NABORS INDUSTRIES LTD (NBR): Results of Operations and Financial Condition
NABORS INDUSTRIES LTD (NBR) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.1 2 tm2621313d2_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 NEWS RELEASE Momentum Accelerates. Cash Flow Improves. Nabors 2Q 2026 Results HAMILTON, Bermuda, July 28, 2026 /PRNewswire/ - Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported second quarter 20
How this was made
The 30-second read
Why it matters
Traders can reprice NBR based on updated full-year adjusted EBITDA and adjusted free cash flow ranges, revised consolidated capex, and a higher expected Lower 48 rig exit rate for 3Q. The release also quantifies SANAD newbuild capex and expected free-cash-flow consumption, which are central to near-term balance-sheet and liquidity expectations.
Market read
This is a primary earnings and guidance update with explicit numerical ranges for EBITDA, free cash flow, capex, and rig counts, which typically drives immediate repricing and positioning decisions.
What to watch
Capital spending timing delays (SANAD milestones) and working-capital cash usage outside SANAD can create quarter-to-quarter volatility that may not be fully captured by adjusted EBITDA alone.
Background
The filing is an SEC Form 8-K with an earnings release (Item 2.02) covering Nabors’ 2Q 2026 operating results, segment performance, and updated full-year and 3Q 2026 outlook metrics.
Ticker impact
Nabors reported 2Q 2026 results and raised/updated full-year outlook, including adjusted EBITDA $920-$930M and adjusted free cash flow $20-$30M.
Likely positive bias for NBR as guidance and free-cash-flow outlook improve sequentially, though the market may still discount for debt reduction and SANAD cash consumption.
This is a primary earnings/guidance disclosure (8-K) with specific updated ranges for rig count, capex, adjusted EBITDA, and adjusted free cash flow, which are key drivers of valuation for drilling and drilling solutions operators.
Market effects
Reinforces demand/read-through for high-spec rigs and managed pressure drilling in the Lower 48, while highlighting international execution and SANAD newbuild cadence as key swing factors.
Lower 48 rig-count and margin expansion signals continued activity strength in U.S. onshore drilling; Gulf/Saudi execution remains a driver for international segment profitability.
SANAD newbuild deployments and Saudi rig reactivations underscore ongoing Middle East capital spending and operational continuity, relevant to global offshore/onshore drilling supply-demand expectations.
Counterpoint
Despite improved guidance, free cash flow still includes expected SANAD consumption ($60-$80M full-year), so equity upside may be capped if debt reduction progress disappoints.
Key entities
- companyNabors Industries Ltd.
Reported 2Q 2026 results and provided updated full-year and 3Q 2026 guidance, including rig counts, capex, adjusted EBITDA, and adjusted free cash flow.
- joint_ventureSANAD land drilling joint venture
Provided newbuild deployments and reactivated a previously suspended rig; SANAD capex and expected free-cash-flow consumption are explicitly guided.
- marketLower 48 drilling market
Guidance includes higher expected rig exit rate and daily adjusted gross margin assumptions, driving U.S. segment profitability expectations.
