Cash & Short-term Investments $475,732 $1,070,178 $425,560 Net debt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including net debt, because it believes that this financia ...

Nabors Industries (NBR) reported a loss per share of $4.54 in the first quarter of 2024. In the year-ago quarter, the company had reported a profit of $4.11 per share. This underperformance was primarily due to much higher year-over-year total costs and expenses.Revenues of $743.9 million beat the Zacks Consensus Estimate of $731 million. However, the top line decreased from the year-ago quarter’s level of $789 million. This was due to poor contribution from NBR’s U.S. Drilling and Rig Technologies segments ...

Exhibit 99.1 NEWS RELEASE Nabors Announces First Quarter 2024 Results HAMILTON, Bermuda, April 24, 2024 /PRNewswire/ - Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2024 operating revenues of $734 million, compared to operating revenues of $726 million in the fourth quarter of 2023. The net loss attributable to Nabors shareholders for the quarter was $34 million, compared to a net loss of $17 million in the fourth quarter. This equates to a loss of $4.54 per dil ...

Nabors Industries (NBR) came out with a quarterly loss of $5.16 per share versus the Zacks Consensus Estimate of a loss of $2.24. This compares to loss of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -130.36%. A quarter ago, it was expected that this drilling contractor would post a loss of $1.54 per share when it actually produced a loss of $3.84, delivering a surprise of -149.35%.Over the last four quarters, the com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32657 NABORS INDUSTRIES LTD. (Exact name of registrant as specified in its charter) Bermuda (State or Other Jurisdicti ...

Financial Data and Key Metrics Changes - Full year 2023 EBITDA reached $915 million, increasing by 29% from $709 million in 2022, driven by significant daily margin expansion and rig count growth in international markets [7] - For the fourth quarter, total adjusted EBITDA was $230 million, a $20 million increase from the third quarter, reflecting a 9.6% improvement [7][11] - Free cash flow totaled $52 million for the fourth quarter, with capital expenditures of $124.5 million, which was significantly higher than projected [18][43] Business Line Data and Key Metrics Changes - NDS (Nabors Drilling Solutions) EBITDA increased by 13%, marking the highest sequential quarterly progress in all of 2023, with significant contributions from casing running and performance software [4][17] - Rig Technologies generated EBITDA of $8.8 million, a 22% increase compared to the third quarter, driven by high-margin capital equipment shipments and rentals [17] - Daily gross margin for NDS in the Lower 48 was $3,912, up 15% from the prior quarter, contributing to a combined drilling rig and solutions daily gross margin of $20,151, a 4.7% improvement [17][42] Market Data and Key Metrics Changes - The international business recorded the strongest growth with revenue up 13% sequentially, while the average daily gross margin in international markets improved by almost $900 from the third quarter [4][16] - The average rig count in the Lower 48 declined by 4.6% to 70.3, while the international average rig count increased by 2.4 to 79.6 rigs [16][41] - The pricing environment in the Lower 48 remained stable, with leading edge market prices holding steady, contributing to improved daily rig margins [5][40] Company Strategy and Development Direction - The company plans to enhance its international rig count by almost 10% by the end of 2024, with a focus on maximizing free cash flow and exploring additional rig deployments in the Eastern Hemisphere and Latin America [5][19] - The company is committed to leveraging its geographical position to capitalize on favorable market opportunities, particularly in international markets [19][22] - The energy transition initiatives are aimed at improving operational efficiency and reducing emissions intensity, with technology solutions contributing to Rig Technologies' margins [38] Management's Comments on Operating Environment and Future Outlook - Management expressed a bullish outlook for the international market, anticipating continued growth in rig count and EBITDA margins [5][19] - The company acknowledged the cautious approach of operators due to commodity price volatility, which may impact overall drilling activity in the Lower 48 [5][13] - Management highlighted the importance of technology and service upgrades as key drivers for capturing market share amid industry consolidation [22][52] Other Important Information - The company successfully deployed three rigs in international markets during the fourth quarter, including a new build in Saudi Arabia [11][37] - The company is currently evaluating eight additional international tenders, with a focus on Algeria, Kuwait, and Argentina [19][38] - The company has committed orders for seven more rigs in Saudi Arabia for 2025 and 2026, totaling 15 incremental opportunities [19][37] Q&A Session Summary Question: What are the expectations for rig deployments in 2024? - Management confirmed the addition of seven rigs in 2024, with three for Saudi Arabia and four for Algeria, indicating confidence in the ability to execute these deployments [46] Question: Will recent announcements in Saudi Arabia affect rig deployments? - Management stated that there is no expected impact on the cadence of rig deployments, emphasizing strong domestic consumption and export market growth as supportive factors [50][51] Question: What is the outlook for free cash flow in 2024? - Management refrained from providing specific guidance for free cash flow, citing uncertainties related to contract wins and capital expenditures, particularly in Saudi Arabia [54][56]

Washington, D.C. 20549 FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32657 NABORS INDUSTRIES LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0363970 (State or other jurisdiction of incorporation or o ...

