HAMILTON, Bermuda, April 29, 2025 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2025 operating revenues of $736 million, compared to operating revenues of $730 million in the fourth quarter of 2024. Net income attributable to Nabors shareholders for the quarter was $33 million, compared to a net loss of $54 million in the fourth quarter. This equates to earnings per diluted share of $2.18, compared to a loss per diluted share of $6.67 in the four ...

Investors might want to bet on Nabors Industries (NBR) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual inve ...

HAMILTON, Bermuda, April 14, 2025 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR) invites you to join Anthony G. Petrello, Chairman, President and Chief Executive Officer, and William Restrepo, Chief Financial Officer, Wednesday, April 30, 2025 at 11:00 a.m. Central Time for a discussion of operating results for the first quarter ended March 31, 2025.  Nabors will release earnings after the market closes on April 29, 2025 Date: April 30, 2025 Time: 11:00 a.m. CT (12:00 p.m. ET) Dial-in-number(s ...

Nabors Industries Ltd. (NBR) is a major company in the global energy sector, offering drilling services for both land-based and offshore oil and gas wells. Founded in 1952, NBR has built a strong reputation by providing advanced drilling technology and equipment to customers in the United States and worldwide. The company operates in four main areas, namely U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies.NBR offers services like tubular running, managed pressure drilling and a ...

Core Viewpoint - Nabors Industries Ltd. announced executive leadership changes as part of its succession planning, with CFO William Restrepo set to retire on September 30, 2025, transitioning to a Strategic Advisor role [1][2]. Leadership Changes - William Restrepo has served as CFO for 11 years, playing a crucial role in the company's success, including international expansion and technology leadership [2]. - Miguel Rodriguez, currently Senior Vice President – Operations Finance, will transition into the CFO role over the next several months, having joined Nabors in 2019 with extensive experience from SLB [3][4]. Company Background - Nabors Industries is a leading provider of advanced technology for the energy industry, operating in over 20 countries and focusing on safe, efficient, and responsible energy production [5].

Core Viewpoint - Nabors Industries Ltd. has completed the acquisition of Parker Wellbore for approximately $372 million, enhancing its market presence and service offerings globally [1][10]. Strategic Rationale Behind the Acquisition - The acquisition aligns with Nabors' objectives to expand its operational footprint and diversify services, leveraging Parker Wellbore's established presence in key regions such as the U.S., Middle East, Latin America, and Asia [2]. Financial Implications and Synergy Expectations - Parker Wellbore is projected to contribute about $150 million in annualized adjusted EBITDA for 2025, with expected synergies of $40 million by the end of 2025 from reduced overhead and operational expenses [3][4]. Expansion of Drilling Solutions Portfolio - The acquisition includes Quail Tools, a subsidiary known for high-performance downhole tubulars, enhancing Nabors' rental service capabilities in the U.S. [5]. Global Operational Footprint - Parker Wellbore operates a fleet of 17 drilling rigs and offers a comprehensive suite of services, enhancing Nabors' ability to serve diverse clients in critical markets [6]. Leadership Perspectives of Nabors - Anthony Petrello, CEO of Nabors, expressed enthusiasm about the acquisition, highlighting its potential to accelerate growth in the Drilling Solutions business and strengthen the global drilling operations [7]. Operational Integration and Outlook - The integration of Parker Wellbore is expected to improve service offerings and operational efficiencies, with a focus on realizing projected synergies and expanding market presence [8].

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Core Viewpoint - Nabors Industries Ltd. has successfully completed the acquisition of Parker Wellbore, enhancing its leadership in drilling and related services [1][3]. Group 1: Acquisition Details - Parker Wellbore's portfolio includes Quail Tools, a leading provider of high-performance downhole tubulars in the U.S. and internationally [2]. - The acquisition is expected to strengthen Nabors' Drilling Solutions business and expand its market reach [8]. Group 2: Financial Outlook - Nabors anticipates that Parker's business will generate approximately $150 million in annualized adjusted EBITDA for 2025 before realizing expense synergies [4]. - Estimated expense synergies from the acquisition are projected to be $40 million by the end of 2025, with post-closing capital expenses for 2025 estimated at $70 million [4][8]. Group 3: Strategic Benefits - The acquisition is expected to provide immediate accretion to free cash flow and enhance scale and leverage metrics for Nabors [8]. - The integration of both companies is aimed at capturing projected synergies and improving customer service [3][8].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 totaled $221 million, slightly down from $222 million in Q3 2024 [55][56] - Revenue from operations for Q4 was $730 million, a $2 million sequential reduction [50] - Free cash flow fell short, with a consumption of approximately $50 million compared to expectations of generating close to $20 million [63][64] Business Line Data and Key Metrics Changes - US drilling segment revenue declined by $13 million sequentially, or 5.2%, driven by a reduced rig count in the lower 48 market [51] - International drilling revenue increased by $2.8 million, reaching $371 million, despite suspensions in Saudi Arabia [53] - Rig Technologies segment revenue reached $56.2 million, up 22.6% due to increased deliveries of capital equipment and parts sales in the Middle East [55] Market Data and Key Metrics Changes - The average rig count in the lower 48 averaged 66, a decrease of two rigs [51] - Daily rig margins in the lower 48 remained at attractive levels, with average daily margins just under $15,000 [56][32] - The international rig count is expected to average between 88 and 89 rigs in 2025, with anticipated deployments in Saudi Arabia and Argentina [70] Company Strategy and Development Direction - The company aims to grow the contribution from capex-light segments, with a fourth-quarter contribution increasing to 19.5% of consolidated EBITDA [18] - The SANAD program in Saudi Arabia is a key focus, with plans for 50 rigs built over ten years, generating significant EBITDA [24][28] - The merger with Parker Wellbore is expected to realize annualized cost synergies of at least $35 million in 2025 [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for international markets, particularly in Saudi Arabia, where natural gas activity is expected to expand [44][106] - The US market remains sluggish, with expectations of a 4% reduction in rig count among major operators by the end of 2025 [38] - The company anticipates a flat year in the US market but growth in international markets and drilling solutions [67] Other Important Information - Capital expenditures for Q4 were $241 million, significantly above the previous quarter due to accelerated payments for new builds in Saudi Arabia [64] - The company expects to close the Parker Wellbore transaction in the first quarter of 2025, pending regulatory approvals [66] - The 2025 capital expenses are forecasted in the range of $710 to $720 million, reflecting an increase from 2024 [71] Q&A Session Summary Question: Clarification on free cash flow and debt reduction - Management indicated that free cash flow outside SANAD is expected to be around $150 million, which will be used to reduce gross debt by approximately the same amount in 2025 [89][91] Question: Outlook for international rig count and releases - Management believes there may be some additional rig releases, but they are committed to maintaining the new build program with Aramco [94][96] Question: Working capital and cash taxes outlook - Management expects collections from Mexico to be sorted out in the first half of 2025, with working capital remaining under control [114][116] Question: Business climate in Argentina - The company has implemented a new operating model that allows for cash extraction in US dollars, improving the cash flow situation in Argentina [121][122] Question: Full-year 2025 guidance and G&A outlook - Management is working to reduce G&A costs and expects operational pieces to be higher than in 2024, with a focus on efficiency [129][130]

