NBR
Nabors Industries Ltd.50.06
-3.48-6.5%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
L48 laterals, Saudi confidence detailed
Q&A detailed Lower 48 rig momentum from public E&Ps and longer laterals—3-4 mile wells hit 19% of 2025 activity, up from 12%—ideally suiting Nabors' PACE-X fleet amid churn. Management voiced strong confidence in Saudi reactivations and new-builds despite tight labor, thanks to vertical integration and Aramco signals for 2027. They pushed back on FCF concerns, isolating SANAD consumption from core $80M-$90M generation for debt cuts. Mexico payments turned positive, stabilizing ops. Public E&Ps fuel Nabors' gains. Answers reaffirmed prepared outlook; watch H2 caution.
Key Stats
Market Cap
729.66MP/E (TTM)
4.61Basic EPS (TTM)
10.86Dividend Yield
0%Recent Filings
10-K
FY2025 results
Nabors posted FY2025 operating revenues of $3.2B, up 9% y/y, with net income of $287M ($17.39 diluted EPS) versus a $176M loss prior year, fueled by $414M gain on Q3 Quail Tools sale and $114M Parker bargain purchase gain offset by $27M Russia impairments. Average rigs working held steady at 158.3 despite U.S. Drilling dipping to 69.9 from 75.1 on Lower 48 weakness, while International rose to 88.4 from 83.7 on Parker rigs and Saudi rebound; Drilling Solutions soared 63% on Parker integration. Q4 momentum showed U.S. rig count stabilization amid Permian efficiencies, International acceleration via Aramco contracts. Cash swelled to $941M with $693M operating inflow; $2.5B debt at year-end, revolver dry. No 2026 guidance disclosed. Oil price volatility threatens rig demand.
8-K
Nabors Q4 resilient, debt slashed
Nabors reported Q4 2025 revenues of $798M and adjusted EBITDA of $222M, down from Q3's $818M and $236M yet resilient absent Quail sale gains. Debt deals slashed net debt $554M since 2024-end to $1.6B, trimming interest $45M yearly; adjusted free cash flow hit $132M. Debt drops fast. Q1 2026 guides Lower 48 rigs at 64-65, international at 91-92.
8-K
Redeems notes, cuts net debt
Nabors Industries fully redeemed its $379 million 7.500% Senior Guaranteed Notes due 2028 at par on January 15, 2026, slashing Q4 2025 net debt by $366 million to $1.55 billion—lowest since 2008. Long-term debt now sits at $2.15 billion, with next maturity in 2029 and average maturity extended to 5.3 years. Debt reduction drives shareholder value.
8-K
Nabors closes $700M notes
Nabors Industries closed its $700 million 7.625% senior priority guaranteed notes due 2032 on November 10, 2025, netting $687.9 million. Proceeds will retire $546.1 million of 7.375% notes due 2027, with the rest for general corporate purposes. Notes rank senior unsecured, pari passu with existing debt. Redemption starts with make-whole premium.
8-K
NII prices $700M notes
Nabors Industries' subsidiary NII priced a $700 million 7.625% senior priority guaranteed notes offering due 2032, upsized from $550 million, on November 4, 2025, with closing eyed for November 10. Net proceeds of ~$690.2 million will redeem $546.1 million 7.375% notes due 2027, rest for general purposes. Notes rank pari passu with existing debt. Forward-looking statements carry risks.
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