Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2022 totaled $191 million, a 21% increase from the previous quarter [12] - Consolidated revenue increased by 10.2% sequentially, reaching $694 million compared to $631 million in Q2 2022 [41] - Net debt improved to $2.16 billion, with expectations for further reductions [13][56] - Adjusted free cash flow was $35 million, significantly better than forecasted [13][54] Business Line Data and Key Metrics Changes - U.S. Drilling revenue increased by 17% to $287 million, with Lower 48 revenue growing by over 19% [41] - Daily rig margins in the Lower 48 increased significantly, with average daily margin surpassing $11,000, reflecting a nearly $2,500 increase [15][46] - International segment revenue rose to $306 million, driven by higher revenue in Saudi Arabia and Latin America [43] - Drilling Solutions recorded EBITDA of $25.6 million, up approximately 13% from the previous quarter [51] Market Data and Key Metrics Changes - Global average rig count increased by 4 rigs, primarily driven by growth in the U.S. and Saudi Arabia markets [12] - Average daily revenue in the Lower 48 exceeded $29,000, with contracts approaching $40,000 [33][42] - Rig utilization in the Lower 48 reached 86%, with expectations to reach 90% by year-end [47] Company Strategy and Development Direction - The company aims to maintain a short contract duration while capturing strong leading-edge price momentum [16] - Focus on technology and innovation, particularly in automation and digitalization, is a key driver for performance [21][24] - Commitment to sustainability and reducing carbon intensity through various technological advancements [27][29] Management's Comments on Operating Environment and Future Outlook - The macro environment remains constructive despite potential recession risks, with confidence in continued drilling activity [30][31] - The company expects fourth-quarter results to materially improve over Q3, driven by strong pricing momentum and higher activity levels [40] - Anticipated EBITDA for 2023 is projected to exceed $1 billion, with free cash flow around $400 million [60] Other Important Information - The company has made significant progress in reducing net debt by over $700 million since the pandemic [65] - New builds in Saudi Arabia are expected to contribute to increased financial performance, with a focus on contract renewals [20][108] Q&A Session Summary Question: What type of term is the company targeting for contracts? - The company aims to return to a normal range of 20% to 30% term proportion by the end of the year, having previously maintained a short-term focus [71] Question: What are the mechanisms for gross debt reduction? - The company has convertible notes that can be paid at par and plans to reduce total gross debt in line with net debt [73] Question: What is the macro supply side outlook for U.S. and international markets? - The company estimates about 150 rigs could potentially return to the market, but significant CapEx may be required for reactivation [79] Question: How does the company view recession risks? - The company believes the impact on energy consumption during a recession may not be as dramatic as in the past, given the current supply-demand dynamics [85] Question: What factors could drive pricing higher in the market? - The company notes that high utilization rates and the need for additional rigs will support pricing increases, with a focus on capital discipline among customers [92][95] Question: What is the outlook for international rig count and margins? - The company anticipates a 10% increase in international rig count next year, with margins expected to average $16,000 to $17,000 per day [100][122]

| --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------------|------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3Q 2022 Earnings Presentation | | | | | | | | NABORS INDUSTRIES LTD. | October 25, 2022 | | | | | Forward Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------------------------------------------|-------------------------------------------|-------|-------|-------|--------------------------------------|----------|-------|-------| | | | | | | | | | | | | | | | | | | | 9.7.2022 | | | | NYSE: NBR | | | | | | | | | | | | Nabors Industries Barclays CEO Energy-Power | William Restrepo Chief Financial Officer | | | | Subodh Saxena Senior Vice President, | | | | | | Conference | | | | | N ...

Nabors Industries Ltd. (NYSE:NBR) Q2 2022 Earnings Conference Call August 4, 2022 1:00 PM ET Company Participants William Conroy - VP, Corporate Development & IR Anthony Petrello - Chairman, President and CEO William Restrepo - CFO Conference Call Participants Derek Podhaizer - Barclays Karl Blunden - Goldman Sachs John Daniel - Daniel Energy Partners David Smith - Pickering Energy Partners Keith Mackey - RBC Capital Markets Arun Jayaram - JPMorgan Operator Good afternoon, and welcome to the Nabors Industri ...

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, 2022 ☐ 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 2Q 2022 Earnings Presentation NABORS INDUSTRIES LTD. August 4, 2022 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 provisi ...

