Nabors Industries Ltd. reported a total operating revenue of $2.93 billion for the fiscal year ending December 31, 2024, a decrease of 3% from $3.01 billion in 2023. The company experienced a significant net loss from continuing operations attributable to common shareholders of $176.1 million, or $22.37 per diluted share, compared to a loss of $11.8 million, or $5.49 per diluted share, in the previous year. The decline in revenue was primarily driven by reduced activity in the U.S. drilling segment, which saw a 15% drop in operating revenues, offset partially by increased international drilling activity, which rose by 7%.
In terms of operational metrics, Nabors reported an average of 158.8 rigs working in 2024, down from 163.9 in 2023. The U.S. drilling segment averaged 75.1 rigs working, a decrease from 86.3 in the prior year, while international drilling activity increased to an average of 83.7 rigs, up from 77.6. The company’s workforce also saw changes, with approximately 12,400 employees as of December 31, 2024, reflecting ongoing efforts to manage costs amid fluctuating market conditions.
Strategically, Nabors announced its acquisition of Parker Drilling Company in October 2024, a move expected to close in the first quarter of 2025. This merger aims to enhance Nabors' service offerings and operational capabilities in the global energy market. The transaction involves the exchange of 4.8 million common shares of Nabors, subject to market conditions, and is anticipated to provide synergies and cost savings post-integration.
The company’s financial outlook remains cautious, with management noting that the demand for its services is closely tied to oil and gas prices, which have been volatile. The recent reduction in drilling activity in the U.S. and the impact of rising interest rates on capital availability are expected to influence future performance. Despite these challenges, Nabors is focused on leveraging its technological advancements and operational efficiencies to navigate the evolving energy landscape and capitalize on growth opportunities in international markets.
About NABORS INDUSTRIES LTD
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.