Financial Performance - Operating revenues for the three months ended June 30, 2023, totaled $767.1 million, representing an increase of $136.1 million, or 22%, compared to the same period in 2022[120]. - Net income attributable to Nabors for the three months ended June 30, 2023, was $4.6 million, a significant improvement of $87.5 million compared to a net loss of $82.9 million in the same period of 2022[121]. - Operating revenues for the six months ended June 30, 2023, totaled $1.5 billion, an increase of $346.7 million, or 29%, compared to the same period in 2022[134]. - Net income attributable to Nabors was $53.8 million ($3.79 per diluted share) for the six months ended June 30, 2023, compared to a net loss of $267.4 million ($31.34 per diluted share) for the same period in 2022, marking a $321.2 million increase in net income[135]. - Adjusted operating income across all segments increased by approximately $204.8 million from the prior year, contributing to the overall improvement in net income[136]. - The company reported a net loss attributable to Nabors of $159.9 million for the six months ended June 30, 2023, compared to a net loss of $420.5 million in the same period of 2022[182]. Segment Performance - U.S. Drilling segment operating revenues increased by $61.8 million, or 24%, during the three months ended June 30, 2023, primarily due to improved day rates[127]. - International Drilling segment operating revenues increased by $41.3 million, or 14%, driven by a 4% increase in average rigs working[128]. - Drilling Solutions segment operating revenues increased by $21.0 million, or 38%, reflecting improved market conditions and demand[129]. - Rig Technologies segment operating revenues increased by $18.5 million, or 41%, due to enhanced market conditions[130]. - U.S. Drilling segment operating revenues increased by $194.9 million, or 41%, to $665.5 million, driven by improved day rates[142]. - International Drilling segment operating revenues rose by $82.3 million, or 14%, totaling $657.7 million, attributed to increased day rates and a 5% rise in average rigs working[145]. - Drilling Solutions segment operating revenues increased by $41.8 million, or 38%, totaling $151.9 million, reflecting a rebound in market conditions[146]. - Rig Technologies segment operating revenues increased by $40.2 million, or 49%, totaling $122.0 million, due to improved market demand[147]. Expenses - General and administrative expenses for the three months ended June 30, 2023, totaled $63.2 million, an increase of $5.1 million, or 9%, compared to the same period in 2022[123]. - Research and engineering expenses for the three months ended June 30, 2023, totaled $13.3 million, representing an increase of $2.3 million, or 21%, compared to the same period in 2022[124]. - General and administrative expenses for the six months ended June 30, 2023, totaled $125.0 million, reflecting a 12% increase compared to the same period in 2022[138]. - Research and engineering expenses increased by $5.7 million, or 25%, totaling $28.4 million for the six months ended June 30, 2023, due to heightened R&D activities[139]. - Interest expense for the three months ended June 30, 2023, was $46.2 million, an increase of $3.3 million, or 8%, compared to the same period in 2022[131]. - Interest expense for the six months ended June 30, 2023, was $91.3 million, an increase of $1.5 million, or 2%, compared to the same period in 2022[148]. Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2023, was $322.5 million, an increase of 99% compared to $162.2 million in the same period of 2022[173]. - Cash from operating results (before working capital changes) was $345.9 million for the six months ended June 30, 2023, up from $164.0 million in the corresponding 2022 period, reflecting increased business activity[173]. - Net cash used for investing activities totaled $283.0 million during the six months ended June 30, 2023, compared to $163.2 million in the same period of 2022[174]. - The company repaid $292.9 million of outstanding long-term debt during the six months ended June 30, 2023[175]. Assets and Liabilities - Total assets as of June 30, 2023, were $5,888.6 million, a decrease from $6,194.1 million as of December 31, 2022[182]. - Total liabilities as of June 30, 2023, were $2,653.2 million, down from $2,778.8 million as of December 31, 2022[182]. - As of June 30, 2023, the company has outstanding purchase commitments totaling approximately $352.6 million, primarily for capital expenditures and inventory purchases[166]. - The remaining amount authorized under the share repurchase program as of June 30, 2023, was $278.9 million[170]. - The company has financial standby letters of credit and other financial surety instruments totaling a maximum amount of $50.1 million as of 2023[186]. Debt and Financing - The company issued $250.0 million in aggregate principal amount of 1.75% senior exchangeable notes due 2029 in February 2023[116].