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Nabors Industries

Nabors is an oilfield services company, operating the world's largest land-based drilling fleet, one of the largest completion services and well-servicing and workover rig fleets in North America. The company is also a provider of offshore platform workover and drilling rigs in the United States and international markets. (08 Mar 2018)

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Oilfield Services: A Storm is Threatening

Sector Analysis: 04 Dec 2018, 3:58 AM ET - Following up on our reduced oil price forecast from last week we are downgrading our recommendation on Investment Grade OFSE&D to Underperform, from Market perform previously, and recommend investors avoid HY OFSE&D.
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Nabors: 3Q In-Line Despite International Lagging

Earnings Note: 31 Oct 2018, 10:15 PM ET - Nabors (NBR; B1/BB) reported 3Q18 adjusted Ebitda of $201 mn, in-line with consensus expectations and up 7% QoQ on higher activity and 41% YoY on higher activity and daily rig margins.

Oil & Gas: U.S. Frac Spreads Rebound in September

Sector Analysis: 03 Oct 2018, 7:00 AM ET - The U.S. frac spread count is up 7% to 464 since bottoming out in late August and we expect to see continued modest growth in well completions when the EIA releases September data in a couple of weeks.

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.
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Nabors 2Q18: Debt Reduction & Reactivating Rigs

Earnings Note: 01 Aug 2018, 10:48 PM ET - Nabors (NBR; Ba3/BB) reported 2Q18 Ebitda that was virtually in-line with the consensus estimate, significantly reduced its net debt with equity issuance and divestiture proceeds, and presented a constructive outlook for its business.
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Nabors: Issuing Common & Preferred Equity

Worth Watching: 09 May 2018, 9:16 PM ET - Nabors  (NBR; Ba3/BB) announced concurrent underwritten public offerings of 35 mn common shares and 5 mn new mandatory convertible preferred shares with proceeds to be used to pay off the $445 mn that is outstanding under the revolver.  The 35 ..
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Nabors: Cash Flow Disappoints, Refi on the Way

Worth Watching: 02 May 2018, 9:23 PM ET - Nabors (NBR; Ba3/BB) reported 1Q18 adjusted Ebitda of $168 mn, coming in just shy of the $172 mn consensus estimate, but rising 4% QoQ and 68% YoY on stronger results out of the U.S. We continue to view NBR as a Market perform relative to ou ..

March 2018 US Company Recommendation Changes

US Company Recommendation Changes: 01 Apr 2018, 9:44 PM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on North American companies during the month of March.

Regional Trends in U.S. Onshore Drilling

Sector Analysis: 29 Mar 2018, 5:19 AM ET - In this report, we look at onshore drilling trends in key regions across the U.S.  Activity levels doubled in the ten months following the lows of May 2016, but gains have been more subdued over the past year.
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Nabors: 4Q Beat on Improving U.S. Results

Worth Watching: 28 Feb 2018, 10:10 PM ET - Nabors (NBR; Ba3/BB) reported 4Q17 adjusted Ebitda of $163 mn, coming in just ahead of the $160 mn consensus estimate and rising 14% QoQ and 12% YoY on improved results in the U.S. We are upgrading our recommendation on NBR to Market perform ..
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Nabors: New Issue to Refi 2018 Maturity

Worth Watching: 16 Jan 2018, 10:28 AM ET - Nabors  (NBR; Ba3/BB+) is in the market with a 144A/Reg S offering of $600 mn of senior notes due 2025.  NBR expects to use proceeds from the offering to pay off revolver borrowings ($410 mn of borrowings plus $78 mn of commercial paper as of e ..
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Nabors: 3Q17 Miss as Cash Flow Disappoints

Worth Watching: 08 Nov 2017, 7:13 PM ET - Nabors  (NBR; Ba2/BB) on October 24 reported a 3Q17 loss of $122 mn, or $0.44/share, coming in well short of the $0.34/share consensus loss estimate.  Adjusted Ebitda of $143 mn missed the $150 mn consensus estimate, was up 3% QoQ but down 4% Y ..
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Nabors: Scaling the Maturity Wall

Company Analysis: 11 Oct 2017, 5:01 AM ET - NBR is facing $1.4 bn of maturities over 2018-2020 and is targeting a significant reduction in net debt over the same period.  NBR has ample liquidity and market access to manage maturities in the event that free cash flow disappoints.

National Oilwell Varco: JV with Saudi Aramco

Worth Watching: 22 May 2017, 3:32 PM ET - National Oilwell Varco  (NOV; Baa1/BBB+) announced a memorandum of understanding to form a joint venture with Saudi Aramco to manufacture high-spec land rigs, rig and drilling equipment, and to offer aftermarket services.  The proposed joint v ..

Oilfield Services, Equip. & Drillers: 1Q17 Review

Sector Analysis: 16 May 2017, 4:24 AM ET - 1Q17 Oilfield Services, Equipment, & Drilling (OFSE&D) earnings were mixed with just over half of our coverage group beating consensus estimates and most companies posting weaker results than during the year-ago period. 
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Nabors: Redeeming $200 mn of 2018 Notes

Worth Watching: 04 May 2017, 7:53 PM ET - Nabors  (NBR; Ba2/BBB-) announced the redemption of $200 mn of the $975 mn outstanding 6.15% senior notes due 2018 at the make-whole price.  The unexpected debt reduction results in estimated pro forma end-1Q17 total debt of $3.5 bn and debt/LTM ..
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Nabors: Rough Quarter but Outlook Intact

Earnings Note: 27 Apr 2017, 9:08 PM ET - Nabors reported weak 1Q17 results with adjusted Ebitda of $100 mn coming in well short of the $133 mn consensus estimate.  The weak results were driven by reactivation costs in the Lower 48 and asset recertifications in Saudi Arabia.

Oilfield Services & Drillers: 1Q17 Preview

Sector Analysis: 18 Apr 2017, 5:35 AM ET - Services providers are benefiting from increased activity and ongoing efficiency efforts, however, pricing headwinds and reactivation costs may limit results.  Offshore demand looks to be troughing but the market still faces overcapacity.
Focused

Nabors: 4Q Beat with Activity on the Rise

Worth Watching: 23 Feb 2017, 6:56 PM ET - Nabors (NBR; BBB-/Ba2) reported a 4Q16 adjusted loss of $86 mn, or $0.30/share, coming in just ahead of the $0.34/share consensus loss estimate.  Adjusted Ebitda of $146 mn in 4Q16 was down 2% QoQ as lower gross margins were partially offset by ..

Oil & Gas Outlook 2017 (III): HY Little Juice Left

Sector Outlook: 14 Feb 2017, 4:58 AM ET - We believe Energy is set to marginally outperform in 2017, with a total return of 5-6% versus 4-5% for the broad HY market.

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