Nabors Industries (NYSE: NBR) Q2 loss, targets 2026 EBITDA of $920M–$930M
Rhea-AI Filing Summary
Nabors Industries reported Q2 2026 operating revenues of $814.8 million, about 4% above Q1. Net loss attributable to shareholders was $22.3 million, while adjusted EBITDA reached $221.7 million. Average total rigs working increased to 171.2, with 67.8 in the Lower 48 and 93.4 internationally.
Adjusted free cash flow was $12.3 million, a $60 million sequential improvement as profitability rose and capital spending timing improved. Management now targets full‑year 2026 adjusted EBITDA of $920–$930 million and adjusted free cash flow of $20–$30 million, with consolidated capital spending reduced to $710–$730 million.
Positive
- None.
Negative
- None.
Filing Explained
At June 30, 2026, Nabors held $509,833 thousand cash against $2,120,276 thousand debt, leaving reported net debt of $1,610,443 thousand.
As a Form 8-K Item 2.02 report, this filing records Nabors’ completed financial results for the quarter ended
The release is titled “Momentum Accelerates — Cash Flow Improves,” but adjusted free cash flow was
The next disclosed checkpoint is the third-quarter outlook: approximately 74 Lower 48 rigs and an international average of 94 to 96 rigs.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
adjusted free cash flow financial
net debt financial
daily adjusted gross margin financial
SANAD financial
Earnings Snapshot
For Q3 2026 Nabors expects a Lower 48 average rig count of 73, Lower 48 daily adjusted gross margin of about $13,800, Alaska and Gulf of America combined adjusted EBITDA of about $11 million, and international average rig count of 94–96 with daily adjusted gross margin of $18,100–$18,400.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On July 28, 2026, Nabors Industries Ltd. (“Nabors”) issued a press release announcing its results of operations for the three months ended June 30, 2026. A copy of that release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
On July 29, 2026, Nabors will hold a conference call at 10:00 a.m. Central Time, regarding the Company’s financial results for the quarter ended June 30, 2026. Information about the call - including dial-in information, recording and replay of the call, and supplemental information - is available on the Investor Relations page of www.nabors.com.
The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, of 1934 or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release | |
| 99.2 | Investor Information | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NABORS INDUSTRIES LTD. | ||
| Date: July 28, 2026 | By: | /s/ Mark D. Andrews |
| Name: Mark D. Andrews | ||
| Title: Vice President & Corporate Secretary | ||
Exhibit 99.1
 |
NEWS RELEASE |
Momentum Accelerates. Cash Flow Improves. Nabors 2Q 2026 Results
HAMILTON, Bermuda, July 28, 2026 /PRNewswire/ - Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported second quarter 2026 operating revenues of $815 million, an increase of approximately 4% from the first quarter. Net loss attributable to Nabors’ shareholders for the quarter was $22 million. Adjusted EBITDA for the second quarter was $222 million.
Nabors’ second quarter results reflected continued momentum across the international drilling franchise, strengthening Lower 48 activity, and higher free cash flow, supported by disciplined capital allocation and expanding technology adoption.
Selected Financial Information
(In millions, except rig activity)
| Three Months Ended | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2026 | 2026 | 2025 | ||||||||||
| Operating revenues | $ | 814.8 | $ | 783.5 | $ | 832.8 | ||||||
| Adjusted EBITDA | $ | 221.7 | $ | 204.8 | $ | 248.5 | ||||||
| Adjusted operating income | $ | 61.1 | $ | 48.6 | $ | 73.4 | ||||||
| Adjusted free cash flow | $ | 12.3 | $ | (48.2 | ) | $ | 40.6 | |||||
| Average rigs working: | ||||||||||||
| Lower 48 | 67.8 | 65.3 | 62.4 | |||||||||
| International Drilling | 93.4 | 92.6 | 85.9 | |||||||||
| Average total rigs working | 171.2 | 167.9 | 158.3 | |||||||||
The quarter ended June 30, 2025 includes revenue of $63 million, EBITDA of $37 million, and operating income of $26 million from Quail Tools, which was sold in August 2025.
2Q 2026 Highlights
| o | The SANAD land drilling joint venture deployed one newbuild rig in the Kingdom of Saudi Arabia, bringing total newbuild deployments to 16. Three more are scheduled for 2026. In addition, SANAD reactivated another previously suspended rig. |
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NEWS RELEASE |
| o | Nabors added five rigs in the Lower 48 during the second quarter. One of these is drilling Quaise Energy’s Project Obsidian, the first commercial superhot geothermal development. The Company’s working rig count in this market currently stands at 73, bringing the increase to 15 rigs since November 2025. | |
| o | Two of the additional rigs in the Lower 48 were Nabors PACE-X Ultra® rigs. The PACE-X Ultra® combines upgraded drilling capabilities, integrated automation and managed pressure drilling to enable operators to drill increasingly complex wells. | |
| o | Canrig deployed the first Canrig TITAN™ (“Titan”) fully-automated rig floor wrench, with field results exceeding high performance targets. Titan is designed to deliver greater accuracy, faster speed, and lower cost of ownership than competing units. |
Anthony G. Petrello, Nabors Chairman, CEO and President, commented, “Second quarter results reflected another quarter of solid operational and financial progress. All our operating segments exceeded the targets we set.
“In the Lower 48 market, Nabors’ average rig count grew and we exceeded the expected exit rate. At the same time, daily gross margin outperformed our guidance. We also gained market share and extended the duration of our contract backlog. Our strategy continues to align us with customers that prioritize high-specification rigs, integrated technology and consistent operating execution in increasingly complex drilling environments.
“In our International Drilling segment, we maintained reliable operations across the Gulf markets in the Middle East. In Saudi Arabia our SANAD joint venture added two rigs, including a previously suspended rig that returned to service. Daily gross margin improved through greater operating efficiency in several geographies and additional SANAD deployments.
“Drilling Solutions’ Lower 48 business delivered double-digit sequential revenue growth in the second quarter, with contributions on Nabors rigs as well as third-party rigs. Performance Software, RigCLOUD®, and Managed Pressure Drilling led this growth.”
Segment Results
International Drilling adjusted EBITDA was $131 million in the second quarter, compared to $121 million in the first quarter. Daily adjusted gross margin for the second quarter increased by more than $650 from the first quarter, to $17,534. This increase reflects stronger execution, and contributions from SANAD newbuild deployments.
The U.S. Drilling segment reported second quarter adjusted EBITDA of $94 million, compared to $88 million in the previous quarter. Lower 48 results improved as daily margin expanded 5% and the working fleet grew 4%. As expected, results from Offshore and Alaska operations declined sequentially.
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NEWS RELEASE |
Drilling Solutions adjusted EBITDA was $40 million, compared to $39 million in the first quarter. Growth in the Lower 48 market was partially offset by slightly lower international activity, mainly attributable to Surface & Tubular.
Rig Technologies adjusted EBITDA increased to $3 million, compared to $1 million in the previous quarter. Aftermarket revenue accelerated sequentially, reflecting higher customer activity. Capital Equipment revenue also improved as deliveries increased.
Adjusted Free Cash Flow
Consolidated adjusted free cash flow was $12 million in the second quarter. Adjusted free cash flow improved $60 million sequentially, reflecting higher profitability, lower cash interest payments, and seasonal working-capital movements.
Miguel Rodriguez, Nabors CFO, stated, “In the second quarter we delivered free cash flow slightly higher than our expectations. Capital spending for SANAD’s newbuild program was lower than forecast, as the timing of a few construction milestones was delayed. Outside SANAD, working capital consumed more cash than expected, impacting free cash flow.
“Our full-year outlook for rig count in the Lower 48 has once again increased. We now expect to exit the third quarter with approximately 74 rigs running and to expand slightly from that level through the remainder of the year. Our revised full-year consolidated capital spending now totals $710 to $730 million, a $25 million reduction at the midpoint of our previous range. For the SANAD newbuild program, capital spending is expected to be in the range of $325 to $335 million. Previously the range was $360 to $380 million.
“We now expect full-year adjusted EBITDA of $920 to $930 million and full-year adjusted free cash flow of $20 to $30 million. This outlook includes expected free cash flow consumption at SANAD of $60 to $80 million. Our priority remains reducing debt and further strengthening the balance sheet while supporting profitable growth, which we believe positions Nabors to enhance long-term shareholder value.”
Outlook
Nabors expects the following metrics for the third quarter of 2026:
U.S. Drilling
| o | Lower 48 average rig count of 73 rigs | |
| o | Lower 48 daily adjusted gross margin of approximately $13,800 | |
| o | Alaska and Gulf of America combined adjusted EBITDA of approximately $11 million |
International
| o | Average rig count of 94 - 96 rigs | |
| o | Daily adjusted gross margin of $18,100 - $18,400 |
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NEWS RELEASE |
Drilling Solutions
| o | Adjusted EBITDA of approximately $42 million |
Rig Technologies
| o | Adjusted EBITDA of $5 - $6 million |
Capital Expenditures
| o | Capital expenditures of $245 - $255 million, including approximately $130 million for SANAD newbuilds in Saudi Arabia |
Adjusted Free Cash Flow
| o | Adjusted free cash flow consumption of approximately $40 million, including free cash consumption at SANAD of approximately $65 million |
Mr. Petrello concluded, “Our performance through the first half of the year has exceeded our expectations. As we look forward, we anticipate second-half adjusted EBITDA to reach an annualized run-rate of $1 billion. Contracted rig additions across our drilling businesses provide strong visibility into that outlook. At the same time, prudent capital allocation should support free cash flow expansion and further strengthening of the balance sheet.”
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NEWS RELEASE |
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in approximately 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) before income taxes, interest expense, investment income (loss), gain on bargain purchase, and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. Adjusted gross margin represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. 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, and before cash paid for acquisition-related costs. 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.
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NEWS RELEASE |
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) 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 email 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 email mark.andrews@nabors.com
6
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (In thousands, except per share amounts) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| Revenues and other income: | ||||||||||||||||||||
| Operating revenues | $ | 814,795 | $ | 832,788 | $ | 783,548 | $ | 1,598,343 | $ | 1,568,974 | ||||||||||
| Investment income (loss) | 2,131 | 6,129 | 2,887 | 5,018 | 12,725 | |||||||||||||||
| Total revenues and other income | 816,926 | 838,917 | 786,435 | 1,603,361 | 1,581,699 | |||||||||||||||
| Costs and other deductions: | ||||||||||||||||||||
| Direct costs | 507,551 | 488,881 | 493,469 | 1,001,020 | 936,181 | |||||||||||||||
| General and administrative expenses | 71,375 | 82,726 | 71,760 | 143,135 | 151,232 | |||||||||||||||
| Research and engineering | 14,209 | 12,722 | 13,506 | 27,715 | 26,757 | |||||||||||||||
| Depreciation and amortization | 160,549 | 175,061 | 156,186 | 316,735 | 329,699 | |||||||||||||||
| Interest expense | 42,678 | 56,081 | 43,761 | 86,439 | 110,407 | |||||||||||||||
| Gain on bargain purchase | - | (3,500 | ) | - | - | (116,499 | ) | |||||||||||||
| Other, net | 5,682 | 6,074 | (13,393 | ) | (7,711 | ) | 50,864 | |||||||||||||
| Total costs and other deductions | 802,044 | 818,045 | 765,289 | 1,567,333 | 1,488,641 | |||||||||||||||
| Income (loss) before income taxes | 14,882 | 20,872 | 21,146 | 36,028 | 93,058 | |||||||||||||||
| Income tax expense (benefit) | 16,405 | 23,077 | 16,884 | 33,289 | 38,084 | |||||||||||||||
| Net income (loss) | (1,523 | ) | (2,205 | ) | 4,262 | 2,739 | 54,974 | |||||||||||||
| Less: Net (income) loss attributable to noncontrolling interest | (20,807 | ) | (28,705 | ) | (19,428 | ) | (40,235 | ) | (52,896 | ) | ||||||||||
| Net income (loss) attributable to Nabors | $ | (22,330 | ) | $ | (30,910 | ) | $ | (15,166 | ) | $ | (37,496 | ) | $ | 2,078 | ||||||
| Earnings (losses) per share: | ||||||||||||||||||||
| Basic | $ | (2.04 | ) | $ | (2.71 | ) | $ | (1.54 | ) | $ | (3.58 | ) | $ | (1.01 | ) | |||||
| Diluted | $ | (2.04 | ) | $ | (2.71 | ) | $ | (1.54 | ) | $ | (3.58 | ) | $ | (1.01 | ) | |||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||||||
| Basic | 14,273 | 14,083 | 14,213 | 14,243 | 12,271 | |||||||||||||||
| Diluted | 14,273 | 14,083 | 14,213 | 14,243 | 12,271 | |||||||||||||||
| Adjusted EBITDA | $ | 221,660 | $ | 248,459 | $ | 204,813 | $ | 426,473 | $ | 454,804 | ||||||||||
| Adjusted operating income (loss) | $ | 61,111 | $ | 73,398 | $ | 48,627 | $ | 109,738 | $ | 125,105 | ||||||||||
7
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| June 30, | March 31, | December 31, | ||||||||||
| (In thousands) | 2026 | 2026 | 2025 | |||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and short-term investments | $ | 509,833 | $ | 500,853 | $ | 940,738 | ||||||
| Accounts receivable, net | 443,417 | 417,717 | 391,705 | |||||||||
| Other current assets | 243,929 | 234,031 | 219,130 | |||||||||
| Total current assets | 1,197,179 | 1,152,601 | 1,551,573 | |||||||||
| Property, plant and equipment, net | 2,908,061 | 2,914,886 | 2,920,019 | |||||||||
| Other long-term assets | 314,705 | 318,149 | 318,065 | |||||||||
| Total assets | $ | 4,419,945 | $ | 4,385,636 | $ | 4,789,657 | ||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Current debt | $ | - | $ | - | $ | 377,492 | ||||||
| Trade accounts payable | 365,472 | 322,837 | 300,467 | |||||||||
| Other current liabilities | 268,167 | 262,378 | 315,042 | |||||||||
| Total current liabilities | 633,639 | 585,215 | 993,001 | |||||||||
| Long-term debt | 2,120,276 | 2,118,729 | 2,117,187 | |||||||||
| Other long-term liabilities | 224,152 | 240,163 | 241,826 | |||||||||
| Total liabilities | 2,978,067 | 2,944,107 | 3,352,014 | |||||||||
| Redeemable noncontrolling interest in subsidiary | 495,886 | 489,129 | 482,446 | |||||||||
| Equity: | ||||||||||||
| Shareholders' equity | 544,128 | 568,942 | 590,727 | |||||||||
| Noncontrolling interest | 401,864 | 383,458 | 364,470 | |||||||||
| Total equity | 945,992 | 952,400 | 955,197 | |||||||||
| Total liabilities and equity | $ | 4,419,945 | $ | 4,385,636 | $ | 4,789,657 | ||||||
8
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 | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (In thousands, except rig activity) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| U.S. Drilling | $ | 252,459 | $ | 255,438 | $ | 241,144 | $ | 493,603 | $ | 486,184 | ||||||||||
| International Drilling | 432,497 | 384,970 | 419,496 | 851,993 | 766,688 | |||||||||||||||
| Drilling Solutions | 110,640 | 170,283 | 106,222 | 216,862 | 263,462 | |||||||||||||||
| Rig Technologies (1) | 37,485 | 36,527 | 27,222 | 64,707 | 80,692 | |||||||||||||||
| Other reconciling items (2) | (18,286 | ) | (14,430 | ) | (10,536 | ) | (28,822 | ) | (28,052 | ) | ||||||||||
| Total operating revenues | $ | 814,795 | $ | 832,788 | $ | 783,548 | $ | 1,598,343 | $ | 1,568,974 | ||||||||||
| Adjusted EBITDA: (3) | ||||||||||||||||||||
| U.S. Drilling | $ | 94,081 | $ | 101,821 | $ | 88,065 | $ | 182,146 | $ | 194,532 | ||||||||||
| International Drilling | 130,533 | 117,658 | 121,281 | 251,814 | 233,144 | |||||||||||||||
| Drilling Solutions | 40,013 | 76,501 | 38,662 | 78,675 | 117,354 | |||||||||||||||
| Rig Technologies (1) | 3,180 | 5,174 | 505 | 3,685 | 10,737 | |||||||||||||||
| Other reconciling items (4) | (46,147 | ) | (52,695 | ) | (43,700 | ) | (89,847 | ) | (100,963 | ) | ||||||||||
| Total adjusted EBITDA | $ | 221,660 | $ | 248,459 | $ | 204,813 | $ | 426,473 | $ | 454,804 | ||||||||||
| Adjusted operating income (loss): (5) | ||||||||||||||||||||
| U.S. Drilling | $ | 30,961 | $ | 39,788 | $ | 24,624 | $ | 55,585 | $ | 71,387 | ||||||||||
| International Drilling | 45,860 | 36,051 | 40,757 | 86,617 | 69,009 | |||||||||||||||
| Drilling Solutions | 32,125 | 50,365 | 31,872 | 63,997 | 83,278 | |||||||||||||||
| Rig Technologies (1) | 1,497 | 1,721 | (1,888 | ) | (391 | ) | 6,056 | |||||||||||||
| Other reconciling items (4) | (49,332 | ) | (54,527 | ) | (46,738 | ) | (96,070 | ) | (104,625 | ) | ||||||||||
| Total adjusted operating income (loss) | $ | 61,111 | $ | 73,398 | $ | 48,627 | $ | 109,738 | $ | 125,105 | ||||||||||
| Rig activity: | ||||||||||||||||||||
| Average Rigs Working: (7) | ||||||||||||||||||||
| Lower 48 | 67.8 | 62.4 | 65.3 | 66.5 | 61.5 | |||||||||||||||
| Other US | 10.0 | 10.0 | 10.0 | 10.0 | 8.8 | |||||||||||||||
| U.S. Drilling | 77.8 | 72.4 | 75.3 | 76.5 | 70.3 | |||||||||||||||
| International Drilling | 93.4 | 85.9 | 92.6 | 93.0 | 85.4 | |||||||||||||||
| Total average rigs working | 171.2 | 158.3 | 167.9 | 169.5 | 155.7 | |||||||||||||||
| Daily Rig Revenue: (6),(8) | ||||||||||||||||||||
| Lower 48 | $ | 33,555 | $ | 33,466 | $ | 32,653 | $ | 33,115 | $ | 33,995 | ||||||||||
| Other US | 50,073 | 71,814 | 54,646 | 52,346 | 67,306 | |||||||||||||||
| U.S. Drilling (10) | 35,680 | 38,761 | 35,573 | 35,627 | 38,180 | |||||||||||||||
| International Drilling | 50,860 | 49,263 | 50,351 | 50,608 | 49,575 | |||||||||||||||
| Daily Adjusted Gross Margin: (6),(9) | ||||||||||||||||||||
| Lower 48 | $ | 13,784 | $ | 13,902 | $ | 13,177 | $ | 13,488 | $ | 14,085 | ||||||||||
| Other US | 17,318 | 32,073 | 19,559 | 18,432 | 31,340 | |||||||||||||||
| U.S. Drilling (10) | 14,238 | 16,411 | 14,024 | 14,134 | 16,253 | |||||||||||||||
| International Drilling | 17,534 | 17,534 | 16,880 | 17,211 | 17,478 | |||||||||||||||
9
| (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, gain on bargain purchase, 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, gain on bargain purchase 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. |
10
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
Reconciliation of Earnings per Share
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (in thousands, except per share amounts) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| BASIC EPS: | ||||||||||||||||||||
| Net income (loss) (numerator): | ||||||||||||||||||||
| Income (loss), net of tax | $ | (1,523 | ) | $ | (2,205 | ) | $ | 4,262 | $ | 2,739 | $ | 54,974 | ||||||||
| Less: net (income) loss attributable to noncontrolling interest | (20,807 | ) | (28,705 | ) | (19,428 | ) | (40,235 | ) | (52,896 | ) | ||||||||||
| Less: accrued distribution on redeemable noncontrolling interest in subsidiary | (6,757 | ) | (7,264 | ) | (6,683 | ) | (13,440 | ) | (14,448 | ) | ||||||||||
| Numerator for basic earnings per share: | ||||||||||||||||||||
| Adjusted income (loss), net of tax - basic | $ | (29,087 | ) | $ | (38,174 | ) | $ | (21,849 | ) | $ | (50,936 | ) | $ | (12,370 | ) | |||||
| Weighted-average number of shares outstanding - basic | 14,273 | 14,083 | 14,213 | 14,243 | 12,271 | |||||||||||||||
| Earnings (losses) per share: | ||||||||||||||||||||
| Total Basic | $ | (2.04 | ) | $ | (2.71 | ) | $ | (1.54 | ) | $ | (3.58 | ) | $ | (1.01 | ) | |||||
| DILUTED EPS: | ||||||||||||||||||||
| Adjusted income (loss), net of tax - diluted | $ | (29,087 | ) | $ | (38,174 | ) | $ | (21,849 | ) | $ | (50,936 | ) | $ | (12,370 | ) | |||||
| Weighted-average number of shares outstanding - diluted | 14,273 | 14,083 | 14,213 | 14,243 | 12,271 | |||||||||||||||
| Earnings (losses) per share: | ||||||||||||||||||||
| Total Diluted | $ | (2.04 | ) | $ | (2.71 | ) | $ | (1.54 | ) | $ | (3.58 | ) | $ | (1.01 | ) | |||||
11
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT
(Unaudited)
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||
| (In thousands) | U.S. Drilling | International Drilling | Drilling Solutions | Rig Technologies | Other reconciling items | Total | ||||||||||||||||||
| Adjusted operating income (loss) | $ | 30,961 | $ | 45,860 | $ | 32,125 | $ | 1,497 | $ | (49,332 | ) | $ | 61,111 | |||||||||||
| Depreciation and amortization | 63,120 | 84,673 | 7,888 | 1,683 | 3,185 | 160,549 | ||||||||||||||||||
| Adjusted EBITDA | $ | 94,081 | $ | 130,533 | $ | 40,013 | $ | 3,180 | $ | (46,147 | ) | $ | 221,660 | |||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
| U.S. Drilling | International Drilling | Drilling Solutions | Rig Technologies | Other reconciling items | Total | |||||||||||||||||||
| Adjusted operating income (loss) | $ | 39,788 | $ | 36,051 | $ | 50,365 | $ | 1,721 | $ | (54,527 | ) | $ | 73,398 | |||||||||||
| Depreciation and amortization | 62,033 | 81,607 | 26,136 | 3,453 | 1,832 | 175,061 | ||||||||||||||||||
| Adjusted EBITDA | $ | 101,821 | $ | 117,658 | $ | 76,501 | $ | 5,174 | $ | (52,695 | ) | $ | 248,459 | |||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||
| U.S. Drilling | International Drilling | Drilling Solutions | Rig Technologies | Other reconciling items | Total | |||||||||||||||||||
| Adjusted operating income (loss) | $ | 24,624 | $ | 40,757 | $ | 31,872 | $ | (1,888 | ) | $ | (46,738 | ) | $ | 48,627 | ||||||||||
| Depreciation and amortization | 63,441 | 80,524 | 6,790 | 2,393 | 3,038 | 156,186 | ||||||||||||||||||
| Adjusted EBITDA | $ | 88,065 | $ | 121,281 | $ | 38,662 | $ | 505 | $ | (43,700 | ) | $ | 204,813 | |||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||
| U.S. Drilling | International Drilling | Drilling Solutions | Rig Technologies | Other reconciling items | Total | |||||||||||||||||||
| Adjusted operating income (loss) | $ | 55,585 | $ | 86,617 | $ | 63,997 | $ | (391 | ) | $ | (96,070 | ) | $ | 109,738 | ||||||||||
| Depreciation and amortization | 126,561 | 165,197 | 14,678 | 4,076 | 6,223 | 316,735 | ||||||||||||||||||
| Adjusted EBITDA | $ | 182,146 | $ | 251,814 | $ | 78,675 | $ | 3,685 | $ | (89,847 | ) | $ | 426,473 | |||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||
| U.S. Drilling | International Drilling | Drilling Solutions | Rig Technologies | Other reconciling items | Total | |||||||||||||||||||
| Adjusted operating income (loss) | $ | 71,387 | $ | 69,009 | $ | 83,278 | $ | 6,056 | $ | (104,625 | ) | $ | 125,105 | |||||||||||
| Depreciation and amortization | 123,145 | 164,135 | 34,076 | 4,681 | 3,662 | 329,699 | ||||||||||||||||||
| Adjusted EBITDA | $ | 194,532 | $ | 233,144 | $ | 117,354 | $ | 10,737 | $ | (100,963 | ) | $ | 454,804 | |||||||||||
12
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 | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| Lower 48 - U.S. Drilling | ||||||||||||||||||||
| Adjusted operating income (loss) | $ | 24,722 | $ | 21,515 | $ | 17,405 | $ | 42,127 | $ | 40,510 | ||||||||||
| Plus: General and administrative costs | 4,974 | 4,481 | 5,324 | 10,298 | 9,298 | |||||||||||||||
| Plus: Research and engineering | 1,198 | 888 | 1,143 | 2,341 | 1,711 | |||||||||||||||
| GAAP Gross Margin | 30,894 | 26,884 | 23,872 | 54,766 | 51,519 | |||||||||||||||
| Plus: Depreciation and amortization | 54,093 | 52,080 | 53,595 | 107,688 | 105,305 | |||||||||||||||
| Adjusted gross margin | $ | 84,987 | $ | 78,964 | $ | 77,467 | $ | 162,454 | $ | 156,824 | ||||||||||
| Other - U.S. Drilling | ||||||||||||||||||||
| Adjusted operating income (loss) | $ | 6,239 | $ | 18,273 | $ | 7,219 | $ | 13,458 | $ | 30,877 | ||||||||||
| Plus: General and administrative costs | 407 | 896 | 458 | 865 | 1,301 | |||||||||||||||
| Plus: Research and engineering | 86 | 64 | 80 | 166 | 126 | |||||||||||||||
| GAAP Gross Margin | 6,732 | 19,233 | 7,757 | 14,489 | 32,304 | |||||||||||||||
| Plus: Depreciation and amortization | 9,027 | 9,953 | 9,846 | 18,873 | 17,840 | |||||||||||||||
| Adjusted gross margin | $ | 15,759 | $ | 29,186 | $ | 17,603 | $ | 33,362 | $ | 50,144 | ||||||||||
| U.S. Drilling | ||||||||||||||||||||
| Adjusted operating income (loss) | $ | 30,961 | $ | 39,788 | $ | 24,624 | $ | 55,585 | $ | 71,387 | ||||||||||
| Plus: General and administrative costs | 5,381 | 5,377 | 5,782 | 11,163 | 10,599 | |||||||||||||||
| Plus: Research and engineering | 1,284 | 952 | 1,223 | 2,507 | 1,837 | |||||||||||||||
| GAAP Gross Margin | 37,626 | 46,117 | 31,629 | 69,255 | 83,823 | |||||||||||||||
| Plus: Depreciation and amortization | 63,120 | 62,033 | 63,441 | 126,561 | 123,145 | |||||||||||||||
| Adjusted gross margin | $ | 100,746 | $ | 108,150 | $ | 95,070 | $ | 195,816 | $ | 206,968 | ||||||||||
| International Drilling | ||||||||||||||||||||
| Adjusted operating income (loss) | $ | 45,860 | $ | 36,051 | $ | 40,757 | $ | 86,617 | $ | 69,009 | ||||||||||
| Plus: General and administrative costs | 16,748 | 17,867 | 17,609 | 34,357 | 34,245 | |||||||||||||||
| Plus: Research and engineering | 1,826 | 1,499 | 1,749 | 3,575 | 2,913 | |||||||||||||||
| GAAP Gross Margin | 64,434 | 55,417 | 60,115 | 124,549 | 106,167 | |||||||||||||||
| Plus: Depreciation and amortization | 84,673 | 81,607 | 80,524 | 165,197 | 164,135 | |||||||||||||||
| Adjusted gross margin | $ | 149,107 | $ | 137,024 | $ | 140,639 | $ | 289,746 | $ | 270,302 | ||||||||||
Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization.
