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Nabors Industries Ltd. (NYSE: NBR) is a global leader in providing advanced drilling rigs and equipment for the energy industry. Established in 1952, Nabors has grown from a small land drilling company in Canada to owning and operating the world's largest land-based drilling rig fleet. The company's operations span across more than 20 countries, offering solutions that enhance safety, efficiency, and performance in the oil and gas sector.
Nabors' core operations include land-based drilling, offshore platform drilling, and a range of performance tools and services. The company's fleet comprises 291 land-based rigs and 28 offshore platform rigs. Nabors operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Its innovative approach focuses on leveraging technology in drilling, engineering, automation, data science, and manufacturing to drive the future of energy production.
Recent achievements include the pricing of $650 million in senior priority guaranteed notes, which will be used to retire outstanding senior notes and for general corporate purposes. Furthermore, Nabors' commitment to advancing clean energy is evident through initiatives like its involvement in the Vast Renewables Limited business combination, aimed at transitioning to a lower-carbon world.
Nabors continues to innovate with projects such as electrifying drilling rigs in Argentina’s Vaca Muerta, demonstrating a commitment to sustainable and efficient energy production. The company's strategic partnerships and ongoing projects reflect its dedication to operational excellence and industry leadership.
Nabors Industries (NYSE: NBR) reported Q4 2024 operating revenues of $730 million, slightly down from $732 million in Q3. The company posted a net loss of $54 million ($6.67 per diluted share), improving from a $56 million loss in Q3. Q4 adjusted EBITDA was $221 million, compared to $222 million in Q3.
Key developments include shareholders' approval of the Parker Wellbore merger, expected to close in Q1 2025, and new rig awards in Argentina and Colombia. SANAD deployed its ninth newbuild rig with two more expected in Q1 2025. The U.S. Drilling segment's Q4 adjusted EBITDA was $105.8 million, with Lower 48 average rig count at 66. International Drilling adjusted EBITDA was $112.0 million with an average rig count of 85.
For 2025, Nabors projects consolidated adjusted free cash flow at breakeven, with SANAD consuming approximately $150 million while remaining operations should generate around $150 million.
Nabors Industries (NYSE: NBR) has issued a statement regarding the business combination agreement between Nabors Energy Transition Corp. II (NASDAQ: NETD) and e2Companies . e2 operates as an AI-based Virtual Utility®, offering comprehensive power solutions including isolated grid power, continuous power conditioning, and multi-source local power management.
The company's solutions feature behind-the-meter functionality without requiring grid connection agreements, targeting mission-critical industries like data centers, manufacturing, oil and gas, and healthcare. Key capabilities include instantaneous load shifting, AI-based cost optimization, and on-demand grid power supply.
Nabors began collaborating with e2 last year to implement integrated power solutions in drilling operations. The business combination aims to strengthen this collaboration, focusing on oilfield electrification and expanding into new markets, leveraging Nabors' global expertise, industry relationships, and technology infrastructure.
Nabors Industries (NYSE: NBR) has scheduled its fourth quarter 2024 earnings conference call for February 13, 2025, at 11:00 a.m. Central Time. Chairman, President and CEO Anthony G. Petrello and CFO William Restrepo will lead the discussion of operating results for the quarter ended December 31, 2024.
The company will release its earnings after market close on February 12, 2025. The conference call will be accessible via multiple channels, including US and Canada toll-free numbers, and will be available for replay until February 20, 2025. A live audio webcast will be available on the company's website at www.nabors.com under the Investor Relations section.
Nabors Industries (NYSE: NBR) reported third quarter 2024 operating revenues of $732 million, with a net loss of $56 million ($6.86 per diluted share). Adjusted EBITDA was $222 million. Key highlights include:
1. Agreement to acquire Parker Wellbore, expected to generate $180 million EBITDA this year with $35 million in synergies.
