HAMILTON, Bermuda, May 5, 2020 /PRNewswire/ -- Nabors Industries
Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported
first quarter 2020 operating revenues of $718 million compared to operating revenues of
$714 million in the fourth quarter of
2019. The net loss from continuing operations attributable to
Nabors common shareholders for the quarter was $395 million, or $56.72 per share, compared to a loss of
$267 million, or $38.66 per share in the prior quarter. The first
quarter's net loss included the impact of the Company's review for
potential asset impairments. As a result of this review, the
Company has impaired its remaining goodwill and intangibles, as
well as certain fixed assets and other assets. After-tax charges in
the first quarter totaled $260
million, or $36.86 per
share. The fourth quarter's results included after-tax charges
of $186 million, or $26.43 per share, related to impairments of fixed
assets, goodwill, intangibles, and other assets. All per-share
figures have been adjusted for the 1-for-50 reverse stock split
which was effective on April 22,
2020.
For the first quarter, adjusted EBITDA was $188 million as compared to $203 million in the prior quarter. With the
exception of Canada, all segments
fell by varying degrees in response to the current pandemic. In the
U.S., a 15% decline in the land rig count for the industry drove a
9% reduction in Nabors' drilling activity in the Lower 48, as well
as declines in Nabors Drilling Solutions and in Canrig's
aftermarket sales and services. International activity was also
impacted by COVID-related disruptions, particularly in Latin America. A seasonal recovery in the
Canadian market and significant reductions in corporate overhead
were offsets to these reductions.
Anthony G. Petrello, Nabors
Chairman, CEO and President, commented, "I would like to recognize
the efforts and performance of our global team during the COVID-19
pandemic. Collectively, we have minimized the impact to our
employees and to our operations. Among our 14,000 employees, we
have experienced less than 10 cases of the virus. I believe that
our industry-leading safety culture and crisis management systems
have proved invaluable in addressing this pandemic.
"In the first quarter, our operating performance was solid even
as it reflected the early impact of the coronavirus. In the U.S.
Lower 48, our customer base adjusted its prior plans and reduced
activity, with the decrease accelerating as we approached the end
of the quarter. Daily rig margins were impacted primarily by the
costs to stack idled rigs, while pricing held steady.
"In our International Drilling segment, rig count remained
stable as additional deployments in Mexico and Kuwait were offset by idled rigs in other
countries particularly in Latin
America. Adjusted EBITDA was affected by operational
challenges brought on by COVID-19. In addition, we experienced
higher than expected startup costs for rig deployments in
Russia."
Consolidated and Segment Results
The U.S. Drilling segment reported $102
million in adjusted EBITDA for the first quarter of 2020, an
$11.3 million reduction from the
prior quarter, primarily from lower activity in the Lower 48.
During the quarter, the Lower 48 rig count decreased by 8.5 rigs
while average daily margins compressed somewhat to $9,891, reflecting higher rig stacking expenses.
The Company expects average daily margins of approximately
$9,000 in the second quarter of 2020.
This decline includes the expected impacts of lower leading edge
rig rates and increasing costs to stack rigs. The U.S. segment's
rig count currently stands at 66, with 58 rigs in the Lower 48.
Based on the Company's current outlook, the second quarter average
Lower 48 rig count should fall by approximately one third from the
first quarter average of 89.
International Drilling adjusted EBITDA decreased sequentially by
$4.6 million. The quarterly average
rig count, at 87, was essentially in line with the prior quarter,
while the average margin per day declined by just under
$700 to $13,471. This decrease principally resulted from
disruptions and downtime related to the COVID-19 virus, as well as
excess costs from the startup of new contracts. The international
rig count currently stands at 83. Given the current environment,
the Company expects some reduction in rig count during the second
quarter, and adjusted EBITDA to decline.
Canada Drilling adjusted EBITDA increased by 50% to $8 million, as rig activity in that market
reached its seasonal peak. Both average daily gross margin and
the average working rig count increased during the quarter. For the
second quarter of 2020, normally this market's seasonally weakest,
the Company expects a significant decline in EBITDA.
In Drilling Solutions, adjusted EBITDA of $19.4 million was $5.3
million lower than the fourth quarter. In the first quarter,
profitability was impacted by reduced activity across service
lines, particularly in the U.S. as the industry rig count
retreated.
In the Rig Technologies segment, first quarter adjusted EBITDA
was a loss of $3.2 million, as
compared to a loss of $1.6 million in
the fourth quarter. The decline was mainly due to lower aftermarket
sales of parts and services in the U.S.