13
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| Net income (loss) | $ | (1,523 | ) | $ | (2,205 | ) | $ | 4,262 | $ | 2,739 | $ | 54,974 | ||||||||
| Income tax expense (benefit) | 16,405 | 23,077 | 16,884 | 33,289 | 38,084 | |||||||||||||||
| Income (loss) before income taxes | 14,882 | 20,872 | 21,146 | 36,028 | 93,058 | |||||||||||||||
| Investment (income) loss | (2,131 | ) | (6,129 | ) | (2,887 | ) | (5,018 | ) | (12,725 | ) | ||||||||||
| Interest expense | 42,678 | 56,081 | 43,761 | 86,439 | 110,407 | |||||||||||||||
| Gain on bargain purchase | - | (3,500 | ) | - | - | (116,499 | ) | |||||||||||||
| Other, net | 5,682 | 6,074 | (13,393 | ) | (7,711 | ) | 50,864 | |||||||||||||
| Adjusted operating income (loss) (1) | 61,111 | 73,398 | 48,627 | 109,738 | 125,105 | |||||||||||||||
| Depreciation and amortization | 160,549 | 175,061 | 156,186 | 316,735 | 329,699 | |||||||||||||||
| Adjusted EBITDA (2) | $ | 221,660 | $ | 248,459 | $ | 204,813 | $ | 426,473 | $ | 454,804 | ||||||||||
(1) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on bargain purchase 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, gain on bargain purchase, 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.
14
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
RECONCILIATION OF NET DEBT TO TOTAL DEBT
(Unaudited)
| June 30, | March 31, | December 31, | ||||||||||
| (In thousands) | 2026 | 2026 | 2025 | |||||||||
| Current debt | $ | - | $ | - | $ | 377,492 | ||||||
| Long-term debt | 2,120,276 | 2,118,729 | 2,117,187 | |||||||||
| Total Debt | 2,120,276 | 2,118,729 | 2,494,679 | |||||||||
| Less: Cash and short-term investments | 509,833 | 500,853 | 940,738 | |||||||||
| Net Debt | $ | 1,610,443 | $ | 1,617,876 | $ | 1,553,941 | ||||||
15
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2026 | 2025 | |||||||||||||||
| Net cash provided by operating activities | $ | 135,242 | $ | 151,810 | $ | 113,339 | $ | 248,581 | $ | 239,545 | ||||||||||
| Add: Capital expenditures, net of proceeds from sales of assets | (122,900 | ) | (141,849 | ) | (161,558 | ) | (284,458 | ) | (301,010 | ) | ||||||||||
| Free cash flow | $ | 12,342 | $ | 9,961 | $ | (48,219 | ) | $ | (35,877 | ) | $ | (61,465 | ) | |||||||
| Cash paid for acquisition related costs (1) | - | 30,635 | - | - | 40,816 | |||||||||||||||
| Adjusted free cash flow | $ | 12,342 | $ | 40,596 | $ | (48,219 | ) | $ | (35,877 | ) | $ | (20,649 | ) | |||||||
(1) Cash paid related to the Parker Drilling acquisition
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. 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.
16
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF QUAIL TOOLS FINANCIAL MEASURES
(Unaudited)
| Three months ended | ||||
| June 30, | ||||
| (In thousands) | 2025 | |||
| Drilling Solutions operating revenues | $ | 170,283 | ||
| Less: remaining Drilling Solutions business | (107,701 | ) | ||
| Quail Tools operating revenues | $ | 62,582 | ||
| Drilling Solutions adjusted operating income (loss) | $ | 50,365 | ||
| Less: remaining Drilling Solutions business | (24,075 | ) | ||
| Quail Tools adjusted operating income (loss) | $ | 26,290 | ||
| Quail Tools depreciation and amortization | 10,722 | |||
| Quail Tools adjusted EBITDA | $ | 37,012 | ||
17
Exhibit 99.2
| NABORS INDUSTRIES LTD July 2026 2Q 2026 Earnings Presentation |
| N A B O R S . C O M We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These “forward-looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our expectations. Factors to consider when evaluating these forward-looking statements include, but are not limited to: • geopolitical events, pandemics and other macro-events and their respective and collective impact on our operations as well as oil and gas markets and prices; • fluctuations and volatility in worldwide prices of and demand for oil and natural gas; • fluctuations in levels of oil and natural gas exploration and development activities; • fluctuations in the demand for our services; • competitive and technological changes and other developments in the oil and gas and oilfield services industries; • our ability to renew customer contracts in order to maintain competitiveness; • the existence of operating risks inherent in the oil and gas and oilfield services industries; • the possibility of the loss of one or a number of our large customers; • the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures; • the occurrence of cybersecurity incidents, attacks and other breaches to our information technology systems; • the impact of long-term indebtedness and other financial commitments on our financial and operating flexibility; • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our revolving credit facility, and future issuances of debt or equity securities and the global interest rate environment; • our dependence on our operating subsidiaries and investments to meet our financial obligations; Forward-Looking Statements NABORS INDUSTRIES 2 • our ability to retain skilled employees; • our ability to realize the expected benefits of strategic transactions we may undertake; • changes in tax laws and the possibility of changes in other laws and regulation; • global views on and the regulatory environment related to energy transition and our ability to implement our energy transition initiatives; • potential long-lived asset impairments • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes, sanctions or tariffs, by either the U.S. or any other country in which we operate or have supply lines; • general economic conditions, including the capital and credit markets; • our ability to utilize NOLs. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities. Therefore, sustained lower oil or natural gas prices that have a material impact on exploration, development or production activities could also materially affect our financial position, results of operations and cash flows. The above description of risks and uncertainties is by no means all-inclusive but is designed to highlight what we believe are important factors to consider. For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which are available at the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Non-GAAP Financial Measures This presentation refers to certain “non-GAAP” financial measures, such as adjusted EBITDA, net debt, adjusted gross margin and adjusted free cash flow. 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”). Other companies in our industry may compute these metrics differently. These measures have limitations and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. |
