Loading...
•
Jun 30, 2024
Nabors Q2 2024 Earnings Report
Nabors' second quarter results exceeded expectations, driven by international growth and strong performance in Drilling Solutions and Rig Technologies.
Key Takeaways
Nabors reported Q2 2024 operating revenues of $735 million and a net loss attributable to Nabors shareholders of $32 million, or $4.29 per diluted share. Adjusted EBITDA was $218 million. The company's performance was driven by growth in the International Drilling segment and stronger performance in Drilling Solutions and Rig Technologies.
International Drilling segment experienced rig count growth, driven by rig additions in Algeria and Saudi Arabia.
Drilling Solutions segment saw revenue growth on third-party Lower 48 and international rigs.
Rig Technologies adjusted EBITDA increased, spread across business lines including capital equipment, OEM repair, and energy transition.
Nabors increased the amount on its revolving credit facility and extended it until 2029.
Forward Guidance
Nabors expects rig count to increase moderately for the balance of the year. Nabors expects its pipeline of scheduled international deployments to drive an increase in rig count of at least 20% from the end of 2023 through the end of 2025.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...