Cost Reductions and Capital Discipline
Starting in March of 2020, the Company implemented action plans
to mitigate the impact of the pandemic on its financial results and
liquidity position. As the market deteriorated further due to the
dispute between two of the largest oil exporting nations, the
Company took additional measures. It has already implemented
several actions related to its fixed cost structure. The Company
has adjusted its corporate structure, temporarily reduced
compensation throughout, and right-sized the field support
organization. The combined impact of these actions amounts to
$85 million in overhead reductions
over the remainder of 2020. In addition, it has cut planned capital
expenditures to $240 million,
translating into a reduction of approximately $185 million as compared to the prior year, and
$120 million as compared to initial
plans. Capital expenditures were $60
million in the first quarter, approximately equal to the
preceding quarter. Finally, management has recommended the
suspension of the dividend on common stock for a savings this year
of $7 million. All of these actions
combined represent reductions of over $200
million versus the Company's initial forecast for 2020.
Free cash flow, defined as net cash provided by operating
activities less net cash used by investing activities, as presented
in our cash flow statement, reached $8
million in the first quarter. First quarter free cash flow
is typically the most challenged, due to semiannual cash interest
payments and other beginning of year annual disbursements.
William Restrepo, Nabors Chief
Financial Officer, stated, "Even as global oilfield activity began
to decline in the first quarter, Nabors delivered positive free
cash flow. This is very encouraging for a first quarter, given our
normal annual cash flow cycle. However, since the environment has
deteriorated materially, we expect our activity levels to decline
as compared to our initial expectations. Consequently, we have
taken swift and impactful actions to compensate for the negative
effect on our cash flow. The level of the measures that we have
taken is intended to support our target to meaningfully reduce our
net debt in 2020.
"In January we completed the issuance of $1 billion of new senior guaranteed notes,
maturing 2026 and 2028. We also successfully tendered for
$953 million of our previously
outstanding notes due in 2020, 2021 and 2023. With these
transactions, we extended the maturity of approximately
$1 billion of debt by more than four
years, significantly reducing our nearer-term debt maturities.
During the first quarter, we also purchased approximately
$135 million of our shorter
maturities in the open market at a discount to par. As of today the
outstanding balances of our 2020 and 2021 senior notes are
$139 million and $173 million, respectively. At March 31, our balances of cash and cash
equivalents plus our undrawn credit facility totaled $1.0 billion."
Mr. Petrello concluded, "In the first quarter, we took decisive
steps to address the changing oilfield market as the potential
magnitude of the downturn became more apparent. Subsequently, we
implemented a second round of essential actions, also targeted at
supporting free cash flow this year. The speed and magnitude of our
actions are driven by our overarching goal to generate free cash
flow and reduce our debt, while delivering industry leading
drilling performance with top tier safety results. We remain
vigilant and will continue to scrutinize our cost structure.
"Due to the strategic initiatives which we implemented since the
last major downturn, the Company stands in a significantly better
position to weather the current storm. I would like to thank our
employees for their tireless dedication to the success of our
company, especially during these difficult times. Further, I want
to acknowledge our customers for their continuing confidence in our
ability to deliver value to them, and for their cooperation in
navigating these challenging circumstances. Finally, let me
reassure both our employees and customers that our commitment to
their health and safety remains our highest priority."
About Nabors
Nabors (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several
international markets. Nabors also provides directional drilling
services, tubular services, performance software, and innovative
technologies for its own rig fleet and those of third parties.
Leveraging our advanced drilling automation capabilities, Nabors
highly skilled workforce continues to set new standards for
operational excellence and transform our industry.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial
measures. The components of these non-GAAP measures are
computed by using amounts that are determined in accordance with
accounting principles generally accepted in the United States of America
("GAAP"). Adjusted operating income (loss) represents income
(loss) from continuing operations before income taxes, interest
expense, earnings (losses) from unconsolidated affiliates,
investment income (loss), impairments and other charges and other,
net. Adjusted EBITDA is computed similarly, but also excludes
depreciation and amortization expenses. In addition, adjusted
EBITDA and adjusted operating income (loss) exclude certain cash
expenses that the Company is obligated to make. Net debt is
calculated as total debt minus the sum of cash, cash equivalents
and short-term investments. Free cash flow represents net cash
provided by operating activities less cash used for investing
activities. Free cash flow is an indicator of our ability to
generate cash flow after required spending to maintain or expand
our asset base. Management believes that this non-GAAP measure is
useful information to investors when comparing our cash flows with
the cash flows of other companies. Each of these non-GAAP measures
has limitations and therefore should not be used in isolation or as
a substitute for the amounts reported in accordance with GAAP.
