1 1 / 3 / 2 0 2 0 NABORS INDUSTRIES LTD. 3Q Earnings Presentation 《》》 NABORS 1 Forward Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are "forward-looking statements" within the meaning of the safe harbor provis ...

Nabors Industries Ltd. (NYSE:NBR) Q3 2020 Results Conference Call November 4, 2020 2:00 PM ET Company Participants William Conroy - Vice President of Investor Relations Tony Petrello - Chief Executive Officer William Restrepo - Chief Financial Officer Siggi Meissner - President-Global Drilling Organization Conference Call Participants Kurt Hallead - RBC Connor Lynagh - Morgan Stanley Karl Blunden - Goldman Sachs Sean Meakim - JPMorgan Operator Good afternoon, and welcome to the Nabors??? Third Quarter 2020 ...

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 September 30, 2020 ☐ 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 ...

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 June 30, 2020 ☐ 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 organi ...

| --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | NABORS | | | | | | INDUSTRIES | | | | | | 2Q 2020 Earnings | | | | | | Presentation | | | | | | Tuesday, July 28, 2020 Wednesday, July 29th 2020 | | | | | | --- | --- ...

Financial Data and Key Metrics Changes - Revenue from operations for Q2 2020 was $534 million, a sequential reduction of 26% [36] - Total adjusted EBITDA was $154 million, down from $188 million in Q1 2020 [41] - Net debt decreased by $117 million to $2.78 billion [51] Business Line Data and Key Metrics Changes - U.S. drilling revenue was $174 million, a decrease of 37% due to a 34% decline in average rig count [37] - International drilling revenue was $301 million, down 11% primarily due to a 5% reduction in rig count and pricing concessions [38] - Rig technologies segment reported revenue of $33.6 million, a decrease of 20% [40] Market Data and Key Metrics Changes - The global rig count totaled 148 rigs, a 26% decline from Q1 2020 [22] - The Lower 48 land rig count stood at 236, down 66% since the end of Q1 2020 [29] - In Saudi Arabia, the rig count is expected to be impacted by the suspension of six rigs [84] Company Strategy and Development Direction - The company is focusing on cost reductions, targeting approximately $96 million in fixed cost savings [13] - Emphasis on technology leadership with the introduction of RigCloud for digital operations [26] - The company aims to capitalize on emerging themes in the industry, including integration of services and digitalization [57] Management's Comments on Operating Environment and Future Outlook - Management noted that global oil demand has increased from the low point in Q2, indicating a potential recovery [20] - The company expects E&P industry spending to increase in 2021, leading to additional rig activity [31] - Management highlighted the importance of maintaining operational excellence and safety performance during the downturn [10] Other Important Information - The company suspended its common dividend as part of its cost-saving measures [13] - Free cash flow for Q2 2020 totaled $101 million, a significant improvement from $8 million in the prior quarter [51] - The company has ample liquidity with cash balances of $484 million and availability on its credit facility of $440 million [54] Q&A Session Summary Question: Pricing pressure in international markets - Management indicated that pricing pressure was primarily related to COVID lockdowns, estimating a 12% hit in revenue due to significant reductions in Latin America [72][73] Question: Covenant management and maturity plans - Management is in discussions with banks for an amendment to avoid covenant issues through October 2023 and plans to use cash generation to pay down near-term maturities [76][77] Question: Rig suspensions in Saudi Arabia - Six rigs are expected to be suspended in Saudi Arabia, but management believes they will not be impacted as severely as others [84] Question: Working capital improvements - Management expects to recover working capital slowdowns in Q3, with collections improving as negotiations finalize [86] Question: Geographic distribution of working rigs - The largest portion of working rigs is in Saudi Arabia, followed by Latin America, with a total of 74 rigs operating internationally [88] Question: Margin expectations for international operations - Management stated that while they expect some recovery in margins, the impact of fewer operating rigs and ongoing pricing pressures remains uncertain [102] Question: Recovery process and contract renewals - Management noted that existing contracts may be extended or renewed, and new contracts would be negotiated as demand increases [134][135]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Nabors Industries reported a significant Q1 2020 net loss of $374.4 million, primarily due to a $276.4 million impairment charge, alongside decreased revenues and assets [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $6.31 billion, primarily due to reduced property, plant, and equipment and goodwill impairment, while equity declined to $1.64 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 | December 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$6,308,548** | **$6,760,658** | **($452,110)** | | Property, plant and equipment, net | $4,597,308 | $4,930,549 | ($333,241) | | Goodwill | $0 | $28,380 | ($28,380) | | **Total Liabilities** | **$4,237,626** | **$4,285,101** | **($47,475)** | | Long-term debt | $3,388,014 | $3,333,220 | $54,794 | | **Total Equity** | **$1,641,098** | **$2,050,165** | **($409,067)** | | Retained earnings (accumulated deficit) | ($508,200) | ($104,775) | ($403,425) | [Condensed Consolidated Statements of Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) Q1 2020 operating revenues decreased 10.2% to $718.4 million, resulting in a net loss of $374.4 million, largely due to a $276.4 million impairment charge Q1 2020 vs Q1 2019 Income Statement (in thousands, except per share amounts) | Metric | Q1 2020 | Q1 2019 | Change | | :--- | :--- | :--- | :--- | | Operating revenues | $718,364 | $799,640 | -10.2% | | Impairments and other charges | $276,434 | $0 | N/A | | Net income (loss) | ($374,362) | ($103,533) | -261.6% | | Net loss attributable to Nabors common shareholders | ($395,479) | ($122,022) | -224.1% | | Total Diluted EPS | ($56.73) | ($18.13) | -213.0% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $59.2 million, while investing activities used $50.8 million due to reduced capital expenditures, and financing provided $37.6 million from debt refinancing Q1 2020 vs Q1 2019 Cash Flows (in thousands) | Cash Flow Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $59,162 | $69,854 | | Net cash used for investing activities | ($50,773) | ($144,444) | | Capital expenditures | ($59,430) | ($141,070) | | Net cash provided by financing activities | $37,572 | $59,456 | | Net increase (decrease) in cash | $43,742 | ($17,925) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a reverse stock split, COVID-19 impact, debt restructuring, $27.8 million goodwill and $83.6 million intangible asset impairments, and a new shareholder rights plan - The company executed a **1-for-50 reverse stock split**, effective after the quarter end on April 20, 2020, with all share and per-share data retrospectively adjusted[19](index=19&type=chunk) - Due to the drop in commodity prices and demand weakness from COVID-19, the company recognized a **goodwill impairment of $27.8 million**, writing off remaining balances for Drilling Solutions and Rig Technologies segments[32](index=32&type=chunk)[88](index=88&type=chunk) - In January 2020, the company issued **$1.0 billion in new senior notes** and used proceeds to repurchase approximately **$1.1 billion of existing senior notes**, resulting in a net gain of **$15.7 million**[52](index=52&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) Impairments and Other Charges for Q1 2020 (in thousands) | Category | Amount | | :--- | :--- | | Impairment of long-lived assets | $147,750 | | Goodwill impairments | $27,798 | | Intangible asset impairment | $83,624 | | Other assets & charges | $17,262 | | **Total** | **$276,434** | - Subsequent to the quarter end, on May 5, 2020, the Board adopted a **shareholder rights plan** (a "poison pill") exercisable if a person or group acquires **4.9% or more** of outstanding common shares[122](index=122&type=chunk)[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the severe impact of COVID-19 and oil price collapse, leading to a 10% revenue decline and a $395.4 million net loss, with reduced capital expenditures and compliance with debt covenants - The outlook is negative due to unprecedented volatility from COVID-19 and oil oversupply, leading to a significant drop in oil prices and customer activity, with U.S. drilling activity expected to continue to fall[133](index=133&type=chunk) - In response to market challenges, the company has reduced planned capital expenditures, implemented salary reductions, and taken other steps to streamline operations[134](index=134&type=chunk) Segment Performance YoY Change (Q1 2020 vs Q1 2019) | Segment | Operating Revenues Change | Adjusted Operating Income (Loss) Change | | :--- | :--- | :--- | | U.S. Drilling | -14% | -130% | | Canada Drilling | +1% | +163% | | International Drilling | 0% | +26% | | Drilling Solutions | -15% | -18% | | Rig Technologies | -41% | -58% | - As of March 31, 2020, the company was in compliance with its debt covenants, with a **net leverage ratio of 3.60:1** (vs. limit of 5.50:1) and an **asset to debt coverage ratio of 3.98:1** (vs. limit of 2.50:1)[158](index=158&type=chunk) - Cash from operating activities was **$59.2 million**, and capital expenditures were significantly reduced to **$59.4 million** in Q1 2020 from **$141.1 million** in Q1 2019[170](index=170&type=chunk)[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure were reported for Q1 2020 compared to the 2019 Annual Report - There were no material changes in the company's exposure to market risk during the three months ended March 31, 2020[177](index=177&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[179](index=179&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[180](index=180&type=chunk) [PART II OTHER INFORMATION](index=44&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course lawsuits, but management does not expect a material adverse effect on financial position or cash flows - The company is a defendant in a number of lawsuits in the ordinary course of business but does not expect the outcomes to have a material adverse effect on its financial position or cash flows[182](index=182&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) New significant risks include the COVID-19 pandemic and energy market turmoil, leading to reduced demand for the company's services - A new significant risk factor is the outbreak of COVID-19, which, combined with disputes between major oil-producing countries, has caused a sharp drop in energy prices and demand[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - The weak commodity price environment has led to reductions in customer exploration and production budgets, which has had and is likely to continue to have an adverse impact on demand for the company's services[187](index=187&type=chunk) - The spread of the virus into the company's workforce is a risk that could disrupt operations or lead to shutdowns in affected locations[189](index=189&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased common and preferred shares, with $278.9 million remaining for common share repurchases and a $15.0 million preferred share program fully utilized - As of March 31, 2020, **$278.9 million** remained available for repurchases under the company's common share repurchase program[190](index=190&type=chunk) - In March 2020, the Board authorized a **$15.0 million repurchase program** for mandatory convertible preferred shares, which was fully executed during the month, with **0.9 million shares** repurchased and canceled[191](index=191&type=chunk) [Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[192](index=192&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[193](index=193&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No other information was reported for this item - None[194](index=194&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) Key exhibits filed include a new Rights Agreement and amendments to credit and executive employment agreements - Key exhibits filed include the Rights Agreement dated May 5, 2020, and amendments to the 2018 Credit Agreement and executive employment agreements for the CEO and CFO[194](index=194&type=chunk)

Nabors Industries Ltd. (NYSE:NBR) Q1 2020 Earnings Conference Call May 6, 2020 2:00 PM ET Company Participants William Conroy - Vice President of Investor Relations Denny Smith - Senior Vice President of Corporate Development Tony Petrello - Chairman, President & Chief Executive Officer William Restrepo - Chief Financial Officer Conference Call Participants Kurt Hallead - RBC Capital Markets Connor Lynagh - Morgan Stanley Taylor Zurcher - Tudor, Pickering, Holt Marc Bianchi - Cowen & Company Sean Meakim - J ...

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, 2019 ☐ 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 ...

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 September 30, 2019 Bermuda (Address of principal executive office) ☐ 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 (S ...