| N A B O R S . C O M 30% 52% 13% 5% 2Q 2026 Revenue by Segment U.S. Drilling International Drilling Drilling Solutions Rig Technologies 3 The Industry’s Most Innovative Technology NABORS INDUSTRIES Vertically Integrated Drilling and Technology Solutions Drilling Operations Rig Technologies Drilling Solutions Aligned to drive advanced drilling performance U.S. & INTERNATIONAL |
| Vertical Integration Drives Significant Value Rig Technologies Rig equipment & technology that enables automation, efficiency and consistency Drilling Solutions (NDS) Using the rig as an integrated platform to deliver differentiated services NABORS INDUSTRIES N A B O R S . C O M 4 U.S. Drilling Operating a fleet of high-spec rigs across key U.S. basins International Drilling Deploying fit-for-purpose rigs in major markets Integration across operations, solutions, and technology allows Nabors to optimize performance, reliability, and customer outcomes. |
| N A B O R S . C O M Recent Highlights – Momentum Accelerates NABORS INDUSTRIES 5 Note: For the reconciliation of adjusted free cashflow, adjusted EBITDA and adjusted gross margin or other non-GAAP metrics to the most comparable GAAP measures see non-GAAP reconciliations in Appendix * Adjusted EBITDA less capex divided by adjusted EBITDA INTERNATIONAL DRILLING 93.4 average rig count up 0.8 rigs sequentially $17,534 average daily gross margin up $654 sequentially, modestly above the guidance range Sustained operational performance across key markets MIDDLE EAST / SANAD Maintained operational cadence in the Middle East 2 Rigs added: 1 newbuild 1 reactivation Growing presence through SANAD JV 67.8 average rig count up 2.5 rigs sequentially $13,784 average daily gross margin up $607 sequentially, exceeding the high end of our guidance range Driven by strong commercial and operational excellence DRILLING SOLUTIONS ~46% adjusted gross margin 15% of total adjusted EBITDA from operations Driven by strong commercial and operational excellence LOWER 48 DRILLING BROAD-BASED IMPROVEMENT Sequential EBITDA growth across every operating segment ABOVE EXPECTATIONS Results exceeded implied guidance RESILIENT PERFORMANCE Middle East disruption impact was limited due to global supply chain footprint |
| N A B O R S . C O M 6 Key Value Drivers Selective international growth aligned with customer demand and returns 1 Operational excellence in the U.S. Lower 48 2 Technology-led innovation with demonstrated results 3 Disciplined focus on improving capital structure and reducing debt 4 These drivers support value creation through operational performance, disciplined capital allocation, and technology-enabled differentiation. |
| N A B O R S . C O M 50 55 60 65 70 75 80 85 90 95 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 International Drilling Average Rig Count 1 Improving International Rig Economics Selective International Growth Aligned with Customer Demand and Returns 7 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 '26 International Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin Disciplined capital deployment focused on returns and long-term contracts, SANAD newbuilds, and redeployments in core markets, progressively at a pricing premium >17% growth since year-end 2023 The rig count in markets where we operate was essentially flat over the same period of time. NABORS INTERNATIONAL RIG COUNT $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 International Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin |
| N A B O R S . C O M $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2021 2022 2023 2024 2025 1H'26 International Drilling Daily Metrics Daily Rig Revenue Daily Gross Margin 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 2025 1H'26 International Drilling Average Rig Count Disciplined capital deployment focused on returns and long-term contracts, SANAD newbuilds, and redeployments in core markets, progressively at a pricing premium 1 Improving International Rig Economics Selective International Growth Aligned with Customer Demand and Returns 8 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions >17% growth since year-end 2023 The rig count in markets where we operate was essentially flat over the same period of time. NABORS INTERNATIONAL RIG COUNT |
| N A B O R S . C O M 9 2 2 1 1 -3 -1 -1 -1 -1 3 1 1 85 94 93 98 Rig Count 70 75 80 85 90 95 100 105 110 1 Strategic Growth in International Markets 9 Note: Estimates are based on current market conditions and information received from third parties, which are subject to change. Selective International Growth Aligned with Customer Demand and Returns Awarded/ Restart International Drilling Rig Count Operating End of contract Actively pursuing multiple incremental opportunities with attractive returns |
| N A B O R S . C O M 0 10 20 30 40 50 60 70 80 90 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 L48 Drilling Average Rig Count $0 $10,000 $20,000 $30,000 $40,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 L48 Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin 2 Efficiency and Performance Support Stabilizing Margins in a Challenging Market Operational Excellence in the U.S. Lower 48 10 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions Operational efficiency, performance, pricing and cost discipline enabled by high quality customer portfolio, support stabilizing margins in the Lower 48 |
| N A B O R S . C O M 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 2025 1H'26 Lower 48 Drilling Average Rig Count $- $8,000 $16,000 $24,000 $32,000 $40,000 2021 2022 2023 2024 2025 1H'26 Lower 48 Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin Operational efficiency, performance, pricing and cost discipline enabled by high quality customer portfolio, support stabilizing margins in the Lower 48 2 Efficiency and Performance Support Stabilizing Margins in a Challenging Market Operational Excellence in the U.S. Lower 48 11 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions |
| N A B O R S . C O M -34% -13% -26% -23% -14% NBR Peer #1 Peer #2 Peer #3 Peer #4 ~20% Decline in Lower-48 Industry Marketed Rigs Operational Excellence in the U.S. Lower 48 12 Year-end marketed rig counts for selected contractors, 2023-2025 Total L48 Marketed Rigs: 600 ڵ 760 (~20% decline) 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Higher utilization supporting progressive pricing power 2 |
| N A B O R S . C O M 13 Nabors Drilling Solutions Leveraging ‘Rig as a Platform’ Managed Pressure Drilling Performance Software Wellbore Placement Automated Casing Running Data Integration / 3 Technology-Led Innovation with Demonstrated Results BOP Rentals |
