Nabors swings to Q1 loss despite 6% revenue gain as Middle East conflict disrupts offshore ops

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 net income swung to a $15.2M loss from $33.0M profit in Q1 2025, driven by absence of prior-year $113M bargain purchase gain from Parker acquisition. Excluding one-time items, underlying operations improved.

  MD&A: Net Income verify on EDGAR →
• high

  New Middle East conflict beginning Q1 2026 damaged production facilities and curtailed exports, driving dramatic crude oil price increases. Offshore rigs placed on standby or suspended; company's land drilling activity continued and increased modestly.

  MD&A: Geopolitical Impact verify on EDGAR →
• high

  U.S. operators maintained prior drilling plans despite oil price surge, showing capital discipline overriding commodity signals. Company's U.S. rig count rose 10% but dayrates declined, compressing adjusted operating income 22% to $24.6M.

  MD&A: U.S. Drilling verify on EDGAR →