HAMILTON,
Bermuda, Oct. 22, 2024 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today
reported third quarter 2024 operating revenues of $732 million, compared to operating revenues of
$735 million in the second quarter.
The net loss attributable to Nabors shareholders for the quarter
was $56 million, compared to a net
loss of $32 million in the second
quarter. This equates to a loss of $6.86 per diluted share, compared to a loss per
diluted share of $4.29 in the second
quarter. The third quarter included net charges totaling
approximately $25 million, primarily
reflecting the redemption premium on the 2026 notes and market
adjustments on investments. Third quarter adjusted EBITDA was
$222 million, compared to
$218 million in the previous
quarter.
Highlights
- Last week, Nabors announced the signing of an agreement to
acquire Parker Wellbore. Parker's lines of business include the
leading franchise in U.S. tubular rentals – Quail Tools – as well
as international tubular rentals, well construction services
(including casing running), and drilling rigs. Parker expects to
generate EBITDA of $180 million this
year. Nabors has identified synergies potential at an annualized
run-rate of $35 million within 12
months of closing. Nabors will acquire all of Parker's issued and
outstanding common stock in exchange for 4.8 million shares of
Nabors common stock, subject to a share price collar. Nabors will
also assume approximately $100
million in net debt.
- Nabors Lower 48 rigs once again
set notable performance milestones. A major operator in the
Delaware Basin drilled three
wells, each with four-mile laterals, utilizing a Nabors
PACE®-X rig equipped with a Canrig® Sigma
topdrive. Sigma's rated torque is the industry's highest and is
ideal for the larger-diameter drill pipe run on these wells. The
rig also employed an NDS technology package.
- A large operator in the Eagle Ford drilled its longest well in
the basin, incorporating a lateral length of more than four miles.
The lateral was drilled in a single run without the use of rotary
steerable systems. The rig was a Nabors PACE®-M1000,
utilizing larger-diameter drill pipe.
- A large operator in the Bakken completed a four-mile lateral in
a single run in under 12 days, utilizing a Nabors
PACE®-X rig. This well is the operator's first four-mile
lateral, and the operator believes it is the quickest in the
Bakken. The rig was equipped with a comprehensive package of NDS
Smart technology.
Anthony G.
Petrello, Nabors Chairman, CEO and President, commented, "We
are excited as we move forward with our announced acquisition of
Parker Wellbore. Our companies' portfolios are highly
complementary. Parker's recent track record speaks for itself.
Quail Tools, already the leader in its space, plays a key role as
operators extend the lengths of their wellbore laterals. The
transaction increases our scale, provides incremental growth and
improves our leverage metrics.
"Our third quarter operating results matched our
overall expectations. Higher average daily margins and an improved
mix drove growth in our International Drilling segment.
International growth also resulted in better performance for our
Drilling Solutions segment.
"Daily margins in our International Drilling
segment exceeded the $17,000 mark in
the third quarter. We reached this milestone earlier than we
expected. This result demonstrates the earnings power of our
International segment. During the quarter we also started up
previously awarded rigs. We have a path to substantial
international growth with 13 rigs scheduled to deploy through early
2026 in the Middle East and
Latin America. The opportunity set
on top of those planned start-ups is also substantial.
"In the Lower 48 market, our leading-edge pricing
remained stable, supporting daily rig margins that were essentially
in line with our expectations. Our average rig count was just under
the prior quarter. Although we have not yet seen the anticipated
increases in gas-directed drilling or a recovery from reductions
driven by E&P consolidation, we look forward to an improvement
in Lower 48 drilling activity in 2025."
Segment Results
International Drilling adjusted EBITDA totaled
$116.0 million, compared to
$106.4 million in the second quarter.
Average rig count increased to 85 from 84, driven by rig additions
in Algeria and Saudi Arabia. Daily adjusted gross margin for
the third quarter averaged $17,085,
an increase of more than $1,000
compared to the prior quarter.
The U.S. Drilling segment reported third quarter
adjusted EBITDA of $108.7 million,
compared to $114.0 million in the
second quarter. Nabors' third quarter Lower 48 average rig count
totaled 68, versus 69 in the second quarter. Daily adjusted gross
margin in the Lower 48 averaged $15,051, versus $15,598 in the prior quarter.
Drilling Solutions adjusted EBITDA increased to
$34.3 million, compared to
$32.5 million in the second quarter.
This growth was driven by higher revenue in international markets
of approximately 8% and higher penetration of performance software
on Nabors U.S. rigs.
Rig Technologies' adjusted EBITDA was
$6.1 million, versus $7.3 million in the second quarter. The decrease
was spread across several business lines in the U.S., mainly
capital equipment, spare parts, and energy transition.
Adjusted Free Cash Flow
Adjusted free cash flow was $18 million in the third quarter compared to
$57 million in the preceding quarter.
