Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheets

	June 30, 2011
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating			Consolidated
	Guarantor)		Guarantor)		Guarantors)		Adjustments			Total
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,687	$	22	$	527,113	$	—		$	528,822
Short-term investments		—		—		144,220		—			144,220
Assets held for sale		—		—		311,295		—			311,295
Accounts receivable, net		—		—		1,191,182		—			1,191,182
Inventory		—		—		199,899		—			199,899
Deferred income taxes		—		—		38,809		—			38,809
Other current assets		50		3,959		134,705		—			138,714
Total current assets		1,737		3,981		2,547,223		—			2,552,941
Long-term investments and other receivables		—		—		42,119		—			42,119
Property, plant and equipment, net		—		42,742		8,329,663		—			8,372,405
Goodwill		—		—		494,100		—			494,100
Intercompany receivables		160,778		—		430,289		(591,067	)		—
Investment in unconsolidated affiliates		5,496,529		5,893,457		1,711,132		(12,797,148	)		303,970
Other long-term assets		—		33,742		316,375		—			350,117
Total assets	$	5,659,044	$	5,973,922	$	13,870,901	$	(13,388,215	)	$	12,115,652
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$		$	881	$	—		$	881
Trade accounts payable		44		27		550,939		—			551,010
Accrued liabilities		3,496		89,983		368,864		—			462,343
Income taxes payable		—				10,716		—			10,716
Total current liabilities		3,540		90,010		931,400		—			1,024,950
Long-term debt		—		4,213,363		51,223		—			4,264,586
Other long-term liabilities		—		33,383		224,313		—			257,696
Deferred income taxes		—		48,167		782,590		—			830,757
Intercompany payable		—		591,067		—		(591,067	)		—
Total liabilities		3,540		4,975,990		1,989,526		(591,067	)		6,377,989
Subsidiary preferred stock		—		—		69,188		—			69,188
Shareholders’ equity		5,655,504		997,932		11,799,216		(12,797,148	)		5,655,504
Noncontrolling interest		—		—		12,971		—			12,971
Total equity		5,655,504		997,932		11,812,187		(12,797,148	)		5,668,475
Total liabilities and equity	$	5,659,044	$	5,973,922	$	13,870,901	$	(13,388,215	)	$	12,115,652

	December 31, 2010
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating			Consolidated
	Guarantor)		Guarantor)		Guarantors)		Adjustments			Total
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	10,847	$	20	$	630,835	$	—		$	641,702
Short-term investments		—		—		159,488		—			159,488
Assets held for sale		—		—		352,048		—			352,048
Accounts receivable, net		—		—		1,116,510		—			1,116,510
Inventory		—		—		158,836		—			158,836
Deferred income taxes		—		—		31,510		—			31,510
Other current assets		50		16,366		136,420		—			152,836
Total current assets		10,897		16,386		2,585,647		—			2,612,930
Long-term investments and other receivables		—		—		40,300		—			40,300
Property, plant and equipment, net		—		44,270		7,771,149		—			7,815,419
Goodwill		—		—		494,372		—			494,372
Intercompany receivables		160,250		—		322,697		(482,947	)		—
Investment in unconsolidated affiliates		5,160,800		5,814,219		1,665,459		(12,372,755	)		267,723
Other long-term assets		—		36,538		379,287		—			415,825
Total assets	$	5,331,947	$	5,911,413	$	13,258,911	$	(12,855,702	)	$	11,646,569
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	1,378,178	$	840	$	—		$	1,379,018
Trade accounts payable		—		—		355,282		—			355,282
Accrued liabilities		3,785		89,480		301,027		—			394,292
Income taxes payable		—		6,859		18,929		—			25,788
Total current liabilities		3,785		1,474,517		676,078		—			2,154,380
Long-term debt		—		3,062,291		1,835		—			3,064,126
Other long-term liabilities		—		12,787		232,978		—			245,765
Deferred income taxes		—		71,815		698,432		—			770,247
Intercompany payable		—		301,451		181,496		(482,947	)		—
Total liabilities		3,785		4,922,861		1,790,819		(482,947	)		6,234,518
Subsidiary preferred stock		—		—		69,188		—			69,188
Shareholders’ equity		5,328,162		988,552		11,384,203		(12,372,755	)		5,328,162
Noncontrolling interest		—		—		14,701		—			14,701
Total equity		5,328,162		988,552		11,398,904		(12,372,755	)		5,342,863
Total liabilities and equity	$	5,331,947	$	5,911,413	$	13,258,911	$	(12,855,702	)	$	11,646,569

