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- **$625M Quail Sale Drives Debt Reduction**: Net debt cut to $1.7B, lowest in 10+ years.
- **International Growth**: Saudi Arabia EBITDA +8%, SANAD newbuilds on track for 25 rigs by 2030.
- **PACE-X Ultra Success**: Record 240+ ft/h drilling in Lower 48, automation package for Middle East.
- **Free Cash Flow**: $70M+ from core businesses, targeting $1.1B net debt.
- **Gas Market Expansion**: 13 rigs in Argentina, 50% Saudi rigs may return, global LNG demand growth.

**【CEO Opening Remarks】**
- Sold Quail Tools for $625M, reducing net debt to $1.7B (lowest in 10+ years), with $375M cash received at closing and $250M seller note prepaid.
- Highlighted strong performance in International Drilling (+8% EBITDA) and U.S. Drilling (37.7% margin).
- Launched PACE-X Ultra rig in Lower 48, achieving 240+ ft/h lateral drilling speed.

**【CFO Financial Commentary】**
- Q3 Adjusted EBITDA: $236M (28.9% margin), driven by $127M in International Drilling (8% growth).
- U.S. Drilling EBITDA: $94.2M (37.7% margin), despite 2.5% revenue decline.
- Free cash flow: $6M (Q3), guided to $10M (Q4), with $70M+ EBITDA from retained businesses post-Quail sale.
- Capital expenditures: $188M (31% for SANAD newbuilds), guiding to $180-190M/Q4.

**【Q&A Highlights】**
- **U.S. Activity Outlook**: 57-59 rigs expected in Q4, with stable demand in gas basins.
- **Saudi Arabia Rigs**: 50% of 80 suspended rigs may return, with Nabors' 3 rigs in tender.
- **Free Cash Flow**: $70M+ from non-SANAD businesses, targeting $1.1-1.2B net debt.
- **Argentina Growth**: 13 rigs by Q2 2026, supporting global gas development trends.
- **Technology**: PACE-X Ultra automation package to be deployed in Middle East, enhancing efficiency.

Nabors Industries Ltd. (NBR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NBR

NBR fundamentals

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