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32657 NABORS INDUSTRIES LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0363970 (State or other jurisdiction of incorporation or organ ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) Nabors Industries Ltd. is a global provider of drilling and related services for the oil and gas industry, operating one of the world's largest land-based drilling rig fleets and a fleet of offshore platform rigs - Nabors owns and operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs, performance tools, and innovative technologies in over 15 countries[19](index=19&type=chunk)[20](index=20&type=chunk) Actively Marketed Rig Fleet as of December 31, 2022 | Rig Type | Quantity | | :--- | :--- | | Land-based drilling rigs | 300 | | Offshore platform rigs | 29 | Average Rigs Working (2020-2022) | Region | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | U.S. Drilling | 97.2 | 70.9 | 67.9 | | Canada Drilling | — | 6.5 | 9.0 | | International Drilling | 74.2 | 67.9 | 75.7 | | **Total** | **171.4** | **145.3** | **152.6** | - The company's business is divided into five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies[23](index=23&type=chunk) - The company's Canadian drilling assets were sold in July 2021 for approximately **$94.0 million**[27](index=27&type=chunk)[66](index=66&type=chunk) - A single customer, Saudi Aramco, accounted for approximately **26% of consolidated operating revenues in 2022**, **31% in 2021**, and **29% in 2020**, representing a significant customer concentration risk[40](index=40&type=chunk) - Nabors is investing in energy transition technologies, including geothermal, hydrogen, energy storage, and carbon capture, to diversify and address the shift towards lower carbon energy sources[69](index=69&type=chunk)[70](index=70&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial risks across its business, financial, technological, and legal domains, including volatile oil prices, intense competition, and reliance on major customers - Business and Operational Risks: The company's revenues are highly dependent on volatile oil and natural gas prices, which affect drilling activity. The industry is highly competitive with excess capacity, and the company must consistently renew customer contracts to maintain its market position[73](index=73&type=chunk)[85](index=85&type=chunk)[91](index=91&type=chunk) - Customer Concentration Risk: In 2022, the company's three largest customers accounted for **36% of consolidated operating revenues**, with the largest, Saudi Aramco, representing **26%**. The loss of such a customer would have a material adverse effect[100](index=100&type=chunk) - Financial Risks: The company's financial flexibility is impacted by its **$2.5 billion in consolidated total outstanding indebtedness** as of December 31, 2022. It also faces risks of additional impairment charges on its assets and potential downgrades to its credit rating[76](index=76&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) - Energy Transition and Climate Change Risks: Failure to effectively address the energy transition could adversely affect business. The company also faces risks from the physical effects of climate change and increasing regulation of greenhouse gas emissions, which could increase compliance costs and reduce demand for its services[116](index=116&type=chunk)[148](index=148&type=chunk) - Legal and Regulatory Risks: International operations expose the company to geopolitical risks, anti-corruption laws like the FCPA, and complex tax laws. Recent sanctions targeting Russia in response to the conflict in Ukraine may also affect business operations[81](index=81&type=chunk)[140](index=140&type=chunk)[157](index=157&type=chunk) - General Risks: The company identifies risks from negative investor sentiment towards the fossil fuel industry, global public health epidemics like COVID-19, cybersecurity threats, and the potential loss of key executives[83](index=83&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk)[186](index=186&type=chunk) [Unresolved Staff Comments](index=55&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[191](index=191&type=chunk) [Properties](index=56&type=section&id=Item%202.