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2011
			Nabors			Other
	Nabors		Delaware			Subsidiaries
	(Parent/		(Issuer/			(Non-			Consolidating			Consolidated
	Guarantor)		Guarantor)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—		$	1,354,905		$	—		$	1,354,905
Earnings (losses) from unconsolidated affiliates		—		—			9,307			—			9,307
Earnings (losses) from consolidated affiliates		195,770		18,971			(7,481	)		(207,260	)		—
Investment income (loss)		1		68			(1,038	)		—			(969	)
Intercompany interest income		—		17,405			—			(17,405	)		—
Total revenues and other income		195,771		36,444			1,355,693			(224,665	)		1,363,243
Costs and other deductions:
Direct costs		—		—			835,112			—			835,112
General and administrative expenses		3,120		49			122,683			(204	)		125,648
Depreciation and amortization		—		871			225,041			—			225,912
Depletion		—		—			2,698			—			2,698
Interest expense		—		69,059			(5,320	)		—			63,739
Intercompany interest expense		—		—			17,405			(17,405	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		203		(344	)		5,509			204			5,572
Total costs and other deductions		3,323		69,635			1,203,128			(17,405	)		1,258,681
Income (loss) from continuing operations before income taxes		192,448		(33,191	)		152,565			(207,260	)		104,562
Income tax expense (benefit)		—		(19,300	)		54,964			—			35,664
Subsidiary preferred stock dividend		—		—			750			—			750
Income (loss) from continuing operations, net of tax		192,448		(13,891	)		96,851			(207,260	)		68,148
Income (loss) from discontinued operations, net of tax		—		—			123,906			—			123,906
Net income (loss)		192,448		(13,891	)		220,757			(207,260	)		192,054
Less: Net (income) loss attributable to noncontrolling interest		—		—			394			—			394
Net income (loss) attributable to Nabors	$	192,448	$	(13,891	)	$	221,151		$	(207,260	)	$	192,448

	Three Months Ended June 30, 2010
				Nabors			Other
	Nabors			Delaware			Subsidiaries
	(Parent/			(Issuer/			(Non-			Consolidating			Consolidated
	Guarantor)			Guarantor)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	896,029		$	—		$	896,029
Earnings (losses) from unconsolidated affiliates		—			—			8,845			—			8,845
Earnings (losses) from consolidated affiliates		40,070			54,499			23,802			(118,371	)		—
Investment income (loss)		3			—			2,311			—			2,314
Intercompany interest income		—			17,828			—			(17,828	)		—
Total revenues and other income		40,073			72,327			930,987			(136,199	)		907,188
Costs and other deductions:
Direct costs		—			—			517,531			—			517,531
General and administrative expenses		1,573			108			78,838			(182	)		80,337
Depreciation and amortization		—			700			174,697			—			175,397
Depletion		—			—			4,841			—			4,841
Interest expense		—			67,516			(2,223	)		—			65,293
Intercompany interest expense		—			—			17,828			(17,828	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(5,121	)		9,781			6,182			182			11,024
Total costs and other deductions		(3,548	)		78,105			797,694			(17,828	)		854,423
Income (loss) from continuing operations before income taxes		43,621			(5,778	)		133,293			(118,371	)		52,765
Income tax expense (benefit)		—			(22,302	)		31,096			—			8,794
Income (loss) from continuing operations, net of tax		43,621			16,524			102,197			(118,371	)		43,971
Income (loss) from discontinued operations, net of tax		—			—			(909	)		—			(909	)
Net income (loss)		43,621			16,524			101,288			(118,371	)		43,062
Less: Net (income) loss attributable to noncontrolling interest		—			—			559			—			559
Net income (loss) attributable to Nabors	$	43,621		$	16,524		$	101,847		$	(118,371	)	$	43,621

	Six Months Ended June 30, 2011
			Nabors			Other
	Nabors		Delaware			Subsidiaries
	(Parent/		(Issuer/			(Non —			Consolidating			Consolidated
	Guarantor)		Guarantor)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—		$	2,736,184		$	—		$	2,736,184
Earnings (losses) from unconsolidated affiliates		—		—			25,581			—			25,581
Earnings (losses) from consolidated affiliates		281,564		78,864			22,177			(382,605	)		—
Investment income (loss)		4		68			11,246			—			11,318
Intercompany interest income		—		36,089			—			(36,089	)		—
Total revenues and other income		281,568		115,021			2,795,188			(418,694	)		2,773,083
Costs and other deductions:
Direct costs		—		—			1,693,483			—			1,693,483
General and administrative expenses		5,993		90			238,325			(302	)		244,106
Depreciation and amortization		—		1,742			450,272			—			452,014
Depletion		—		—			6,271			—			6,271
Interest expense		—		146,408			(8,745	)		—			137,663
Intercompany interest expense		—		—			36,089			(36,089	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		302		(808	)		11,805			302			11,601
Total costs and other deductions		6,295		147,432			2,427,500			(36,089	)		2,545,138
Income (loss) from continuing operations before income taxes		275,273		(32,411	)		367,688			(382,605	)		227,945
Income tax expense (benefit)		—		(41,172	)		115,143			—			73,971
Subsidiary preferred stock dividend		—		—			1,500			—			1,500
Income (loss) from continuing operations, net of tax		275,273		8,761			251,045			(382,605	)		152,474
Income (loss) from discontinued operations, net of tax		—		—			121,736			—			121,736
Net income (loss)		275,273		8,761			372,781			(382,605	)		274,210
Less: Net (income) loss attributable to noncontrolling interest		—		—			1,063			—			1,063
Net income (loss) attributable to Nabors	$	275,273	$	8,761		$	373,844		$	(382,605	)	$	275,273

