Oil Driller to Ousted CEO: Here’s a $100 Million Reward

Oil driller Nabors Industries (NYSE:NBR) announced that it is using $100 million of its shareholders’ cash to reward the CEO that it has ousted.  Former CEO Eugene Isenberg was awarded $100 million as part of his contract which specified the award in the case of “constructive termination without cause.  The new CEO is Anthony Petrello.

Nabors Industries Ltd. Earnings Cheat Sheet: Margins Shrink as Costs Rise>>

Following is some information about the company’s stock price performance, along with that of some of its competitors.

  • Nabors Industries, Ltd. (NYSE:NBR): The shares recently traded at $18.46, down $0.59, or 3.15%, on the day.  The shares have traded in a 52-week range of $11.05 to $32.47 and its market capitalization is $5.31 billion.  About the company: Nabors Industries, Ltd. is a land drilling contractor, and also performs well servicing and workovers.  The Company conducts oil, gas, and geothermal land drilling operations.  Nabors’ well-site services include oilfield management, well logging, and other support services.
  • Patterson-UTI Energy (NASDAQ:PTEN): The shares recently traded at $20.58, down $1.19, or 5.47%, on the day.  The shares have traded in a 52-week range of $15.06 to $34.09 and its market capitalization is $3.2 billion.  About the company: Patterson-UTI Energy, Inc. provides land-based drilling services to major and independent oil and natural gas companies.  The Company conducts drilling operations in Texas, New Mexico, Utah, Oklahoma, Louisiana, and western Canada.  Patterson-UTI is also involved in pressure pumping, oil and gas exploration and production, and drilling and completion fluids services.
  • Helmerich & Payne, Inc. (NYSE:HP): The shares recently traded at $53.42, down $3.47, or 6.1%, on the day.  The shares have traded in a 52-week range of $35.58 to $73.40 and its market capitalization is $5.72 billion.  About the company: Helmerich & Payne, Inc. provides contract drilling of oil and gas wells in the Gulf of Mexico and South America.  The Company operates land rigs and platform rigs.
  • Pioneer Drilling Company (AMEX:PDC): The shares recently traded at $9.89, down $1.14, or 10.34%, on the day.  The shares have traded in a 52-week range of $5.83 to $18 and its market capitalization is $609.54 million.  About the company: Pioneer Drilling Company provides contract land drilling services under the name Pioneer Drilling Co., Ltd.  The Company serves independent and major oil and gas operators drilling wells in central, south, and east Texas.
  • Parker Drilling Company (NYSE:PKD): The shares recently traded at $5.58, down $0.31, or 5.26%, on the day.  The shares have traded in a 52-week range of $3.6 to $8.45 and its market capitalization is $653.59 million.  About the company: Parker Drilling Company provides contract drilling and drilling related services.  The Company operates around the world.

(Note: Selected financial data are sourced from Google Finance.  All data are assumed to be accurate.)

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