Nabors(US:NBR)2025-10-31 18:18Financial Performance - Operating revenues for the three months ended September 30, 2025, totaled $818.2 million, an increase of $86.4 million compared to the same period in 2024[139]. - Net income attributable to Nabors for the three months ended September 30, 2025, was $274.2 million ($16.85 per diluted share), a $330.0 million increase from a net loss of $55.8 million ($6.86 per diluted share) in the same period of 2024[140]. - Operating revenues for the nine months ended September 30, 2025 totaled $2.4 billion, an increase of $186.9 million compared to the same period in 2024[152]. - Net income attributable to Nabors was $276.3 million ($17.54 per diluted share) for the nine months ended September 30, 2025, a $398.7 million increase from a net loss of $122.4 million in 2024[153]. Segment Performance - Operating revenues for the U.S. Drilling segment decreased by $4.9 million or 2% during the three months ended September 30, 2025, compared to the prior year[144]. - Operating revenues for the International Drilling segment increased by $38.6 million or 10% during the same period, primarily due to acquired Parker rig operations[145]. - Operating revenues for the Drilling Solutions segment increased by $62.4 million or 78% during the three months ended September 30, 2025, attributed to acquired Parker operations[146]. - Operating revenues for the Rig Technologies segment decreased by $10.2 million or 22% during the same period due to an overall decline in activity[147]. - U.S. Drilling segment operating revenues decreased by $50.5 million, or 6%, to $736.0 million for the nine months ended September 30, 2025[156]. - International Drilling segment operating revenues increased by $99.2 million, or 9%, totaling $1.17 billion for the nine months ended September 30, 2025[158]. - Drilling Solutions segment operating revenues increased by $167.3 million, or 70%, totaling $405.4 million for the nine months ended September 30, 2025[159]. - Rig Technologies segment operating revenues decreased by $29.2 million, or 20%, totaling $116.3 million for the nine months ended September 30, 2025[160]. Expenses and Income - General and administrative expenses for the three months ended September 30, 2025, were $77.1 million, reflecting a 20% increase compared to the same period in 2024[141]. - General and administrative expenses increased by $40.4 million, or 22%, totaling $228.3 million for the nine months ended September 30, 2025[154]. - Interest expense for the three months ended September 30, 2025, was $54.3 million, a decrease of 2% compared to the same period in 2024[148]. - Interest expense for the nine months ended September 30, 2025 was $164.7 million, an increase of $7.5 million, or 5%, compared to the same period in 2024[161]. Gains and Dispositions - Gain on the disposition of Quail Tools was $415.6 million for the three months ended September 30, 2025, compared to zero in the same period of 2024[149]. - Gain on disposition of Quail Tools was $415.6 million for the nine months ended September 30, 2025, compared to zero in 2024[162]. - Gain on bargain purchase related to the Parker acquisition was $116.5 million for the nine months ended September 30, 2025, compared to zero in 2024[163]. Cash Flow and Commitments - Net cash provided by operating activities was $447.4 million for the nine months ended September 30, 2025, compared to $432.5 million for the same period in 2024[188]. - Cash from operating results (before working capital changes) decreased to $461.9 million for the nine months ended September 30, 2025, down from $512.9 million in the corresponding 2024 period[188]. - Net cash used by investing activities was $44.4 million during the nine months ended September 30, 2025, significantly lower than $353.2 million in the same period of 2024[189]. - The company repaid $177.8 million of the Parker term loan and $164.4 million of outstanding long-term debt during the nine months ended September 30, 2025[190]. - As of September 30, 2025, outstanding purchase commitments totaled approximately $464.9 million, primarily for capital expenditures and inventory purchases[182]. - Changes in working capital items used $14.5 million in cash flows during the nine months ended September 30, 2025, a favorable change compared to $80.4 million used in the same period of 2024[188]. Future Outlook - The company expects its current cash and investments, along with projected cash flows, to adequately finance its commitments and expenditures for at least the next 12 months[181]. - The company may seek to retire or purchase outstanding debt depending on market conditions and liquidity requirements[184]. - There were no material changes in the company's exposure to market risk during the nine months ended September 30, 2025[195].