WorkBoat Composite Index: Stocks rebound 95 points in May

摘要

The WorkBoat Composite posted its second straight positive month in May, gaining 95 points or 5.8%. Winners topped losers by a 4-3 ratio. On April 22, to prevent being delisted from the New York Stock Exchange, Nabors Industries Inc. approved a l-for-50 reverse stock split of its common shares. On May 5, the Houston-based onshore and offshore driller reported a first-quarter net loss of $395 million, or $56.72 per share, compared to a loss of $267 million, or $38.66 per share in the prior quarter. Tony Petrello, chairman, president and CEO, said the current business environment, with significant demand loss from the coronavirus pandemic, "is without precedent." Add to that the battle for market share between Saudi Arabia and Russia, which exacerbated the drop in oil prices over the past few months. As a result, Nabors' U.S. customers reacted swiftly and decisively, "cutting activity deeper and faster than we have ever seen previously," Petrello said during the company's May 6 earnings call. "These sharp reductions and the current uncertainty on the duration require equally swift and decisive actions by oilfield service providers. Nabors is no exception."