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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Information |
Schedule of financial information with respect to operating segments | The following tables sets forth financial information with respect to our reportable operating segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total
​ | ​ | (In thousands)
Operating revenues | ​ | $ | 1,028,122 | ​ | $ | 1,446,092 | ​ | $ | 314,071 | ​ | $ | 201,677 | ​ | $ | 2,989,962 | ​ | $ | (59,836) | ​ | $ | 2,930,126
Direct costs | ​ |  | (554,527) | ​ | ​ | (941,118) | ​ | ​ | (151,387) | ​ | ​ | (138,936) | ​ | ​ | (1,785,968) | ​ | ​ | 43,557 | ​ | ​ | (1,742,411)
Depreciation and amortization | ​ |  | (272,559) | ​ | ​ | (328,924) | ​ | ​ | (19,988) | ​ | ​ | (9,200) | ​ | ​ | (630,671) | ​ | ​ | (2,737) | ​ | ​ | (633,408)
Other segment expenses (2) | ​ |  | (24,755) | ​ | ​ | (68,192) | ​ | ​ | (30,309) | ​ | ​ | (33,298) | ​ |  | (156,554) | ​ | ​ | (149,826) | ​ |  | (306,380)
Total adjusted operating income (loss) | ​ | $ | 176,281 | ​ | $ | 107,858 | ​ | $ | 112,387 | ​ | $ | 20,243 | ​ | ​ | 416,769 | ​ | $ | (168,842) | ​ | ​ | 247,927
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 110,822 | ​ | $ | 459,175 | ​ | $ | 17,787 | ​ | $ | 5,767 | ​ | $ | 593,551 | ​ | $ | 16,176 | ​ | $ | 609,727
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total
​ | ​ | (In thousands)
Operating revenues | ​ | $ | 1,207,629 | ​ | $ | 1,345,249 | ​ | $ | 301,757 | ​ | $ | 242,768 | ​ | $ | 3,097,403 | ​ | $ | (91,422) | ​ | $ | 3,005,981
Direct costs | ​ |  | (647,251) | ​ |  | (892,182) | ​ |  | (145,139) | ​ |  | (181,644) | ​ | ​ | (1,866,216) | ​ |  | 75,836 | ​ | ​ | (1,790,380)
Depreciation and amortization | ​ |  | (271,310) | ​ |  | (347,786) | ​ |  | (18,634) | ​ |  | (7,865) | ​ | ​ | (645,595) | ​ |  | 301 | ​ | ​ | (645,294)
Other segment expenses (2) | ​ |  | (26,715) | ​ | ​ | (64,413) | ​ | ​ | (27,027) | ​ | ​ | (33,730) | ​ |  | (151,885) | ​ | ​ | (148,559) | ​ |  | (300,444)
Total adjusted operating income (loss) | ​ | $ | 262,353 | ​ | $ | 40,868 | ​ | $ | 110,957 | ​ | $ | 19,529 | ​ | $ | 433,707 | ​ | $ | (163,844) | ​ | $ | 269,863
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 136,311 | ​ | $ | 357,609 | ​ | $ | 25,721 | ​ | $ | 21,229 | ​ | $ | 540,870 | ​ | $ | 12,038 | ​ | $ | 552,908
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total
​ | ​ | (In thousands)
Operating revenues | ​ | $ | 1,100,614 | ​ | $ | 1,199,282 | ​ | $ | 243,349 | ​ | $ | 195,129 | ​ | $ | 2,738,374 | ​ | $ | (84,608) | ​ | $ | 2,653,766
Direct costs | ​ |  | (652,899) | ​ |  | (813,418) | ​ |  | (118,452) | ​ |  | (151,135) | ​ | ​ | (1,735,904) | ​ |  | 69,900 | ​ | ​ | (1,666,004)
Depreciation and amortization | ​ |  | (311,759) | ​ |  | (329,335) | ​ |  | (20,829) | ​ |  | (5,794) | ​ | ​ | (667,717) | ​ |  | 2,645 | ​ | ​ | (665,072)
Other segment expenses (2) | ​ |  | (27,450) | ​ | ​ | (57,408) | ​ | ​ | (26,200) | ​ | ​ | (29,294) | ​ |  | (140,352) | ​ | ​ | (138,018) | ​ |  | (278,370)
Total adjusted operating income (loss) | ​ | $ | 108,506 | ​ | $ | (879) | ​ | $ | 77,868 | ​ | $ | 8,906 | ​ | $ | 194,401 | ​ | $ | (150,081) | ​ | $ | 44,320
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 118,017 | ​ | $ | 222,099 | ​ | $ | 19,946 | ​ | $ | 15,660 | ​ | $ | 375,722 | ​ | $ | 5,765 | ​ | $ | 381,487
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | 2024 |  | 2023 |  | 2022 |
​ | ​ |  | (In thousands) |
Reconciliation of segment adjusted operating income (loss) to net income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | ​ | $ | (87,987) | ​ | $ | 49,904 | ​ | $ | (307,218) | ​
Income tax expense (benefit) | ​ | ​ | ​ | 56,947 | ​ | ​ | 79,220 | ​ | ​ | 61,536 | ​
Income (loss) before income taxes | ​ | ​ | $ | (31,040) | ​ | $ | 129,124 | ​ | $ | (245,682) | ​
Investment (income) loss | ​ | ​ | ​ | (38,713) | ​ | ​ | (43,820) | ​ | ​ | (14,992) | ​
Interest expense | ​ | ​ | ​ | 210,864 | ​ | ​ | 185,285 | ​ | ​ | 177,895 | ​
Other, net | ​ | ​ | ​ | 106,816 | ​ | ​ | (726) | ​ | ​ | 127,099 | ​
Total adjusted operating income (loss) (3) | ​ | ​ | $ | 247,927 | ​ | $ | 269,863 | ​ | $ | 44,320 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (In thousands)
Total assets: | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 1,049,650 | ​ | $ | 1,239,765
International Drilling | ​ |  | 2,348,590 | ​ |  | 2,227,308
Drilling Solutions | ​ |  | 79,065 | ​ |  | 78,472
Rig Technologies | ​ |  | 215,225 | ​ |  | 239,167
Total reportable segments | ​ | ​ | 3,692,530 | ​ | ​ | 3,784,712
Other reconciling items (4) | ​ |  | 811,771 | ​ |  | 1,493,253
Total | ​ | $ | 4,504,301 | ​ | $ | 5,277,965
(1) | Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures.
​
(2) | Other segment expenses represent general and administrative expenses and research and engineering expenses.
​
(3) | Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) is provided in the above table.
​
(4) | Represents corporate-related assets.
​
Schedule of financial information with respect to operations by geographic area | The following table sets forth financial information with respect to Nabors’ operations by geographic area based on the location of service provided: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (In thousands) |
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. | ​ | $ | 1,283,785 | ​ | $ | 1,477,774 | ​ | $ | 1,323,531 | ​
Outside the U.S. | ​ |  | 1,646,341 | ​ |  | 1,528,207 | ​ |  | 1,330,235 | ​
​ | ​ | $ | 2,930,126 | ​ | $ | 3,005,981 | ​ | $ | 2,653,766 | ​
Property, plant and equipment, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. | ​ | $ | 1,165,677 | ​ | $ | 1,304,686 | ​ | $ | 1,437,333 | ​
Outside the U.S. | ​ |  | 1,665,280 | ​ |  | 1,594,042 | ​ |  | 1,588,767 | ​
​ | ​ | $ | 2,830,957 | ​ | $ | 2,898,728 | ​ | $ | 3,026,100 | ​
​

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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