Nabors Announces Second Quarter 2025 Results
Nabors Industries (NYSE: NBR) reported Q2 2025 operating revenues of $833 million, up from $736 million in Q1. The company posted a net loss of $31 million ($2.71 per share), compared to Q1 net income of $33 million ($2.18 per share). Q2 adjusted EBITDA reached $248 million, up from $206 million in Q1.
Key developments include: SANAD joint venture with Saudi Aramco deployed two newbuild rigs and secured a fourth tranche award of five rigs; completion of international rig reactivations in Kuwait; and significant drilling milestones in multiple U.S. basins. The integration of Parker Wellbore acquisition is progressing with cost synergies supporting the $40 million target for 2025.
For Q3 2025, Nabors expects Lower 48 rig count of 57-59 rigs, international rig count of 87-88 rigs, and projects capital expenditures of $700-710 million for the full year, including $300 million for SANAD newbuilds.
Nabors Industries (NYSE: NBR) ha riportato ricavi operativi per il secondo trimestre 2025 pari a 833 milioni di dollari, in aumento rispetto ai 736 milioni del primo trimestre. La societ脿 ha registrato una perdita netta di 31 milioni di dollari (2,71 dollari per azione), rispetto all'utile netto di 33 milioni (2,18 dollari per azione) del primo trimestre. L'EBITDA rettificato del secondo trimestre ha raggiunto 248 milioni di dollari, in crescita rispetto ai 206 milioni del primo trimestre.
Tra gli sviluppi principali: la joint venture SANAD con Saudi Aramco ha messo in servizio due nuove piattaforme e ha ottenuto un quarto contratto per cinque piattaforme; completamento delle riattivazioni internazionali di piattaforme in Kuwait; e importanti traguardi di perforazione in diversi bacini statunitensi. L'integrazione dell'acquisizione di Parker Wellbore sta procedendo con sinergie di costo che supportano l'obiettivo di 40 milioni di dollari per il 2025.
Per il terzo trimestre 2025, Nabors prevede un conteggio di piattaforme nella Lower 48 tra 57 e 59, un conteggio internazionale tra 87 e 88, e progetta spese in conto capitale per l'intero anno tra 700 e 710 milioni di dollari, inclusi 300 milioni destinati alle nuove costruzioni SANAD.
Nabors Industries (NYSE: NBR) report贸 ingresos operativos en el segundo trimestre de 2025 de 833 millones de d贸lares, un aumento desde los 736 millones del primer trimestre. La compa帽铆a registr贸 una p茅rdida neta de 31 millones de d贸lares (2,71 d贸lares por acci贸n), en comparaci贸n con una ganancia neta de 33 millones (2,18 d贸lares por acci贸n) en el primer trimestre. El EBITDA ajustado del segundo trimestre alcanz贸 248 millones de d贸lares, superior a los 206 millones del primer trimestre.
Los desarrollos clave incluyen: la empresa conjunta SANAD con Saudi Aramco despleg贸 dos plataformas nuevas y asegur贸 un cuarto tramo de cinco plataformas; finalizaci贸n de las reactivaciones internacionales de plataformas en Kuwait; y hitos importantes de perforaci贸n en m煤ltiples cuencas de EE.UU. La integraci贸n de la adquisici贸n de Parker Wellbore avanza con sinergias de costos que respaldan el objetivo de 40 millones de d贸lares para 2025.
Para el tercer trimestre de 2025, Nabors espera un conteo de plataformas en Lower 48 de 57-59, un conteo internacional de 87-88, y proyecta gastos de capital de 700-710 millones de d贸lares para todo el a帽o, incluyendo 300 millones para nuevas construcciones SANAD.
Nabors Industries (NYSE: NBR)電� 2025雲� 2攵勱赴 鞓侅梾 靾橃澋鞚� 8鞏� 3,300毵� 雼煬搿� 1攵勱赴鞚� 7鞏� 3,600毵� 雼煬鞐愳劀 歃濌皜頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 2攵勱赴鞐� 欤茧嫻 2.71雼煬, 齑� 3,100毵� 雼煬鞚� 靾滌啇鞁れ潉 旮半頄堨溂氅�, 鞚措姅 1攵勱赴鞚� 欤茧嫻 2.18雼煬, 3,300毵� 雼煬 靾滌澊鞚店臣 雽�牍勲惄雼堧嫟. 2攵勱赴 臁办爼 EBITDA電� 2鞏� 4,800毵� 雼煬搿� 1攵勱赴鞚� 2鞏� 600毵� 雼煬鞐愳劀 歃濌皜頄堨姷雼堧嫟.
