logo
Plus   Neg
Share
Email

Nabors Withdraws 2020 Guidance; To Suspend Dividend - Quick Facts

Nabors Industries Ltd. (NBR) said, due to uncertainty in the current market conditions, the company has withdrawn any previously-issued guidance for 2020. The company expects first quarter results to fall somewhat below the guidance.

Nabors said it is taking several actions in light of current market conditions. This includes: an additional $75 million reduction in planned 2020 capital expenditures; a recommendation by management to Board to suspend the dividend; salary reductions totaling 20 percent for each of the CEO and CFO; and salary reductions of 10% for U.S., corporate and expatriate employees.

The company said it is also actively reviewing its organizational structure and taking additional steps to further streamline operations.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Microsoft is in agreement with Alaska Airlines to enable flying more sustainably on three most popular routes traveled by Microsoft employees on Alaska Airlines, which uses sustainable aviation fuel (SAF). The SAF, supplied by SkyNRG, is an important option for the aviation industry to reduce carbon (CO2) emissions on a life-cycle basis. Walmart and Sam's Club announced options for customers to safely dispose unused, unwanted and expired medication throughout the year. With this, the retail giant aims to help the public from potential danger for misuse and abuse of prescription medications. On Saturday, October 24, the company will host in-person medication disposal events at select store and club locations across U.S. Telecom giant AT&T, Inc. reported Thursday a 24 percent decline in profit for the third quarter, primarily hurt by lower revenues across all its operating segments amid the impact from COVID-19 pandemic. Adjusted earnings for the quarter met analysts' expectations, while quarterly revenues topped their estimates.
RELATED NEWS
Follow RTT