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, 2022 ☐ 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 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2022 was $131 million, reflecting a minor decrease of $1.1 million or 0.9% sequentially [11][53] - Net loss from continuing operations was $184 million or $22.51 per share, compared to a loss of $114 million or $14.60 per share in the prior quarter [47] - Revenue from operations increased to $569 million, a 5% sequential improvement [51] - Net debt improved by $55 million in Q1 2022, largely due to the exercise of warrants [64] Business Line Data and Key Metrics Changes - Revenue in the Drilling Solutions segment increased by nearly 5% sequentially, with EBITDA reaching $20 million, the highest since the pandemic began [12][61] - U.S. Drilling EBITDA was $74.3 million, up by $5 million or 7% compared to the prior quarter, driven by a 19% improvement in Lower 48 EBITDA [54] - International EBITDA was $71.2 million, decreasing by almost $2 million sequentially, primarily due to operations in Russia [58] Market Data and Key Metrics Changes - The global average rig count increased by 10 rigs in Q1 2022, driven mainly by increased U.S. drilling activity [11] - Average daily revenue exceeded $23,000 in Q1 2022, up nearly $300 or 6% sequentially [33] - The average rig count in the Lower 48 increased to 83.4 rigs, up approximately 9 rigs from the previous quarter [55] Company Strategy and Development Direction - The company is focused on five key initiatives: leading technology in the U.S. market, expanding international business, improving technology and innovation, enhancing capital structure, and committing to sustainability [14] - The company aims to target the third-party rig market to expand its addressable market beyond its own rigs [20] - Investments in geothermal technology and energy transition initiatives are seen as potential growth areas, with expectations that these could contribute significantly to future revenues [131] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has improved, with WTI crude oil prices closing above $100, which is expected to incentivize increased drilling activity [29][31] - The company anticipates continued increases in drilling activity globally, with a projected increase in the Lower 48 average daily margin to approximately $8,500 per day in Q2 2022 [56] - Management expressed confidence in achieving their long-term EBITDA target of $800 million, supported by expected improvements in rig margins [93] Other Important Information - The company is experiencing challenges related to supply chain constraints and inflation, which have led to increased costs [43][66] - The company has made significant progress in reducing net debt and improving its capital structure, including the completion of a new revolving credit facility [71][72] - The company is targeting breakeven free cash flow for Q2 2022, with expectations of generating over $100 million in free cash flow for the year [70] Q&A Session Summary Question: Utilization rates in the U.S. Lower 48 high-spec area - Management indicated that they expect to exit the year with over 100 rigs, with plans to add additional rigs with minimal capital [80][81] Question: Warrant exercise trends and near-term debt priorities - Management confirmed that warrant exercises have been cash-based and are expected to continue, with discussions on future financing options ongoing [84][88] Question: Lower 48 margins beyond Q2 - Management believes that margins could reach around $10,000 per day, with a strong focus on executing contracts to achieve this [92][95] Question: International contract re-openers and pricing drivers - Management highlighted that supply-demand tightness and labor issues are expected to drive pricing improvements in international markets [106][110] Question: Geothermal investments and future earnings potential - Management expressed optimism that geothermal initiatives could contribute significantly to revenues, potentially accounting for a quarter of the business in the next five years [131]