| N A B O R S . C O M 14 NDS – Technology that Enhances Performance Our Portfolio: Solution Performance Software Rockit® and REVit® SmartSuiteTM* RigCLOUD® Integrated Services Casing Running Managed Pressure Drilling Surface Tools Wellbore Placement Function Performance Software Automated drilling optimization Rig-based automation software Real-time and analytics platform Integrated Services Automated sequencing; mechanized pipe handling Fine-tuning formation pressure Drill pipe and BOP rentals Real-time formation and directional data Benefit Performance Software Faster, more consistent ROP, reduced human error Precision control; improved consistency and efficiency Informed decision-making; lower invisible flat time Integrated Services Safer, consistent casing operations; reduced manual labor Commercializes complex wells; improves drilling efficiency A turnkey solution for drilling equipment Better well placement, higher reservoir contact *A suite of over 50 apps including SmartNAV® and SmartSLIDE® – directional guidance steering and automated slide drilling controls 3 Technology-Led Innovation with Demonstrated Results |
| N A B O R S . C O M 15 A Framework to Analyze NDS NDS Enables Smart Operations with Data-Driven Solutions 3 Technology-Led Innovation with Demonstrated Results Efficiency, consistency and safety Automation and remote operations Well complexity Lateral lengths Addressable Market Growth Drivers Content Penetration • Number of services per rig • Mix of performance solutions and integrated services per rig Value-based pricing $ / RIGS U.S. and international markets Nabors and third-party rigs INDUSTRY RIG COUNT ▲ ▲ ▲ ▲ |
| N A B O R S . C O M 0 200 400 600 800 $- $20 $40 $60 $80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 U.S BKR Rig Count $ millions NDS - U.S. NDS U.S. Revenue BKR Rig Count 0 200 400 600 800 1000 1200 $- $20 $40 $60 $80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2024 2025 2026 Select country BKR rig count $ millions NDS – International(1) NDS International Revenue BKR Rig Count U.S. 16 NDS – Global Market Reach International L48 – Offshore – Alaska (1) Select country rig count per Baker Hughes - countries in which NDS operated >15 Countries ($ millions) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 NDS U.S. Rev. $39.4 $40.6 $42.2 $41.1 $39.6 $44.0 Avg. rig count 588 571 540 548 548 554 ($ millions) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 NDS Int’l Rev. $40.3 $67.1 $65.6 $66.7 $66.6 $66.7 Avg. rig count 816 721 935 942 972 895 3 Technology-Led Innovation with Demonstrated Results Note: NDS-U.S. graphic and table exclude Quail Tools Note: On 8/3/25 Baker Hughes updated its worldwide rig count to reflect more than 230 rigs operating in Saudi Arabia |
| N A B O R S . C O M 0% 20% 40% 60% 80% 100% $- $100 $200 $300 $400 $500 2021 2022 2023 2024 2025 1H'26* NDS Revenue, Adjusted EBITDA* and Free Cashflow Conversion** Revenue Adjusted EBITDA FCF Conversion NDS Expansion from Greater Adoption and Improving Service-line Mix Technology-Led Innovation with Demonstrated Results 17 3 NOTE: All values on this slide exclude Quail Tools * 1H 2026 revenue and adjusted EBITDA are annualized ** FCF conversion is calculated as adjusted EBITDA less capex divided by adjusted EBITDA ** Software services driving strong free cash flow conversion** 92% 1H 2026 * |
| N A B O R S . C O M Lower 48 – Nabors Rigs 18 NDS Growth Driven by Increased Product Penetration Lower 48 – Third Party 3 Technology-Led Innovation with Demonstrated Results $- $2 $4 $6 $8 $10 $12 $14 $16 1Q 2Q 2026 Millions NDS L48 Third Party Rig Revenue - 100 200 300 400 500 600 1Q 2Q 2026 Average Rigs Working L48 Third-party Market Average Rigs Working 12% 1% $- $5 $10 $15 $20 $25 $30 $35 1Q 2Q 2026 Millions NDS L48 Nabors Rig Revenue - 10 20 30 40 50 60 70 80 90 100 1Q 2Q 2026 Average Rigs Working L48 Nabors Average Rigs Working 11% 4% |
| N A B O R S . C O M PACE-X Ultra : The Next-Generation, High-Spec Rig Technology-Led Innovation with Demonstrated Results 19 3 — Eric Kolstad, EVP of Wells of Caturus Energy The integration of this leading-edge technology represents the highest standard of power and performance in the industry and, just as importantly, demonstrates our continued commitment to safe and sustainable operations while improving drilling cycle time. PACE PACE-X Ultra ®-X Mast Rating 800,000 lbs. 1,000,000 lbs. Racking Capacity 25,000 ft 35,000 ft of 5-7/8” drill pipe C500 High-Torque or Sigma 65,000+ ft/lbs. 500 Ton AC 51,400 ft/lbs. Canrig Top Drive 6 x CAT 3512C with Smart EMS and DGB2 Engines/Generators 4 x CAT 3512C 3 x 2,000 HP 10,000 PSI Mud Pressure 3 x 1,600 HP 7,500 PSI Mud Pressure Mud Pumps The Most Capable Drilling System in the Lower 48 Expanding Next-Gen Fleet Built for Longer, Deeper, More Complex Wells Premium Dayrates and Term Full-Service Model Driving Market Premium >$40k All-In Daily Revenue (Including ancillary and NDS services) |
| N A B O R S . C O M A New Standard for Rig Floor Performance 3 Technology-Led Innovation with Demonstrated Results INTRODUCING THE Canrig Titan Now in commercial service Exceptional early field results AUTOMATED WRENCH Superior torque accuracy Faster connection time with consistent make-up in one bite Lower Cost of Ownership Improved safety - fewer risks by lowering crew exposure |
| N A B O R S . C O M 21 Quaise Energy Moves From Venture Investment to Field Deployment 3 Technology-Led Innovation with Demonstrated Results A Nabors rig is now operating at Project Obsidian in Central Oregon – turning our geothermal investment thesis into an active commercial relationship. FIRST-OF-ITS-KIND SUPERHOT GEOTHERMAL PROJECT 300-500ºC SUPERHOT ROCK 50 MW PHASE I OF III INITIAL PHASE PHASE I OF III Project Obsidian will be a 1+ GW power plant once completed*, developed in phases, using a combination of conventional drill bits and millimeter wave drilling technology *We can provide no assurance the Project Obsidian will be completed, either in the for described here or at all. See “Forward Looking Statements”. |
| N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q'26 Gross Leverage (x) 2.0x 3.2x 3.2x 2.6x 2.2x 2.4x 2.5x 3.3x 5.8x 7.5x 4.8x 4.2x 5.3x 6.8x 3.6x 3.5x 2.9x 2.8x 2.4x Gross Debt ($ billion) $3.8 $3.9 $4.4 $4.6 $4.4 $3.9 $4.3 $3.7 $3.6 $4.0 $3.6 $3.3 $3.0 $3.3 $2.5 $3.1 $2.5 $2.5 $2.1 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 Gross Leverage Billion Gross Debt and Gross Leverage Gross Leverage (x) Gross Debt ($ billion) Gross Leverage Reduced to Lowest Level Since 2013 Disciplined Focus on Improving Capital Structure and Reducing Debt 22 4 * Gross Leverage is year end gross debt divided by TTM Adjusted EBITDA * |
