Nabors Withdraws 2020 Guidance; To Suspend Dividend - Quick Facts

(RTTNews) - 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 (NBR) said, due to uncertainty in the current market conditions, the company has withdrawn any previously-issued guidance for 2020.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.