- Nabors Industries (NBR +0.4%) has cut 12% of its 29K employee workforce, including a 20% reduction in its U.S. drilling workforce, and could ax up to 15% of its workforce this year which would bring its layoffs to 4,350 jobs, CEO Anthony Petrello said during today's earnings conference call.
- "We are not counting on the ‘V,’” CEO Anthony Petrello said of a potential V-shaped - or rapid - recovery, warning that NBR is preparing for the possibility of a long-term downturn in oil prices.
- The CEO said the impacts of pricing and reduced activity "will be evident" in NBR's Q1 results, and "based on the current trajectory of the decline in our rig count, we expect financial results to decline further" in Q2.
- NBR's average utilization for its U.S. rigs has fallen to 78%, and its active U.S. rig count is down 32% from its peak last year at 138 rigs, largely indifferent to rig types and capabilities; CFO William Restrepo said the drop likely will hit 50%.