欤检殧 氚滌爠 靷暛鞙茧電� 靷毎霐� 鞎勲瀸旖旍檧鞚� SANAD 頃╈瀾須岇偓臧� 鞁犼窚 鞁滌稊 鞛ル箘 霊� 雽�毳� 氚办箻頃橁碃 雼れ劘 雽�鞚� 鞁滌稊 鞛ル箘鞐� 雽�頃� 雱� 氩堨Ц 攵勴暊 靾橃＜毳� 頇曤炒頃� 瓴�, 炜犾洦鞚错姼鞐愳劀鞚� 甑牅 鞁滌稊 鞛ル箘 鞛皜霃� 鞕勲, 攴鸽Μ瓿� 氙戈淡 雮� 鞐煬 攵勳鞐愳劀 欷戩殧頃� 鞁滌稊 靹标臣毳� 雼劚頃� 鞝愳澊 韽暔霅╇媹雼�. Parker Wellbore 鞚胳垬 韱淀暕鞚� 歆勴枆 欷戩澊氅�, 2025雲� 氇╉憸鞚� 4,000毵� 雼煬鞚� 牍勳毄 鞁滊剤歆� 須臣毳� 歆�鞗愴晿瓿� 鞛堨姷雼堧嫟.
2025雲� 3攵勱赴 Nabors電� Lower 48 歆�鞐潣 鞁滌稊 鞛ル箘 靾橂ゼ 57~59雽�, 甑牅 鞁滌稊 鞛ル箘 靾橂ゼ 87~88雽�搿� 鞓堨儊頃橂┌, 鞐瓣皠 齑� 鞛愲掣 歆�於滌潉 7鞏祣7鞏� 1,000毵� 雼煬搿� 瓿勴殟頃橁碃 鞛堨溂氅�, 鞚� 欷� 3鞏� 雼煬電� SANAD 鞁犼窚 鞛ル箘鞐� 頃犽嫻霅╇媹雼�.
Nabors Industries (NYSE : NBR) a d茅clar茅 un chiffre d'affaires op茅rationnel de 833 millions de dollars au deuxi猫me trimestre 2025, en hausse par rapport 脿 736 millions au premier trimestre. La soci茅t茅 a enregistr茅 une perte nette de 31 millions de dollars (2,71 dollars par action), contre un b茅n茅fice net de 33 millions (2,18 dollars par action) au premier trimestre. L'EBITDA ajust茅 du deuxi猫me trimestre a atteint 248 millions de dollars, en hausse par rapport 脿 206 millions au premier trimestre.
Les d茅veloppements cl茅s comprennent : la coentreprise SANAD avec Saudi Aramco a d茅ploy茅 deux nouvelles plateformes et obtenu un quatri猫me contrat pour cinq plateformes ; l'ach猫vement des r茅activations internationales de plateformes au Kowe茂t ; et des 茅tapes importantes de forage dans plusieurs bassins am茅ricains. L'int茅gration de l'acquisition de Parker Wellbore progresse avec des synergies de co没ts soutenant l'objectif de 40 millions de dollars pour 2025.
Pour le troisi猫me trimestre 2025, Nabors pr茅voit un nombre de plateformes dans le Lower 48 compris entre 57 et 59, un nombre international entre 87 et 88, et projette des d茅penses d'investissement de 700 脿 710 millions de dollars pour l'ann茅e compl猫te, dont 300 millions pour les nouvelles constructions SANAD.
Nabors Industries (NYSE: NBR) meldete f眉r das zweite Quartal 2025 einen operativen Umsatz von 833 Millionen US-Dollar, ein Anstieg gegen眉ber 736 Millionen im ersten Quartal. Das Unternehmen verzeichnete einen Nettoverlust von 31 Millionen US-Dollar (2,71 US-Dollar pro Aktie) im Vergleich zum Nettogewinn von 33 Millionen (2,18 US-Dollar pro Aktie) im ersten Quartal. Das bereinigte EBITDA f眉r das zweite Quartal erreichte 248 Millionen US-Dollar, gegen眉ber 206 Millionen im ersten Quartal.
Wichtige Entwicklungen umfassen: Das Joint Venture SANAD mit Saudi Aramco hat zwei neue Bohranlagen eingesetzt und einen vierten Auftrag f眉r f眉nf Bohranlagen gesichert; die internationale Reaktivierung von Bohranlagen im Kuwait wurde abgeschlossen; sowie bedeutende Bohrmeilensteine in mehreren US-Becken. Die Integration der Parker Wellbore-Akquisition schreitet voran, wobei Kostensynergien das Ziel von 40 Millionen US-Dollar f眉r 2025 unterst眉tzen.
F眉r das dritte Quartal 2025 erwartet Nabors eine Anzahl von 57-59 Bohranlagen in den Lower 48, 87-88 international, und plant f眉r das Gesamtjahr Investitionsausgaben von 700-710 Millionen US-Dollar, einschlie脽lich 300 Millionen f眉r SANAD-Neubauten.
- Adjusted EBITDA increased to $248 million in Q2, up from $206 million in Q1
- Operating revenues grew to $833 million from $736 million quarter-over-quarter
- SANAD secured fourth tranche award of five newbuild rigs from Saudi Aramco
- Parker Wellbore integration exceeding expectations with synergy targets on track
- Multiple drilling records achieved in Bakken, Haynesville, and Eagle Ford basins
- Strong performance in U.S. Offshore and Alaska operations
- Net loss of $31 million in Q2, compared to net income of $33 million in Q1
- Lower 48 rig market experiencing weakness in oil-focused basins
- Significant collection delays from main customer in Mexico
- Declining dayrates in Lower 48 operations
Insights
Nabors posted mixed Q2 results with revenue growth but swung to a loss, while showing strong international expansion and Parker acquisition benefits.