Capital expenditures totaled $118
million, including $37 million
supporting the newbuilds in Saudi
Arabia. This compares to $138
million in the second quarter, including $56 million supporting the newbuilds. The third
quarter included two and a half additional months of interest
payments for the notes issued late last year, translating into
$11.7 million of interest. The first
coupon payment for the notes occurred eight months after the notes
were issued. Total interest payments for the quarter were
$82 million, compared to $31 million in the prior quarter.
William Restrepo,
Nabors CFO, stated, "Last week we signed an agreement to acquire
Parker Wellbore. The transaction is well aligned with our long-term
strategy. It grows our capex-light NDS business, expands our
international footprint, and helps us delever Nabors. Additionally,
Parker is on track to earn meaningful EBITDA this year, totaling
$180 million with attractive growth.
Finally, Parker comes with low debt and it generates positive cash
flow. This is before targeted annual synergies of $35 million. We are excited about the addition of
Parker to the Nabors platform.
"Nabors' third quarter results met our outlook.
Daily adjusted gross margin in our International Drilling segment
expanded by more than $1,000. We
reached the $17,000 daily margin
target a quarter ahead of schedule, driven by exceptional
performances in Saudi Arabia and
Latin America, which both
increased daily margins, by $1,200
and $1,300 respectively. We have
three rigs scheduled to deploy in the fourth quarter, each with
attractive economics. These deployments will be somewhat offset by
the 12-month suspension of three lower-margin rigs in the
Kingdom.
"Strength in the international markets also led
to sequential growth in our Drilling Solutions business. We
experienced an increase in international casing running jobs,
augmented by greater deployment of performance software products,
driving the segment's gross margin above 53%.
"In our Lower 48 drilling business, pricing
discipline and strict expense control maintained our average daily
margin above $15,000 and in line with
our forecast. We expect relative stability in the fourth quarter in
both margin and rig count. Our rig count forecast is dependent on
stable oil prices, a similar level of churn, and stability in the
overall market.
"Our capital spending target for the fourth
quarter is now $230 million, with
capital expenditures for SANAD newbuilds forecast at $105 million. The resulting annual capital
spending forecast for 2024 is now $600
million, including $230
million related to the SANAD newbuilds. SANAD's rig supplier
has improved its performance in reaching manufacturing milestones.
We now expect earlier delivery of our rigs going forward. This has
accelerated approximately $40 million
of newbuild capital spending into 2024. We are targeting reductions
in various markets to offset this increase.
"Given the SANAD newbuild capital expenditures
moving forward to 2024, the recent rig suspensions in Saudi Arabia and the slightly lower U.S.
activity in the fourth quarter, we now expect our full year free
cash flow to close between $100 and
$130 million."
Outlook
Nabors expects the following metrics for the
fourth quarter of 2024:
U.S.
Drilling
- Lower 48 average rig count of approximately 68 rigs
- Lower 48 daily adjusted gross margin of $15,000
- Alaska and Gulf of Mexico combined adjusted EBITDA up
approximately $1.5 million versus the
third quarter, with an additional rig starting work in Alaska
International
- Average rig count of approximately 84 rigs
- Daily adjusted gross margin of approximately $17,000
Drilling Solutions
- Adjusted EBITDA of $36 to
$37 million
Rig Technologies
- Adjusted EBITDA of $9 to
$10 million
Capital Expenditures
- Capital expenditures of $230
million, with $105 million for
the newbuilds in Saudi Arabia
- Full-year capital expenditures of approximately $600 million, with $230
million for the SANAD newbuilds
- This forecast includes accelerated timelines from SANAD's rig
supplier totaling an estimated $40
million
Adjusted Free Cash Flow
- Full-year adjusted free cash flow of $100 to $130
million
Mr. Petrello concluded, "The results from our
International Drilling segment demonstrate the value we are
building in this business. With our pending rig deployments across
markets, our path to future growth is well defined. Our success is
driven in large part from our advanced technology. We see the
global client base increasingly embracing the benefits of our
solutions."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading
provider of advanced technology for the energy industry. With
presence in more than 20 countries, Nabors has established a global
network of people, technology and equipment to deploy solutions
that deliver safe, efficient and responsible energy production. By
leveraging its core competencies, particularly in drilling,
engineering, automation, data science and manufacturing, Nabors
aims to innovate the future of energy and enable the transition to
a lower-carbon world. Learn more about Nabors and its energy
technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release
includes forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934.
Such forward-looking statements are subject to a number of risks
and uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP"
financial measures. The components of these non-GAAP measures
are computed by using amounts that are determined in accordance
with accounting principles generally accepted in the United States of America
("GAAP"). Adjusted operating income (loss) represents income
(loss) from continuing operations before income taxes, interest
expense, investment income (loss), and other, net. Adjusted EBITDA
is computed similarly, but also excludes depreciation and
amortization expenses. In addition, adjusted EBITDA and adjusted
operating income (loss) exclude certain cash expenses that the
Company is obligated to make. Net debt is calculated as total debt
minus the sum of cash, cash equivalents and short-term
investments.
Adjusted free cash flow represents net cash
provided by operating activities less cash used for capital
expenditures, net of proceeds from sales of assets. Management
believes that adjusted free cash flow is an important liquidity
measure for the company and that it is useful to investors and
management as a measure of the company's ability to generate cash
flow, after reinvesting in the company for future growth, that
could be available for paying down debt or other financing cash
flows, such as dividends to shareholders. Management believes that
this non-GAAP measure is useful information to investors when
comparing our cash flows with the cash flows of other
companies.
Each of these non-GAAP measures has limitations
and therefore should not be used in isolation or as a substitute
for the amounts reported in accordance with GAAP. However,
management evaluates the performance of its operating segments and
the consolidated Company based on several criteria, including
Adjusted EBITDA, adjusted operating income (loss), net debt, and
adjusted free cash flow, because it believes that these financial
measures accurately reflect the Company's ongoing profitability,
performance and liquidity. Securities analysts and investors also
use these measures as some of the metrics on which they analyze the
Company's performance. Other companies in this industry may compute
these measures differently. Reconciliations of consolidated
adjusted EBITDA and adjusted operating income (loss) to income
(loss) from continuing operations before income taxes, net debt to
total debt, and adjusted free cash flow to net cash provided by
operations, which are their nearest comparable GAAP financial
measures, are included in the tables at the end of this press
release. We do not provide a forward-looking reconciliation of our
outlook for Segment Adjusted EBITDA, Segment Gross Margin or
Adjusted Free Cash Flow, as the amount and significance of items
required to develop meaningful comparable GAAP financial measures
cannot be estimated at this time without unreasonable efforts.
These special items could be meaningful.
Investor Contacts: William C. Conroy, CFA, Vice President of
Corporate Development & Investor Relations, +1 281-775-2423 or
via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development
& Investor Relations, +1 281-775-4954 or via email
kara.peak@nabors.com. To request investor materials, contact
Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail mark.andrews@nabors.com
No Offer or Solicitation
This communication is not intended to and shall
not constitute an offer to sell or the solicitation of an offer to
sell or the solicitation of an offer to buy any securities or a
solicitation of any vote of approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
Important Additional Information and Where to
Find It
In connection with the proposed transaction with
Parker, Nabors will file with the SEC a Registration Statement on
Form S-4 to register the shares of Nabors capital stock to be
issued in connection with the proposed transaction. The
Registration Statement will include a joint proxy
statement/prospectus of Nabors and Parker. The definitive joint
proxy statement/prospectus will be sent to the shareholders of each
of Nabors and Parker seeking their approval of the proposed
transaction and other related matters.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ
THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY
STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON
FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
PARKER, NABORS AND THE PROPOSED TRANSACTION. Investors and security
holders will be able to obtain these materials (when they are
available) and other documents filed with the SEC by Nabors or
Parker free of charge at the SEC's website, www.sec.gov, or from
Nabors at its website, www.nabors.com, or from Parker at its
website, www.parkerwellbore.com.
Participants in the Solicitation
Nabors and certain of its directors, executive
officers and other employees, and Parker and certain of its
directors, executive officers and other employees may be deemed to
be participants in the solicitation of proxies for security holder
approvals to be obtained for the proposed transaction. A
description of participants' direct or indirect interests, by
security holdings or otherwise, will be included in the joint proxy
statement/prospectus relating to the proposed transaction when it
is filed with the SEC. Information regarding Nabors' directors and
executive officers is available in its proxy statement filed with
the SEC on April 25, 2024 in
connection with its 2024 annual meeting of shareholders (the
"Annual Meeting Proxy Statement") under "Proposal 1—Election of
Directors— Director Nominees," "Proposal 1—Election of
Directors—Other Executive Officers," "Compensation Discussion and
Analysis" and "Share Ownership of Directors and Executive
Officers." To the extent holdings of securities by potential Nabors
participants (or the identity of such participants) have changed
since the information printed in the Annual Meeting Proxy
Statement, such information has been or will be reflected on
Nabors' Statements of Change in Ownership on Forms 3 and 4 filed
with the SEC. You may obtain free copies of these documents using
the sources indicated above. Information regarding Parker's
directors and executive officers is available on Parker's website
as indicated above.
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
(In thousands,
except per share amounts)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$ 731,805
|
|
$ 733,974
|
|
$ 734,798
|
|
$ 2,200,307
|
|
$ 2,280,180
|
|
Investment income
(loss)
|
|
11,503
|
|
10,169
|
|
8,181
|
|
29,885
|
|
31,778
|
|
Total revenues and
other income
|
|
743,308
|
|
744,143
|
|
742,979
|
|
2,230,192
|
|
2,311,958
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs
|
|
431,705
|
|
447,751
|
|
440,225
|
|
1,309,007
|
|
1,365,611
|
|
General and
administrative expenses
|
|
63,976
|
|
62,182
|
|
62,154
|
|
187,881
|
|
187,144
|
|
Research and
engineering
|
|
14,404
|
|
14,016
|
|
14,362
|
|
42,629
|
|
42,371
|
|
Depreciation and
amortization
|
|
159,234
|
|
161,337
|
|
160,141
|
|
477,060
|
|
484,066
|
|
Interest
expense
|
|
55,350
|
|
44,042
|
|
51,493
|
|
157,222
|
|
135,347
|
|
Other, net
|
|
41,608
|
|
35,546
|
|
12,079
|
|
69,795
|
|
(8,604)
|
|
Total costs and other
deductions
|
|
766,277
|
|
764,874
|
|
740,454
|
|
2,243,594
|
|
2,205,935
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(22,969)
|
|
(20,731)
|
|
2,525
|
|
(13,402)
|
|
106,023
|
|
Income tax expense
(benefit)
|
|
10,118
|
|
10,513
|
|
15,554
|
|
41,716
|
|
59,976
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(33,087)
|
|
(31,244)
|
|
(13,029)
|
|
(55,118)
|
|
46,047
|
|
Less: Net (income) loss
attributable to noncontrolling interest
|
|
(22,738)
|
|
(17,672)
|
|
(19,226)
|
|
(67,295)
|
|
(41,128)
|
|
Net income (loss)
attributable to Nabors
|
|
$
(55,825)
|
|
$
(48,916)
|
|
$
(32,255)
|
|
$
(122,413)
|
|
$
4,919
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ (6.86)
|
|
$ (6.26)
|
|
$ (4.29)
|
|
$
(15.69)
|
|
$
(2.79)
|
|
Diluted
|
|
$ (6.86)
|
|
$ (6.26)
|
|
$ (4.29)
|
|
$
(15.69)
|
|
$
(2.79)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
9,213
|
|
9,148
|
|
9,207
|
|
9,199
|
|
9,168
|
|
Diluted
|
|
9,213
|
|
9,148
|
|
9,207
|
|
9,199
|
|
9,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$ 221,720
|
|
$ 210,025
|
|
$ 218,057
|
|
$
660,790
|
|
$
685,054
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
62,486
|
|
$
48,688
|
|
$
57,916
|
|
$
183,730
|
|
$
200,988
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
|
(In
thousands)
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
|
$
459,302
|
|
$
473,608
|
|
$
1,070,178
|
|
Accounts receivable,
net
|
|
384,723
|
|
368,550
|
|
347,837
|
|
Other current
assets
|
|
228,300
|
|
235,632
|
|
227,663
|
|
Total current
assets
|
|
1,072,325
|
|
1,077,790
|
|
1,645,678
|
|
Property, plant and
equipment, net
|
|
2,766,411
|
|
2,813,148
|
|
2,898,728
|
|
Other long-term
assets
|
|
714,900
|
|
724,755
|
|
733,559
|
|
Total assets
|
|
$
4,553,636
|
|
$ 4,615,693
|
|
$
5,277,965
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current debt
|
|
$
-
|
|
$
-
|
|
$
629,621
|
|
Trade accounts
payable
|
|
316,694
|
|
331,468
|
|
294,442
|
|
Other current
liabilities
|
|
254,884
|
|
259,454
|
|
289,918
|
|
Total current
liabilities
|
|
571,578
|
|
590,922
|
|
1,213,981
|
|
Long-term
debt
|
|
2,503,270
|
|
2,514,169
|
|
2,511,519
|
|
Other long-term
liabilities
|
|
244,679
|
|
247,587
|
|
271,380
|
|
Total liabilities
|
|
3,319,527
|
|
3,352,678
|
|
3,996,880
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in subsidiary
|
|
773,525
|
|
761,415
|
|
739,075
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
191,363
|
|
250,371
|
|
326,614
|
|
Noncontrolling
interest
|
|
269,221
|
|
251,229
|
|
215,396
|
|
Total equity
|
|
460,584
|
|
501,600
|
|
542,010
|
|
Total liabilities and
equity
|
|
$
4,553,636
|
|
$
4,615,693
|
|
$
5,277,965
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
SEGMENT
REPORTING
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
set forth certain information with respect to our reportable
segments and rig activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
(In thousands,
except rig activity)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$ 254,773
|
|
$ 276,385
|
|
$ 259,723
|
|
$
786,485
|
|
$
941,867
|
|
International
Drilling
|
|
368,594
|
|
344,780
|
|
356,733
|
|
1,074,686
|
|
1,002,478
|
|
Drilling
Solutions
|
|
79,544
|
|
72,831
|
|
82,961
|
|
238,079
|
|
224,729
|
|
Rig Technologies
(1)
|
|
45,809
|
|
61,437
|
|
49,546
|
|
145,511
|
|
183,481
|
|
Other reconciling items
(2)
|
|
(16,915)
|
|
(21,459)
|
|
(14,165)
|
|
(44,454)
|
|
(72,375)
|
|
Total operating
revenues
|
|
$ 731,805
|
|
$ 733,974
|
|
$ 734,798
|
|
$ 2,200,307
|
|
$ 2,280,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$ 108,660
|
|
$ 117,357
|
|
$ 114,020
|
|
$
343,083
|
|
$
415,292
|
|
International
Drilling
|
|
115,951
|
|
96,175
|
|
106,371
|
|
324,820
|
|
283,114
|
|
Drilling
Solutions
|
|
34,311
|
|
30,419
|
|
32,468
|
|
98,566
|
|
95,089
|
|
Rig Technologies
(1)
|
|
6,104
|
|
7,221
|
|
7,330
|
|
20,235
|
|
18,583
|
|
Other reconciling items
(4)
|
|
(43,306)
|
|
(41,147)
|
|
(42,132)
|
|
(125,914)
|
|
(127,024)
|
|
Total adjusted
EBITDA
|
|
$ 221,720
|
|
$ 210,025
|
|
$ 218,057
|
|
$
660,790
|
|
$
685,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
41,694
|
|
$
49,582
|
|
$
45,085
|
|
$
137,308
|
|
$
210,859
|
|
International
Drilling
|
|
32,182
|
|
9,862
|
|
23,672
|
|
78,330
|
|
22,226
|
|
Drilling
Solutions
|
|
29,231
|
|
25,341
|
|
27,319
|
|
83,443
|
|
80,830
|
|
Rig Technologies
(1)
|
|
2,761
|
|
4,995
|
|
4,860
|
|
11,830
|
|
13,741
|
|
Other reconciling items
(4)
|
|
(43,382)
|
|
(41,092)
|
|
(43,020)
|
|
(127,181)
|
|
(126,668)
|
|
Total adjusted
operating income (loss)
|
|
$
62,486
|
|
$
48,688
|
|
$
57,916
|
|
$
183,730
|
|
$
200,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
|
|
|
|
|
Average Rigs Working:
(7)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
67.8
|
|
73.7
|
|
68.7
|
|
69.5
|
|
82.8
|
|
Other US
|
|
6.2
|
|
6.7
|
|
6.3
|
|
6.4
|
|
6.9
|
|
U.S.
Drilling
|
|
74.0
|
|
80.4
|
|
75.0
|
|
75.9
|
|
89.7
|
|
International
Drilling
|
|
84.7
|
|
77.2
|
|
84.4
|
|
83.4
|
|
76.9
|
|
Total average rigs
working
|
|
158.7
|
|
157.6
|
|
159.4
|
|
159.3
|
|
166.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Rig Revenue:
(6),(8)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
$
34,812
|
|
$
35,697
|
|
$
35,334
|
|
$
35,209
|
|
$
36,324
|
|
Other US
|
|
66,352
|
|
56,163
|
|
68,008
|
|
66,205
|
|
64,312
|
|
U.S. Drilling
(10)
|
|
37,441
|
|
37,397
|
|
38,076
|
|
37,831
|
|
38,474
|
|
International
Drilling
|
|
47,281
|
|
48,528
|
|
46,469
|
|
47,041
|
|
47,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Adjusted Gross
Margin: (6),(9)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
$
15,051
|
|
$
15,855
|
|
$
15,598
|
|
$
15,561
|
|
$
16,505
|
|
Other US
|
|
37,363
|
|
27,631
|
|
38,781
|
|
37,058
|
|
33,618
|
|
U.S. Drilling
(10)
|
|
16,911
|
|
16,833
|
|
17,544
|
|
17,379
|
|
17,820
|
|
International
Drilling
|
|
17,085
|
|
15,778
|
|
16,050
|
|
16,407
|
|
15,762
|
|
|
|
(1)
|
Includes our oilfield
equipment manufacturing activities.
|
|
|
|
(2)
|
Represents the
elimination of inter-segment transactions related to our Rig
Technologies operating segment.
|
|
|
|
(3)
|
Adjusted EBITDA
represents net income (loss) before income tax expense (benefit),
investment income (loss), interest expense, other, net and
depreciation and amortization. Adjusted EBITDA is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted EBITDA excludes certain cash expenses that the
Company is obligated to make. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently. A reconciliation of this non-GAAP
measure to net income (loss), which is the most closely comparable
GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Net Income (Loss)".
|
|
|
|
(4)
|
Represents the
elimination of inter-segment transactions and unallocated corporate
expenses.
|
|
|
|
(5)
|
Adjusted operating
income (loss) represents net income (loss) before income tax
expense (benefit), investment income (loss), interest expense
and other, net. Adjusted operating income (loss) is a
non-GAAP financial measure and should not be used in isolation or
as a substitute for the amounts reported in accordance with GAAP.