However, management evaluates the performance of its operating
segments and the consolidated Company based on several criteria,
including adjusted EBITDA, adjusted operating income (loss), net
debt, and free cash flow, because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors also use these
measures as some of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute these
measures differently. Reconciliations of consolidated adjusted
EBITDA and adjusted operating income (loss) to income (loss) from
continuing operations before income taxes, net debt to total debt,
and free cash flow to cash flow provided by operations, which are
their nearest comparable GAAP financial measures, are included in
the tables at the end of this press release.
Media Contact: William C. Conroy, Vice President of
Corporate Development & Investor Relations, +1 281-775-2423, or
Kara Peak, Director of Corporate
Development & Investor Relations, +1 281-775-4954. To request
investor materials, contact Nabors' corporate headquarters in
Hamilton, Bermuda at +441-292-1510
or via e-mail mark.andrews@nabors.com
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
(In thousands,
except per share amounts)
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
Operating
revenues
|
|
$
718,364
|
|
$
799,640
|
|
$
714,261
|
Earnings (losses)
from unconsolidated affiliates
|
|
-
|
|
(5)
|
|
-
|
Investment income
(loss)
|
|
(3,198)
|
|
9,677
|
|
1,509
|
Total revenues and
other income
|
|
715,166
|
|
809,312
|
|
715,770
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
Direct
costs
|
|
461,840
|
|
520,957
|
|
436,249
|
General and
administrative expenses
|
|
57,384
|
|
68,167
|
|
62,572
|
Research and
engineering
|
|
11,409
|
|
13,520
|
|
12,915
|
Depreciation and
amortization
|
|
227,063
|
|
210,391
|
|
225,824
|
Interest
expense
|
|
54,722
|
|
52,352
|
|
49,177
|
Impairments and other
charges
|
|
276,434
|
|
-
|
|
186,201
|
Other, net
|
|
(17,110)
|
|
17,502
|
|
889
|
Total costs and other
deductions
|
|
1,071,742
|
|
882,889
|
|
973,827
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
(356,576)
|
|
(73,577)
|
|
(258,057)
|
Income tax expense
(benefit)
|
|
17,693
|
|
29,799
|
|
26,476
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
(374,269)
|
|
(103,376)
|
|
(284,533)
|
Income (loss) from
discontinued operations, net of tax
|
|
(93)
|
|
(157)
|
|
22
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(374,362)
|
|
(103,533)
|
|
(284,511)
|
Less: Net (income) loss
attributable to noncontrolling interest
|
|
(17,465)
|
|
(14,176)
|
|
21,827
|
Net income (loss)
attributable to Nabors
|
|
$(391,827)
|
|
$(117,709)
|
|
$
(262,684)
|
Less: Preferred stock
dividend
|
|
$
(3,652)
|
|
$
(4,313)
|
|
$
(4,309)
|
Net income (loss)
attributable to Nabors common shareholders
|
|
$(395,479)
|
|
$(122,022)
|
|
$
(266,993)
|
|
|
|
|
|
|
|
Amounts attributable
to Nabors common shareholders:
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$(395,386)
|
|
$(121,865)
|
|
$
(267,015)
|
Net income (loss)
from discontinued operations
|
|
(93)
|
|
(157)
|
|
22
|
Net income (loss)
attributable to Nabors common shareholders
|
|
$(395,479)
|
|
$(122,022)
|
|
$
(266,993)
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
Basic
from continuing operations
|
|
$
(56.72)
|
|
$
(18.11)
|
|
$
(38.66)
|
Basic
from discontinued operations
|
|
(0.01)
|
|
(0.02)
|
|
-
|
Total
Basic
|
|
$
(56.73)
|
|
$
(18.13)
|
|
$
(38.66)
|
|
|
|
|
|
|
|
Diluted
from continuing operations
|
|
$
(56.72)
|
|
$
(18.11)
|
|
$
(38.66)
|
Diluted
from discontinued operations
|
|
(0.01)
|
|
(0.02)
|
|
-
|
Total
Diluted
|
|
$
(56.73)
|
|
$
(18.13)
|
|
$
(38.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number
|
|
|
|
|
|
|
of
common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
7,051
|
|
7,015
|
|
7,043
|
Diluted
|
|
7,051
|
|
7,015
|
|
7,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
187,731
|
|
$
196,996
|
|
$
202,525
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
(39,332)
|
|
$
(13,395)
|
|
$
(23,299)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
(In
thousands)
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and short-term
investments
|
|
$
489,658
|
|
$
452,496
|
Accounts receivable,
net
|
|
454,718
|
|
453,042
|
Assets held for
sale
|
|
1,936
|
|
2,530
|
Other current
assets
|
|
324,524
|
|
340,598
|
Total current
assets
|
|
1,270,836
|
|
1,248,666
|
Property, plant and
equipment, net
|
|
4,597,308
|
|
4,930,549
|
Goodwill
|
|
-
|
|
28,380
|
Other long-term
assets
|
|
440,404
|
|
553,063
|
Total assets
|
|
$6,308,548
|
|
$
6,760,658
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
debt
|
|
$
-
|
|
$
-
|
Other current
liabilities
|
|
584,870
|
|
656,548
|
Total current
liabilities
|
|
584,870
|
|
656,548
|
Long-term
debt
|
|
3,388,014
|
|
3,333,220
|
Other long-term
liabilities
|
|
264,742
|
|
295,333
|
Total liabilities
|
|
4,237,626
|
|
4,285,101
|
|
|
|
|
|
Redeemable
noncontrolling interest in subsidiary
|
|
429,824
|
|
425,392
|
|
|
|
|
|
Equity:
|
|
|
|
|
Shareholders'
equity
|
|
1,555,921
|
|
1,982,811
|
Noncontrolling
interest
|
|
85,177
|
|
67,354
|
Total equity
|
|
1,641,098
|
|
2,050,165
|
Total liabilities and
equity
|
|
$6,308,548
|
|
$
6,760,658
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
SEGMENT
REPORTING
|
(Unaudited)
|
|
|
|
|
|
|
|
|
The following tables
set forth certain information with respect to our reportable
segments and rig activity:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
(In thousands,
except rig activity)
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$274,901
|
|
$320,209
|
|
$
289,517
|
|
Canada
Drilling
|
|
25,591
|
|
25,315
|
|
19,379
|
|
International
Drilling
|
|
337,110
|
|
337,256
|
|
331,703
|
|
Drilling
Solutions
|
|
55,384
|
|
65,422
|
|
60,499
|
|
Rig Technologies
(1)
|
|
42,150
|
|
71,753
|
|
52,616
|
|
Other reconciling
items (2)
|
|
(16,772)
|
|
(20,315)
|
|
(39,453)
|
|
Total operating
revenues
|
|
$718,364
|
|
$799,640
|
|
$
714,261
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$101,809
|
|
$125,005
|
|
$
113,128
|
|
Canada
Drilling
|
|
7,931
|
|
7,446
|
|
5,302
|
|
International
Drilling
|
|
91,509
|
|
85,844
|
|
96,155
|
|
Drilling
Solutions
|
|
19,439
|
|
21,046
|
|
24,776
|
|
Rig Technologies
(1)
|
|
(3,178)
|
|
(2,296)
|
|
(1,569)
|
|
Other reconciling
items (4)
|
|
(29,779)
|
|
(40,049)
|
|
(35,267)
|
|
Total adjusted
EBITDA
|
|
$187,731
|
|
$196,996
|
|
$
202,525
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
(7,404)
|
|
$
24,683
|
|
$
6,811
|
|
Canada
Drilling
|
|
37
|
|
(59)
|
|
(3,186)
|
|
International
Drilling
|
|
(4,147)
|
|
(5,637)
|
|
1,152
|
|
Drilling
Solutions
|
|
10,549
|
|
12,855
|
|
16,672
|
|
Rig Technologies
(1)
|
|
(8,151)
|
|
(5,148)
|
|
(5,954)
|
|
Other reconciling
items (4)
|
|
(30,216)
|
|
(40,089)
|
|
(38,794)
|
|
Total adjusted
operating income (loss)
|
|
$ (39,332)
|
|
$ (13,395)
|
|
$
(23,299)
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
Average Rigs Working:
(6)
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
96.4
|
|
120.9
|
|
104.2
|
|
Canada
Drilling
|
|
16.8
|
|
16.3
|
|
12.3
|
|
International
Drilling
|
|
86.7
|
|
89.7
|
|
87.1
|
|
Total average rigs
working
|
|
199.9
|
|
226.9
|
|
203.6
|
|
|
|
|
|
|
|
|
(1)
|
Includes our oilfield
equipment manufacturing, automated systems, and downhole
tools.
|
|
|
|
|
|
|
|
|
(2)
|
Represents the
elimination of inter-segment transactions.
|
|
|
|
|
|
|
|
|
(3)
|
Adjusted EBITDA
represents income (loss) from continuing operations before income
taxes, interest expense, depreciation and amortization, earnings
(losses) from unconsolidated affiliates, investment income (loss),
impairments and other charges and other, net. Adjusted EBITDA is a
non-GAAP financial measure and should not be used in isolation or
as a substitute for the amounts reported in accordance with GAAP.
