v2.4.0.8

Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Information

Financial information with respect to operating segments

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates:(1)
Drilling & Rig Services:
U.S.		$	1,914,786		$	2,276,808		$	1,999,241
Canada			361,676			429,411			426,455
International			1,464,264			1,265,060			1,104,461
Rig Services(2)			516,004			688,310			626,169
​	​	​	​	​	​	​	​	​	​	​
Subtotal drilling and rig services(3)			4,256,730			4,659,589			4,156,326
Completion & Production Services:
Completion Services			1,074,713			1,462,767			1,237,306
Production Services			1,009,214			1,000,873			849,522
​	​	​	​	​	​	​	​	​	​	​
Subtotal completion and production services(4)			2,083,927			2,463,640			2,086,828
Other reconciling items(5)			(188,603	)		(568,896	)		(144,226	)
​	​	​	​	​	​	​	​	​	​	​
Total		$	6,152,054		$	6,554,333		$	6,098,928
​	​	​	​	​	​	​	​	​	​	​

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
Adjusted income (loss) derived from operating activities:(1)(6)
Drilling & Rig Services:
U.S.		$	315,496		$	509,894		$	442,831
Canada			61,193			91,360			89,344
International			177,833			91,226			123,813
Rig Services(2)			(3,918	)		67,366			55,856
​	​	​	​	​	​	​	​	​	​	​
Subtotal drilling and rig services(3)			550,604			759,846			711,844
Completion & Production Services:
Completion Services			51,722			188,518			229,125
Production Services			102,130			108,835			80,018
​	​	​	​	​	​	​	​	​	​	​
Subtotal completion and production services(4)			153,852			297,353			309,143
Other reconciling items(7)			(146,237	)		(148,649	)		(154,981	)
​	​	​	​	​	​	​	​	​	​	​
Total adjusted income (loss) derived from operating activities		$	558,219		$	908,550		$	866,006
​	​	​	​	​	​	​	​	​	​	​
U.S. oil and gas joint venture earnings (losses)			—			(289,199	)		88,486
Interest expense			(223,418	)		(251,904	)		(256,632	)
Investment income (loss)			96,577			63,137			19,939
Gains (losses) on sales and disposals of long-lived assets and other income (expense), net			(37,977	)		136,636			(4,474	)
Impairments and other charges			(287,241	)		(290,260	)		(198,072	)
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from continuing operations before income taxes			106,160			276,960			515,253
Income tax expense (benefit)			(55,181	)		40,986			165,083
Subsidiary preferred stock dividend			3,000			3,000			3,000
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from continuing operations, net of tax			158,341			232,974			347,170
Income (loss) from discontinued operations, net of tax			(11,179	)		(67,526	)		(97,601	)
​	​	​	​	​	​	​	​	​	​	​
Net income (loss)			147,162			165,448			249,569
Less: Net (income) loss attributable to noncontrolling interest			(7,180	)		(621	)		(1,045	)
​	​	​	​	​	​	​	​	​	​	​
Net income (loss) attributable to Nabors		$	139,982		$	164,827		$	248,524
​	​	​	​	​	​	​	​	​	​	​

		Year Ended December 31,
		2013			2012			2011
		(In thousands)
Depreciation and amortization(1)
Drilling & Rig Services:
U.S.		$	440,210		$	406,740		$	360,604
Canada			57,796			59,191			57,382
International			346,659			330,388			273,315
Rig Services(2)			32,029			29,617			28,192
​	​	​	​	​	​	​	​	​	​	​
Subtotal drilling and rig services			876,694			825,936			719,493
Completion & Production Services:
Completion Services			109,242			112,401			102,009
Production Services			103,502			104,201			96,885
​	​	​	​	​	​	​	​	​	​	​
Subtotal completion and production services			212,744			216,602			198,894
Other reconciling items(7)			(2,761	)		(2,615	)		(265	)
​	​	​	​	​	​	​	​	​	​	​
Total depreciation and amortization		$	1,086,677		$	1,039,923		$	918,122
​	​	​	​	​	​	​	​	​	​	​