Fleet and Operations - Nabors operates a fleet of 301 actively marketed rigs for land-based drilling and 29 for offshore drilling as of December 31, 2021[21]. - Nabors' international fleet consisted of 116 land-based drilling rigs across approximately 14 countries and 17 actively marketed platform rigs in international offshore markets as of December 31, 2021[30]. - The average rigs working in U.S. Drilling was 70.9 in 2021, compared to 67.9 in 2020 and 115.3 in 2019, indicating a decline in utilization[23]. - The company operates one of the world's largest land-based drilling rig fleets and provides offshore rigs in the U.S. and international markets[188]. - The company has transformed its fleet in the Lower 48 states, positioning it as one of the most capable and modern fleets in the market[38]. Financial Performance - Operating revenues for 2021 totaled $2.0 billion, a decrease of $116.5 million or 5.5% from 2020, primarily due to a 10% decline in average rigs working in the International Drilling segment[198]. - Net loss from continuing operations attributable to Nabors common shareholders was $572.9 million for 2021, a decrease of $247.3 million compared to a net loss of $820.3 million in 2020[199]. - U.S. Drilling segment operating revenues decreased by $43.4 million or 6% in 2021, with average rigs working increasing by 4%[206]. - Canada Drilling segment operating revenues decreased by $15.4 million or 28% in 2021, primarily due to the sale of Canada Drilling assets in July 2021[210]. - International Drilling segment operating revenues decreased by $88.5 million or 8% in 2021, with a 10% decrease in average rigs working[211]. - Drilling Solutions segment operating revenues increased by $22.6 million or 15% in 2021, driven by increased market activity and additional product offerings[212]. Customer and Market Dynamics - Saudi Aramco accounted for approximately 31% of Nabors' consolidated operating revenues in 2021, highlighting the significance of this customer[43]. - The demand for the company's services is driven by oil and gas companies' spending, which is influenced by cash flow and earnings largely dependent on oil and natural gas prices[189]. - The company faces significant competition in its U.S. Drilling segment from firms such as Helmerich & Payne Inc. and Patterson-UTI Energy Inc., as well as various smaller regional contractors[60]. - The company anticipates that fluctuations in oil and natural gas prices will continue to impact drilling activity and profitability, with potential adverse effects on cash flows and asset valuations[80][81]. Technology and Innovation - Nabors has developed advanced drilling technologies, including the PACE®-X800 rig, which enhances efficiency in multi-well pad drilling[26]. - The company focuses on enhancing its technology position and advancing drilling technology both on the rig and downhole[40]. - The company has a fast-growing portfolio of technologies aimed at driving energy efficiency and emissions reductions, including proprietary emissions reporting software and carbon capture technology[58]. - Development of new technologies is critical for maintaining competitiveness, with no assurance of future demand for these technologies[117]. Employment and Workforce - The company employed approximately 10,000 employees worldwide as of December 31, 2021, with about 7,000 employed internationally[44]. - General and administrative expenses increased by $10.0 million or 5% in 2021, totaling $213.6 million, reflecting a moderate increase in workforce as market conditions improved[201]. - Research and engineering expenses rose by $1.6 million or 5% in 2021, totaling $35.2 million, also due to a moderate increase in workforce[202]. Risks and Challenges - The company acknowledges risks related to geopolitical and economic factors, including potential impacts from global public health events like COVID-19[83]. - The company is subject to various legal and regulatory risks, including compliance with environmental regulations and potential changes in tax laws[75]. - The company faces risks related to technological advancements in the drilling industry, necessitating higher capital expenditures to maintain competitiveness[115]. - The company is exposed to legal and regulatory risks, including evolving regulations related to health and safety due to COVID-19, which could materially affect operations[124]. - The company must navigate the complexities of international business, including compliance with anti-corruption laws, which could pose additional risks[127]. Financial Obligations and Capital Structure - As of December 31, 2021, the company's total outstanding indebtedness was $3.3 billion, impacting its ability to service debt and financial obligations[111]. - The company is required to maintain an interest coverage ratio of no less than 1.75:1.00, increasing to a minimum of 2.75:1.00 by June 30, 2024[110]. - The company's access to capital markets may be limited due to factors such as oil and gas prices, credit ratings, and market perceptions, which could adversely affect its business[112]. - A downgrade in the company's credit rating could negatively impact its cost of capital and ability to access financing sources, affecting financial condition and results of operations[113]. Sustainability and Corporate Responsibility - The company is committed to sustainability and corporate responsibility, integrating these principles into its strategic plans and daily operations[65]. - The company anticipates that increased ESG reporting requirements may raise operational costs and affect financial condition[158]. - The company’s insurance coverage may not adequately cover certain risks, including pandemics, leading to potential financial losses[89]. Shareholder Information - The company has 32,000,000 authorized common shares, with 9,661,352 shares outstanding as of February 14, 2022[146]. - The company's common shares are publicly traded on the NYSE under the symbol "NBR" with a closing price of $123.22 on February 14, 2022[176]. - The company issued approximately 3.2 million warrants to shareholders, allowing them to purchase common shares at an initial exercise price of $166.67 per warrant[191][192]. - In November 2021, the company issued $700.0 million in 7.375% senior priority guaranteed notes, maturing on May 15, 2027, with proceeds available for general corporate purposes[196].

Nabors Industries Ltd. (NYSE:NBR) Q4 2021 Earnings Conference Call February 9, 2022 2:00 PM ET Company Participants William Conroy - VP, Corporate Development & IR Anthony Petrello - Chairman, President and CEO William Restrepo - CFO Subodh Saxena - SVP Conference Call Participants Connor Lynagh - Morgan Stanley Waqar Syed - ATB Capital Markets Karl Blunden - Goldman Sachs Arun Jayaram - JPMorgan Taylor Zurcher - Tudor, Pickering and Holt Keith Mackey - RBC Capital Markets Operator Good day, and welcome to ...