Nabors Industries(NBR) Message Board

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Gold/Mining/Energy : Nabors Industries(NBR)

NBR 48.52

-1.7%

Oct 31 9:30 AM EDT

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To: Dennis Roth who wrote (153)	5/9/2006 6:28:46 AM
From: Dennis Roth	Read Replies (1) of 174

Nabors Industries (IL/A): First Take - Strong 1Q06 results driven by US Land Drilling and Canada - Goldman Sachs - May 08, 2006 Nabors 1Q06 EPS of $0.79 exceeded our $0.70 and consensus $0.74. Consolidated EBITDA was 14% above our model. Key sources of EPS outperformance included: (1) Higher US Land drilling revenues (+$0.04 EPS variance); (2) higher Canadian operating income driven by lower costs (+ $0.05); (3) higher Oil & Gas operating income (+$0.03); (4) higher Other (+ $0.01); and (5) higher US Well Servicing revenues (+$0.01); offset partially by (4) lower Alaska revenue (-$0.04); (5) lower International revenue (-$0.01). We continue to believe land drilling fundamentals remain strong and expect bullish outlook commentary with potential for additional land rig newbuild announcements. We also believe NBR may give clarity with respect to share repurchase plans. Maintain IL/A. Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Jason Gilbert, Daniel Henriques.

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