NABORS INDUSTRIES LTD MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

We often discuss expectations regarding our future markets, demand for our
products and services, and our performance in our annual, quarterly and current
reports, press releases, and other written and oral statements. Statements
relating to matters that are not historical facts are "forward-looking
statements" within the meaning of the safe harbor provisions of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These
"forward-looking statements" are based on an analysis of currently available
competitive, financial and economic data and our operating plans. They are
inherently uncertain and investors should recognize that events and actual
results could turn out to be significantly different from our expectations. By
way of illustration, when used in this document, words such as "anticipate,"
"believe," "expect," "plan," "intend," "estimate," "project," "will," "should,"
"could," "may," "predict" and similar expressions are intended to identify
forward-looking statements.

You should consider the following key factors when evaluating these forward-looking statements:

? actual and potential political or economic instability, civil unrest, war

or acts of terrorism involving any of the countries in which we operate;

? the novel coronavirus (“COVID-19”) pandemic and its impact on our operations as

as well as oil and gas markets and prices;

? fluctuations and volatility in world oil prices and demand and

natural gas;

? fluctuations in levels of oil and natural gas exploration and development

Activities;

? fluctuations in demand for our services;

? competitive and technological changes and other developments in the oil and gas industry

and oil service industries;

? our ability to renew customer contracts in order to maintain our competitiveness;

? the existence of operational risks inherent in oil and gas and oilfields

service industries;

? the possibility of the loss of one or more of our major customers;

? the impact of long-term debt and other financial commitments on our

financial and operational flexibility;

our access and cost of capital, including the impact of a new

? deterioration in our credit rating, covenant restrictions, availability under our

secured revolving credit facility and future debt or equity issuances

securities;

? our dependence on our operating subsidiaries and our investments to meet our

financial obligations;

? our ability to retain qualified employees;

? our ability to successfully complete and realize the expected benefits of

transactions;

? changes in tax laws and the possibility of changes in other laws and

regulations;

? the possibility of changes to WE trade policies and regulations, including

imposition of embargoes or trade sanctions; and

? general economic conditions, including capital and credit markets.


Our business depends, to a large degree, on the level of spending by oil and gas
companies for exploration, development and production activities. Therefore, a
sustained increase or decrease in the price of oil or natural gas, that

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has a material impact on exploration, development and production activities,
could also materially affect our financial position, results of operations and
cash flows.

The above description of risks and uncertainties is by no means all-inclusive
but highlights certain factors that we believe are important for your
consideration. For a more detailed description of risk factors that may affect
us or our industry, please refer to Item 1A. - Risk Factors in our 2021 Annual
Report.

Management Overview

This section is intended to help you understand our results of operations and
our financial condition. This information is provided as a supplement to, and
should be read in conjunction with, our condensed consolidated financial
statements and the accompanying notes thereto.

We are a leading provider of advanced technology for the energy industry. With
operations in over 15 countries, Nabors has established a global network of
people, technology and equipment to deploy solutions that deliver safe,
efficient and sustainable energy production. By leveraging its core
competencies, particularly in drilling, engineering, automation, data science
and manufacturing, Nabors aims to innovate the future of energy and enable the
transition to a lower carbon world.

Outlook

The demand for our services and products is a function of the level of spending
by oil and gas companies for exploration, development and production activities.
The level of exploration, development and production activities is to a large
extent tied to the prices of oil and natural gas, which can fluctuate
significantly, are highly volatile and tend to be highly sensitive to supply and
demand cycles. Additionally, some oil and gas companies may intentionally limit
their capital spending to a percentage of their operating cash flows which may
differ from how they have historically made capital allocation decisions.

During 2020, the oil markets experienced unprecedented volatility. The COVID-19
outbreak, and its development into a pandemic, along with policies and actions
taken by governments and behaviors of companies and customers around the world,
had a significant negative impact on demand for oil and gas and by extension our
services, which negatively impacted our operating results and cash flow
throughout 2020 and into 2021. The Lower-48 drilling rig market began to
stabilize during the second half of 2020 and continued to improve at a measured
rate throughout 2021. We expect continued measured but steady increases in
activity throughout the remainder of 2022 for the Lower-48 market. Our
International markets also experienced factors and conditions that led to
similar reductions in activity throughout 2020, but the impact varied
considerably from country to country. Since 2020, we have seen a substantial
resumption of activity to near pre-COVID-19 levels. As government-imposed
restrictions continue to ease, we expect our international activity to generally
increase through the remainder of the year.

