Nabors Indsustries Stock Price, News & Analysis

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.

Nabors Industries Ltd. (NBR) has reiterated its financial outlook for Q3 2021, confirming strong performance across all segments. The company repaid $82.4 million of its 4.625% senior notes due September 2021, further improving its balance sheet. Nabors anticipates a reduction in net debt and plans to strengthen its financial leverage, with the next maturity due in early 2023, totaling less than $25 million. The company remains focused on sustainable energy production, leveraging technology and operational expertise.

Nabors Industries reported second quarter 2021 operating revenues of $489 million, up from $461 million in the prior quarter. The net loss attributable to shareholders was $196 million, or $26.59 per share, which included $81 million in unusual charges. Adjusted EBITDA improved to $117 million. The company experienced growth in its U.S. and International drilling segments, with a 16% average increase in Lower 48 land drilling activity. Free cash flow was $68 million, and net debt was reduced by $58 million. Further gains in drilling activity are expected.