Nabors delivered a mixed second quarter with operating revenues climbing to
The Parker Wellbore acquisition is already proving accretive, contributing materially to Q2 results and putting the company on track to achieve its targeted
Internationally, Nabors is executing well on its growth strategy. The SANAD joint venture with Saudi Aramco deployed two additional newbuild rigs, bringing the total to twelve, with two more scheduled for deployment this year. Notably, Saudi Aramco awarded a fourth tranche of five newbuild rigs, extending SANAD's 50-rig program through 2027. The company also completed several high-impact rig reactivations in Kuwait under multi-year contracts.
In the U.S., despite industry softness in oil-focused basins, Nabors is seeing increased activity in natural gas drilling. The company's high-specification PACE series SmartRigs achieved several technical milestones, drilling record-length lateral wellbores in multiple basins.
The company generated
Looking ahead, Nabors expects its Lower 48 rig count to remain stable at 57-59 rigs in Q3, with natural gas drilling strength offsetting weakness in oil-focused activity. The international average rig count is projected at 87-88 rigs with improving daily margins of approximately
2Q 2025 Highlights
- The SANAD drilling joint venture with Saudi Aramco deployed two newbuild rigs in the Kingdom. These bring the total number of deployments to twelve. Two more units are scheduled to start operations over the balance of this year.
- Saudi Aramco awarded the fourth tranche of newbuilds to SANAD. This award of five rigs marks the next step in SANAD's 50-rig newbuild program. The first rigs of this tranche are scheduled to commence operating in 2026, with the final one in 2027.
- Several impactful international rig reactivations were completed in
Kuwait . All three previously announced awards have commenced operations, one of which began in early July. These high-specification rigs are working under multiyear contracts and are expected to contribute materially to the International Drilling segment earnings during the second half of 2025 and beyond. - Nabors' high-specification PACE庐 series SmartRigs庐 set several milestones extending lateral wellbore lengths.
- In the Bakken, a PACE庐-X rig followed up drilling an operator's first four-mile lateral in the formation with two more four-mile lateral wells.
- Also in the Bakken, another operator utilizing a PACE庐-B rig drilled back-to-back four-mile lateral wells.
- In the Haynesville a PACE庐-X rig drilled the basin's longest lateral at 20,000 feet; the well reached a total depth of 32,000 feet.
- In the Eagle Ford, a PACE庐-M rig drilled a record well in the basin, at 32,525 feet, including a 22,500-foot lateral section.
- Significant progress was made on the integration of the Parker Wellbore businesses acquired in March. These contributed materially to Nabors financial results in the second quarter. Cost synergies realized during the quarter support the
$40 million
Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our second quarter results demonstrated the strength of the Nabors portfolio while reflecting a full quarter contribution from the acquisition of Parker Wellbore. In total, EBITDA from the legacy Nabors businesses increased sequentially. I am pleased with the performance of the Parker operations, and our progress to realize expected cost synergies.
"Recent deployments of high-spec rigs in the
"Before the impact from Parker, adjusted EBITDA grew sequentially in all three of the business lines in our
"Our
"With the addition of Parker's operations, Nabors Drilling Solutions now comprises over
Segment Results
International Drilling adjusted EBITDA totaled
The
Drilling Solutions adjusted EBITDA was
Rig Technologies adjusted EBITDA was
Adjusted Free Cash Flow
In the second quarter, consolidated adjusted free cash flow was
William Restrepo, Nabors CFO, stated, "The current economic backdrop appears to be stabilizing, as markets digest recent developments on foreign trade, Federal Reserve policy, and geopolitical conflicts. Favorable trends in employment and inflation indicate a relatively constructive environment, for both our potential capital markets activities and our global operations. These factors have already had a positive impact on credit spreads. Interest rate actions by the Fed and a further narrowing of spreads later this year should benefit us, as we look to refinance our senior notes.
"Our results for the second quarter were solid. In addition to the higher adjusted EBITDA contribution from Parker Wellbore, our legacy drilling rig business improved. Legacy Drilling Solutions and Rig Technologies declined slightly.
"We are encouraged by our relatively stable Lower 48 rig count as we enter the second half and expect our rig count to continue at approximately its current level through year end. This outlook assumes some continued weakness in oil-focused activity, offset by anticipated strength in natural gas drilling. At the same time, our leading-edge daily revenue has remained resilient in the low
"Adjusted free cash flow generated by our operations of
"Parker Wellbore has exceeded our expectations as it grew sequentially on a comparable basis. Margins were high and cash flow generation was better than anticipated. In addition, our synergy capture post-closing has exceeded our targets."
