Nabors Q2 2023: Revenue $767M, diluted EPS loss $0.31; Lower 48 weakness; Q3 guidance soft

NABORS INDUSTRIES LTD

2023-Q2 EPS reported $3.79 revenue$1,546,206,000

Operating revenues $767M (down 1.5% from $779M Q1); net income $5M (down from $49M); diluted EPS -$0.31 vs $4.11 prior.
Adjusted EBITDA $235M (down from $240M Q1). U.S. Drilling $141.4M, Intl $98.3M, Drilling Solutions $32.8M, Rig Tech $6.4M.
Lower 48 average rig count 82; daily adjusted gross margin $16,890 (up $200). Q3 outlook: 74-76 rigs, margin ~$16,000.
Adjusted free cash flow $27M; capex $152M ($66M for Saudi newbuilds). Net debt $2.074B.
Q3 2023 adj free cash flow guidance ~$80M, full year $300-350M. Lower 48 oil-drilling decline worse than anticipated.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NABORS INDUSTRIES LTD reported second quarter 2023 results: revenue $767 million, net income $5 million, EPS a loss of $0.31 per diluted share.

Period: second quarter 2023
Revenue: $767 million
Net income: $5 million
EPS: a loss of $0.31 per diluted share
Result: reported results

Exact text from the filing

Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported second quarter 2023 operating revenues of $767 million, compared to operating revenues of $779 million in the first quarter. The net income attributable to Nabors shareholders for the quarter was $5 million, compared to $49 million in the first quarter. This equates to a loss of $0.31 per diluted share

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Source: SEC EDGAR

accession 0001104659-23-083832

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