NYSE$NBR
Nabors Industries Ltd · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Nabors' first quarter operating results exceeded expectations due to robust pricing and reduced costs in Lower 48 drilling, along with increased OEM repair and energy transition revenue in Rig Technologies.
Nabors reported first quarter 2024 operating revenues of $734 million, a net loss of $34 million, and adjusted EBITDA of $221 million. The company saw increased rig count in its International segment and firm pricing in the Lower 48 market.
- First quarter operating results were stronger than expected, driven by resilient pricing and lower costs in Lower 48 drilling operations.
- Rig count increased in the International segment due to rig startups in Saudi Arabia and Algeria.
- Pricing in the Lower 48 market remained firm, with strong utilization of high-specification rigs.
- International Drilling segment revenue increased by 9% compared to the first quarter of 2023.
Headline financials
Revenue & EPS history
Nabors · Revenue · Quarterly
$734M
Revenue by segment
Nabors · $749M total across 4 segments · Q3 2023
- International Drilling$302M—40.3%
- U.S. Drilling$287M—38.4%
- Drilling Solutions$91.2M—12.2%
- Rig Technologies$68.6M+37.1%9.2%
Forward guidance
Nabors expects an increase in international rig count with newbuilds in Saudi Arabia and Algeria, while anticipating sluggish activity in the natural gas basins in the Lower 48, keeping average rig count slightly below the first quarter average.
Tailwinds
- Strength of the international drilling markets continues to surprise to the upside
- Recent awards in Argentina and notification in another Middle East market
- Material ongoing deployments in Saudi Arabia and Algeria
- Restarted two rigs in Algeria during the first quarter, and a third in early April
- International rig count to increase with a newbuild in Saudi Arabia and the fourth rig in Algeria
Headwinds
- Sluggish activity in the natural gas basins
- Average rig count slightly below the average for the first quarter
- Downtime related to rig certification requirements following recent contract renewals in Saudi Arabia
- Labor unrest on several rigs in Colombia
- Other aftermarket, capital equipment, and energy transition EBITDA declined following seasonally strong year end deliveries
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.3%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.4%
Avg return
30 days after
56%
40 / 72 earnings
Positive
+26.4%
Q3 2022
Best reaction
-17.0%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.4% | +10.5% | -1.7% | |
| Q4 2025 | -9.9% | +1.5% | +8.1% | |
| Q3 2025 | +10.2% | +14.3% | +5.7% | |
| Q1 2025 | -7.0% | -8.8% | -10.6% | |
| Q4 2024 | -7.1% | -13.9% | -18.6% | |
| Q3 2024 | -5.9% | +1.4% | +1.2% | |
| Q2 2024 | +9.3% | +24.3% | -8.0% | |
| Q1 2024 | -5.5% | -3.2% | -9.5% | |
| Q4 2023 | +4.9% | +3.4% | +10.8% | |
| Q3 2023 | -7.2% | -13.4% | -18.7% | |
| Q2 2023 | +2.0% | +1.1% | -8.8% | |
| Q1 2023 | -3.5% | -11.1% | -14.5% | |
| Q4 2022 | +10.3% | +1.5% | -20.1% | |
| Q3 2022 | +26.4% | +27.6% | +17.9% | |
| Q2 2022 | -17.0% | -11.4% | -4.9% | |
| Q1 2022 | +1.4% | -5.5% | +7.5% | |
| Q4 2021 | +3.7% | +11.0% | +42.2% | |
| Q3 2021 | -8.7% | -16.6% | -28.3% | |
| Q2 2021 | -1.0% | -3.8% | -17.6% | |
| Q1 2021 | +6.6% | +4.4% | +12.9% | |
| Q4 2020 | +18.1% | +24.3% | +8.0% | |
| Q3 2020 | +11.6% | +6.3% | +89.2% | |
| Q2 2020 | -1.2% | -3.2% | -11.9% | |
| Q1 2020 | -5.3% | +7.5% | +230.8% | |
| Q4 2019 | +1.3% | -21.1% | -79.7% | |
| Q3 2019 | +10.5% | +13.5% | +20.5% | |
| Q2 2019 | +23.6% | +19.1% | -19.5% | |
| Q1 2019 | +2.5% | +5.4% | -35.0% | |
| Q4 2018 | +5.8% | +14.7% | +12.1% | |
| Q3 2018 | +1.8% | +11.5% | -28.1% | |
| Q2 2018 | +4.6% | +10.2% | +3.3% | |
| Q1 2018 | -0.7% | -0.9% | -1.8% | |
| Q4 2017 | -6.5% | -2.5% | +1.0% | |
| Q3 2017 | -0.3% | -13.7% | -9.3% | |
| Q2 2017 | -0.8% | -6.3% | -12.1% | |
| Q1 2017 | -10.4% | -13.8% | -25.7% | |
| Q4 2016 | -2.1% | -2.5% | -19.6% | |
| Q3 2016 | -5.9% | -8.4% | +11.5% | |
| Q2 2016 | +5.3% | +7.5% | +15.0% | |
| Q1 2016 | -13.7% | — | — | |
| Q4 2015 | +19.9% | — | — | |
| Q3 2015 | +0.6% | — | — | |
| Q2 2015 | -2.8% | — | — | |
| Q1 2015 | +1.1% | — | — | |
| Q4 2014 | -1.6% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | +2.2% | — | — | |
| Q1 2014 | +1.8% | — | — | |
| Q4 2013 | +16.9% | — | — | |
| Q3 2013 | -4.2% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -2.0% | — | — | |
| Q4 2012 | -5.7% | — | — | |
| Q3 2012 | -3.7% | — | — | |
| Q2 2012 | +7.8% | — | — | |
| Q1 2012 | +0.6% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | -4.1% | — | — | |
| Q2 2011 | -5.1% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q1 2009 | +1.0% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q3 2010 | +1.3% | — | — | |
| Q2 2010 | -3.6% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q4 2007 | +1.5% | — | — | |
| Q4 2009 | +1.5% | — | — | |
| Q3 2009 | -6.1% | — | — | |
| Q3 2008 | -6.1% | — | — | |
| Q2 2009 | +7.9% | — | — | |
| Q2 2008 | +7.9% | — | — | |
| Q4 2008 | +7.9% | — | — |
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