Operational Performance - As of December 31, 2024, Nabors operated an average of 158.8 rigs, a decrease of 3.1% from 163.9 rigs in 2023[19] - The U.S. drilling segment had an average of 75.1 rigs working in 2024, down from 86.3 in 2023, representing a decline of 14%[19] - International drilling saw an increase in average rigs working to 83.7 in 2024, up 7.9% from 77.6 in 2023[19] - Nabors has a total of 285 actively marketed rigs for land-based drilling and 26 for offshore platform drilling as of December 31, 2024[21] Revenue Sources - Saudi Aramco accounted for approximately 31% of Nabors' consolidated operating revenues in 2024, highlighting the significance of this customer[38] - The company received approximately 43%, 37%, and 36% of its consolidated operating revenues from its three largest contract drilling customers in 2024, 2023, and 2022, respectively, with Saudi Aramco representing 31%, 26%, and 26% of revenues during these periods[93] - The company derived 28% of its operating revenue from joint ventures in 2024, indicating a significant reliance on these partnerships[103] Technology and Innovation - The company has developed advanced drilling technologies, including the PACE®-X800 rig, which enhances efficiency in multi-well drilling operations[23] - The company is committed to enhancing its technology position and advancing drilling technology, including investments in alternative energy and carbon reduction technologies[35] - The company has a fast-growing portfolio of technologies aimed at energy efficiency and emissions reductions, including investments in alternative energy sources[65][66] - The company emphasizes the critical need for developing new technology to maintain competitiveness, with risks of declining demand if it fails to keep pace with technological advances[128] Workforce and Management - Nabors employs approximately 12,400 employees worldwide, with 8,800 located outside the United States[39] - The company has implemented a cloud-based Human Capital Management system across 26 countries to improve workforce planning and operational excellence[42] - The loss of key executives or inability to attract experienced personnel could reduce competitiveness and harm future success prospects[209] Financial Risks and Debt - As of December 31, 2024, the company's total outstanding indebtedness was $2.5 billion, which may impact its financial flexibility and ability to service debt[114] - The company is required to maintain an interest coverage ratio of no less than 2.75:1.00 under its 2024 Credit Agreement, which could limit operational flexibility[113] - The Federal Reserve raised interest rates by a total of 450 basis points from March 2022 through early 2024, affecting the company's borrowing costs[117] - Lower oil and natural gas prices could adversely affect the company's cash forecast models, potentially leading to future impairment of long-lived assets[82] Market Competition - The company operates in a highly competitive market with excess drilling capacity, leading to strong price competition and sensitivity to pricing during market instability[54][55] - The company may face difficulties in renewing customer contracts due to the highly competitive nature of the industry, which could adversely affect its financial condition and results of operations[86] - Competitors are expected to enhance their technology systems, potentially improving their drilling efficiency and service quality, which may impact the company's competitive position[127] Regulatory and Compliance Risks - The company is subject to complex and evolving laws and regulations regarding environmental matters, which could impact its operations and financial results[70] - The company is subject to environmental regulations that could increase operating costs and affect the demand for its services, particularly in light of changing laws regarding greenhouse gas emissions[146] - Legal and regulatory risks associated with international operations could lead to significant penalties, impacting the company's reputation and financial position[142] Cybersecurity - The company is subject to cybersecurity risks that could impact its operations and financial condition[82] - Cybersecurity is a critical component of risk management at Nabors, supporting technology infrastructure and information systems essential for operations and financial processes[212] - The Board of Directors is actively engaged in overseeing the cybersecurity program, focusing on prevention, detection, and recovery from incidents[215] Strategic Transactions and Mergers - The company completed a business combination with Vast Solar Pty. Ltd., enhancing its investment in concentrated solar thermal power systems[67] - Following the merger with Parker Drilling Company, the market value of Nabors common shares could be negatively affected by risks associated with the combined company[183] - The success of the merger will depend significantly on the ability to integrate the businesses and realize expected synergies, which may take longer than anticipated[197] Sustainability and Corporate Responsibility - The company is committed to sustainability and has integrated sustainable practices into its corporate culture and strategic plans[63] - The Inflation Reduction Act of 2022 incentivizes investment in alternative energy sources, which could accelerate the shift away from traditional oil and gas, adversely affecting the company's prospects[154]