NABORS INDUSTRIES LTD

Listed Company

NBRWFCIK 0001163739OTCAcceleratedDrilling Oil & Gas WellsD0FY ends Dec 31

Period

FY 2025

Revenue

$3.18B

Net Income

$286.62M

Total Assets

$4.79B

Equity

$590.73M

Shares Out

15.83M

Op. Cash Flow

$693.27M

Business

Nabors Industries Ltd owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs, delivering drilling and drilling-related services. It offers rig operations, performance software, directional drilling, tubular running, managed pressure drilling, drilling automation, drilling instrumentation and manufactured drilling equipment, along with energy-efficiency and emissions-reduction technologies. The company reports through four segments: U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies. Nabors operates in over 15 countries, including major U.S. basins, the Gulf of Mexico, the Middle East and Latin America, serving major, national and independent oil and gas customers and third-party rig operators.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	3,185	2,930	3,006	2,654	2,018
Investment income (loss)	28	39	44	15	2
Total revenues and other income	3,212	2,969	3,050	2,669	2,019
Direct costs	1,914	1,742	1,790	1,666	—
General and administrative expenses	305	249	244	228	214
Research and engineering	53	57	56	50	35
Depreciation and amortization	649	633	645	—	—
Interest expense	215	211	185	178	—
Gain on disposition of Quail Tools	−414	—	—	—	—
Gain on bargain purchase	−114	—	—	—	—
Other, net	66	107	−726,000	—	—
Total costs and other deductions	2,675	3,000	2,921	2,914	2,507
Income (loss) before income taxes	538	−31	129	−246	−488
Current	66	35	63	54	66
Deferred	97	22	16	7	−11
Income tax expense (benefit)	163	57	79	62	56
Net income (loss)	374	−88	50	−307	−544
Less: Net (income) loss attributable to noncontrolling interest	−88	−88	−62	−43	−26
Net income (loss) attributable to Nabors	287	−176	−12	−350	−569
Basic (in dollars per share)	18.75	−22.37	−5.49	−40.52	−76.58
Diluted (in dollars per share)	17.39	−22.37	−5.49	−40.52	−76.58
Basic (in shares)	13	9	9	9	8
Diluted (in shares)	14	9	9	9	8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	941	390	1,057	451	991
Short-term investments	31,000	8	13	1	17,000
Accounts receivable, net of allowance of $55,193 and $57,225, respectively	392	388	348	327	288
Inventory, net	95	130	148	128	126
Other current assets	124	84	80	93	96
Total current assets	1,552	1,000	1,646	1,001	1,502
Property, plant and equipment, net	2,920	2,831	2,899	3,026	3,348
Restricted cash held in trust	—	332	315	285	282
Deferred income taxes	189	216	239	257	259
Other long-term assets	129	126	179	161	135
Total assets	4,790	4,504	5,278	4,730	5,525
Current portion of debt, net	377	—	630	—	—
Trade accounts payable	300	321	294	314	254
Accrued liabilities	279	224	230	248	247
Income taxes payable	26	20	54	28	19
Current lease liabilities	10	7	5	7	5
Total current liabilities	993	572	1,214	596	525
Long-term debt, net	2,117	2,505	2,512	2,538	3,263
Other long-term liabilities	235	218	270	378	340
Deferred income taxes	7	2	1	3	3
Total liabilities	3,352	3,298	3,997	3,514	4,131
Commitments and contingencies (Note 14)	—	—	—	—	—
Redeemable noncontrolling interest in subsidiary	482	785	739	679	675
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 15,703 and 10,661, respectively	785,000	533,000	527,000	525,000	466,000
Capital in excess of par value	3,753	3,553	3,539	3,536	3,455
Accumulated other comprehensive income (loss)	−10	−10	−11	−11	−11
Retained earnings (accumulated deficit)	−1,837	−2,092	−1,886	−1,841	−1,538
Less: treasury shares, at cost, 1,161 and 1,161 common shares, respectively	−1,316	−1,316	−1,316	−1,316	−1,316
Total shareholders' equity	591	135	327	369	591
Noncontrolling interest	364	286	215	168	128
Total equity	955	421	542	537	719
Total liabilities and equity	4,790	4,504	5,278	4,730	5,525

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	649	633	645	665	693
Deferred income tax expense (benefit)	97	22	16	7	−11
Impairments and other charges	35	26	8	—	72
Amortization of debt discount and deferred financing costs	10	9	9	8	21
Losses (gains) on debt buyback	16	15	−25	−4	−13
Losses (gains) on sale of long-lived assets, net	−47	28	14	—	—
Share-based compensation	23	17	16	16	19
Foreign currency transaction losses (gains), net	6	28	37	7	5
Mark-to-market (gain) loss on warrants	−8	−17	−55	96	—
Net loss (gain) related to investment in Vast	500,000	5	−7	—	—
Gain on disposition of Quail Tools, excluding transaction costs	−432	—	—	—	—
Other	11	6	2	869,000	1
Accounts receivable	81	−42	−27	−55	72
Inventory	33	16	−19	928,000	32
Other current assets	3	−5	12	4	14
Other long-term assets	15	−6	−1	−11	18
Trade accounts payable and accrued liabilities	−51	−25	−32	62	12
Income taxes payable	636,000	−35	24	9	5
Other long-term liabilities	−9	−4	−28	−4	35
Net cash provided by (used for) operating activities	693	581	638	501	429
Purchases of investments	−4	−8	−38	−21	−15
Cash acquired in stock based business combination, net of cash paid	84	—	—	—	—
Proceeds from disposition of Quail Tools	623	—	—	—	—
Capital expenditures	−716	−568	−541	−373	−234
Proceeds from sales of assets and insurance claims	99	15	14	—	—
Other	11	5	−5	−860,000	7
Net cash (used for) provided by investing activities	97	−555	−570	−369	−117
Proceeds from issuance of long-term debt	700	550	900	—	700
Reduction in debt	−903	−1,197	−298	−183	−187
Debt issuance costs	−12	−11	−18	−4	−16
Proceeds from revolving credit facilities	398	315	290	335	1,025
Reduction in revolving credit facilities	−398	−315	−290	−795	−1,238
Payment of dividend to former Parker shareholders	−6	—	—	—	—
Distributions to noncontrolling interest	−875,000	−950,000	−2	−3	−4
Special purpose acquisition company redemptions by non-controlling redeemable shareholders	−342	—	−286	—	—
Sale of non-controlling interest - special purpose acquisition company	—	—	305	—	276
Other	−3	−3	−7	−1	−2
Net cash (used for) provided by financing activities	−567	−662	593	−662	488
Effect of exchange rate changes on cash and cash equivalents	−4	−15	−23	−7	—
Net increase (decrease) in cash and cash equivalents and restricted cash	220	−651	637	−536	798

Filings

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