Nabors Industries Ltd. Files Q2 2024 10-Q Financials

TL;DR

Nabors Q2 2024 10-Q is in. Financials look steady.

AI Summary

Nabors Industries Ltd. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including assets, liabilities, and equity. Specific line items such as Retained Earnings, Additional Paid-In Capital, and Treasury Stock are reported for various periods, including Q2 2024 and year-end 2023.

Why It Matters

This filing provides investors with a detailed look at Nabors Industries' financial health and performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for financial performance and position.)

Key Players & Entities

• NABORS INDUSTRIES LTD (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240726 (date) — Filing date
• 0001163739 (company) — Central Index Key for Nabors Industries Ltd.

FAQ

Filing Documents

• nbr-20240630x10q.htm (10-Q) — 2477KB
• nbr-20240630xex31d1.htm (EX-31.1) — 16KB
• nbr-20240630xex31d2.htm (EX-31.2) — 17KB
• nbr-20240630xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-010228.txt ( ) — 10644KB
• nbr-20240630.xsd (EX-101.SCH) — 53KB
• nbr-20240630_cal.xml (EX-101.CAL) — 77KB
• nbr-20240630_def.xml (EX-101.DEF) — 238KB
• nbr-20240630_lab.xml (EX-101.LAB) — 470KB
• nbr-20240630_pre.xml (EX-101.PRE) — 373KB
• nbr-20240630x10q_htm.xml (XML) — 2421KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 35

Signatures

Signatures 35 2 Table of Contents NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2024 2023 (In thousands, except for share amounts) ASSETS Current assets: Cash and cash equivalents $ 465,953 $ 1,057,487 Short-term investments 7,655 12,691 Accounts receivable, net of allowance of $ 52,737 and $ 52,864 , respectively 368,550 347,837 Inventory, net 147,751 147,798 Other current assets 87,881 79,865 Total current assets 1,077,790 1,645,678 Property, plant and equipment, net 2,813,148 2,898,728 Restricted cash held in trust 323,262 315,488 Deferred income taxes 227,025 238,871 Other long-term assets 174,468 179,200 Total assets (1) $ 4,615,693 $ 5,277,965 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ 629,621 Trade accounts payable 331,468 294,442 Accrued liabilities 211,400 230,240 Income taxes payable 42,306 54,255 Current lease liabilities 5,748 5,423 Total current liabilities 590,922 1,213,981 Long-term debt 2,514,169 2,511,519 Other long-term liabilities 246,031 270,014 Deferred income taxes 1,556 1,366 Total liabilities (1) 3,352,678 3,996,880 Commitments and contingencies (Note 8) Redeemable noncontrolling interest in subsidiary 761,415 739,075 Shareholders' equity: Common shares, par value $ 0.05 per share: Authorized common shares 32,000 ; issued 10,711 and 10,556 , respectively 535 527 Capital in excess of par value 3,543,986 3,538,896 Accumulated other comprehensive income (loss) ( 10,932 ) ( 10,832 ) Retained earnings (accumulated deficit) ( 1,967,467 ) ( 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 250,371 326,614 Noncontrolling interest 251,229 215,396 Total equity 501,600 542,010 Total liab

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