More recently, several global commodity markets, including oil and gas, have
been impacted by the effects of the war in Ukraine. These consequences include
severe economic sanctions against the Russian government as well as certain
Russian businesses and individuals, in addition to a reorientation of the global
sources of oil and gas supply and a significant increase in the related
commodity prices. While higher commodity prices have historically led to an
increase in oilfield activity, the ultimate outcome of these events and the
impact on our business remains uncertain.

RECENT DEVELOPMENTS

Credit agreement 2022

On January 21, 2022, we entered into a revolving credit agreement between Nabors
Delaware, the guarantors from time to time party thereto, the issuing banks (the
"Issuing Banks") and other lenders party thereto (the "Lenders") and Citibank,
N.A., as administrative agent (the "2022 Credit Agreement"). The 2022 Credit
Agreement replaced the 2018 Revolving Credit Facility. Under the 2022 Credit
Agreement, the Lenders have committed to provide up to an aggregate principal
amount at any time outstanding not in excess of $350.0 million (with an
accordion feature for an additional $100.0 million) to Nabors Delaware under a
secured revolving credit facility, including sub-facilities provided by certain
of the Lenders for letters of credit in an aggregate principal amount at any
time outstanding not in excess of $100.0 million. The facility matures on the
earlier of (a) January 21, 2026 and (b) (i) to the extent any principal amount
of

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Nabors Delaware's existing 5.1% senior notes due 2023, 5.5% senior notes due
2023 and 5.75% senior notes due 2025 remains outstanding on the date that is 90
days prior to the applicable maturity date for such indebtedness, then such 90th
day or (ii) to the extent 50% or more of the outstanding (as of the closing
date) aggregate principal amount of the 0.75% senior exchangeable notes due 2024
remains outstanding and not refinanced or defeased on the date that is 90 days
prior to the maturity date for such indebtedness, then such 90th day.

Financial results

Comparison of the three months ended March 31, 2022 and 2021

Operating revenue for the three months ended March 31, 2022 totaled $568.5 millionwhich represents an increase of $108.0 millionor 23%, compared to the three months ended March 31, 2021. All of our operating segments, with the exception of Canada Drilling due to its sale, experienced an increase in revenues during this period. For a more detailed description of operating results, see segment operating results below.

Net loss from continuing operations attributable to Nabors common shareholders
totaled $184.5 million ($22.51 per diluted share) for the three months ended
March 31, 2022 compared to a net loss from continuing operations attributable to
Nabors common shareholders of $140.8 million ($20.16 per diluted share) for the
three months ended March 31, 2021, or a $43.7 million increase in the net loss.
The majority of the increase in net loss is attributable to $73.2 million in
mark-to-market losses from the common stock warrants that were outstanding
during the first quarter of 2022. These losses were partially offset by improved
market conditions in all our segments from the prior year, together with lower
depreciation.

General and administrative expenses for the three months ended March 31, 2022
totaled $53.6 million, representing a decrease of $1.0 million, or 2%, compared
to the three months ended March 31, 2021.

Research and engineering expenses for the three months ended March 31, 2022
totaled $11.7 million, representing an increase of $4.1 million, or 56%,
compared to the three months ended March 31, 2021. This is primarily reflective
of an increase in research and development activities, along with the higher
general operating activity levels, as market conditions have improved.

Depreciation and amortization expense for the three months ended March 31, 2022
was $164.4 million, representing a decrease of $12.9 million, or 7%, compared to
the three months ended March 31, 2021. The decrease is attributable to the
combination of a reduction in depreciation as a result of the many assets that
have recently reached the end of their useful lives and limited capital
expenditures over recent years. The decrease is also due to the sale of Canada
Drilling assets in July 2021.

