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Nabor's Customers Plan To Continue Cutting Rigs; Talk 2020
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Nabors provided its update on the rig market and its not pretty at all.
net loss of $207.8M vs $202.4M last year, including net goodwill and intangible asset impairments of $99M, partially offset by a non-recurring tax gain of $31M. EBITDA improved to $198.4M vs $187.7M last year, and adjusted operating loss narrowed down to ~$20M from $30.5M. Free cash flow after dividends was at $82M, as compared to $100M in Q1 2019.During the quarter, NBR witnessed continued gradual softening of drilling activity in the lower 48 and a more positive outlook internationally, hence for Q3 indicates a modest temporary reduction in Lower 48 results, with improvement in International second-half results.
"During the second quarter, in particular, the U.S. Lower 48 land industry rig count declined by 44…
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