Nabors Q1 net income $33M ($2.18/diluted EPS); completes Parker Wellbore acquisition; provides Q2 outlook

NABORS INDUSTRIES LTD

2025-Q1 EPS reported $2.18 revenue$736,186,000

Q1 operating revenues $736M, net income $33M vs Q4 loss $54M; adjusted EBITDA $206M vs $221M Q4; includes $113M Parker gain and $28.6M Russia wind-down charges.
Completed Parker Wellbore acquisition in March; expected to add $130M incremental 2025 adjusted EBITDA and $40M cost synergies.
International Drilling adjusted EBITDA $115.5M, daily margin $17,421; U.S. Drilling $92.7M with Lower 48 rig count averaging 61 (vs 66 Q4) and daily margin $14,276.
Q2 outlook: Lower 48 rigs 63-64, international rigs 85-86, Drilling Solutions EBITDA ~$75M; full-year capex $770-780M.
Adjusted free cash flow use of $71M in Q1; target $80M for 2025 excluding tariff impacts ($10-20M estimated).

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