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Segment operating results

The following tables present certain information regarding our reportable segments and our drilling activity:

                                                               Three Months Ended
                                                                    March 31,
                                                               2022          2021        Increase/(Decrease)

                                                        (In thousands, except percentages and rig activity)
U.S. Drilling
Operating revenues                                           $ 217,583    $  142,299    $      75,284       53 %
Adjusted operating income (loss) (1)                         $ (5,851)    $
(23,336)    $      17,485       75 %
Average rigs working (2)                                          90.3          60.5             29.8       49 %

Canada Drilling
Operating revenues                                           $       -    $   20,989    $    (20,989)    (100) %
Adjusted operating income (loss) (1)                         $    (19)    $
   3,907    $     (3,926)    (100) %
Average rigs working (2)                                             -          13.7           (13.7)    (100) %

International Drilling
Operating revenues                                           $ 279,030    $  246,838    $      32,192       13 %
Adjusted operating income (loss) (1)                         $ (6,327)    $
(18,632)    $      12,305       66 %
Average rigs working (2)                                          72.0          64.8              7.2       11 %

Drilling Solutions
Operating revenues                                           $  54,182    $   35,706    $      18,476       52 %
Adjusted operating income (loss) (1)                         $  14,709    $
   4,710    $       9,999      212 %

Rig Technologies
Operating revenues                                           $  36,736    $   25,748    $      10,988       43 %
Adjusted operating income (loss) (1)                         $ (2,751)    $

(2,569) ($182) (7)%

Adjusted operating profit (loss) is our measure of segment profit and loss. (1) See Note 11-Segment information to the consolidated financial statements

included in point 1 of the report.

Represents a measure of the average number of platforms in operation during a

period. For example, a rig running 45 days in a quarter represents (2) approximately 0.5 average rigs running during the quarter. Over an annual period,

a platform running 182.5 days is about 0.5 average platform

    working for the year.


U.S. Drilling
Operating revenues for our U.S. Drilling segment increased by $75.3 million or
53% during the three months ended March 31, 2022 compared to the corresponding
period in 2021. This increase was due to a 49% increase in the average rigs
working, reflecting increased drilling activity as market conditions and demand
for our drilling services have rebounded and increased since the prior year.

Drilling Canada

Operating revenue decreased in the three months ended March 31, 2022
compared to the same period last year due to the sale of the assets of Canada Drilling in July 2021.

International drilling

Operating revenues for our International Drilling segment increased by $32.2
million or 13% compared to the corresponding prior year period. This increase
was due to an 11% increase in the average rigs working, reflecting increased
drilling activity as market conditions and demand for our drilling services have
rebounded and increased since the prior year.

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Drilling Solutions

Operating revenues for this segment increased by $18.5 million or 52% during the
three months ended March 31, 2022 compared to the corresponding period in 2021
as market conditions and demand for our services have rebounded and drilling
activity has increased since the prior year.

Platform Technologies

Operating revenue from our Rig Technologies segment increased by $11.0 million
or 43% during the three months ended March 31, 2022 compared to the corresponding period, as market conditions and demand for our services improved slightly from the previous year.

Other financial information

Interest expense

Interest expense for the three months ended March 31, 2022 was $46.9 million,
representing an increase of $3.9 million, or 9%, compared to the three months
ended March 31, 2021. The increase was primarily due to the issuance of $700
million in 7.375% senior priority guaranteed notes due May 2027 in November
2021, partially offset by a reduction to our overall debt levels, outstanding
notes and credit facilities.

Other, net

Other, net for the three months ended March 31, 2022 was $80.4 million of loss.
Approximately $73.2 million of this amount related to mark-to-market losses from
the common stock warrants. In addition, there were $4.2 million in foreign
currency loss and an increase of $3.1 million in litigation reserves.

Other, net for the three months ended March 31, 2021 was $7.3 million of loss,
which included a net gain on debt buybacks of $8.1 million. This was offset by
net losses on sales and disposals of assets of approximately $8.5 million,
foreign currency loss of $2.4 million and an increase in litigation reserves of
$1.5 million.

Income taxes

Our worldwide tax expense for the three months ended March 31, 2022 was $13.7
million compared to $9.7 million for the three months ended March 31, 2021. The
increase in tax expense was primarily attributable to the improvement in income
before income taxes, excluding the mark-to-market losses related to the common
stock warrants, and the geographic mix of our pre-tax earnings (losses).

Cash and capital resources

Financial situation and sources of liquidity

Our primary sources of liquidity are cash and investments, availability under
our revolving credit facility and cash generated from operations. As of
March 31, 2022, we had cash and short-term investments of $394.0 million and
working capital of $430.6 million. As of December 31, 2021, we had cash and
short-term investments of $991.5 million and working capital of $1.0 billion.