Outlook
Nabors expects the following metrics for the third quarter of 2025:
- Lower 48 average rig count of 57 - 59 rigs
- Lower 48 daily adjusted gross margin of approximately
$13,300 Alaska and Gulf of America combined adjusted EBITDA of approximately$26 million
International
- Average rig count of 87 - 88 rigs
- Daily adjusted gross margin of approximately
$17,900
Drilling Solutions
- Adjusted EBITDA approximately in line with the second quarter
Rig Technologies
- Adjusted EBITDA up approximately
$2 $3 million
Capital Expenditures
- Capital expenditures of
$200 $210 million $110 $115 million Saudi Arabia - Full-year capital expenditures of
$700 $710 million $300 million $60 million
Adjusted Free Cash Flow
- Adjusted free cash flow should be in line with the second quarter
Mr. Petrello concluded, "Challenge and change are constants in the oilfield services business. The current environment is no exception. Our strategy to diversify by service line and by geography continues to position Nabors for success throughout the cycle. The Parker business adds key complementary elements to our portfolio.
"With the award of another tranche of newbuild rigs, the outlook for significant free cash flow at SANAD is solidified. We are confident this growth in SANAD will drive significant value creation."
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: .
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.听The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release.听Nabors does not undertake to update these forward-looking statements.听
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures.听The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in
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.
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.听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.听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.听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:听 William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail [email protected], or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email [email protected]. To request investor materials, contact Nabors' corporate headquarters in
听
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) | 2025 | 2024 | 2025 | 2025 | 2024 | |||||
Revenues and other income: | ||||||||||
Operating revenues听 | $听听听听听听听听听听 832,788 | $听听听听听听听听听听 734,798 | $听听听听听听听听听听 736,186 | $听听听听听听听 1,568,974 | $听听听听听听听 1,468,502 | |||||
Investment income (loss) | 6,129 | 8,181 | 6,596 | 12,725 | 18,382 | |||||
Total revenues and other income | 838,917 | 742,979 | 742,782 | 1,581,699 | 1,486,884 | |||||
Costs and other deductions: | ||||||||||
Direct costs | 488,881 | 440,225 | 447,300 | 936,181 | 877,302 | |||||
General and administrative expenses | 82,726 | 62,154 | 68,506 | 151,232 | 123,905 | |||||
Research and engineering | 12,722 | 14,362 | 14,035 | 26,757 | 28,225 | |||||
Depreciation and amortization | 175,061 | 160,141 | 154,638 | 329,699 | 317,826 | |||||
Interest expense | 56,081 | 51,493 | 54,326 | 110,407 | 101,872 | |||||
Gain on bargain purchase | (3,500) | - | (112,999) | (116,499) | - | |||||
Other, net | 6,074 | 12,079 | 44,790 | 50,864 | 28,187 | |||||
Total costs and other deductions | 818,045 | 740,454 | 670,596 | 1,488,641 | 1,477,317 | |||||
Income (loss) before income taxes | 20,872 | 2,525 | 72,186 | 93,058 | 9,567 | |||||
Income tax expense (benefit) | 23,077 | 15,554 | 15,007 | 38,084 | 31,598 | |||||
Net income (loss) | (2,205) | (13,029) | 57,179 | 54,974 | (22,031) | |||||
Less: Net (income) loss attributable to noncontrolling interest | (28,705) | (19,226) | (24,191) | (52,896) | (44,557) | |||||
Net income (loss) attributable to Nabors | $听听听听听听听听听听听 (30,910) | $听听听听听听听听听听听 (32,255) | $听听听听听听听听听听听听 32,988 | $听听听听听听听听听听听听听听 2,078 | $听听听听听听听听听听听 (66,588) | |||||
Earnings (losses) per share: | ||||||||||
听听 Basic听 | $听听听听听听听听听听听听听听听 (2.71) | $听听听听听听听听听听听听听听听 (4.29) | $听听听听听听听听听听听听听听听听 2.35 | $听听听听听听听听听听听听听听听 (1.01) | $听听听听听听听听听听听听听听听 (8.83) | |||||
