Nabors Industries Ltd. (NBR) 2008年年度报告「AMEX」.pdf

1、Nabors Industries Ltd.2008 Annual Reporta well oiled mAchinea well oiled machine00$1,806,46801$1,857,86602$2,158,45503$2,490,27504$2,929,3932008 was a surprisingly good year as the Company reported its best results ever in operating cash flow per share.The reality of the present downturn was precede

2、d by the second half decline in our stock price which was precipitated by investor concerns regarding the increasing supply of natural gas,and the emerging prospects for a significant reduction in demand for both natural gas and oil brought on by global recession.The realization of these fears resul

3、ted in an abrupt decline in drilling activity,although the late-year timing of this event served to have minimal effect on the Companys strong performance.Our record cash flow did not fully translate into income as we incurred non-cash charges of$405 million predominantly related to oil and gas ceil

4、ing test adjustments,with the balance attributable to goodwill impairments in our Canadian operations.These charges,in reality,do not impact our operations or the long-term potential of our business.Meanwhile,the record cash flow enabled the Company to continue a strong reinvestment effort with appr

5、oximately$1.6 billion in capital expenditures in 2008,increasing our cumulative capital expenditures dur-ing the last four years to$6.5 billion.These investments in our business were major contributors to our performance in 2008 and positioned the Company to deliver relatively solid results even in

6、a weak market and to rebound higher and more rapidly when the inevitable upturn occurs.Construction and deployment of over 180 new rigs,most of which are on long-term contracts with creditworthy customers,absorbed the bulk of this capital.A majority of these new rigs have been or will be deployed in