In addition, adjusted operating income (loss) excludes certain cash
expenses that the Company is obligated to make. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. Securities analysts
and investors use this measure as one of the metrics on which they
analyze the Company's performance. Other companies in this
industry may compute these measures differently. A
reconciliation of this non-GAAP measure to net income (loss), which
is the most closely comparable GAAP measure, is provided in the
table set forth immediately following the heading "Reconciliation
of Non-GAAP Financial Measures to Net Income (Loss)".
|
|
|
|
(6)
|
Rig revenue days
represents the number of days the Company's rigs are contracted and
performing under a contract during the period. These would
typically include days in which operating, standby and move revenue
is earned.
|
|
|
|
(7)
|
Average rigs working
represents a measure of the average number of rigs operating during
a given period. For example, one rig operating 45 days during
a quarter represents approximately 0.5 average rigs working for the
quarter. On an annual period, one rig operating 182.5 days
represents approximately 0.5 average rigs working for the year.
Average rigs working can also be calculated as rig revenue
days during the period divided by the number of calendar days in
the period.
|
|
|
|
(8)
|
Daily rig revenue
represents operating revenue, divided by the total number of
revenue days during the quarter.
|
|
|
|
(9)
|
Daily adjusted gross
margin represents operating revenue less direct costs, divided by
the total number of rig revenue days during the quarter.
|
|
|
|
(10)
|
The U.S. Drilling
segment includes the Lower 48, Alaska, and Gulf of Mexico operating
areas.
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
|
Reconciliation of
Earnings per Share
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
(in thousands,
except per share amounts)
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
BASIC
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(numerator):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss), net of
tax
|
$
|
(33,087)
|
|
$
|
(31,244)
|
|
$
|
(13,029)
|
|
$
|
(55,118)
|
|
$
|
46,047
|
|
|
Less: net (income) loss
attributable to noncontrolling interest
|
|
(22,738)
|
|
|
(17,672)
|
|
|
(19,226)
|
|
|
(67,295)
|
|
|
(41,128)
|
|
|
Less: deemed dividends
to SPAC public shareholders
|
|
—
|
|
|
(823)
|
|
|
—
|
|
|
—
|
|
|
(8,180)
|
|
|
Less: accrued
distribution on redeemable noncontrolling interest in
subsidiary
|
|
(7,363)
|
|
|
(7,517)
|
|
|
(7,283)
|
|
|
(21,929)
|
|
|
(22,307)
|
|
|
Numerator for basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss),
net of tax - basic
|
$
|
(63,188)
|
|
$
|
(57,256)
|
|
$
|
(39,538)
|
|
$
|
(144,342)
|
|
$
|
(25,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares outstanding - basic
|
|
9,213
|
|
|
9,148
|
|
|
9,207
|
|
|
9,199
|
|
|
9,168
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Basic
|
$
|
(6.86)
|
|
$
|
(6.26)
|
|
$
|
(4.29)
|
|
$
|
(15.69)
|
|
$
|
(2.79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss),
net of tax - diluted
|
$
|
(63,188)
|
|
$
|
(57,256)
|
|
$
|
(39,538)
|
|
$
|
(144,342)
|
|
$
|
(25,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares outstanding - diluted
|
|
9,213
|
|
|
9,148
|
|
|
9,207
|
|
|
9,199
|
|
|
9,168
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Diluted
|
$
|
(6.86)
|
|
$
|
(6.26)
|
|
$
|
(4.29)
|
|
$
|
(15.69)
|
|
$
|
(2.79)
|
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
RECONCILIATION OF
ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY
SEGMENT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
41,694
|
|
$
32,182
|
|
$
29,231
|
|
$
2,761
|
|
$
(43,382)
|
|
$
62,486
|
|
Depreciation and
amortization
|
|
66,966
|
|
83,769
|
|
5,080
|
|
3,343
|
|
76
|
|
159,234
|
|
Adjusted
EBITDA
|
|
$ 108,660
|
|
$ 115,951
|
|
$
34,311
|
|
$
6,104
|
|
$
(43,306)
|
|
$