听听 Diluted听 | $听听听听听听听听听听听听听听听 (2.71) | $听听听听听听听听听听听听听听听 (4.29) | $听听听听听听听听听听听听听听听听 2.18 | $听听听听听听听听听听听听听听听 (1.01) | $听听听听听听听听听听听听听听听 (8.83) | |||||
Weighted-average number of common shares outstanding: | ||||||||||
听听 Basic听 | 14,083 | 9,207 | 10,460 | 12,271 | 9,191 | |||||
听听 Diluted听 | 14,083 | 9,207 | 11,671 | 12,271 | 9,191 | |||||
Adjusted EBITDA | $听听听听听听听听听听 248,459 | $听听听听听听听听听听 218,057 | $听听听听听听听听听听 206,345 | $听听听听听听听听听听 454,804 | $听听听听听听听听听听 439,070 | |||||
Adjusted operating income (loss) | $听听听听听听听听听听听听 73,398 | $听听听听听听听听听听听听 57,916 | $听听听听听听听听听听听听 51,707 | $听听听听听听听听听听 125,105 | $听听听听听听听听听听 121,244 | |||||
听
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
June 30, | March 31, | December 31, | ||||
(In thousands) | 2025 | 2025 | 2024 | |||
ASSETS | ||||||
Current assets: | ||||||
Cash and short-term investments | $听听听听听听听听听听听 387,355 | $听听听听听听听听听听听 404,109 | $听听听听听听听听听听听 397,299 | |||
Accounts receivable, net | 537,071 | 549,626 | 387,970 | |||
Other current assets | 272,465 | 245,083 | 214,268 | |||
听听听听 Total current assets | 1,196,891 | 1,198,818 | 999,537 | |||
Property, plant and equipment, net | 3,063,033 | 3,074,789 | 2,830,957 | |||
Other long-term assets | 778,739 | 776,077 | 673,807 | |||
听听听听 Total assets | $听听听听听听听听 5,038,663 | $听听听听听听听听 5,049,684 | $听听听听听听听听 4,504,301 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Trade accounts payable | $听听听听听听听听听听听 364,846 | $听听听听听听听听听听听 375,440 | 321,030 | |||
Other current liabilities | 304,599 | 292,205 | 250,887 | |||
听听听听 Total current liabilities | 669,445 | 667,645 | 571,917 | |||
Long-term debt | 2,672,820 | 2,685,169 | 2,505,217 | |||
Other long-term liabilities | 249,728 | 251,493 | 220,829 | |||
听听听听 Total liabilities | 3,591,993 | 3,604,307 | 3,297,963 | |||
Redeemable noncontrolling interest in subsidiary | 806,342 | 795,643 | 785,091 | |||
Equity: | ||||||
Shareholders' equity | 307,984 | 342,660 | 134,996 | |||
Noncontrolling interest | 332,344 | 307,074 | 286,251 | |||
听听听听 Total equity | 640,328 | 649,734 | 421,247 | |||
听听听听 Total liabilities and equity | $听听听听听听听听 5,038,663 | $听听听听听听听听 5,049,684 | $听听听听听听听听 4,504,301 | |||
听
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) | 2025 | 2024 | 2025 | 2025 | 2024 | ||||||
Operating revenues: | |||||||||||
$听听听听听听听听听听 255,438 | $听听听听听听听听听听 259,723 | $听听听听听听听听听听 230,746 | $听听听听听听听听听听 486,184 | $听听听听听听听听听听 531,712 | |||||||
International Drilling | 384,970 | 356,733 | 381,718 | 766,688 | 706,092 | ||||||
Drilling Solutions | 170,283 | 82,961 | 93,179 | 263,462 | 158,535 | ||||||
Rig Technologies (1) | 36,527 | 49,546 | 44,165 | 80,692 | 99,702 | ||||||
Other reconciling items (2) | (14,430) | (14,165) | (13,622) | (28,052) | (27,539) | ||||||
Total operating revenues | $听听听听听听听听听听 832,788 | $听听听听听听听听听听 734,798 | $听听听听听听听听听听 736,186 | $听听听听听听听 1,568,974 | $听听听听听听听 1,468,502 | ||||||
Adjusted EBITDA: (3) | |||||||||||
$听听听听听听听听听听 101,821 | $听听听听听听听听听听 114,020 | $听听听听听听听听听听听听 92,711 | $听听听听听听听听听听 194,532 | $听听听听听听听听听听 234,423 | |||||||
International Drilling | 117,658 | 106,371 | 115,486 | 233,144 | 208,869 | ||||||
Drilling Solutions | 76,501 | 32,468 | 40,853 | 117,354 | 64,255 | ||||||
Rig Technologies (1) | 5,174 | 7,330 | 5,563 | 10,737 | 14,131 | ||||||
Other reconciling items (4) | (52,695) | (42,132) | (48,268) | (100,963) | (82,608) | ||||||
Total adjusted EBITDA | $听听听听听听听听听听 248,459 | $听听听听听听听听听听 218,057 | $听听听听听听听听听听 206,345 | $听听听听听听听听听听 454,804 | $听听听听听听听听听听 439,070 | ||||||
Adjusted operating income (loss): (5) | |||||||||||
$听听听听听听听听听听听听 39,788 | $听听听听听听听听听听听听 45,085 | $听听听听听听听听听听听听 31,599 | $听听听听听听听听听听听听 71,387 | $听听听听听听听听听听听听 95,614 | |||||||
International Drilling | 36,051 | 23,672 | 32,958 | 69,009 | 46,148 | ||||||
Drilling Solutions | 50,365 | 27,319 | 32,913 | 83,278 | 54,212 | ||||||
Rig Technologies (1) | 1,721 | 4,860 | 4,335 | 6,056 | 9,069 | ||||||
Other reconciling items (4) | (54,527) | (43,020) | (50,098) | (104,625) | (83,799) | ||||||
