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.