Company Quick10K Filing
Nabors
Price1.96 EPS-2
Shares352 P/E-1
MCap690 P/FCF2
Net Debt3,147 EBIT-341
TEV3,837 TEV/EBIT-11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-09 Regulation FD, Exhibits
8-K 2020-07-30 Regulation FD
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-02
8-K 2020-05-08
8-K 2020-05-05
8-K 2020-05-01
8-K 2020-04-22
8-K 2020-04-20
8-K 2020-04-20
8-K 2020-04-03
8-K 2020-03-22
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-01-17
8-K 2020-01-10
8-K 2020-01-06
8-K 2020-01-02
8-K 2019-12-13
8-K 2019-12-03
8-K 2019-10-29
8-K 2019-09-13
8-K 2019-07-29
8-K 2019-07-25
8-K 2019-06-04
8-K 2019-05-28
8-K 2019-04-30
8-K 2019-04-26
8-K 2019-02-26
8-K 2019-02-21
8-K 2019-01-08
8-K 2018-12-31
8-K 2018-11-06
8-K 2018-10-30
8-K 2018-10-11
8-K 2018-08-28
8-K 2018-07-31
8-K 2018-07-27
8-K 2018-06-11
8-K 2018-06-08
8-K 2018-06-05
8-K 2018-05-10
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-05-01
8-K 2018-04-20
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-01-23
8-K 2018-01-16
8-K 2018-01-16

NBR 10Q Quarterly Report

Note 1 General
Note 2 Summary of Significant Accounting Policies
Note 3 Joint Ventures
Note 4 Fair Value Measurements
Note 5 Accounts Receivable Sales Agreement
Note 6 Debt
Note 7 Shareholders' Equity
Note 8 Commitments and Contingencies
Note 9 Earnings (Losses) per Share
Note 10 Impairments and Other Charges
Note 11 Supplemental Balance Sheet and Income Statement Information
Note 12 Segment Information
Note 13 Revenue Recognition
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 nbr-20200630xex31d1.htm
EX-31.2 nbr-20200630xex31d2.htm
EX-32.1 nbr-20200630xex32d1.htm
EX-10.3 nbr-20200630xex10d3.htm
EX-10.4 nbr-20200630xex10d4.htm
EX-10.5 nbr-20200630xex10d5.htm
EX-10.6 nbr-20200630xex10d6.htm
EX-10.7 nbr-20200630xex10d7.htm
EX-10.8 nbr-20200630xex10d8.htm
EX-10.9 nbr-20200630xex10d9.htm
EX-10.10 nbr-20200630xex10d10.htm
EX-10.13 nbr-20200630xex10d13.htm

Nabors Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.91.30.70.1-0.5-1.12012201420172020
Rev, G Profit, Net Income
1.51.00.5-0.1-0.6-1.12012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2020

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-32657

NABORS INDUSTRIES LTD.

(Exact name of registrant as specified in its charter)

Bermuda

98-0363970

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Crown House

Second Floor

4 Par-la-Ville Road

Hamilton, HM08

Bermuda

(Address of principal executive office)

(441) 292-1510

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares, $.05 par value per share

NBR

NYSE

Preferred shares, 6.00% Mandatory Convertible Preferred Shares, Series A, $.001 par value per share

NBR.PRA

NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of common shares, par value $.05 per share, outstanding as of July 31, 2020 was 7,295,792, excluding 1,090,003 common shares held by our subsidiaries, or 8,385,795 in the aggregate.

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

Index

PART I FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019

7

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

44

Item 6.

Exhibits

44

Signatures

45

2

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30,

December 31,

    

2020

    

2019

 

(In thousands, except per

 

share amounts)

 

ASSETS

Current assets:

Cash and cash equivalents

$

484,336

$

435,990

Short-term investments

 

9,942

 

16,506

Accounts receivable, net

 

349,005

 

453,042

Inventory, net

 

166,537

 

176,341

Assets held for sale

 

562

 

2,530

Other current assets

 

142,540

 

164,257

Total current assets

 

1,152,922

 

1,248,666

Property, plant and equipment, net

 

4,395,725

 

4,930,549

Goodwill

 

 

28,380

Deferred income taxes

 

275,719

 

305,844

Other long-term assets

 

158,049

 

247,219

Total assets (1)

$

5,982,415

$

6,760,658

LIABILITIES AND EQUITY

Current liabilities:

Trade accounts payable

$

221,755

$

295,159

Accrued liabilities

274,270

 

333,282

Income taxes payable

 

17,180

 