Total adjusted operating income (loss) | $听听听听听听听听听听听听 73,398 | $听听听听听听听听听听听听 57,916 | $听听听听听听听听听听听听 51,707 | $听听听听听听听听听听 125,105 | $听听听听听听听听听听 121,244 | ||||||
Rig activity: | |||||||||||
Average Rigs Working: (7) | |||||||||||
听听听听 Lower 48 | 62.4 | 68.7 | 60.6 | 61.5 | 70.3 | ||||||
听听听听 Other US | 10.0 | 6.3 | 7.6 | 8.8 | 6.5 | ||||||
72.4 | 75.0 | 68.2 | 70.3 | 76.8 | |||||||
International Drilling | 85.9 | 84.4 | 85.0 | 85.4 | 82.7 | ||||||
Total average rigs working | 158.3 | 159.4 | 153.2 | 155.7 | 159.5 | ||||||
Daily Rig Revenue: (6),(8) | |||||||||||
听听听听 Lower 48 | $听听听听听听听听听听听听 33,466 | $听听听听听听听听听听听听 35,334 | $听听听听听听听听听听听听 34,546 | $听听听听听听听听听听听听 33,995 | $听听听听听听听听听听听听 35,402 | ||||||
听听听听 Other US | 71,814 | 68,008 | 61,361 | 67,306 | 66,135 | ||||||
38,761 | 38,076 | 37,557 | 38,180 | 38,020 | |||||||
International Drilling | 49,263 | 46,469 | 49,895 | 49,575 | 46,917 | ||||||
Daily Adjusted Gross Margin: (6),(9) | |||||||||||
听听听听 Lower 48 | $听听听听听听听听听听听听 13,902 | $听听听听听听听听听听听听 15,598 | $听听听听听听听听听听听听 14,276 | $听听听听听听听听听听听听 14,085 | $听听听听听听听听听听听听 15,809 | ||||||
听听听听 Other US | 32,073 | 38,781 | 30,374 | 31,340 | 36,912 | ||||||
16,411 | 17,544 | 16,084 | 16,253 | 17,607 | |||||||
International Drilling | 17,534 | 16,050 | 17,421 | 17,478 | 16,056 | ||||||
(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. 听Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. 听Other companies in this industry may compute these measures differently. 听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. 听Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. 听Other companies in this industry may compute these measures differently. 听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. 听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. 听For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. 听On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year. 听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 |
听
NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||||||||||
Reconciliation of Earnings per Share | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended听 | Six Months Ended | |||||||||||||
June 30, | March 31, | June 30, | ||||||||||||
(in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2025 | 2024 | |||||||||
BASIC EPS: | ||||||||||||||
Net income (loss) (numerator): | ||||||||||||||
Income (loss), net of tax | $ | (2,205) | $ | (13,029) | $ | 57,179 | $ | 54,974 | $ | (22,031) | ||||
Less: net (income) loss attributable to noncontrolling interest | (28,705) | (19,226) | (24,191) | (52,896) | (44,557) | |||||||||
Less: distributed and undistributed earnings allocated to unvested shareholders | 鈥� | 鈥� | (1,177) | 鈥� | 鈥� | |||||||||
Less: accrued distribution on redeemable noncontrolling interest in subsidiary | (7,264) | (7,283) | (7,184) | (14,448) | (14,566) | |||||||||
Numerator for basic earnings per share: | ||||||||||||||
Adjusted income (loss), net of tax - basic | $ | (38,174) | $ | (39,538) | $ | 24,627 | $ | (12,370) | $ | (81,154) | ||||
Weighted-average number of shares outstanding - basic | 14,083 | 9,207 | 10,460 | 12,271 | 9,191 | |||||||||
Earnings (losses) per share: | ||||||||||||||
Total Basic | $ | (2.71) | $ | (4.29) | $ | 2.35 | $ | (1.01) | $ | (8.83) | ||||
DILUTED EPS: | ||||||||||||||
Adjusted income (loss), net of tax - basic | $ | (38,174) | $ | (39,538) | $ | 24,627 | $ | (12,370) | $ | (81,154) | ||||
Add: after tax interest expense of convertible notes | 鈥� | 鈥� | 848 | 鈥� | 鈥� | |||||||||
Add: effect of reallocating undistributed earnings of unvested shareholders | 鈥� | 鈥� | 4 | 鈥� | 鈥� | |||||||||
Adjusted income (loss), net of tax - diluted | $ | (38,174) | $ | (39,538) | $ | 25,479 | $ | (12,370) | $ | (81,154) | ||||
Weighted-average number of shares outstanding - basic | 14,083 | 9,207 | 10,460 | 12,271 | 9,191 | |||||||||
Add: if converted dilutive effect of convertible notes | 鈥� | 鈥� | 1,176 | 鈥� | 鈥� | |||||||||
Add: dilutive effect of potential common shares | 鈥� | 鈥� | 35 | 鈥� | 鈥� | |||||||||
