Nabors Indsustries - NBR STOCK NEWS

Nabors Industries (NYSE: NBR) has announced that its subsidiary, Nabors Industries, Inc. (NII), is offering $550 million in senior guaranteed notes due 2031. These notes will be fully guaranteed by Nabors and its subsidiaries that guarantee the existing 7.50% senior notes due 2028. The new notes will rank equally with NII's existing senior obligations.

Nabors plans to use the proceeds, along with cash on hand, to redeem all of its 7.25% senior guaranteed notes due 2026. Any excess funds will be used for general corporate purposes, potentially including repayment of other outstanding debt. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.

Nabors Industries (NYSE: NBR) has released preliminary operating results for Q2 2024, ending June 30. The company reports operating revenue of approximately $735 million, income (loss) before taxes between ($5) million and $5 million, adjusted EBITDA of about $218 million, and adjusted free cash flow between $55 million and $60 million. Nabors averaged 68.7 rigs in the Lower 48 with an average gross margin of $15,598 per rig day, and 84.4 rigs internationally with an average gross margin of $16,050 per rig day. These results highlight ongoing international expansion and stable U.S. market activity. Full Q2 financial results will be released on July 23, 2024, followed by an earnings call on July 24.

Nabors Industries (NYSE: NBR) will host a conference call on July 24, 2024, at 10:00 a.m. CT to discuss its Q2 2024 operating results. The earnings report will be released after market close on July 23, 2024. The call will feature CEO Anthony G. Petrello and CFO William Restrepo.

Dial-in numbers include US Toll Free (888) 317-6003, Canada Toll Free (866) 284-3684, and International (412) 317-6061, with the participant entry number 0574690. Please call 10-15 minutes early to ensure connection.

A recording will be available until July 31, 2024, via (877) 344-7529 or (412) 317-0088 with replay entry number 4068685. Additionally, a live audio webcast will be accessible on the Nabors website under Investor Relations > Events Calendar.

Nabors Industries (NYSE: NBR) provided an update for the second quarter of 2024. During a conference held on June 18, 2024, CFO William Restrepo discussed the company's performance and future prospects. He highlighted that the International Drilling segment and the U.S. Drilling segment in the Lower 48 are performing as expected. The Drilling Solutions segment is also projected to grow, driven by international markets and non-Nabors rigs. The company is maintaining its 2024 capital expenditure forecast at approximately $590 million. Nabors continues to leverage its advanced technology in the energy sector across more than 20 countries, focusing on safe, efficient, and responsible energy production.

Nabors Industries announced an amendment and restatement of its $475 million secured credit facility, which includes $350 million for revolving credit and $125 million for letters of credit. This facility matures on June 17, 2029, with potential early maturity based on the status of other debt securities. This replaces the previous $350 million facility due in January 2026. Key changes include an increase in the letter of credit facility from $100 million to $125 million and a $200 million uncommitted accordion feature. The interest coverage ratio remains at 2.75:1.00, with a minimum guarantor value of 90%. The initial borrowing margin is approximately 2.75%, subject to changes in Nabors' credit ratings. CFO William Restrepo highlighted the improved liquidity and flexibility to support international market growth and working capital needs.

Vista Energy and Nabors Industries have signed a contract to deploy a third drilling rig in Vaca Muerta, Argentina. The project aims to accelerate Vista's development in the region, with the expectation of putting between four to eight wells into production by year-end. The collaboration represents an extension of a strategic relationship between the two companies, with a focus on operational excellence and environmental sustainability.

Nabors Industries reported first quarter 2024 operating revenues of $734 million, with a net loss of $34 million attributable to shareholders. The quarter saw a gain related to warrants and adjusted EBITDA of $221 million. Nabors secured contracts in Argentina and the Middle East, received orders for drilling packages in the Middle East, and was named a double finalist for the Reuters Global Energy Transition Awards 2024. The company's U.S. Drilling segment had an adjusted EBITDA of $120.4 million, while the International Drilling segment reported $102.5 million. Drilling Solutions had an adjusted EBITDA of $31.8 million, and Rig Technologies posted $6.8 million. Adjusted free cash flow was $8 million for the quarter, with capital expenditures at $112 million. The outlook for the second quarter includes metrics for U.S. Drilling, International, Drilling Solutions, Rig Technologies, and Capital Expenditures.

Nabors Industries (NYSE: NBR) will discuss its first-quarter operating results on April 25, 2024, with Chairman and CEO Anthony G. Petrello and CFO William Restrepo. Earnings will be released on April 24, 2024, followed by a conference call with dial-in details provided.

Nabors Industries Ltd. reported a net loss of $17 million in Q4 2023, compared to a loss of $49 million in Q3. Operating revenues for the full year 2023 were $3.0 billion, a 13% increase from the prior year. Adjusted EBITDA for 2023 was $915 million, a 29% year-on-year growth. The company's segments, including Nabors Drilling Solutions and Rig Technologies, also saw positive growth. The company announced collaborations and business combinations, showing promising future prospects.