%20Properties) Nabors' principal executive offices are located in Hamilton, Bermuda, with additional administrative offices in key global locations, and its primary physical assets are drilling rigs - The company's principal executive offices are in Hamilton, Bermuda, with other administrative offices in Houston, Texas; Anchorage, Alaska; Dubai, UAE; Bogota, Colombia; Dhahran, Saudi Arabia; and Sandnes, Norway[192](index=192&type=chunk) - The company's principal physical properties consist of its drilling rigs, which are supported by mobile camps, trucks, and other construction and transportation equipment[192](index=192&type=chunk)[193](index=193&type=chunk) [Legal Proceedings](index=56&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various lawsuits in the ordinary course of business, with management believing the ultimate outcome will not materially affect financial position or cash flows - Nabors and its subsidiaries are defendants in a number of lawsuits in the ordinary course of business[194](index=194&type=chunk) - Management's opinion, based on provided liability accruals, is that the ultimate exposure from pending lawsuits is not expected to materially adversely affect the company's consolidated financial position or cash flows[195](index=195&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[196](index=196&type=chunk) PART II [Market Price of and Dividends on the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=56&type=section&id=Item%205.%20Market%20Price%20of%20and%20Dividends%20on%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Nabors' common shares are traded on the NYSE, with a five-year stock performance graph showing underperformance relative to major indices, and **$278.9 million** remained authorized for share repurchases as of December 31, 2022 - The company's common shares are publicly traded on the New York Stock Exchange (NYSE) under the symbol 'NBR'[198](index=198&type=chunk) - As of December 31, 2022, approximately **$278.9 million** remained authorized for share repurchases under the company's program[204](index=204&type=chunk) Five-Year Cumulative Total Return Comparison | Index | 2017 | 2022 | | :--- | :--- | :--- | | Nabors Industries Ltd. | $100 | $49 | | S&P 500 Index | $100 | $157 | | Dow Jones Oil Equipment and Services Index | $100 | $78 | [Reserved](index=61&type=section&id=Item%206.%20%5BReserved%5D) This item has been removed and reserved - Removed and reserved[209](index=209&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a **32% increase in operating revenues to $2.7 billion** in 2022, a narrowed net loss, and a strong liquidity position supported by cash and a **$350.0 million** credit facility [Financial Results](index=64&type=section&id=Financial%20Results) For the year ended December 31, 2022, operating revenues increased by **32% to $2.7 billion**, and the net loss from continuing operations attributable to common shareholders decreased significantly to **$350.3 million** Financial Performance Comparison (2022 vs. 2021) | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $2.7 billion | $2.0 billion | +32% | | Net Loss (Continuing Ops) | ($350.3 million) | ($572.9 million) | +$222.7 million | | Diluted EPS (Continuing Ops) | ($40.52) | ($76.58) | +$36.06 | - General and administrative expenses increased by **7% to $228.4 million** in 2022, reflecting higher workforce and operating costs as activity levels rose[221](index=221&type=chunk) - Depreciation and amortization expense decreased by **4% to $665.1 million** in 2022, due to assets reaching the end of their useful lives, limited recent capital expenditures, and the 2021 sale of Canada Drilling assets[223](index=223&type=chunk) [Segment Results of Operations](index=64&type=section&id=Segment%20Results%20of%20Operations) In 2022, all active segments demonstrated strong growth, with U.S. Drilling revenue surging **64%** and International Drilling revenue growing **15%**, driven by increased rig activity and improved day rates Segment Operating Revenues (2022 vs. 2021) | Segment | 2022 Revenue (in millions) | 2021 Revenue (in millions) | % Change | | :--- | :--- | :--- | :--- | | U.S. Drilling | $1,100.6 | $669.7 | +64% | | International Drilling | $1,199.3 | $1,043.2 | +15% | | Drilling Solutions | $243.3 | $172.5 | +41% | | Rig Technologies | $195.1 | $149.3 | +31% | - The increase in U.S. Drilling revenue was driven by a **37% increase in average rigs working** and improved day rates[227](index=227&type=chunk) - The Canada Drilling segment had no revenue in 2022 following the sale of its assets in July 2021[228](index=228&type=chunk) [Liquidity and Capital Resources](index=67&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily sourced from cash, a **$350.0 million** credit facility, and operating cash flows, with total long-term debt at **$2.5 billion** and net cash provided by operating activities at **$501.1 million** for