XML 39 R24.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Information |
Segment Information | Note 17 Segment Information ​ Our business consists of four reportable segments: U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies. Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chairman and Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted operating income (loss), defined as net income (loss) before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), and other, net. ​ 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.
​ 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 | ​
​ During the years ended December 31, 2024, 2023 and 2022, $927.7 million, $821.1 million and $712.8 million of our consolidated operating revenue was from Saudi Arabia. No other individual country outside of the U.S. was material to our consolidated operating revenue during any of the three periods presented. ​ One customer accounted for approximately 31%, 26% and 26% of our consolidated operating revenues during the years ended December 31, 2024, 2023 and 2022, respectively, and is included primarily in our International Drilling reportable segment.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration