Download now: Oil Price Outlook 2024

Massive Q1 Profit Drop for Diamond Offshore Drilling (NYSE: DO)

Brian Hicks

Written By Brian Hicks

Posted April 24, 2014

Offshore drilling ships drillships

In its quarterly earnings statement, contract drilling services company Diamond Offshore Drilling (NYSE: DO) reported a 17 percent decline in profits. This drop was the result of decreased utilization rates for its deepwater drilling rigs and a $21 million (~3%) drop in revenue.

Between January and March, Diamond purchased 1,865,311 shares of its common stock at an aggregate cost of $86.4 million. As of the last day of March, Diamond had 137,170,137 shares of common stock outstanding. During the month of April, the company repurchased an additional 30,250 shares for a further expense of $1.4 million.

Shares closed at $48.53 on Wednesday.

Investing in Sustainability

A study published in Nature – Climate Change recently said corn stover biofuel is actually a worse pollutant than traditional gasoline. This type of fuel receives billions worth of government tax incentives and subsidies, and it’s going to get slammed. We’ve got a new report coming up that will let you know where to look instead.

Angel Pub Investor Club Discord - Chat Now

Brian Hicks Premium


Hydrogen Fuel Cells: The Downfall of Tesla?

Lithium has been the front-runner in the battery technology market for years, but that is all coming to an end. Elon Musk is against them, but Jeff Bezos is investing heavily in them. Hydrogen Fuel Cells will turn the battery market upside down and we've discovered a tiny company that is going to make it happen...

Sign up to receive your free report. After signing up, you'll begin receiving the Energy and Capital e-letter daily.