the year Liquidity Position | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and short-term investments | $452.3 million | $991.5 million | | Working capital | $404.2 million | $1.0 billion | | Borrowings under Credit Agreement | $0 | $460.0 million (under prior facility) | | Long-term debt (net book value) | $2.5 billion | $3.3 billion | Cash Flow Summary (Year Ended Dec 31, 2022) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash provided by operating activities | $501.1 million | | Net cash used for investing activities | ($368.7 million) | | Net cash used for financing activities | ($661.5 million) | - The company was in compliance with all covenants under its 2022 Credit Agreement as of the report date and expects to remain so for the next twelve months[242](index=242&type=chunk) [Critical Accounting Estimates](index=77&type=section&id=Critical%20Accounting%20Estimates) Management identifies several critical accounting estimates requiring significant judgment, including depreciation of property, plant, and equipment, impairment of long-lived assets, income tax calculations, and reserves for litigation and self-insurance - Depreciation of drilling rigs is calculated using a units-of-production method when operating and a straight-line method over a 20-year life when not operating[275](index=275&type=chunk) - The company reviews long-lived assets for impairment when events suggest their carrying value may not be recoverable, using estimates of future cash flows, utilization, and dayrates[281](index=281&type=chunk) - Goodwill and intangible assets were fully impaired and written off in 2020[285](index=285&type=chunk)[286](index=286&type=chunk) - Estimating income taxes requires significant judgment regarding uncertain tax positions and the realizability of deferred tax assets, such as net operating loss carryforwards[291](index=291&type=chunk)[294](index=294&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from foreign currency exchange rates, credit risk concentrated among major oil and gas customers, and interest rates affecting its floating-rate credit facility and fixed-rate debt - The company has significant, largely unhedged foreign currency risk exposure from its operations in Argentina, Norway, and Canada[302](index=302&type=chunk) - Credit risk is concentrated in accounts receivable from U.S., international, and national oil and gas companies. As of December 31, 2022, **33% of net accounts receivable was from operations in Saudi Arabia** and **13% from Mexico**[432](index=432&type=chunk)[433](index=433&type=chunk) - Interest rate risk impacts the company's floating rate debt under the 2022 Credit Agreement and its various fixed-rate senior notes[305](index=305&type=chunk)[434](index=434&type=chunk) Fair Value of Debt Instruments as of Dec 31, 2022 | Instrument | Carrying Value (in thousands) | Fair Value (in thousands) | | :--- | :--- | :--- | | **Total Debt** | **$2,559,996** | **$2,455,050** | | Less: deferred financing costs | $22,456 | - | | **Net Long-term debt** | **$2,537,540** | - | [Financial Statements and Supplementary Data](index=87&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for the fiscal year ended December 31, 2022, detailing its financial position, results of operations, and cash flows, with key figures including total assets of **$4.7 billion**, long-term debt of **$2.5 billion**, and a net loss of **$350.3 million** [Consolidated Financial Statements](index=92&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the year ended December 31, 2022, show total assets of **$4.73 billion**, total liabilities of **$3.51 billion**, operating revenues of **$2.65 billion**, a net loss of **$350.3 million**, and net cash provided by operating activities of **$501.1 million** Consolidated Balance Sheet Highlights | Account | Dec 31, 2022 (in thousands) | Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | Total Current Assets | $1,000,623 | $1,501,809 | | Total Assets | $4,729,854 | $5,525,364 | | Long-term Debt | $2,537,540 | $3,262,795 | | Total Liabilities | $3,514,459 | $4,131,143 | | Total Shareholders' Equity | $368,956 | $590,656 | Consolidated Income Statement Highlights | Account | 2022 (in thousands) | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | :--- | | Operating Revenues | $2,653,766 | $2,017,548 | $2,134,043 | | Income (Loss) from Continuing Ops | ($307,218) | ($543,710) | ($762,853) | | Net Loss Attributable to Nabors | ($350,261) | ($569,272) | ($805,641) | | Diluted EPS | ($40.52) | ($76.58) | ($118.69) | Consolidated Cash Flow Highlights | Account | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | | Net Cash from Operating Activities | $501,089 | $428,776 | | Net