Nabors(US:NBR)2021-02-26 23:37Financial Performance & Debt Management - Nabors cut debt obligations by $307 million in 4Q20 and 1Q21 through debt exchanges and open market repurchases[10] - The company delivered EBITDA of $108 million in 4Q 2020, the highest among land drillers[10] - Nabors generated Free Cash Flow (FCF) of $66 million in 4Q 2020 from cost reductions and capital discipline[10] - As of December 31, 2020, Nabors' total debt was $2.97 billion, with $0.48 billion in cash, cash equivalents & short-term investments, resulting in a net debt of $2.49 billion[36] - During 2020, the company reduced or extended maturities on an aggregate $1.5 billion of notes with maturities through 2023[37] Rig Utilization & Market Share - In 4Q20, Nabors' U S Lower 48 average rig count was 54, with a 29% utilization rate[14, 16] - High Spec rigs in U S Lower 48 had an average utilization of 48%[17] - Nabors increased its market share with supermajors by 50% compared to the 2014 peak[19] Technology & Automation - SmartDRILL™ is approaching 30% penetration across Nabors' Lower 48 rigs[10, 25] - Nabors' Smart Suite integrated automation solution drove savings of $141,399 per well for a major operator in U S Bakken[21] - SmartDRILL™ wells showed a 61% improvement in connection times compared to manual wells[31] Environmental Stewardship - Nabors has 40 dual-fuel-capable rigs in Lower 48[20] - The company signed onto the Science Based Targets initiative, committed to setting science-based GHG emissions targets[20]