Nabors二季度业绩演示显示分部利润率改善并上调全年EBITDA指引

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Introduction & Market Context
Nabors Industries Ltd. (NYSE:NBR) presented its second-quarter 2026 earnings on July 29, 2026, showcasing operational momentum across all business segments despite a challenging market environment. The Houston-based drilling contractor exceeded internal guidance in every reporting segment while advancing its technology-driven strategy and achieving significant debt reduction milestones.
The presentation highlighted sequential improvements in both international and U.S. operations, with adjusted EBITDA reaching $222 million and a 27.2% margin. Following the results, shares rose 4.23% to $78.84 in after-hours trading, currently trading at $78.65, up 3.98% from the previous close of $75.64. The stock has delivered a 126% return over the past year, though it remains well below its 52-week high of $112.90.
Quarterly Performance Highlights
Nabors demonstrated what management termed "broad-based improvement" across its operations, with sequential EBITDA growth in every operating segment. The company’s vertically integrated business model continued to deliver results, as illustrated in the following revenue breakdown by segment.
The company’s revenue distribution reflects its strategic positioning: International Drilling accounts for 52% of total revenue, U.S. Drilling represents 30%, Drilling Solutions contributes 13%, and Rig Technologies adds 5%. This diversified portfolio helped insulate the company from regional market volatility.
As shown in the following detailed performance metrics, Nabors exceeded expectations across all operational areas in the second quarter.
International Drilling maintained an average rig count of 93.4, up 0.8 rigs sequentially, with average daily gross margin of $17,534—up $654 sequentially and modestly above the guidance range. The segment achieved sustained operational performance across key markets, with particular strength in Saudi Arabia through the SANAD joint venture, which added 2 rigs during the quarter (one newbuild and one reactivation).
In the Lower 48, Nabors operated an average of 67.8 rigs, up 2.5 sequentially, generating average daily gross margin of $13,784—up $607 and exceeding the high end of guidance. Management attributed this performance to "strong commercial and operational excellence" in a market that has seen significant capacity rationalization.
Drilling Solutions achieved approximately 46% adjusted gross margin and contributed 15% of total adjusted EBITDA from operations, demonstrating the value creation potential of the company’s technology offerings.
Strategic Growth in International Markets
Nabors’ international operations have been a key growth driver, with the company achieving more than 17% rig count growth since year-end 2023, even as overall market rig counts remained essentially flat. This outperformance reflects disciplined capital deployment focused on returns, long-term contracts, SANAD newbuilds, and strategic redeployments in core markets.
The following chart illustrates the steady progression of international rig economics over the past several years.
The international drilling average rig count has grown consistently from approximately 75 rigs in early 2023 to nearly 95 rigs by Q2 2026, while daily metrics have remained stable to improving. This growth trajectory reflects Nabors’ strategy of selective international expansion aligned with customer demand and attractive returns.
Looking forward, the company has outlined a clear path for continued international growth, as demonstrated in this waterfall analysis of rig count evolution.
From an actual year-end 2024 base of 85 rigs, Nabors reached 94 rigs by year-end 2025 through additions in Saudi Arabia, Argentina, Mexico, and Colombia. After accounting for contract completions in Colombia, Algeria, India, and Kazakhstan, the count stood at 93 as of June 30, 2026. With awarded contracts and restarts in Saudi Arabia, Argentina, and Colombia, the company projects a potential year-end 2026 total of 98 rigs.
U.S. Operations: Navigating Market Challenges
While the U.S. Lower 48 market has faced headwinds, Nabors has demonstrated resilience through operational efficiency and disciplined execution. The company emphasized that operational efficiency, performance, pricing, and cost discipline—enabled by a high-quality customer portfolio—have supported stabilizing margins despite declining industry rig counts.
The following analysis shows how Nabors has managed through recent market cycles.
Although the Lower 48 drilling average rig count declined from approximately 90-95 rigs in early 2023 to around 65-68 rigs by Q2 2026, daily adjusted gross margins have remained relatively stable in the $30,000-$35,000 range. An upward trend from Q1 2025 to Q2 2026 suggests improving market conditions and the effectiveness of the company’s operational strategies.
Nabors has outpaced some competitors in capacity rationalization, as the company has reduced its marketed rig count by approximately 34% from 2023 to 2025, compared to industry declines of 13-26% among peers. This disciplined approach to fleet management has positioned the company for improved utilization and pricing power as market conditions improve. Management noted that total Lower 48 marketed rigs declined approximately 20% from 760 to 600 rigs, with higher utilization now supporting progressive pricing power.
Technology Leadership and Innovation
Nabors’ technology-led innovation strategy centers on leveraging the "rig as a platform" concept, integrating advanced drilling solutions to enhance performance and create differentiated value for customers. The company’s Nabors Drilling Solutions (NDS) segment has emerged as a significant contributor to both revenue and profitability.
The comprehensive NDS portfolio spans multiple technology categories, as detailed in the following breakdown.
The portfolio includes performance software solutions like Rockit® and REVit® for automated drilling optimization, SmartSuite™ for rig-based automation, and RigCLOUD® for real-time analytics. Integrated services encompass automated casing running, managed pressure drilling, surface tools including drill pipe and BOP rentals, and wellbore placement technology for improved reservoir contact.