221,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2023
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
49,582
|
|
$
9,862
|
|
$
25,341
|
|
$
4,995
|
|
$
(41,092)
|
|
$
48,688
|
|
Depreciation and
amortization
|
|
67,775
|
|
86,313
|
|
5,078
|
|
2,226
|
|
(55)
|
|
161,337
|
|
Adjusted
EBITDA
|
|
$ 117,357
|
|
$
96,175
|
|
$
30,419
|
|
$
7,221
|
|
$
(41,147)
|
|
$
210,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
45,085
|
|
$
23,672
|
|
$
27,319
|
|
$
4,860
|
|
$
(43,020)
|
|
$
57,916
|
|
Depreciation and
amortization
|
|
68,935
|
|
82,699
|
|
5,149
|
|
2,470
|
|
888
|
|
160,141
|
|
Adjusted
EBITDA
|
|
$ 114,020
|
|
$ 106,371
|
|
$
32,468
|
|
$
7,330
|
|
$
(42,132)
|
|
$
218,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$ 137,308
|
|
$
78,330
|
|
$
83,443
|
|
$
11,830
|
|
$ (127,181)
|
|
$
183,730
|
|
Depreciation and
amortization
|
|
205,775
|
|
246,490
|
|
15,123
|
|
8,405
|
|
1,267
|
|
477,060
|
|
Adjusted
EBITDA
|
|
$ 343,083
|
|
$ 324,820
|
|
$
98,566
|
|
$
20,235
|
|
$ (125,914)
|
|
$
660,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$ 210,859
|
|
$
22,226
|
|
$
80,830
|
|
$
13,741
|
|
$ (126,668)
|
|
$
200,988
|
|
Depreciation and
amortization
|
|
204,433
|
|
260,888
|
|
14,259
|
|
4,842
|
|
(356)
|
|
484,066
|
|
Adjusted
EBITDA
|
|
$ 415,292
|
|
$ 283,114
|
|
$
95,089
|
|
$
18,583
|
|
$ (127,024)
|
|
$
685,054
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
RECONCILIATION OF
ADJUSTED GROSS MARGIN BY SEGMENT TO ADJUSTED OPERATING INCOME
(LOSS) BY SEGMENT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48 - U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
30,353
|
|
$
40,366
|
|
$
32,841
|
|
$ 102,458
|
|
$ 174,933
|
|
Plus: General and
administrative costs
|
|
5,084
|
|
5,239
|
|
4,390
|
|
14,297
|
|
15,503
|
|
Plus: Research and
engineering
|
|
972
|
|
1,389
|
|
909
|
|
2,845
|
|
4,098
|
|
GAAP Gross
Margin
|
|
36,409
|
|
46,994
|
|
38,140
|
|
119,600
|
|
194,534
|
|
Plus: Depreciation and
amortization
|
|
57,470
|
|
60,447
|
|
59,332
|
|
176,535
|
|
178,487
|
|
Adjusted gross
margin
|
|
$
93,879
|
|
$ 107,441
|
|
$
97,472
|
|
$ 296,135
|
|
$ 373,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
11,341
|
|
$ 9,216
|
|
$
12,244
|
|
$
34,850
|
|
$
35,926
|
|
Plus: General and
administrative costs
|
|
313
|
|
331
|
|
306
|
|
944
|
|
999
|
|
Plus: Research and
engineering
|
|
42
|
|
90
|
|
45
|
|
134
|
|
349
|
|
GAAP Gross
Margin
|
|
11,696
|
|
9,637
|
|
12,595
|
|
35,928
|
|
37,274
|
|
Plus: Depreciation and
amortization
|
|
9,496
|
|
7,329
|
|
9,602
|
|
29,240
|
|
25,945
|
|
Adjusted gross
margin
|
|
$
21,192
|
|
$
16,966
|
|
$
22,197
|
|
$
65,168
|
|
$
63,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
41,694
|
|
$
49,582
|
|
$
45,085
|
|
$ 137,308
|
|
$ 210,859
|
|
Plus: General and
administrative costs
|
|
5,397
|
|
5,570
|
|
4,696
|
|
15,241
|
|
16,502
|
|
Plus: Research and
engineering
|
|
1,014
|
|
1,479
|
|
954
|
|
2,979
|
|
4,447
|
|
GAAP Gross
Margin
|
|
48,105
|
|
56,631
|
|
50,735
|
|
155,528
|
|
231,808
|
|
Plus: Depreciation and
amortization
|
|
66,966
|
|
67,776
|
|
68,934
|
|
205,775
|
|
204,432
|
|
Adjusted gross
margin
|
|
$ 115,071
|
|
$ 124,407
|
|
$ 119,669
|
|
$ 361,303
|
|
$ 436,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
32,182
|
|
$ 9,862
|
|
$
23,672
|
|
$
78,330
|
|
$
22,226
|
|
Plus: General and
administrative costs
|
|
15,699
|
|
14,300
|
|
15,434
|
|
45,548
|
|
42,725
|
|
Plus: Research and
engineering
|
|
1,543
|
|
1,622
|
|
1,404
|
|
4,454
|
|
5,229
|
|
GAAP Gross
Margin
|
|
49,424
|
|
25,784
|
|
40,510
|
|
128,332
|
|
70,180
|
|
Plus: Depreciation and
amortization
|
|
83,768
|
|
86,313
|
|
82,700
|
|
246,491
|
|
260,887
|
|
Adjusted gross
margin
|
|
$ 133,192
|
|
$ 112,097
|
|
$ 123,210
|
|
$ 374,823
|
|
$ 331,067
|
|
|
Adjusted gross margin
by segment represents adjusted operating income (loss) plus general
and administrative costs, research and engineering costs and
depreciation and amortization.