In addition, adjusted EBITDA excludes certain cash expenses that
the Company is obligated to make. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently. A reconciliation of this non-GAAP
measure to income (loss) from continuing operations before income
taxes, which is the most closely comparable GAAP measure, is
provided in the table set forth immediately following the heading
"Reconciliation of Non-GAAP Financial Measures to Income (loss)
from Continuing Operations before Income Taxes".
|
|
|
|
|
|
|
|
|
(4)
|
Represents the
elimination of inter-segment transactions and unallocated corporate
expenses.
|
|
|
|
|
|
|
|
|
(5)
|
Adjusted operating
income (loss) represents income (loss) from continuing operations
before income taxes, interest expense, earnings (losses) from
unconsolidated affiliates, investment income (loss), impairments
and other charges and other, net. Adjusted operating income (loss)
is a non-GAAP financial measure and should not be used in isolation
or as a substitute for the amounts reported in accordance with
GAAP. In addition, adjusted operating income (loss) excludes
certain cash expenses that the Company is obligated to make.
However, management evaluates the performance of its operating
segments and the consolidated Company based on several criteria,
including adjusted EBITDA and adjusted operating income (loss),
because it believes that these financial measures accurately
reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently. A reconciliation of this non-GAAP
measure to income (loss) from continuing operations before income
taxes, which is the most closely comparable GAAP measure, is
provided in the table set forth immediately following the heading
"Reconciliation of Non-GAAP Financial Measures to Income (loss)
from Continuing Operations before
Income Taxes".
|
|
|
|
|
|
|
|
|
(6)
|
Represents a measure
of the average number of rigs operating during a given
period. For example, one rig operating 45 days during a
quarter represents approximately 0.5 average rigs working for the
quarter. On an annual period, one rig operating 182.5 days
represents approximately 0.5 average rigs working for the
year.
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$ 187,731
|
|
$196,996
|
|
$
202,525
|
Depreciation and
amortization
|
|
(227,063)
|
|
(210,391)
|
|
(225,824)
|
Adjusted operating
income (loss)
|
|
(39,332)
|
|
(13,395)
|
|
(23,299)
|
|
|
|
|
|
|
|
Earnings (losses)
from unconsolidated affiliates
|
|
-
|
|
(5)
|
|
-
|
Investment income
(loss)
|
|
(3,198)
|
|
9,677
|
|
1,509
|
Interest
expense
|
|
(54,722)
|
|
(52,352)
|
|
(49,177)
|
Impairments and other
charges
|
|
(276,434)
|
|
-
|
|
(186,201)
|
Other, net
|
|
17,110
|
|
(17,502)
|
|
(889)
|
Income (loss) from
continuing operations before income taxes
|
|
$(356,576)
|
|
$ (73,577)
|
|
$
(258,057)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
NET DEBT TO TOTAL DEBT
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
(In
thousands)
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
-
|
|
$
-
|
Long-term
debt
|
|
3,388,014
|
|
3,333,220
|
Total Debt
|
|
3,388,014
|
|
3,333,220
|
Less: Cash and
short-term investments
|
|
489,658
|
|
452,496
|
Net Debt
|
|
$2,898,356
|
|
$
2,880,724
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
FREE CASH FLOW TO
|
NET CASH PROVIDED
BY OPERATING ACTIVITIES
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$59,162
|
|
$ 69,854
|
|
$
253,730
|
Less: Net cash used
for investing activities
|
|
(50,773)
|
|
(144,444)
|
|
(22,156)
|
Free cash
flow
|
|
$
8,389
|
|
$(74,590)
|
|
$
231,574
|
|
|
|
|
|
|
|
Free cash flow
represents net cash provided by operating activities less cash used
for investing activities. Free cash flow is an indicator of our
ability to generate cash flow after required spending to maintain
or expand our asset base. Management believes that this non-GAAP
measure is useful information to investors when comparing our cash
flows with the cash flows of other companies. This non-GAAP measure
has limitations and therefore should not be used in isolation or as
a substitute for the amounts reported in accordance with GAAP.
However, management evaluates the performance of the consolidated
Company based on several criteria, including free cash flow,
because it believes that these financial measures accurately
reflect the Company's ongoing profitability and
performance.
|
View original
content:http://www.prnewswire.com/news-releases/nabors-announces-first-quarter-2020-results-301053352.html
SOURCE Nabors Industries Ltd.