 2007 amounts include $92.5 million, $224.2 million and $123.3 million, respectively, in oil and gas financing receivables that are included in long-term investments and other receivables. | |
| (7) | The gross funded debt to capital ratio is calculated by dividing (x) funded debt by (y) funded debt plus deferred tax liabilities (net of deferred tax assets) plus capital. Funded debt is the sum of (1) short-term borrowings, (2) the current portion of long-term debt and (3) long-term debt. Capital is defined as shareholders’ equity. The gross funded debt to capital ratio is not a measure of operating performance or liquidity defined by GAAP and may not be comparable to similarly titled measures presented by other companies. | |
| (8) | The net funded debt to capital ratio is calculated by dividing (x) net funded debt by (y) net funded debt plus deferred tax liabilities (net of deferred tax assets) plus capital. Net funded debt is funded debt minus the sum of cash and cash equivalents and short-term and long-term investments and other receivables. The net funded debt to capital ratio is not a measure of operating performance or liquidity defined by GAAP and may not be comparable to similarly titled measures presented by other companies. |
2