Fri, Jul 26, 2:07 PM (43 days ago)
For the quarter ended June 30, 2024, Nabors Industries Ltd. reported a 4% decrease in operating revenues to $734.8 million compared to the same period in 2023. Net loss attributable to Nabors was $32.3 million, a significant decline from a net income of $4.6 million in the prior year. The U.S. Drilling segment saw an 18% revenue drop due to a 15% decrease in average rigs working. In contrast, the International Drilling segment experienced a 6% revenue increase, driven by a 9% rise in average rigs working. The company also reported a $13.9 million decrease in "Other, net," primarily due to lower gains from mark-to-market activities. Interest expense increased by 12% due to higher effective interest rates. Despite these challenges, Nabors maintained compliance with all covenants under its 2024 Credit Agreement. The company's cash and short-term investments totaled $473.6 million, with working capital of $486.9 million. Nabors remains focused on maintaining liquidity and managing capital expenditures in response to market conditions.