Nabors Industries Ltd. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Nabors Industries Ltd. filed its Q1 2024 10-Q, detailing financial positions and segment performance.</b>

AI Summary

NABORS INDUSTRIES LTD (NBRWF) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Nabors Industries Ltd. filed a 10-Q report for the period ending March 31, 2024. The filing includes data points related to common stock warrants, accounts receivable purchase facilities, and treasury stock. Key balance sheet components such as retained earnings, noncontrolling interest, and additional paid-in capital are detailed for multiple periods. Accumulated translation adjustments, other comprehensive income, and defined benefit plan adjustments are also reported. Operating segments including US, Drilling Solutions, and Rig Technologies are specified for the first quarter of 2024.

Why It Matters

For investors and stakeholders tracking NABORS INDUSTRIES LTD, this filing contains several important signals. This 10-Q provides a snapshot of Nabors Industries' financial health and operational performance for the first quarter of 2024, crucial for investors assessing current standing. The detailed segment information allows stakeholders to understand the performance drivers within different business units, such as Drilling Solutions and Rig Technologies.

Risk Assessment

Risk Level: medium — NABORS INDUSTRIES LTD shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which, while informative, does not inherently signal significant positive or negative shifts without comparative data or specific disclosures of material events.

Analyst Insight

Investors should review the detailed financial statements and segment performance within this 10-Q to understand the company's operational trends and financial position as of March 31, 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (As of date)
• 78 — Public Document Count (Total documents in the filing)

Key Players & Entities

• NABORS INDUSTRIES LTD (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 0001163739 (company) — Central Index Key
• DRILLING OIL & GAS WELLS (industry) — Standard Industrial Classification

FAQ

Industry Context

Nabors Industries operates in the oil and gas drilling sector, providing drilling and related services to energy companies.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the SEC for publicly traded companies to disclose financial and operational information.

What Investors Should Do

1. Analyze the detailed balance sheet items for Q1 2024 and compare them to prior periods.
2. Review segment performance data for US, Drilling Solutions, and Rig Technologies to identify trends.
3. Examine disclosures related to common stock warrants and accounts receivable purchase facilities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q, providing updated financial information compared to previous filings.

Filing Documents

• nbr-20240331x10q.htm (10-Q) — 1760KB
• nbr-20240331xex10d1.htm (EX-10.1) — 183KB
• nbr-20240331xex31d1.htm (EX-31.1) — 16KB
• nbr-20240331xex31d2.htm (EX-31.2) — 17KB
• nbr-20240331xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-006660.txt (&nbsp;) — 8883KB
• nbr-20240331.xsd (EX-101.SCH) — 53KB
• nbr-20240331_cal.xml (EX-101.CAL) — 75KB
• nbr-20240331_def.xml (EX-101.DEF) — 242KB
• nbr-20240331_lab.xml (EX-101.LAB) — 479KB
• nbr-20240331_pre.xml (EX-101.PRE) — 376KB
• nbr-20240331x10q_htm.xml (XML) — 1732KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income (Loss) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 31 Item 6. Exhibits 31

Signatures

Signatures 31 2 Table of Contents NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 (In thousands, except for share amounts) ASSETS Current assets: Cash and cash equivalents $ 412,864 $ 1,057,487 Short-term investments 12,696 12,691 Accounts receivable, net of allowance of $ 52,656 and $ 52,864 , respectively 416,873 347,837 Inventory, net 149,789 147,798 Other current assets 82,137 79,865 Total current assets 1,074,359 1,645,678 Property, plant and equipment, net 2,841,294 2,898,728 Restricted cash held in trust 319,730 315,488 Deferred income taxes 232,250 238,871 Other long-term assets 177,339 179,200 Total assets (1) $ 4,644,972 $ 5,277,965 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ 629,621 Trade accounts payable 319,436 294,442 Accrued liabilities 219,712 230,240 Income taxes payable 58,024 54,255 Current lease liabilities 5,246 5,423 Total current liabilities 602,418 1,213,981 Long-term debt 2,512,175 2,511,519 Other long-term liabilities 255,531 270,014 Deferred income taxes 1,425 1,366 Total liabilities (1) 3,371,549 3,996,880 Commitments and contingencies (Note 8) Redeemable noncontrolling interest in subsidiary 750,600 739,075 Shareholders' equity: Common shares, par value $ 0.05 per share: Authorized common shares 32,000 ; issued 10,702 and 10,556 , respectively 535 527 Capital in excess of par value 3,540,409 3,538,896 Accumulated other comprehensive income (loss) ( 10,925 ) ( 10,832 ) Retained earnings (accumulated deficit) ( 1,927,930 ) ( 1,886,226 ) Less: treasury shares, at cost, 1,161 and 1,161 common shares, respectively ( 1,315,751 ) ( 1,315,751 ) Total shareholders' equity 286,338 326,614 Noncontrolling interest 236,485 215,396 Total equity 522,823 542,010 Total li

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