Nabors(US:NBR)2023-07-28 14:41Financial 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].