2. International Drilling segment showed growth with daily adjusted gross margin exceeding $17,000.
3. Lower 48 drilling activity remained stable with average rig count at 68.
4. Adjusted free cash flow was $18 million, with capital expenditures totaling $118 million.
5. Full-year 2024 capital expenditures forecast at $600 million, including $230 million for SANAD newbuilds.
6. Full-year adjusted free cash flow expected between $100 and $130 million.
Nabors Industries (NYSE: NBR) has announced its upcoming 3rd Quarter 2024 Earnings Conference Call. The event is scheduled for October 23, 2024, at 11:00 a.m. Central Time. Chairman, President, and CEO Anthony G. Petrello, along with CFO William Restrepo, will lead the discussion on the company's operating results for the quarter ended September 30, 2024.
Nabors will release its earnings after market close on October 22, 2024. The conference call will be accessible via various dial-in numbers, including US and Canada toll-free options, as well as an international line. A live audio webcast will also be available on the company's website. The call recording will be accessible for replay until October 30, 2024.
Nabors Industries (NYSE: NBR) has announced a definitive agreement to acquire Parker Wellbore, a global drilling services provider. The acquisition involves exchanging 4.8 million Nabors common shares for all of Parker's outstanding common shares, subject to a share price collar. Parker's portfolio includes Quail Tools, the leading U.S. provider of high-performance downhole tubulars, international tubular rentals and repair services, casing and tubular running services, and a fleet of 17 drilling rigs.
The acquisition is expected to strengthen Nabors' Drilling Solutions business, expand its geographical footprint, and be immediately accretive to free cash flow. Nabors anticipates realizing up to $35 million in annualized expense synergies within the first 12 months post-closing. The combined company's adjusted EBITDA for the first half of 2024 totaled $527 million, with Parker expecting to generate $180 million EBITDA for the full year 2024.
The transaction is projected to close in early 2025, subject to customary conditions and approvals.
Nabors Industries (NYSE: NBR) has announced its 3rd Quarter 2024 Earnings Conference Call, scheduled for October 23, 2024, at 2:00 p.m. Central Time. The company will release its earnings after market close on October 22, 2024. Chairman, President, and CEO Anthony G. Petrello, along with CFO William Restrepo, will lead the discussion on operating results for the quarter ended September 30, 2024.
Interested parties can join via phone using toll-free numbers for the US and Canada, or an international line. The call will be recorded and available for replay until October 30, 2024. Additionally, a live audio webcast will be accessible on the company's website, www.nabors.com, under the Investor Relations section.
Nabors Industries (NYSE: NBR), a leading energy technology provider, announced its participation in Pareto Securities' 31st Annual Energy Conference on September 11-12, 2024. William Restrepo, Chief Financial Officer, will present on September 11, showcasing Nabors' role in the energy industry.
The company, known for its advanced technology solutions in over 20 countries, focuses on drilling, engineering, automation, data science, and manufacturing. Nabors aims to innovate energy production while promoting safety, efficiency, and environmental responsibility. The investor presentation will be available on Nabors' website under the Investor Relations section.
Nabors Industries (NYSE: NBR) announced its participation in the Barclays 38th Annual Energy-Power Conference on September 3-4, 2024. Chief Financial Officer William Restrepo will deliver a presentation on Nabors and join a panel discussion on land drilling on September 4. The investor slide deck for the presentation is available on the Nabors website in the Investor Relations section.
Nabors Industries is a leading provider of advanced technology for the energy industry, operating in over 20 countries. The company focuses on drilling, engineering, automation, data science, and manufacturing to innovate energy production and support the transition to a lower-carbon world. Nabors aims to deploy solutions for safe, efficient, and responsible energy production through its global network of people, technology, and equipment.
Nabors Industries (NYSE: NBR) reported Q2 2024 operating revenues of $735 million, slightly up from $734 million in Q1. The net loss narrowed to $32 million ($4.29 per diluted share) from $34 million in Q1. Adjusted EBITDA was $218 million, down from $221 million in Q1.
Key highlights include:
- International drilling segment growth with rig additions in Algeria and Saudi Arabia
- Lower 48 rig count decreased to 69 from 72 in Q1
- Drilling Solutions and Rig Technologies segments showed improved performance
- 19 international rig deployments scheduled over the next 18 months
- Adjusted free cash flow of $57 million in Q2
- Full-year 2024 adjusted free cash flow target maintained at $100-$200 million
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