Weighted-average number of shares outstanding - diluted听 | 14,083 | 9,207 | 11,671 | 12,271 | 9,191 | |||||||||
Earnings (losses) per share: | ||||||||||||||
Total Diluted | $ | (2.71) | $ | (4.29) | $ | 2.18 | $ | (1.01) | $ | (8.83) | ||||
听
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 June 30, 2025 | ||||||||||||
| International | Drilling | Rig | Other | Total | |||||||
Adjusted operating income (loss) | $听听 39,788 | $听听听听听听听 36,051 | $听听 50,365 | $听听听听听听听听听听听 1,721 | $听听听 (54,527) | $听听听 73,398 | ||||||
Depreciation and amortization听 | 62,033 | 81,607 | 26,136 | 3,453 | 1,832 | 175,061 | ||||||
Adjusted EBITDA | $听听听听听 117,658 | $听听 76,501 | $听听听听听听听听听听听 5,174 | $听听听 (52,695) | $听 248,459 | |||||||
Three Months Ended June 30, 2024 | ||||||||||||
| International | Drilling | Rig | Other | Total | |||||||
Adjusted operating income (loss) | $听听 45,085 | $听听听听听听听 23,672 | $听听 27,319 | $听听听听听听听听听听听 4,860 | $听听听 (43,020) | $听听听 57,916 | ||||||
Depreciation and amortization听 | 68,935 | 82,699 | 5,149 | 2,470 | 888 | 160,141 | ||||||
Adjusted EBITDA | $听听听听听 106,371 | $听听 32,468 | $听听听听听听听听听听听 7,330 | $听听听 (42,132) | $听 218,057 | |||||||
Three Months Ended March 31, 2025 | ||||||||||||
| International | Drilling | Rig | Other | Total | |||||||
Adjusted operating income (loss) | $听听 31,599 | $听听听听听听听 32,958 | $听听 32,913 | $听听听听听听听听听听听 4,335 | $听听听 (50,098) | $听听听 51,707 | ||||||
Depreciation and amortization听 | 61,112 | 82,528 | 7,940 | 1,228 | 1,830 | 154,638 | ||||||
Adjusted EBITDA | $听听 92,711 | $听听听听听 115,486 | $听听 40,853 | $听听听听听听听听听听听 5,563 | $听听听 (48,268) | $听 206,345 | ||||||
Six Months Ended June 30, 2025 | ||||||||||||
| International | Drilling | Rig | Other | Total | |||||||
Adjusted operating income (loss) | $听听 71,387 | $听听听听听听听 69,009 | $听听 83,278 | $听听听听听听听听听听听 6,056 | $听 (104,625) | $听 125,105 | ||||||
Depreciation and amortization听 | 123,145 | 164,135 | 34,076 | 4,681 | 3,662 | 329,699 | ||||||
Adjusted EBITDA | $听听听听听 233,144 | $听听听听听听听听听 10,737 | $听 (100,963) | $听 454,804 | ||||||||
Six Months Ended June 30, 2024 | ||||||||||||
| International | Drilling | Rig | Other | Total | |||||||
Adjusted operating income (loss) | $听听 95,614 | $听听听听听听听 46,148 | $听听 54,212 | $听听听听听听听听听听听 9,069 | $听听听 (83,799) | $听 121,244 | ||||||
Depreciation and amortization听 | 138,809 | 162,721 | 10,043 | 5,062 | 1,191 | 317,826 | ||||||
Adjusted EBITDA | $听听听听听 208,869 | $听听 64,255 | $听听听听听听听听听 14,131 | $听听听 (82,608) | $听 439,070 | |||||||
听
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) | 2025 | 2024 | 2025 | 2025 | 2024 | ||||||
Lower 48 - | |||||||||||
Adjusted operating income (loss) | $听听听听听听听听听听听听 21,515 | $听听听听听听听听听听听听 32,841 | $听听听听听听听听听听听听 18,995 | $听听听听听听听听听听听听 40,510 | $听听听听听听听听听听听听 72,105 | ||||||
Plus: General and administrative costs | 4,481 | 4,390 | 4,817 | 9,298 | 9,213 | ||||||
Plus: Research and engineering | 888 | 909 | 823 | 1,711 | 1,873 | ||||||
GAAP Gross Margin | 26,884 | 38,140 | 24,635 | 51,519 | 83,191 | ||||||
Plus: Depreciation and amortization | 52,080 | 59,332 | 53,225 | 105,305 | 119,065 | ||||||
Adjusted gross margin | $听听听听听听听听听听听听 78,964 | $听听听听听听听听听听听听 97,472 | $听听听听听听听听听听听听 77,860 | $听听听听听听听听听听 156,824 | $听听听听听听听听听听 202,256 | ||||||
Other - | |||||||||||
Adjusted operating income (loss) | $听听听听听听听听听听听听 18,273 | $听听听听听听听听听听听听 12,244 | $听听听听听听听听听听听听 12,604 | $听听听听听听听听听听听听 30,877 | $听听听听听听听听听听听听 23,509 | ||||||
Plus: General and administrative costs | 896 | 305 | 405 | 1,301 | 631 | ||||||
Plus: Research and engineering | 64 | 45 | 62 | 126 | 92 | ||||||
GAAP Gross Margin | 19,233 | 12,594 | 13,071 | 32,304 | 24,232 | ||||||
Plus: Depreciation and amortization | 9,953 | 9,603 | 7,887 | 17,840 | 19,744 | ||||||
Adjusted gross margin | $听听听听听听听听听听听听 29,186 | $听听听听听听听听听听听听 22,197 | $听听听听听听听听听听听听 20,958 | $听听听听听听听听听听听听 50,144 | $听听听听听听听听听听听听 43,976 | ||||||
Adjusted operating income (loss) | $听听听听听听听听听听听听 39,788 | $听听听听听听听听听听听听 45,085 | $听听听听听听听听听听听听 31,599 | $听听听听听听听听听听听听 71,387 | $听听听听听听听听听听听听 95,614 | ||||||