| N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q'26 Net Leverage (x) 1.7x 2.3x 2.6x 2.3x 1.8x 2.1x 2.2x 3.0x 5.3x 6.7x 4.1x 3.6x 4.4x 4.7x 2.9x 2.3x 2.4x 1.7x 1.8x Net Debt ($ billion) $3.2 $2.8 $3.6 $4.1 $3.6 $3.4 $3.8 $3.4 $3.3 $3.7 $3.1 $2.9 $2.5 $2.3 $2.1 $2.1 $2.1 $1.6 $1.6 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Billion Net Debt and Net Leverage Net Leverage (x) Net Debt ($ billion) Significant Headway toward ~1x Net Leverage Goal Disciplined Focus on Improving Capital Structure and Reducing Debt 23 4 * Net Leverage is year end net debt divided by TTM Adjusted EBITDA * |
| N A B O R S . C O M - - 250 650 550 700 $0 $200 $400 $600 $800 2026 2027 2028 2029 2030 2031 2032 Million Actively Managing Maturity Profile Disciplined Focus on Improving Capital Structure and Reducing Debt 24 Notes 4 As of 6/30/26 As of 12/31/25 As of 12/31/24 ($ millions) Gross Debt $2,505 $2,495 $2,120 Cash* $397 $941 $510 Net Debt $2,108 $1,554 $1,610 * Cash includes short-term investments Clear runway to manageable 2029 maturity |
| Appendix 25 |
| N A B O R S . C O M Reconciliation of Non-GAAP Financial Measures to Net Income (Loss) 26 Adjusted EBITDA represents net income (loss) before, income taxes, investment income (loss), interest expense, gain on bargain purchase, 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 below. (In thousands) June 30, March 31, June 30, 2025 2026 2026 Net income (loss) (2,205) $ 4,262 $ (1,523) $ Income tax expense (benefit) 23,077 16,884 16,405 Income (loss) before income taxes 20,872 21,146 14,882 Investment (income) loss (6,129) (2,887) (2,131) Interest Expense 56,081 43,761 42,678 Gain on bargain purchase (3,500) - - Other, net 6,074 (13,393) 5,682 Adjusted Operating Income (loss) 73,398 48,627 61,111 Depreciation and Amortization 175,061 156,186 160,549 Adjusted EBITDA $ 248,459 204,813 $ 221,660 $ Three Months Ended |
| N A B O R S . C O M Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income 27 Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. June 30, March 31 June 30, 2025 2026 2026 Lower 48 - U.S. - Drilling Adjusted operating income 21,515 $ 17,405 $ 24,722 $ Plus: General and administrative costs 4,481 5,324 4,974 Plus: Research and engineering 888 1,143 1,198 GAAP Gross Margin 26,884 23,872 30,894 Plus: Depreciation and amortization 53,595 52,080 54,093 Adjusted gross margin $ 77,467 78,964 $ 84,987 $ Other - U.S. - Drilling Adjusted operating income 18,273 $ 7,219 $ 6,239 $ Plus: General and administrative costs 896 458 407 Plus: Research and engineering 64 80 86 GAAP Gross Margin 19,233 7,757 6,732 Plus: Depreciation and amortization 9,846 9,953 9,027 Adjusted gross margin $ 29,186 17,603 $ 15,759 $ U.S. - Drilling Adjusted operating income 39,788 $ 24,624 $ 30,961 $ Plus: General and administrative costs 5,377 5,782 5,381 Plus: Research and engineering 952 1,223 1,284 GAAP Gross Margin 46,117 31,629 37,626 Plus: Depreciation and amortization 63,441 62,033 63,120 Adjusted gross margin $ 95,070 108,150 $ 100,746 $ (In thousands) Three Months Ended |
| N A B O R S . C O M Reconciliation of Net Debt to Total Debt 28 Net debt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure 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 net debt, because it believes that this financial measure accurately measures the Company’s liquidity. In addition, 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 this measure differently. A reconciliation of net debt to total debt, which is the nearest comparable GAAP financial measure, is provided in the table below. December 31, March 31, June 30, 2025 2026 2026 Current Debt 377,492 $ - $ - $ Long-Term Debt 2,117,187 2,118,729 2,120,276 Total Debt 2,494,679 2,118,729 2,120,276 Cash & Short-term Investments 940,738 500,853 509,833 Net Debt 1,553,941 1,617,876 1,610,443 (In thousands) |
| N A B O R S . C O M Three Months Ended June 30, 2026 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 30,961 $ 45,860 $ 32,125 $ 1,497 $ (49,332) $ 61,111 $ Depreciation and amortization 63,120 84,673 7,888 1,683 3,185 160,549 Adjusted EBITDA $ 130,533 94,081 $ 40,013 $ 3,180 $ (46,147) $ 221,660 $ Three Months Ended March 31, 2026 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 24,624 $ 40,757 $ 31,872 $ (1,888) $ (46,738) $ 48,627 $ Depreciation and amortization 63,441 80,524 6,790 2,393 3,038 156,186 Adjusted EBITDA $ 88,065 121,281 $ 38,662 $ 505 $ (43,700) $ 204,813 $ Three Months Ended June 30, 2025 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 39,788 $ 36,051 $ 50,365 $ 1,721 $ (54,527) $ 73,398 $ Depreciation and amortization 81,607 62,033 26,136 3,453 1,832 175,061 Adjusted EBITDA $ 117,658 101,821 $ 76,501 $ 5,174 $ (52,695) $ 248,459 $ Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment 29 (In thousands) |
| N A B O R S . C O M Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 Jun. 30, 2026 Drilling Solutions - U.S. 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ 43,972 $ Drilling Solutions - International 67,090 40,347 65,581 66,739 66,575 66,668 Total Drilling Solutions - operating revenues $ 170,283 93,179 $ 141,942 $ 107,879 $ 106,222 $ 110,640 $ Drilling Solutions - U.S. 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ 43,972 $ Quail Tools (62,582) (13,429) (34,198) - - - Total Drilling Solutions - operating revenues excluding Quail Tools $ 39,403 40,611 $ 42,163 $ 41,140 $ 39,647 $ 43,972 $ Reconciliation of Drilling Solutions Revenue by Geography 30 (In thousands) For the three months ended |
| N A B O R S . C O M Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities 31 Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. 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. Three Months Ended (In thousands) June 30 March 31 June 30 2025 2026 2026 Net cash provided by operating activities 151,810 $ 113,339 $ 135,242 $ Add: Capital expenditures, net of proceeds from sales of assets (141,849) (161,558) (122,900) Free cash flow 9,961 $ (48,219) $ 12,342 $ Cash paid for acquisition related costs $ - 30,635 $ - $ Adjusted free cash flow $ 40,596 (48,219) $ 12,342 $ |
| NABORS INDUSTRIES LTD. NABORS.COM NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 Houston, TX 77067-4525 @ n a b o r s g l o b a l Contact Us: William C. Conroy, CFA VP - Corporate Development and Investor Relations William.Conroy@nabors.com Kara K. Peak Director - Corporate Development and Investor Relations Kara.Peak@nabors.com |
