Nabors Industries (NYSE: NBR) reported Q1 EPS of ($0.29), $0.04 better than the analyst estimate of ($0.33). Revenue for the quarter came in at $597.6 million versus the consensus estimate of $630.85 million.

Anthony Petrello, Nabors' Chairman, President, and CEO, commented, "Our first quarter results reflect the continued strain from low commodity prices. In particular, the first quarter's drop in oil prices below $30 led to sharp reductions in customer spending plans on a worldwide basis and had a corresponding adverse impact on our results. In the U.S., our customers' swift reaction to commodity price drops resulted in a roughly equal impact on both rig years and margins. Internationally, a reduction of seven rig years combined with other unfavorable factors resulted in lower operating cash flows for the quarter. Additionally, the Canada market's typical seasonal uptick in the first quarter failed to materialize this year due to market conditions. Despite these reductions in cash flows, we still modestly reduced net debt during the quarter while continuing to fund the innovative technological initiatives that will best position Nabors for the eventual upturn."

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