Plus: General and administrative costs | 5,377 | 4,695 | 5,222 | 10,599 | 9,844 | ||||||
Plus: Research and engineering | 952 | 954 | 885 | 1,837 | 1,965 | ||||||
GAAP Gross Margin | 46,117 | 50,734 | 37,706 | 83,823 | 107,423 | ||||||
Plus: Depreciation and amortization | 62,033 | 68,935 | 61,112 | 123,145 | 138,809 | ||||||
Adjusted gross margin | $听听听听听听听听听听 108,150 | $听听听听听听听听听听 119,669 | $听听听听听听听听听听听听 98,818 | $听听听听听听听听听听 206,968 | $听听听听听听听听听听 246,232 | ||||||
International Drilling | |||||||||||
Adjusted operating income (loss) | $听听听听听听听听听听听听 36,051 | $听听听听听听听听听听听听 23,672 | $听听听听听听听听听听听听 32,958 | $听听听听听听听听听听听听 69,009 | $听听听听听听听听听听听听 46,148 | ||||||
Plus: General and administrative costs | 17,867 | 15,435 | 16,378 | 34,245 | 29,850 | ||||||
Plus: Research and engineering | 1,499 | 1,404 | 1,414 | 2,913 | 2,912 | ||||||
GAAP Gross Margin | 55,417 | 40,511 | 50,750 | 106,167 | 78,910 | ||||||
Plus: Depreciation and amortization | 81,607 | 82,699 | 82,528 | 164,135 | 162,721 | ||||||
Adjusted gross margin | $听听听听听听听听听听 137,024 | $听听听听听听听听听听 123,210 | $听听听听听听听听听听 133,278 | $听听听听听听听听听听 270,302 | $听听听听听听听听听听 241,631 | ||||||
Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. |
听
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) | 2025 | 2024 | 2025 | 2025 | 2024 | |||||
Net income (loss) | $听听听听听听听听听听听听听 (2,205) | $听听听听听听听听听听听 (13,029) | $听听听听听听听听听听听听 57,179 | $听听听听听听听听听听听听 54,974 | $听听听听听听听听听听听 (22,031) | |||||
Income tax expense (benefit) | 23,077 | 15,554 | 15,007 | 38,084 | 31,598 | |||||
Income (loss) from continuing operations before income taxes | 20,872 | 2,525 | 72,186 | 93,058 | 9,567 | |||||
Investment (income) loss | (6,129) | (8,181) | (6,596) | (12,725) | (18,382) | |||||
Interest expense | 56,081 | 51,493 | 54,326 | 110,407 | 101,872 | |||||
Gain on bargain purchase | (3,500) | - | (112,999) | (116,499) | - | |||||
Other, net | 6,074 | 12,079 | 44,790 | 50,864 | 28,187 | |||||
Adjusted operating income (loss) (1) | 73,398 | 57,916 | 51,707 | 125,105 | 121,244 | |||||
Depreciation and amortization听 | 175,061 | 160,141 | 154,638 | 329,699 | 317,826 | |||||
Adjusted EBITDA (2) | $听听听听听听听听听听 248,459 | $听听听听听听听听听听 218,057 | $听听听听听听听听听听 206,345 | $听听听听听听听听听听 454,804 | $听听听听听听听听听听 439,070 | |||||
(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. 听Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. 听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. 听Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. 听Other companies in this industry may compute these measures differently. |
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NABORS INDUSTRIES LTD. AND SUBSIDIARIES | ||||||
RECONCILIATION OF NET DEBT TO TOTAL DEBT | ||||||
(Unaudited) | ||||||
June 30, | March 31, | December 31, | ||||
(In thousands) | 2025 | 2025 | 2024 | |||
Long-term debt | $听听听听听听听听 2,672,820 | $听听听听听听听听 2,685,169 | $听听听听听听听听 2,505,217 | |||
Less: Cash and short-term investments | 387,355 | 404,109 | 397,299 | |||
听听听听 Net Debt | $听听听听听听听听 2,285,465 | $听听听听听听听听 2,281,060 | $听听听听听听听听 2,107,918 | |||
听
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) | 2025 | 2025 | 2025 | |||
Net cash provided by operating activities | $听 听 听 听 听 听 听151,810 | $听听听听听听听听听听听听听听听 87,735 | $听听听听听听听听听听听听听听听听听听 239,545 | |||
Add: Capital expenditures, net of proceeds from sales of assets | (141,849) | (159,161) | (301,010) | |||
Free cash flow | $听听听听听听听听听听听听听听听听 9,961 | $听听听听听听听听听听听听听听 (71,426) | $听听听听听听听听听听听听听听听听听听 (61,465) | |||
Cash paid for acquisition related costs (1) | 30,635 | 10,181 | 40,816 | |||
Adjusted free cash flow | $听听听听听听听听听听听听听 40,596 | $听听听听听听听听听听听听听听 (61,245) | $听听听听听听听听听听听听听听听听听听 (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.听 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.听 Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures.听 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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SOURCE Nabors Industries Ltd.
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