Welcome to our dedicated page for Nabors Indsustries news (Ticker: NBR), a resource for investors and traders seeking the latest updates and insights on Nabors Indsustries stock.
Nabors Industries Ltd. (NYSE: NBR) is active in the drilling oil and gas wells industry and regularly issues news and updates relevant to energy and capital markets. The company reports that it owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and international markets, while also positioning itself as a provider of advanced technology for the energy industry with a presence in more than 20 countries.
News about Nabors often covers quarterly earnings results, segment performance in U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies, and commentary from management on rig activity, margins and adjusted financial measures. Earnings releases are typically accompanied by conference call invitations, dial-in details and webcasts, giving investors and analysts access to management’s discussion of operating results and outlook.
Another recurring theme in Nabors’ news flow is capital structure and financing activity. The company has announced offerings and pricing of senior priority guaranteed notes, amendments to its credit facilities and receivables financing arrangements, as well as the use of proceeds to retire existing notes and reduce gross debt. These updates provide insight into Nabors’ deleveraging efforts and balance sheet strategy.
Operational news items highlight technology deployments and joint ventures, such as the SANAD land drilling joint venture in Saudi Arabia and the deployment of high-specification rigs like the PACE-X Ultra™ system under multi-year contracts. Asset transactions, including the sale of Quail Tools, and subsequent receipt of seller note repayments have also been disclosed. This news page aggregates such developments so readers can follow Nabors’ financial reporting, financing transactions, joint venture activity and technology-related announcements in one place.
Nabors Industries Ltd. (NYSE: NBR) announced the commencement of a private offering of $200 million in exchangeable senior unsecured notes due 2029, via its subsidiary, Nabors Industries, Inc. (NII). The notes, guaranteed by Nabors, will aim to redeem outstanding 9.00% senior priority guaranteed notes due February 2025. Interest on the notes will be paid semi-annually, with exchange options available for holders during specified periods. The offering is subject to market conditions and exemptions under the Securities Act. Additionally, an option for initial purchasers to buy an extra $30 million in notes is expected.
Nabors Industries reported fourth quarter 2022 operating revenues of $760 million, marking a 10% increase from the third quarter. However, the net loss attributable to shareholders rose to $69 million or $7.87 per share, compared to a $14 million loss in the previous quarter. Excluding a $36 million non-cash charge related to warrants, the net loss improved by $15 million. The adjusted EBITDA reached $230 million, a 21% increase sequentially. The company anticipates generating over $400 million in adjusted free cash flow for 2023, indicating robust growth and operational efficiency.
Nabors Industries Ltd. invites stakeholders to its fourth-quarter 2022 earnings discussion on February 8, 2023, at 1:00 p.m. CST. Earnings will be released after market close on February 7, 2023. The call will be hosted by CEO Anthony G. Petrello and CFO William Restrepo, with the opportunity to ask questions. Participants can join via toll-free numbers and listen to a replay until February 15, 2023. For those preferring a webcast, it will be available on Nabors' Investor Relations page.
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Nabors Industries has launched the Canrig Red Zone Robotics (RZR) Rig Floor Module, aimed at automating drilling activities and enhancing safety. The RZR module was successfully retrofitted onto an existing rig, X29, which drilled multiple horizontal wells for ExxonMobil in the Permian Basin. This upgrade significantly reduces costs compared to newbuild rigs and allows for quick improvements in drilling performance. The RZR system is powered by SmartROS™, enabling hands-free operations and addressing high-risk areas in drilling. The collaboration with ExxonMobil continues to evolve, focusing on advancing drilling automation.
Nabors Industries reported a strong third quarter 2022, with operating revenues of $694 million, up 10% from the previous quarter. The net loss shrank to $14 million or $1.80 per share, significantly improved from a loss of $83 million in Q2. Adjusted EBITDA rose 21% to $191 million. Key segments showed growth, especially in U.S. Drilling, with an average daily margin increase of 28%. The company expects further improvements, projecting solid fourth-quarter metrics and a focus on reducing net debt below $2 billion by year-end.
Nabors Industries Ltd. (NYSE: NBR) will discuss its third-quarter operating results on October 26, 2022, at 1:00 p.m. CDT. Earnings will be released after the market closes on October 25, 2022. Interested parties can join via a conference call or a live audio webcast on the company's website. The call will also be available for replay until November 2, 2022. For more information on energy technology leadership, visit Nabors.com.
Nabors Industries reported second quarter 2022 operating revenues of $631 million, an 11% increase from Q1 2022. The company posted a net loss of $83 million, compared to a loss of $184 million in Q1. Adjusted EBITDA rose 21% to $158 million. Key U.S. Drilling segment adjusted EBITDA increased 18%, driven by improved performance in the Lower 48 market, where average daily revenue rose by over $2,500. The firm anticipates further growth with projected rig additions and higher dayrates. Free cash flow reached $57 million, while net debt decreased to $2,184 million.
Nabors Industries Ltd. (NYSE: NBR) announced a $7 million investment in Natron Energy, Inc. to enhance sodium-ion battery production at its Michigan facilities. This strategic move aims to penetrate the industrial power and energy transition markets, particularly in drilling where sodium-ion batteries can serve as effective energy storage solutions. Natron's batteries offer advantages like higher power density and longer service life without utilizing challenging-to-obtain materials. This collaboration strengthens Nabors' commitment to clean energy initiatives and carbon reduction in the oilfield.
Nabors Industries Ltd. (NYSE: NBR) will host a conference call on August 4, 2022, at 12:00 p.m. CDT to discuss its second-quarter 2022 operating results, following the earnings release on August 3, 2022. The call will feature CEO Anthony G. Petrello and CFO William Restrepo. Participants can join via dial-in numbers provided for North America and international callers. A recording of the call will be available for replay until August 11, 2022. For more details, visit www.nabors.com.