Nabors Industries is an American global oil and gas drilling contractor based and headquartered in Houston, Texas.Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. Activity declines across several markets and disruptions related to the COVID-19 virus impacted results. I remain confident that their commitment and perseverance will be rewarded in the recovery. Average daily margins in the Lower 48 widened to $10,449 as favorable cost performance offset the erosion to average fleet dayrates. In addition, we slashed our overhead expenses and capital spending, while making notable progress on our priorities to generate free cash flow and reduce net debt. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP.

Primarily, these measures include a streamlined corporate organization, reduced compensation, and a field-support infrastructure optimized for the lower level of activity. After-tax charges in the second quarter are expected to be $54 million, or $7.68 per share, primarily related to asset impairments and severance costs. The U.S. segment's rig count currently stands at 55, with 49 rigs in the Lower 48. It markets approximately 550 land drilling rigs for oil and gas land drilling operations in the United States Lower 48 states, Alaska, Canada, South America, Mexico, the Caribbean, the Middle East, the Far East, Russia, and Africa. Since our founding in 1952, Nabors has a long history of innovation.

Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS. Assets held for sale 1,936 2,530. Leadership includes maintaining high moral, ethical and legal standards in all relationships and transactions in which the Company engages. The quarterly average rig count, at 82, declined by 5% from the prior quarter. Company consists of the following business segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies.

Since then, we have gone to great lengths – and depths – to provide innovative drilling solutions that help our customers meet the world’s demand for oil and gas. There are 184 companies in the NABORS ARABIA CO LTD corporate family. Total overhead was reduced by $30 million, a 25% sequential decrease. Nine Months Ended. "We spent the last several years focusing our value proposition on the group of operators we thought most capable of sustaining scale in their markets.

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