Nabors CFO: Lower 48 activity below expectations; Drilling Solutions EBITDA target $150M, FCF $400M

NABORS INDUSTRIES LTD

Lower 48 oil basins activity may fall short of prior expectations, per CFO at J.P. Morgan Energy Conference.
Full-year 2023 Drilling Solutions EBITDA expected to increase to $150 million.
Company reaffirms $400 million free cash flow target for 2023 despite softer Lower 48 market.
Additional $50 million reduction in 2023 capex to help offset unfavorable Lower 48 trend.

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