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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.
EnerCom, Inc. and Colorado School of Mines will host The Energy Venture Investment Summit on February 16-17, 2022, in Golden, Colorado. The event features over 30 companies focusing on themes such as carbon capture, hydrogen production, and solar technology. Notable keynote speakers include Siggi Meissner from Nabors Industries and Morgan Bazilian from the Payne Institute. The summit aims to connect qualified investors with presenting companies during networking events and scheduled one-on-one meetings. Registration is free for qualified investors.
Nabors Industries Ltd. (NYSE: NBR) secured a $350 million revolving credit facility maturing on January 21, 2026, replacing its previous facility. This new credit line offers enhanced features such as an accordion option for $100 million more and a $150 million basket for additional debts. It mandates repayment of certain senior notes prior to maturity. The borrowing cost starts at approximately 3.1% and varies with credit ratings. CFO William Restrepo highlights improved liquidity and flexibility, aligning with the industry's recovery and the company’s financial goals for free cash flow and debt reduction.
Nabors Industries (NYSE: NBR) has scheduled a conference call on February 9, 2022 at 1:00 p.m. CT to discuss its operating results for the fourth quarter ending December 31, 2021. Earnings will be released after the market closes on February 8, 2022. The call will feature insights from Anthony G. Petrello, CEO, and William Restrepo, CFO. Investors can join via dial-in or the live audio webcast available on their website. A recording of the call will be accessible after the event.
Nabors Industries Ltd. (NYSE: NBR) has outlined its energy transition strategy, introducing Nabors Energy Transition Solutions (NETS) to enhance energy efficiency and reduce emissions. The technology portfolio includes emissions reporting, carbon capture, and hydrogen injection systems. Nabors aims to extend these solutions beyond drilling into upstream sectors and other industries. Furthermore, the company is pursuing venture investments in lower carbon markets, focusing on geothermal and hydrogen. On November 16, Nabors Energy Transition Corp. raised $276 million in an initial public offering to support its energy transition goals.
Nabors Industries Ltd. (NYSE: NBR) announced the pricing of $700 million in senior priority guaranteed notes due 2027, with a 7.375% interest rate. The offering is expected to yield net proceeds of approximately $688.9 million after expenses. Nabors plans to use about $457.5 million to pay down its Revolving Credit Facility, which currently has $585 million outstanding. The sale of the notes to initial purchasers is anticipated to close on November 23, 2021. The notes will not be registered under the Securities Act and are only available to qualified institutional buyers.
Nabors Industries Ltd. (NYSE: NBR) announced a $700 million offering of senior priority guaranteed notes due 2027 through its subsidiary, Nabors Industries, Inc. The notes will be guaranteed by Nabors and certain subsidiaries, ranking senior to existing notes. Nabors plans to use approximately $457.5 million of the proceeds to repay outstanding amounts under its revolving credit facility and the remainder for general corporate purposes. Currently, $585 million is outstanding under the facility, excluding letters of credit.
Chesapeake Energy Corporation (NASDAQ:CHK) has appointed Nabors Industries Ltd. (NYSE:NBR) as its preferred drilling contractor for unconventional oil and natural gas assets across the U.S. This partnership aims to enhance drilling performance through advanced technology and innovation. Chesapeake's VP emphasized the commitment to safety and efficiency, while Nabors' CEO highlighted the importance of collaboration in achieving technology goals. Both companies are focused on improving environmental impacts and operational efficiency within the energy sector.
Nabors Industries reported Q3 2021 operating revenues of $524 million, up from $489 million in Q2. The net loss was $122 million, or $15.79 per share, an improvement from a loss of $196 million in Q2. Adjusted EBITDA increased by 7% to $125 million. Key developments included the deployment of the first fully automated rig in the Permian Basin and strong free cash flow generation of $133 million. The company anticipates further growth in rig count and pricing in the coming quarters due to favorable market conditions.
Nabors Industries Ltd. (NYSE: NBR) has announced the successful drilling of a horizontal well in the Permian Basin using its PACE®-R801, the world's first fully automated land drilling rig. The rig utilizes advanced automation, robotics, and digitalization technologies, enhancing safety and efficiency by minimizing crew presence in hazardous areas. Partnering with ExxonMobil, Nabors aims to innovate in drilling technology, with insights from this operation expected to inform future advancements. This milestone marks a significant achievement in Nabors' five-year engineering journey.
Nabors Industries Ltd. (NYSE: NBR) will discuss its third quarter operating results on October 27, 2021, at 11:00 a.m. CT. The earnings release will be available after market close on October 26, 2021. The call will be led by Anthony G. Petrello, CEO, and William Restrepo, CFO. Interested participants can join via a domestic number (888) 317-6003 or an international line (412) 317-6061. An audio webcast will also be accessible on Nabors' website for those unable to attend live.
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