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Sep 30, 2023
Nabors Q3 2023 Earnings Report
Nabors reported a net loss attributable to shareholders and experienced challenges with newbuild rigs in Saudi Arabia.
Key Takeaways
Nabors Industries reported Q3 2023 operating revenues of $734 million with a net loss of $49 million. The company faced challenges with newbuild rigs in Saudi Arabia, but margins in the Lower 48 operation remained high. International markets continued to expand with higher pricing.
Drilling activity met expectations, with a decrease in the Lower 48 rig count that appears to have bottomed.
Challenges with newbuild rigs in Saudi Arabia caused deployment delays and downtime.
Margins in the Lower 48 operation remained at higher levels than in any prior upcycle.
International markets continued to expand with higher pricing.
Revenue by Segment
Forward Guidance
Nabors expects improvements in financial results in Q4 2023, especially in free cash flow, and is positioned for meaningful improvement in 2024 with international expansion and growth indications in the U.S.
Positive Outlook
- Expects improvements in financial results, especially in free cash flow.
- Positioned for meaningful improvement in 2024.
- International expansion already in hand.
- Indications for growth in the U.S.
- Momentum with Energy Transition initiatives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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