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ (33,087)
|
|
$ (31,244)
|
|
$ (13,029)
|
|
$ (55,118)
|
|
$
46,047
|
|
Income tax expense
(benefit)
|
|
10,118
|
|
10,513
|
|
15,554
|
|
41,716
|
|
59,976
|
|
Income (loss) from
continuing operations before income taxes
|
|
(22,969)
|
|
(20,731)
|
|
2,525
|
|
(13,402)
|
|
106,023
|
|
Investment (income)
loss
|
|
(11,503)
|
|
(10,169)
|
|
(8,181)
|
|
(29,885)
|
|
(31,778)
|
|
Interest
expense
|
|
55,350
|
|
44,042
|
|
51,493
|
|
157,222
|
|
135,347
|
|
Other, net
|
|
41,608
|
|
35,546
|
|
12,079
|
|
69,795
|
|
(8,604)
|
|
Adjusted operating
income (loss) (1)
|
|
62,486
|
|
48,688
|
|
57,916
|
|
183,730
|
|
200,988
|
|
Depreciation and
amortization
|
|
159,234
|
|
161,337
|
|
160,141
|
|
477,060
|
|
484,066
|
|
Adjusted EBITDA
(2)
|
|
$ 221,720
|
|
$ 210,025
|
|
$ 218,057
|
|
$ 660,790
|
|
$ 685,054
|
|
|
(1) Adjusted operating
income (loss) represents net income (loss) before income tax
expense (benefit), investment income (loss), interest expense, and
other, net. Adjusted operating income (loss) is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted operating income (loss) excludes certain cash
expenses that the Company is obligated to make. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. Securities analysts
and investors use this measure as one of the metrics on which they
analyze the Company's performance. Other companies in this
industry may compute these measures differently.
|
|
|
(2) Adjusted EBITDA
represents net income (loss) before income tax expense (benefit),
investment income (loss), interest expense, other, net and
depreciation and amortization. Adjusted EBITDA is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted EBITDA excludes certain cash expenses that the
Company is obligated to make. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently.
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NET DEBT TO TOTAL DEBT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
|
(In
thousands)
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Current debt
|
|
$
-
|
|
$
-
|
|
$
629,621
|
|
Long-term
debt
|
|
2,503,270
|
|
2,514,169
|
|
2,511,519
|
|
Total Debt
|
|
2,503,270
|
|
2,514,169
|
|
3,141,140
|
|
Less: Cash and
short-term investments
|
|
459,302
|
|
473,608
|
|
1,070,178
|
|
Net Debt
|
|
$
2,043,968
|
|
$
2,040,561
|
|
$
2,070,962
|
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
|
RECONCILIATION OF
ADJUSTED FREE CASH FLOW TO
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
(In
thousands)
|
|
2024
|
|
2024
|
|
2024
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
143,615
|
|
$
181,659
|
|
$
432,513
|
|
Add: Capital
expenditures, net of proceeds from sales of assets
|
|
(126,071)
|
|
(125,010)
|
|
(350,206)
|
|
|
|
|
|
|
|
|
Adjusted free cash
flow
|
|
$
17,544
|
|
$
56,649
|
|
$
82,307
|
|
|
Adjusted free cash flow
represents net cash provided by operating activities less cash used
for capital expenditures, net of proceeds from sales of assets.
Management believes that adjusted free cash flow is an
important liquidity measure for the company and that it is useful
to investors and management as a measure of the company's ability
to generate cash flow, after reinvesting in the company for future
growth, that could be available for paying down debt or other
financing cash flows, such as dividends to shareholders.
Adjusted free cash flow does not represent the residual cash
flow available for discretionary expenditures. Adjusted free
cash flow is a non-GAAP financial measure that should be considered
in addition to, not as a substitute for or superior to, cash flow
from operations reported in accordance with GAAP.
|
View original
content:https://www.prnewswire.com/news-releases/nabors-announces-third-quarter-2024-results-302283628.html
SOURCE Nabors Industries Ltd.