Cash used for Investing Activities | ($368,708) | ($117,225) | | Net Cash (used for)/provided by Financing Activities | ($661,532) | $488,421 | [Notes to Consolidated Financial Statements](index=100&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures supporting the financial statements, covering accounting policies, impairments, debt instruments, income taxes, the SANAD joint venture, and segment information, including significant net operating loss carryforwards and customer concentration - Note 3: No impairment charges were recorded in 2022. In 2021, a **$58.5 million impairment** was recognized related to the sale of Canada Drilling assets. In 2020, impairments totaled **$410.6 million**, including a **$27.8 million write-off of all remaining goodwill**[377](index=377&type=chunk)[378](index=378&type=chunk)[380](index=380&type=chunk) - Note 10: As of December 31, 2022, total long-term debt was **$2.54 billion**. The company entered into a new **$350.0 million secured revolving credit facility** in January 2022, which was undrawn at year-end[436](index=436&type=chunk)[450](index=450&type=chunk) - Note 11: As of December 31, 2022, the company had significant net operating loss (NOL) carryforwards, including **$727.1 million for U.S. federal**, **$820.3 million for state**, and **$14.9 billion for foreign tax purposes**[460](index=460&type=chunk) - Note 18: One customer, primarily in the International Drilling segment, accounted for **26% of consolidated operating revenues in 2022**[509](index=509&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=158&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[530](index=530&type=chunk) [Controls and Procedures](index=158&type=section&id=Item%209A.%20Controls%20and%20Procedures) The company's management concluded that both disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with no material changes during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2022[532](index=532&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, based on the COSO framework[537](index=537&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended December 31, 2022, that have materially affected, or are reasonably likely to materially affect, the company's internal controls[539](index=539&type=chunk) [Other Information](index=160&type=section&id=Item%209B.%20Other%20Information) This item is not applicable to the company - Not applicable[540](index=540&type=chunk) [Disclosure regarding Foreign Jurisdictions that Prevent Inspections](index=160&type=section&id=Item%209C.%20Disclosure%20regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[541](index=541&type=chunk) PART III Part III of the report, covering Items 10 through 14, incorporates information by reference from the company's definitive Proxy Statement for its 2023 annual general meeting of shareholders, relating to directors, executive compensation, security ownership, related party transactions, and principal accountant fees [Directors, Executive Officers and Corporate Governance](index=161&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 annual general meeting of shareholders[544](index=544&type=chunk) [Executive Compensation](index=161&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 annual general meeting of shareholders[547](index=547&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=161&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information regarding security ownership of certain beneficial owners, management, and related shareholder matters is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 annual general meeting of shareholders[548](index=548&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=161&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 annual general meeting of shareholders[549](index=549&type=chunk) [Principal Accounting Fees and Services](index=161&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 annual general meeting of shareholders[550](index=550&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=163&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules (specifically Schedule II—Valuation and Qualifying Accounts), and all exhibits filed as part of the annual report, including corporate governance documents, debt indentures, credit agreements, and executive compensation plans - This item lists the financial statements and financial statement schedules filed with the report[553](index=553&type=chunk) - An Exhibit Index is provided, listing all exhibits filed with the Form 10-K, including management contracts and compensatory plans[554](index=554&type=chunk) [Form 10-K Summary](index=163&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided - None[555](index=555&type=chunk)