NDS has demonstrated strong market traction globally, with revenue growth in both U.S. and international markets, as illustrated in the following market performance data.
NDS U.S. revenue has remained stable around $40-44 million per quarter through the first half of 2026, while international revenue has grown significantly from approximately $40 million in Q1 2025 to a consistent $65-67 million range by Q2 2026. This international expansion reflects growing adoption of Nabors’ technology solutions across more than 15 countries.
The financial performance of the NDS segment has been particularly impressive, as shown in this analysis of revenue, EBITDA, and cash flow conversion.
NDS revenue has grown from below $200 million in 2021 to over $400 million on an annualized basis by the first half of 2026. Adjusted EBITDA has expanded from under $50 million to well over $100 million during the same period. Critically, the segment has maintained exceptional free cash flow conversion rates consistently around 80-90%, reaching approximately 92% in the first half of 2026. Management emphasized that software services are driving this strong free cash flow conversion.
Nabors has also introduced new flagship technologies, including the PACE-X Ultra™, which represents a significant advancement in high-specification drilling capabilities.
The PACE-X Ultra™ features substantial upgrades over the standard PACE®-X platform, including a 1,000,000-pound mast rating (versus 800,000), 35,000 feet of racking capacity for 5-7/8" drill pipe (versus 25,000), high-torque top drives delivering 65,000+ ft/lbs (versus 51,400), six CAT 3512C engines with Smart EMS (versus four), and 2,000 HP mud pumps capable of 10,000 PSI (versus 1,600 HP and 7,500 PSI). The company positions this as "The Most Capable Drilling System in the Lower 48," designed for longer, deeper, and more complex wells, with all-in daily revenue potential exceeding $40,000 including ancillary and NDS services.
Financial Strength and Debt Reduction
A major achievement highlighted in the presentation was Nabors’ continued progress on debt reduction and balance sheet improvement. The company has reduced gross leverage to its lowest level since 2013, demonstrating disciplined financial management alongside operational growth.
The following historical analysis shows the company’s multi-year debt reduction trajectory.
Gross debt has declined from a peak of $4.6 billion in 2011 to $2.1 billion as of Q2 2026. Gross leverage, calculated as year-end gross debt divided by trailing twelve-month adjusted EBITDA, has improved from a high of 7.5x in 2017 to 2.4x in Q2 2026—matching the 2013 level and representing the company’s strongest leverage position in over a decade.
Net leverage has shown similar improvement, bringing the company closer to its stated goal of approximately 1x net leverage.
Net debt has decreased from $4.1 billion in 2011 to $1.6 billion by Q2 2026, while net leverage has improved from 6.7x in 2017 to 1.8x in Q2 2026. This represents significant progress toward the company’s ~1x net leverage target, reflecting both debt paydown and EBITDA growth.
Management emphasized its commitment to reducing gross debt by at least $100 million in 2026 while maintaining a clear runway to manageable debt maturities. The company’s next significant maturity is $250 million in 2029, followed by $650 million in 2030, $550 million in 2031, and $700 million in 2032.
Forward-Looking Outlook
Nabors raised its full-year 2026 adjusted EBITDA guidance to $920-930 million, above prior expectations and reflecting confidence in operational momentum across all segments. The company expects second-half 2026 annualized EBITDA to reach at least $1 billion, representing a 17% improvement over the first half.
For the third quarter of 2026, management provided the following guidance: International drilling average rig count of 94-96 rigs with daily gross margin of $18,100-$18,400; Lower 48 average working rig count of approximately 73 rigs with daily adjusted gross margin of about $13,800; Drilling Solutions EBITDA of approximately $42 million; and Rig Technologies EBITDA of $5-6 million.
The company maintained its capital spending outlook at $710-730 million for 2026, including $325-335 million for the SANAD newbuild program in Saudi Arabia. Some construction milestones have shifted into early 2027, but the overall program remains on track. Full-year adjusted free cash flow is expected to be $20-30 million, with SANAD consuming $60-80 million of cash during the year.
Chief Executive Tony Petrello emphasized the company’s differentiated strategy: "combine premium drilling rigs with differentiated technology to optimize performance, increase margins, deepen customer relationships, and expand returns beyond the rig itself." This integrated approach positions Nabors to capture value across multiple dimensions of the drilling process, from equipment and automation to data analytics and performance optimization.
The company also highlighted emerging opportunities in geothermal energy through its involvement with Quaise Energy’s Project Obsidian in Central Oregon. A Nabors rig is now operating at this first-of-its-kind superhot geothermal project, which is planned to be a 1+ gigawatt power plant using a combination of conventional drilling and millimeter wave drilling technology. The initial phase targets 50 MW from 300-500°C superhot rock, representing a potential new market for Nabors’ specialized drilling capabilities.
Looking ahead, Nabors’ four key value drivers remain: selective international growth aligned with customer demand and returns; operational excellence in the U.S. Lower 48; technology-led innovation with demonstrated results; and disciplined focus on improving capital structure and reducing debt. Management believes this framework supports value creation through operational performance, disciplined capital allocation, and technology-enabled differentiation in an evolving energy services market.
Full presentation:
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