14,628

Current lease liabilities

 

10,485

 

13,479

Total current liabilities

 

523,690

 

656,548

Long-term debt

 

3,276,103

 

3,333,220

Other long-term liabilities

 

238,205

 

292,184

Deferred income taxes

 

2,800

 

3,149

Total liabilities (1)

 

4,040,798

 

4,285,101

Commitments and contingencies (Note 8)

Redeemable noncontrolling interest in subsidiary (Note 3)

434,131

 

425,392

Shareholders’ equity:

Preferred shares, par value $0.001 per share:

Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; outstanding 4,870 and 5,613, respectively

 

5

 

6

Common shares, par value $0.05 per share:

Authorized common shares 32,000; issued 8,389 and 8,324, respectively

 

419

 

416

Capital in excess of par value

 

3,415,053

 

3,412,972

Accumulated other comprehensive income (loss)

 

(22,188)

 

(11,788)

Retained earnings (accumulated deficit)

 

(664,391)

 

(104,775)

Less: treasury shares, at cost, 1,090 and 1,056 common shares, respectively

 

(1,315,751)

 

(1,314,020)

Total shareholders’ equity

 

1,413,147

 

1,982,811

Noncontrolling interest

 

94,339

 

67,354

Total equity

 

1,507,486

 

2,050,165

Total liabilities and equity

$

5,982,415

$

6,760,658

(1)The condensed consolidated balance sheet as of June 30, 2020 and December 31, 2019 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

Three Months Ended

Six Months Ended

    

June 30,

    

June 30,

2020

2019

2020

2019

(In thousands, except per share amounts)

Revenues and other income:

Operating revenues

$

533,931

$

771,406

$

1,252,295

$

1,571,046

Earnings (losses) from unconsolidated affiliates

(5)

Investment income (loss)

 

2,036

 

469

 

(1,162)

 

10,146

Total revenues and other income

535,967

771,875

1,251,133

1,581,187

Costs and other deductions:

Direct costs

326,557

496,664

788,397

1,017,621

General and administrative expenses

46,244

64,415

103,628

132,582

Research and engineering

 

7,305

 

11,920

 

18,714

 

25,440

Depreciation and amortization

 

211,120

 

218,319

 

438,183

 

428,710

Interest expense

51,206

51,491

105,928

103,843

Impairments and other charges

 

57,852

 

102,570

 

334,286

 

99,903

Other, net

(30,795)

7,899

(47,905)

28,068

Total costs and other deductions

669,489

953,278

1,741,231

1,836,167

Income (loss) from continuing operations before income taxes

 

(133,522)

 

(181,403)

 

(490,098)

 

(254,980)

Income tax expense (benefit):

Current

 

(336)

 

16,504

 

(7,539)

 

32,366

Deferred

 

4,782

 

(5,106)

 

29,678

 

8,831

Total income tax expense (benefit)

 

4,446

 

11,398

 

22,139

 

41,197

Income (loss) from continuing operations, net of tax

 

(137,968)

 

(192,801)

 

(512,237)

 

(296,177)

Income (loss) from discontinued operations, net of tax

 

23

 

(34)

 

(70)

 

(191)

Net income (loss)

 

(137,945)

 

(192,835)

 

(512,307)

 

(296,368)

Less: Net (income) loss attributable to noncontrolling interest

 

(10,167)

 

(10,729)

 

(27,632)

 

(24,905)

Net income (loss) attributable to Nabors

(148,112)

(203,564)

(539,939)

(321,273)

Less: Preferred stock dividend

 

(3,653)

 

(4,312)

 

(7,305)

 

(8,625)

Net income (loss) attributable to Nabors common shareholders

$

(151,765)

$

(207,876)

$

(547,244)

$

(329,898)

Amounts attributable to Nabors common shareholders:

Net income (loss) from continuing operations

$

(151,788)

$

(207,842)

$

(547,174)

$

(329,707)

Net income (loss) from discontinued operations

23

(34)

(70)

(191)

Net income (loss) attributable to Nabors common shareholders

$

(151,765)

$

(207,876)

$

(547,244)

$

(329,898)

Earnings (losses) per share:

Basic from continuing operations

$

(22.13)

$

(30.31)

$

(78.85)

$

(48.43)

Basic from discontinued operations

 

 

 

(0.01)

 

(0.03)

Total Basic

$

(22.13)

$

(30.31)

$

(78.86)

$

(48.46)

Diluted from continuing operations

$

(22.13)

$

(30.31)

$

(78.85)

$

(48.43)

Diluted from discontinued operations

 

 