To March 31, 2022we had no outstanding borrowings under the 2022 Credit Agreement, which has an aggregate borrowing capacity of $350.0 million.

The 2022 Credit Agreement requires us to maintain an interest coverage ratio
(EBITDA/interest expense), which increases on a quarterly basis, and a minimum
guarantor value, requiring the guarantors (other than the Company) and their
subsidiaries to own at least 90% of the consolidated property, plant and
equipment of the Company. Additionally, the Company is subject to certain
covenants, which are subject to certain exceptions and include, among others,
(i) a covenant restricting our ability to incur liens (subject to the additional
liens basket of up to $150.0 million), (ii) a covenant restricting its ability
to pay dividends or make other distributions with respect to its capital stock
and to repurchase certain indebtedness and (iii) a covenant restricting the
ability of the Company's subsidiaries to incur debt

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(subject to the grower basket of up to $100.0 million). As of March 31, 2022, we
were in compliance with both the interest coverage ratio and the minimum
guarantor value requirements under the 2022 Credit Agreement. We also had $62.6
million of letters of credit outstanding under the 2022 Credit Agreement.

As of the date of this report, we were in compliance with all covenants under
the 2022 Credit Agreement. If we fail to perform our obligations under the
covenants, the revolving credit commitments under the 2022 Credit Agreement
could be terminated, and any outstanding borrowings under the facilities could
be declared immediately due and payable. If necessary, we have the ability to
manage our covenant compliance by taking certain actions including reductions in
discretionary capital or other types of controllable expenditures, monetization
of assets, amending or renegotiating the revolving credit agreement, accessing
capital markets through a variety of alternative methods, or any combination of
these alternatives. We expect to remain in compliance with all covenants under
the 2022 Credit Agreement during the twelve month period following the date of
this report based on our current operational and financial projections. However,
we can make no assurance of continued compliance if our current projections or
material underlying assumptions prove to be incorrect. If we fail to comply with
the covenants, the revolving credit commitment could be terminated, and any
outstanding borrowings under the facility could be declared immediately due and
payable.

Our ability to access capital markets or to otherwise obtain sufficient
financing may be affected by our senior unsecured debt ratings as provided by
the major credit rating agencies in the United States and our historical ability
to access these markets as needed. While there can be no assurances that we will
be able to access these markets in the future, we believe that we will be able
to access capital markets or otherwise obtain financing in order to satisfy any
payment obligation that might arise upon maturity, exchange or purchase of our
notes and our debt facilities, loss of availability of our revolving credit
facilities and our A/R Facility (see-Accounts Receivable Purchase and Sales
Agreements, below), and that any cash payment due, in addition to our other cash
obligations, would not ultimately have a material adverse impact on our
liquidity or financial position. The major U.S. credit rating agencies have
previously downgraded our senior unsecured debt rating to non-investment grade.
These and any further ratings downgrades could adversely impact our ability to
access debt markets in the future, increase the cost of future debt, and
potentially require us to post letters of credit for certain obligations

We had 18 letter of credit facilities with various banks in March 31, 2022. Availability under these facilities from March 31, 2022 was the following:

                                                                          March 31,
                                                                             2022
                                                                        (In thousands)
Credit available                                                       $        620,552
Less: Letters of credit outstanding, inclusive of financial and
performance guarantees                                                           77,064
Remaining availability                                                 $        543,488

Accounts Receivable Purchase and Sale Agreements

On September 13, 2019, we entered into an accounts receivables sales agreement
(the "A/R Sales Agreement") and an accounts receivables purchase agreement (the
"A/R Purchase Agreement" and, together with the A/R Sales Agreement, the "A/R
Facility"), whereby the originators sold or contributed, and will on an ongoing
basis continue to sell or contribute, certain of their domestic trade accounts
receivables to a wholly-owned, bankruptcy-remote special purpose entity ("SPE").
The SPE in turn, sells, transfers, conveys and assigns to third-party
Purchasers, all the rights, title and interest in and to its pool of eligible
receivables.

