Nabors Industries Ltd. · NYSE:NBR
Nabors Industries — Q1 2019 Earnings Presentation
15 slides from Nabors Industries's earnings presentation, Apr 30, 2019
Slide 1: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, incl
Slide 2: Recent Company Highlights
Recent Company Highlights Increased U.S. Drilling average daily margins to $12,350 from $11,428 in Q4 • L48 Margins increased to $10,170 from $9,428, an 8% sequential increase from Q4 Recent U.S. Rig Deployments • • • 2 Upgraded PACE®-F rigs in the Permian in 1Q 2019: Two upgraded PACE®-M750 rig in
Slide 3: Financial Overview
Financial Overview '1111NABORS 4
Slide 4: Financial Summary
Financial Summary ($000 except EPS) 1Q18 2Q18 3Q18 4Q18 1Q19 Operating Revenues $734,194 $761,920 $779,425 $782,080 $799,640 Adjusted EBITDA(1) 168,414 187,683 200,960 201,619 196,996 Adjusted Operating(1) Income (Loss) (45,034) (30,579) (7,557) (25,024) (13,395) Income (Loss) from Continuing Operat
Slide 5: Debt and Liquidity
Debt and Liquidity (As of March 31, 2019) Liquidity (at March 31, 2019) • Cash & Available Capacity: $2,103* (1) See reconciliations in the Appendix (2) Capitalization defined as Net Debt plus Shareholders’ Equity (3) Coverage defined as TTM Adjusted EBITDA / TTM Interest Expense (4) Leverage define
Slide 6: Debt Maturity Profile as of 3/31/19
Debt Maturity Profile as of 3/31/19 All figures in millions Capacity + Cash) (1) Annual figures shown at maturity value. (2) Debt balances reflect carrying values as of 31-March-2019 (3) Availability under Revolving Credit Lines subject to covenants Nearest Maturity in 2020 (1) $2,500 $2,000 $1,500
Slide 7: Business Segments
Business Segments '1111NABORS 8
Slide 8: 1Q19 Rig Utilization & Availability
1Q19 Rig Utilization & Availability Rigs Working Utilization (1) As of March 31st, 2019 Note: Subtotals may not foot due to rounding 9 U.S. Lower 48 AC >1500HP ACOthers SCR Rigs Rig Fleet(1) 1Q19 AverageAverage 114 68 12 10289% 710% 217% U.S. Lower 48 Total U.S. Offshore Alaska Canada International
Slide 9: Rig Utilization by Type
Lower 48 Rig Utilization by Type As of April 26, 2019 * Rig X27 is under repair. 10 Total Rigs ActiveTotal Util. 60% 98% 100% 100% 100% 100% 82% 22% 100% 14% 0% 25% 109182 4647 44 66 44 2929 911 29 66 750 016 28 115190 61% Rig Type AC PACE®-X* PACE®-M750 PACE®-M800 PACE®-M1000 PACE®-B PACE®-S PACE®-
Slide 10: Nabors Drilling Operations
Nabors Drilling Operations As of April 26, 2019 11 UAE0 Mexico2 Ecuador0 Italy0 PNG0 Russia3 Venezuela3 India2 Kuwait2 Canada9 Oman4 Algeria3 Kazakhstan 3 US124 Saudi Arabia42 Argentina10 Columbia14 Total = 221
Slide 11: Nabors Drilling Operations
Nabors Drilling Operations As of April 26, 2019 Total = 221 Us 124 [Canada 9 | [Russia 3] [Mexico 2) [UAE 0 SaudiArabia 42| |Oman 4| |Venezuela 3| |Ecuador 0 Argentina 10| [Algeria += 3.| | India 2| |Italy 0 Columbia __14| [Kazakhstan 3| [Kuwait 2\ |pNG 0 5 ) NABORS
Slide 12: Rig Margins & Activity
Rig Margins & Activity Margin Margin Margin Margin Working Working Working Working (1) Margin = gross margin per rig per day for the period. Gross margin is computed by subtracting direct costs from operating revenues for the period. 13 1Q18 2Q18 3Q18 4Q18 1Q19 Margin(1) Avg. Rigs Working (1) Avg. R
Slide 13: Reconciliation of Adjusted EBITDA to Income (Loss) from Cont. Operations Before Income Taxes
Reconciliation of Adjusted EBITDA to Income (Loss) from Cont. Operations Before Income Taxes Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairm
Slide 14: Reconciliation of Net Debt to Total Debt
Reconciliation of Net Debt to Total Debt Net debt is computed by subtracting the sum of cash, cash equivalents, and short-term investments from total debt. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance wi
Slide 15: Reconciliation of Net Debt to Total Debt
18 Reconciliation of Net Debt to Total Debt Net debt is computed by subtracting the sum of cash, cash equivalents, and short-term investments from total debt, This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance