Earnings Call Excerpt
Nabors Industries Limited (NBR)
Q1 2009 Earnings Call
April 22, 2009 11:00 am ET
Executives
Gene Isenberg - Chairman and Chief Executive Officer
Tony Petrello – President and Chief Operating Officer
Laura Doerre – General Counsel
Clark Woods – Chief Accounting Officer
Ziggy Meisner - President
Dennis Smith - Director of Corporate Development
Analysts
Ole Slorer - Morgan Stanley
Marshall Adkins - Raymond James
Kevin Simpson - Miller Tabak
Roger Read - Natixis
Dan Boyd - Goldman Sachs
Arun Jayaram - Credit Suisse
Dan Pickering - Tudor Pickering Holt
Angie Sedita - Macquarie Securities
Presentation
Operator
Thank you for standing by ladies and gentlemen and welcome to the Nabors Industries Limited first quarter 2009 earnings conference call on the 22 April 2009. Throughout today’s presentation all participants will be in a listen only mode. After the presentation there will be an opportunity to ask questions. (Operator Instructions)
I will now hand the conference over to Dennis Smith.
Dennis Smith
Good morning everyone and thank you for joining our call this morning. We will stick to the customary format and limit the call to an hour or less depending upon the question flow.
In addition to Gene and myself here we have the usual participants Tony Petrello, our President and Chief Operating Officer; Laura Doerre, our General Counsel; Clark Woods with us today who’s our Chief Accounting Officer, and the various presidents of our business units today.
We have posted some slides on the website, you can find them under www.nabors.com under Investor Relations or under investor information and under that, under events calendar, as they are in a pdf format if you want to look at those for reference.
I want to remind everybody that, well obviously we are going to be talking about what happened in the quarter but more importantly how we see the future shaping up and such those are forward-looking statements and certainly subject to changes and risks and uncertainties as we disclose in our filings and encourage you to review those.
And with that I will get started and turn things over to Gene.
Gene Isenberg
Thanks and welcome to the conference call for the first quarter of 2009. I want to thank everybody for participating and I will be any suggestion that you might want to look at the tables and slides that we present it as we chat.
The results in my view were very respectable in the first quarter and better than expected generally. However, there was a fair amount of unavoidable noise in the quarter and I would like to go through the noises, the pluses and minuses of these noises and hopefully want to finish the whole, reach the conclusion that are real operational results. We are pretty close to the $0.65 per share which we are chatting about, which excludes the non-cash pre-tax ceiling test charges associated mostly with our joint venture domestic E&P operations which amounted to $75 million.
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