Nabors Industries Ltd. Files Q3 2024 10-Q

TL;DR

Nabors Q3 10-Q is in. Financials look steady, check retained earnings and receivables.

AI Summary

Nabors Industries Ltd. filed its 10-Q for the period ending September 30, 2024. The filing details financial positions including accounts receivable purchase facilities and treasury stock. Key financial metrics such as retained earnings and additional paid-in capital are reported for various periods, including Q3 2024 and year-end 2023.

Why It Matters

This filing provides investors with an update on Nabors Industries' financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 0.40 — Assets Held in Trust Noncurrent (Reported for the period ending 2024-09-30)

Key Players & Entities

• Nabors Industries Ltd. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2023-12-31 (date) — Prior year-end reporting period

FAQ

Filing Documents

• nbr-20240930x10q.htm (10-Q) — 2585KB
• nbr-20240930xex31d1.htm (EX-31.1) — 16KB
• nbr-20240930xex31d2.htm (EX-31.2) — 17KB
• nbr-20240930xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-014145.txt ( ) — 10878KB
• nbr-20240930.xsd (EX-101.SCH) — 56KB
• nbr-20240930_cal.xml (EX-101.CAL) — 74KB
• nbr-20240930_def.xml (EX-101.DEF) — 247KB
• nbr-20240930_lab.xml (EX-101.LAB) — 487KB
• nbr-20240930_pre.xml (EX-101.PRE) — 382KB
• nbr-20240930x10q_htm.xml (XML) — 2436KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 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 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39

Signatures

Signatures 40 2 Table of Contents NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 (In thousands, except for share amounts) ASSETS Current assets: Cash and cash equivalents $ 451,649 $ 1,057,487 Short-term investments 7,653 12,691 Accounts receivable, net of allowance of $ 54,247 and $ 52,864 , respectively 384,723 347,837 Inventory, net 141,864 147,798 Other current assets 86,436 79,865 Total current assets 1,072,325 1,645,678 Property, plant and equipment, net 2,766,411 2,898,728 Restricted cash held in trust 328,009 315,488 Deferred income taxes 227,658 238,871 Other long-term assets 159,233 179,200 Total assets (1) $ 4,553,636 $ 5,277,965 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ 629,621 Trade accounts payable 316,694 294,442 Accrued liabilities 218,472 230,240 Income taxes payable 30,552 54,255 Current lease liabilities 5,860 5,423 Total current liabilities 571,578 1,213,981 Long-term debt 2,503,270 2,511,519 Other long-term liabilities 242,766 270,014 Deferred income taxes 1,913 1,366 Total liabilities (1) 3,319,527 3,996,880 Commitments and contingencies (Note 8) Redeemable noncontrolling interest in subsidiary 773,525 739,075 Shareholders' equity: Common shares, par value $ 0.05 per share: Authorized common shares 32,000 ; issued 10,709 and 10,556 , respectively 535 527 Capital in excess of par value 3,548,079 3,538,896 Accumulated other comprehensive income (loss) ( 10,844 ) ( 10,832 ) Retained earnings (accumulated deficit) ( 2,030,656 ) ( 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 191,363 326,614 Noncontrolling interest 269,221 215,396 Total equity 460,584 542,010 Total

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View this 10-Q filing on SEC EDGAR