On July 13, 2021, we entered into the First Amendment to the A/R Purchase
Agreement which extends the term of the A/R Facility by two years, to August 13,
2023. However, the expiration of the agreement could be accelerated to July 19,
2022, if any of the 5.5% Senior Notes due 2023 of Nabors Delaware remain
outstanding as of such date. The amendment also reduced the commitments of the
third-party Purchasers from $250 million to $150 million, with the possibility
of being increased up to $200 million.

The amount available for purchase under the A/R Facility fluctuates over time
based on the total amount of eligible receivables generated during the normal
course of business after excluding excess concentrations and certain other
ineligible receivables. The maximum purchase commitment of the third-party
Purchasers under the A/R Facility is approximately $150.0 million and the amount
of receivables purchased by the third-party Purchasers as of March 31, 2022
was
$136.0 million.

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The initiators, Nabors Delaware, the Host and the Company provide representations, warranties, covenants and indemnities under the A/R Facility and Indemnity Guarantee. See more details in Note 4 – Contracts for the purchase and sale of accounts receivable.

Future cash requirements

Our current cash and investments, projected cash flows from operations, proceeds
from equity or debt issuances and the facilities under our 2022 Credit Agreement
are expected to adequately finance our purchase commitments, capital
expenditures, acquisitions, scheduled debt service requirements, and all other
expected cash requirements for at least the next 12 months. However, we can make
no assurances that our current operational and financial projections will prove
to be correct. A sustained period of highly depressed oil and natural gas prices
could have a significant effect on our customers' capital expenditure spending
and therefore our operations, cash flows and liquidity.

Purchase commitments outstanding at March 31, 2022 totaled approximately $251.8
million, primarily for capital expenditures, other operating expenses and
purchases of inventory. We can reduce planned expenditures if necessary or
increase them if market conditions and new business opportunities warrant it.
The level of our outstanding purchase commitments and our expected level of
capital expenditures over the next 12 months represent a number of capital
programs that are currently underway or planned.

See our discussion of guarantees issued by Nabors that could have a potential
impact on our financial position, results of operations or cash flows in future
periods included below under "Off-Balance Sheet Arrangements (Including
Guarantees)."

There were no material changes to the contractual cash obligations that were included in our 2021 Annual Report.

On August 25, 2015, our Board authorized a share repurchase program (the
"program") under which we may repurchase, from time to time, up to $400.0
million of our common shares by various means, including in the open market or
in privately negotiated transactions. Authorization for the program, which was
renewed in February 2019, does not have an expiration date and does not obligate
us to repurchase any of our common shares. Since establishing the program, we
have repurchased 0.3 million of our common shares for an aggregate purchase
price of approximately $121.1 million under this program. The repurchased
shares, which are held by our subsidiaries, are registered and tradable subject
to applicable securities law limitations and have the same voting and other
rights as other outstanding shares. As of March 31, 2022, the remaining amount
authorized under the program that may be used to purchase shares was $278.9
million. As of March 31, 2022, our subsidiaries held 1.1 million of our common
shares.

We may from time to time seek to retire or purchase our outstanding debt through
cash purchases and/or exchanges for equity securities, both in open-market
purchases, privately negotiated transactions or otherwise. Such repurchases or
exchanges, if any, will depend on prevailing market conditions, our liquidity
requirements, contractual restrictions and other factors and may involve
material amounts.

Cash flow

Our cash flows depend, to a large degree, on the level of spending by oil and
gas companies for exploration, development and production activities. Sustained
decreases in the price of oil or natural gas could have a material impact on
these activities and could also materially affect our cash flows. Certain
sources and uses of cash, such as the level of discretionary capital
expenditures or acquisitions, purchases and sales of investments, dividends,
loans, issuances and repurchases of debt and of our common shares are within our
control and are adjusted as necessary based on market conditions. We discuss our
cash flows for the three months ended March 31, 2022 and 2021 below.

