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Mar 31, 2023
Nabors Q1 2023 Earnings Report
Nabors reported an increase in operating revenues and a net income attributable to shareholders, driven by growth in U.S. Drilling and Drilling Solutions segments.
Key Takeaways
Nabors Industries Ltd. reported first quarter 2023 operating revenues of $779 million, a 2.5% increase compared to the previous quarter. The net income attributable to Nabors shareholders was $49 million, or $4.11 per diluted share. Adjusted EBITDA increased to $240 million, driven by growth in the U.S. Drilling and Drilling Solutions segments.
Total adjusted EBITDA increased, driven by growth in the U.S. Drilling and Drilling Solutions segments.
In U.S. Drilling, adjusted daily gross margin in the Lower 48 market reached a new record.
Drilling Solutions’ growth was broad-based across service lines.
Revenue and adjusted EBITDA in Rig Technologies segment from Energy Transition solutions increased.
Forward Guidance
Nabors expects strength of cash flow generation in the second quarter, as well as expectations for the remainder of the year. The target of $400 million in adjusted free cash flow for 2023 remains unchanged with a commitment to improve capital structure and reduce leverage this year.
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