Nabors Industries Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nabors Industries Ltd. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

NABORS INDUSTRIES LTD (NBRWF) filed a Annual Report (10-K) with the SEC on February 12, 2024. Nabors Industries Ltd. filed its 2023 Form 10-K on February 12, 2024. The filing covers the fiscal year ending December 31, 2023. The company's standard industrial classification is Drilling Oil & Gas Wells. Nabors Industries Ltd. is incorporated in "D0" and headquartered in Hamilton, Bermuda. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking NABORS INDUSTRIES LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nabors Industries' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors assessing the company's current standing and future prospects. As a key player in the oil and gas drilling sector, the details within this report offer insights into industry trends, company-specific risks, and potential impacts on the broader energy market.

Risk Assessment

Risk Level: medium — NABORS INDUSTRIES LTD shows moderate risk based on this filing. The company operates in the cyclical oil and gas industry, which is subject to significant price volatility and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Nabors Industries' performance and outlook in the oil and gas drilling sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-12 — Filing Date (Date of submission)
• 134 — Document Count (Number of public documents)
• 001-32657 — SEC File Number (SEC registration number)

Key Players & Entities

• NABORS INDUSTRIES LTD (company) — Filer name
• NBRWF (company) — Ticker symbol
• 2024-02-12 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 1381 (industry_code) — Standard Industrial Classification
• Hamilton, HM08 (location) — Business address city and zip

FAQ

Risk Factors

• Market Conditions [high — market]: The company's operations are subject to the cyclical nature of the oil and gas industry, including fluctuations in commodity prices and demand for drilling services.
• Regulatory Environment [medium — regulatory]: Changes in environmental regulations, safety standards, and other governmental policies can impact the company's operations and profitability.
• Operational Risks [medium — operational]: Risks include equipment failures, labor disputes, and the ability to attract and retain skilled personnel necessary for drilling operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

Key Financial Figures

• $93.03 — of our common shares as of such date of $93.03 per share as reported on the New York S

Filing Documents

• nbr-20231231x10k.htm (10-K) — 4177KB
• nbr-20231231xex10d7.htm (EX-10.7) — 82KB
• nbr-20231231xex21.htm (EX-21) — 10KB
• nbr-20231231xex22.htm (EX-22) — 2KB
• nbr-20231231xex23d1.htm (EX-23.1) — 3KB
• nbr-20231231xex31d1.htm (EX-31.1) — 15KB
• nbr-20231231xex31d2.htm (EX-31.2) — 15KB
• nbr-20231231xex32d1.htm (EX-32.1) — 8KB
• nbr-20231231xex97d1.htm (EX-97.1) — 39KB
• nbr-20231231x10k001.jpg (GRAPHIC) — 74KB
• nbr-20231231xex97d1001.jpg (GRAPHIC) — 11KB
• 0001558370-24-000973.txt (&nbsp;) — 19117KB
• nbr-20231231.xsd (EX-101.SCH) — 96KB
• nbr-20231231_cal.xml (EX-101.CAL) — 116KB
• nbr-20231231_def.xml (EX-101.DEF) — 501KB
• nbr-20231231_lab.xml (EX-101.LAB) — 882KB
• nbr-20231231_pre.xml (EX-101.PRE) — 790KB
• nbr-20231231x10k_htm.xml (XML) — 4160KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 30 Item 1C. C ybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market Price of and Dividends on the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [ Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 91 Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspections 91 PART III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 92 Item 13. Certain Relationships and Related Transactions and Director Independence 92 Item 14. Principal Accounting Fees and Services 92 PART IV Item 15. Exhibits, Financial Statement Schedules 93 Item 16. Form 10-K Summary 93 2 Table of Contents CORPORATE INFORMATION Our internet address is www.nabors.com . We make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Proxy and Information Statements and amendments to those reports filed or furnished pursuant to Section 13(a), 14(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the "SEC"). Reference in this document to our website address does not constitute incorporation by reference of the information contained on the website into this annual report on Form 10-K. The SEC maintains an internet site ( www.sec.gov ) that contains periodic and current reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. In addition, documents relating to our corporate governance (such as committee charters, governance guidelines and other internal policies) can be found on our website.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly and current reports, press releases, and other written and oral statements. Statements relating to matters that are not historical facts are "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. These "forward-looking statements" are based on an analysis of currently available competitive, financial and economic data and our operating plans. They are inherently uncertain and investors should recognize that events and actual results could turn out to be significantly different from our expectations. By way of illustration, when used in this document, words such as "anticipate," "believe," "expect," "plan," "intend," "estimate," "project," "will," "should," "could," "may," "predict" and similar expressions are intended to identify forward-looking statements. Factors to consider when evaluating these forward-looking statements include, but are not limited to: geopolitical events, pandemics (including COVID-19) and other macro-events and their respective and collective impact on our operations as well as oil and gas markets and prices; fluctuations and volatility in worldwide prices of and demand for oil and natural gas; fluctuations in levels of oil and natural gas exploration and development activities; fluctuations in the demand for our services; competitive and technological changes and other developments in the oil and gas and oilfield services industries; our ability to renew customer contracts in order to maintain competitiveness ; the existence of operating risks inherent in the oil and gas and oilfield services industries; the possibility of the loss of one or a number of our large customers ; the amount and nature of our future capital expenditures and how we expect to fund our capit

BUSINESS

ITEM 1. BUSINESS Nabors Industries, Ltd. (NYSE: NBR) was formed as a Bermuda exempted company on December 11, 2001. Unless the context requires otherwise, references in this annual report to "we," "us," "our," "the Company," or "Nabors" mean Nabors Industries Ltd., together with our subsidiaries. References in this annual report to "Nabors Delaware" mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors. Overview Nabors owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and international markets. Nabors also provides performance tools, directional drilling services, tubular running services and innovative technologies for its own rig fleet and those operated by third parties. In addition, Nabors manufactures advanced drilling equipment and provides drilling rig instrumentation. In today's performance-driven environment, we believe we are well positioned to seamlessly integrate downhole hardware, surface equipment and software solutions into our AC rig designs. Leveraging our advanced drilling automation capabilities, Nabors' highly skilled workforce continues to set new standards for operational excellence and transform our industry. With operations in over 15 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of December 31, 2023 included: 291 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and 28 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. The following table presents our average rigs working (a measure of activity and utilization over the year) for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Average Rigs Wor

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View this 10-K filing on SEC EDGAR