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Sep 30, 2020
Nabors Q3 2020 Earnings Report
Reported third quarter results with revenues of $438 million and a net loss of $161 million.
Key Takeaways
Nabors Industries reported third quarter 2020 operating revenues of $438 million, with a net loss from continuing operations attributable to Nabors common shareholders of $161 million, or $23.42 per share. Adjusted EBITDA was $114 million. The third quarter appears to mark an inflection point in the Lower 48 industry rig market.
Third quarter results were somewhat better than expected with good execution across the enterprise.
Margins were better than projected in the Lower 48 and International rig markets.
Free cash flow was generated and a modest improvement in net debt was achieved due to spending reductions.
Lower 48 market share increased by approximately three points sequentially, holding approximately a 15% share.
Forward Guidance
The Company expects activity in the Lower 48 to continue improving. International rig count to decline during the remainder of the year, but anticipate it to stabilize by year end and gradually improve throughout 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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