Operating Activities. Net cash provided by operating activities totaled $41.4
million during the three months ended March 31, 2022, compared to net cash
provided of $79.5 million during the corresponding 2021 period. Operating cash
flows are our primary source of capital and liquidity.  Cash from operating
results (before working capital changes) was $68.6 million for the three months
ended March 31, 2022, an increase of $16.5 million when compared to $52.1
million in the corresponding 2021 period. This was due to the increase in
activity across most of our business for the three month period ended March 31,
2022 compared to the three month period ended March 31, 2021. Changes in working

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capital items such as collection of receivables, other deferred revenue
arrangements and payments of operating payables are also significant factors
affecting operating cash flows and can be highly volatile in periods of
increasing or decreasing activity levels. Changes in working capital items used
$27.3 million in cash flows during the three months ended March 31, 2022, a
$54.7 million unfavorable change as compared to the $27.4 million in cash flows
provided from working capital in the corresponding 2021 period.  This is
reflective of the increased working capital requirements that are a result of
activity level increases.

Investing Activities. Net cash used for investing activities totaled $82.1
million during the three months ended March 31, 2022 compared to net cash used
of $19.1 million during the corresponding 2021 period. Our primary use of cash
for investing activities is capital expenditures for rig-related enhancements,
new construction and equipment, as well as sustaining capital expenditures.
During the three months ended March 31, 2022 and 2021, we used cash for capital
expenditures totaling $84.3 million and $40.9 million, respectively.

We received $3.7 million in proceeds from sales of assets and insurance claims
during the three months ended March 31, 2022 compared to $10.8 million for the
corresponding 2021 period. We also received $10.9 million in sales and
maturities of investments for the three months ended March 31, 2021.

Fundraising activities. Net cash used for financing activities totaled $555.3 million in the three months ended March 31, 2022. In the three months ended March 31, 2022have been paid $460.0 million in net amounts under our revolving credit facility and $86.1 million long-term debt.

Net cash used for financing activities totaled $113.9 million during the three
months ended March 31, 2021. During the three months ended March 31, 2021, we
used $49.1 million for a redeemable non-controlling interest distribution, $40.0
million in net amounts repaid under our revolving credit facility and by a $16.8
million repayment on our senior notes. Additionally, we paid dividends totaling
$3.6 million to our preferred shareholders.

Summarized combined financial information for the securities guarantee of the subsidiaries

Nabors Delaware is an indirect, wholly owned subsidiary of Nabors. Nabors fully
and unconditionally guarantees the due and punctual payment of the principal of,
premium, if any, and interest on Nabors Delaware's registered notes, which are
its (i) 5.10% Senior Notes due 2023 (the "2023 Notes"), (ii) 5.50% Senior Notes
due 2023 (the "5.50% 2023 Notes") and (iii) 5.75% Senior Notes due 2025 (the
"2025 Notes" and, together with the 2023 Notes and the 5.50% 2023 Notes, the
"Registered Notes"), and any other obligations of Nabors Delaware under the
Registered Notes when and as they become due and payable, whether at maturity,
upon redemption, by acceleration or otherwise, if Nabors Delaware is unable to
satisfy these obligations. Nabors' guarantee of Nabors Delaware's obligations
under the Registered Notes are its unsecured and unsubordinated obligation and
have the same ranking with respect to Nabors' indebtedness as the Registered
Notes have with respect to Nabors Delaware's indebtedness. In the event that
Nabors is required to withhold or deduct on account of any Bermudian taxes due
from any payment made under or with respect to its guarantees, subject to
certain exceptions, Nabors will pay additional amounts so that the net amount
received by each holder of Registered Notes will equal the amount that such
holder would have received if the Bermudian taxes had not been required to be
withheld or deducted.

The following summarized financial information is included so that separate
financial statements of Nabors Delaware are not required to be filed with the
SEC. The condensed consolidating financial statements present investments in
both consolidated and unconsolidated affiliates using the equity method of
accounting.

In lieu of providing separate financial statements for issuers and guarantors
(the "Obligated Group"), we have presented the accompanying supplemental
summarized combined balance sheet and income statement information for the
Obligated Group based on Rule 13-01 of the SEC's Regulation S-X that we early
adopted effective April 1, 2020.

All significant intercompany items among the Obligated Group have been
eliminated in the supplemental summarized combined financial information. The
Obligated Group's investment balances in Subsidiary Non-Guarantors have been
excluded from the supplemental combined financial information. Significant
intercompany balances and activity for the Obligated Group with other related
parties, including Subsidiary Non-Guarantors (referred to as "affiliates"), are
presented separately in the accompanying supplemental summarized financial
information.

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Combined condensed balance sheet and income statement information for the
Compulsory group follows (in thousands):

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