 

(0.01)

 

(0.03)

Total Diluted

$

(22.13)

$

(30.31)

$

(78.86)

$

(48.46)

Weighted-average number of common shares outstanding:

Basic

 

7,052

 

7,031

 

7,052

 

7,023

Diluted

 

7,052

 

7,031

 

7,052

 

7,023

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

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NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended

Six Months Ended

 

    

June 30,

    

June 30,

 

2020

2019

2020

2019

(In thousands)

 

Net income (loss) attributable to Nabors

$

(148,112)

$

(203,564)

$

(539,939)

$

(321,273)

Other comprehensive income (loss), before tax:

Translation adjustment attributable to Nabors

6,671

6,349

(10,694)

15,539

Pension liability amortization and adjustment

 

52

 

54

 

104

 

108

Unrealized gains (losses) and amortization on cash flow hedges

 

142

 

142

 

284

 

282

Other comprehensive income (loss), before tax

 

6,865

 

6,545

 

(10,306)

 

15,929

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

47

 

48

 

94

 

94

Other comprehensive income (loss), net of tax

 

6,818

 

6,497

 

(10,400)

 

15,835

Comprehensive income (loss) attributable to Nabors

 

(141,294)

 

(197,067)

 

(550,339)

 

(305,438)

Net income (loss) attributable to noncontrolling interest

 

10,167

 

10,729

 

27,632

 

24,905

Translation adjustment attributable to noncontrolling interest

 

 

7

 

 

59

Comprehensive income (loss) attributable to noncontrolling interest

 

10,167

 

10,736

 

27,632

 

24,964

Comprehensive income (loss)

$

(131,127)

$

(186,331)

$

(522,707)

$

(280,474)

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,

    

2020

    

2019

(In thousands)

Cash flows from operating activities:

Net income (loss)

$

(512,307)

$

(296,368)

Adjustments to net income (loss):

Depreciation and amortization

 

438,182

 

428,717

Deferred income tax expense (benefit)

 

29,682

 

8,804

Impairments and other charges

 

310,296

 

98,869

Amortization of debt discount and deferred financing costs

16,208

 

15,868

Losses (gains) on debt buyback

 

(51,678)

 

1,034

Losses (gains) on long-lived assets, net

 

2,428

 

10,611

Losses (gains) on investments, net

 

4,733

 

(5,906)

Provision (recovery) of bad debt

10,164

 

256

Share-based compensation

 

15,756

 

14,164

Foreign currency transaction losses (gains), net

 

2,130

 

9,924

Noncontrolling interest

(27,632)

 

(24,906)

Other

 

352

 

373

Changes in operating assets and liabilities, net of effects from acquisitions:

Accounts receivable

 

89,981

 

23,788

Inventory

 

(724)

 

(12,814)

Other current assets

 

7,926

 

34,590

Other long-term assets

 

10,273

 

(38,705)

Trade accounts payable and accrued liabilities

 

(127,830)

 

(60,624)

Income taxes payable

 

8,823

 

7,118

Other long-term liabilities

 

(24,991)

 

58,292

Net cash provided by (used for) operating activities

 

201,772

 

273,085

Cash flows from investing activities:

Purchases of investments

 

(16)

 

(4,572)

Sales and maturities of investments

 

1,861

 

11,919

Cash paid for acquisition of businesses, net of cash acquired

 

 

(2,929)

Capital expenditures

 

(106,766)

 

(274,479)

Proceeds from sales of assets and insurance claims

 

12,772

 

11,857

Net cash (used for) provided by investing activities

 

(92,149)

 

(258,204)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

 

1,000,000

 

Reduction in long-term debt

(1,218,622)

 

(361,966)

Debt issuance costs

 

(16,023)

 

(49)

Proceeds from revolving credit facilities

 

1,240,000

 

790,000

Reduction in revolving credit facilities

(1,035,000)

 

(480,000)

Proceeds from (payments for) short-term borrowings

 

229

Repurchase of common and preferred shares

(13,858)

 

Dividends to common and preferred shareholders

 

(15,232)

 

(33,705)

Distributions to noncontrolling interest

(1,005)

 

(814)

Other

(1,576)

 

(2,337)

Net cash (used for) provided by financing activities

 

(61,316)

 

(88,642)

Effect of exchange rate changes on cash and cash equivalents

(3,336)

 

(1,968)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

44,971

(75,729)

Cash and cash equivalents and restricted cash, beginning of period

442,038

 

451,080

Cash and cash equivalents and restricted cash, end of period

$

487,009

$

375,351