		Year Ended December 31,
		2013			2012			2011
		(In thousands)
Capital expenditures and acquisitions of businesses:(9)
Drilling & Rig Services:
U.S.		$	644,792		$	758,555		$	719,741
Canada			59,386			78,729			58,134
International			248,980			265,249			653,759
Rig Services(2)			70,831			39,923			136,739
​	​	​	​	​	​	​	​	​	​	​
Subtotal drilling and rig services			1,023,989			1,142,456			1,568,373
Completion & Production Services(8)			325,449			238,300			487,900
Other reconciling items(7)			16,556			52,830			191,462
​	​	​	​	​	​	​	​	​	​	​
Total capital expenditures and acquisitions of businesses		$	1,365,994		$	1,433,586		$	2,247,735
​	​	​	​	​	​	​	​	​	​	​

		Year Ended December 31,
		2013			2012
		(In thousands)
Total assets:
Drilling & Rig Services:
U.S.		$	4,248,630		$	4,157,470
Canada			608,018			699,698
International			3,584,339			3,626,307
Rig Services			474,275			644,350
​	​	​	​	​	​	​	​
Subtotal drilling and rig services(10)			8,915,262			9,127,825
Completion & Production Services(8)(11)			2,394,865			2,301,803
Other reconciling items(7)(12)			849,684			1,226,394
​	​	​	​	​	​	​	​
Total assets		$	12,159,811		$	12,656,022
​	​	​	​	​	​	​	​

(1)

All periods present the operating activities of our wholly owned oil and gas businesses, our previously held equity interests in oil and gas joint ventures in Canada and Colombia, aircraft logistics operations and construction services as discontinued operations.

(2)

Includes our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software services. These services represent our other companies that are not aggregated into a reportable operating segment.

(3)

Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of ($0.4) and ($3.1) million for the years ended December 31, 2013 and 2011, respectively.

(4)

Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $0.4 million and $0.5 million for the years ended December 31, 2013 and 2012, respectively.

(5)

Represents the elimination of inter-segment transactions and earnings (losses), net from the U.S. unconsolidated oil and gas joint venture, accounted for using the equity method until sold in December 2012, of ($289.2) million and $88.5 million for the years ended December 31, 2012 and 2011, respectively.

(6)

Adjusted income (loss) derived from operating activities is computed by subtracting the sum of direct costs, general and administrative expenses, depreciation and amortization and earnings (losses) from the U.S. oil and gas joint venture from the sum of Operating revenues and Earnings (losses) from unconsolidated affiliates. These amounts should not be used as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our business units and the consolidated company based on several criteria, including adjusted income (loss) derived from operating activities, because it believes that these financial measures accurately reflect our ongoing profitability. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table.

(7)

Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.

(8)

Reflects assets allocated to the line of business to conduct its operations. Further allocation to individual operating segments of Completion & Production Services is not available.

(9)

Includes the portion of the purchase price of acquisitions allocated to fixed assets and goodwill based on their fair market value.

(10)

Includes $57.0 million and $59.9 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2013 and 2012, respectively.

(11)

Includes $7.4 million and $1.8 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2013 and 2012, respectively.

(12)

Includes assets of $239.9 million and $377.6 million from oil and gas businesses classified as assets held-for-sale as of December 31, 2013 and 2012, respectively.

Schedule of financial information with respect to Nabors' operations by geographic area

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates:
U.S.		$	4,146,125		$	4,625,614		$	4,311,009
Outside the U.S.			2,005,929			1,928,719			1,787,919
​	​	​	​	​	​	​	​	​	​	​
		$	6,152,054		$	6,554,333		$	6,098,928
​	​	​	​	​	​	​	​	​	​	​
Property, plant and equipment, net:
U.S.		$	5,474,746		$	5,179,578		$	4,974,239
Outside the U.S.			3,123,067			3,532,510			3,655,707
​	​	​	​	​	​	​	​	​	​	​
		$	8,597,813		$	8,712,088		$	8,629,946
​	​	​	​	​	​	​	​	​	​	​
Goodwill:
U.S.		$	498,149		$	456,463		$	466,794
Outside the U.S.			14,815			15,863			34,464
​	​	​	​	​	​	​	​	​	​	​
		$	512,964		$	472,326		$	501,258
​	​	​	​	​	​	​	​	​	​	​

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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