on Tuesday reported a net loss of $83.9 million, or 30 cents a share, in the fourth quarter compared with net income of $551.2 million, or $1.93 a share during the same period last year.
Nabors' results were affected by various non-cash charges totaling $405 million, or $1.13 per share. The charges included a $250 million charge from "oil and gas ceiling test adjustments," and $155 million in goodwill amortization.
Nabors quarterly income adjusted for extraordinary items was $230.7 million, or 83 cents per share. Analysts were expecting adjusted earnings of 82 cents per share, according to Thomson Reuters.
CEO Gene Isenberg said in a prepared statement that "the outlook is for substantially lower operating income over the next two quarters. The number of rigs working has fallen rapidly from a high of 273 in October and, after averaging 260 for the quarter, stands at 181 today."
Nabors generated total quarterly revenue of $1.48 billion, compared with $1.31 billion a year ago. Analysts had forecast revenue of $1.48 billion, according to Thomson Reuters.
Nabors Industries is a land-drilling contractor. The firm primarily operates in North America, but it also has operations in South America, the Caribbean, the Middle East, Asia and Africa.
Shares of Nabors were recently sliding 5.4% to $9.51 in after-hours trading.