	Six Months Ended June 30, 2010
				Nabors			Other
	Nabors			Delaware			Subsidiaries
	(Parent/			(Issuer/			(Non —			Consolidating			Consolidated
	Guarantor)			Guarantor)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	1,787,375		$	—		$	1,787,375
Earnings (losses) from unconsolidated affiliates		—			—			16,487			—			16,487
Earnings (losses) from consolidated affiliates		74,016			72,275			8,010			(154,301	)		—
Investment income (loss)		7			—			(250	)		—			(243	)
Intercompany interest income		—			35,943			—			(35,943	)		—
Total revenues and other income		74,023			108,218			1,811,622			(190,244	)		1,803,619
Costs and other deductions:
Direct costs		—			—			1,022,728			—			1,022,728
General and administrative expenses		3,783			179			152,073			(272	)		155,763
Depreciation and amortization		—			1,561			345,372			—			346,933
Depletion		—			—			9,868			—			9,868
Interest expense		—			137,715			(5,653	)		—			132,062
Intercompany interest expense		—			—			35,943			(35,943	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(13,581	)		21,292			23,408			272			31,391
Total costs and other deductions		(9,798	)		160,747			1,583,739			(35,943	)		1,698,745
Income (loss) from continuing operations before income taxes		83,821			(52,529	)		227,883			(154,301	)		104,874
Income tax expense (benefit)		—			(46,177	)		63,561			—			17,384
Income (loss) from continuing operations, net of tax		83,821			(6,352	)		164,322			(154,301	)		87,490
Income (loss) from discontinued operations, net of tax		—			—			(5,330	)		—			(5,330	)
Net income (loss)		83,821			(6,352	)		158,992			(154,301	)		82,160
Less: Net (income) loss attributable to noncontrolling interest		—			—			1,661			—			1,661
Net income (loss) attributable to Nabors	$	83,821		$	(6,352	)	$	160,653		$	(154,301	)	$	83,821

Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30, 2011
				Nabors			Other
	Nabors			Delaware			Subsidiaries
	(Parent/			(Issuer/			(Non —			Consolidating			Consolidated
	Guarantor)			Guarantor)			Guarantors)			Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	1,044		$	256,452		$	612,406		$	—		$	869,902
Cash flows from investing activities:
Purchases of investments		—			—			(7,945	)		—			(7,945	)
Sales and maturities of investments		—			—			20,622			—			20,622
Investment in unconsolidated affiliates		—			—			(29,762	)		—			(29,762	)
Distribution of proceeds from asset sales from unconsolidated affiliates		—			—			119,207			—			119,207
Capital expenditures		—			—			(1,003,245	)		—			(1,003,245	)
Proceeds from sales of assets and insurance claims		—			—			102,067			—			102,067
Cash paid for investments in consolidated affiliates		(19,300	)		—			—			19,300			—
Net cash provided by (used for) investing activities		(19,300	)		—			(799,056	)		19,300			(799,056	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			11,203			—			11,203
Proceeds from issuance of common shares, net		11,623			—			(1	)		—			11,622
Proceeds from revolving credit facilities		—			1,150,000			50,000			—			1,200,000
Debt issuance costs					(2,188	)								(2,188	)
Reduction in long-term debt		—			(1,404,247	)		—			—			(1,404,247	)
Repurchase of equity component of convertible debt		—			(14	)		—			—			(14	)
Purchase of restricted stock		(2,527	)		—			—			—			(2,527	)
Tax benefit related to share-based awards		—			(1	)		43			—			42
Proceeds from parent contributions		—			—			19,300			(19,300	)		—
Net cash (used for) provided by financing activities		9,096			(256,450	)		80,545			(19,300	)		(186,109	)
Effect of exchange rate changes on cash and cash equivalents		—			—			2,383			—			2,383
Net (decrease) increase in cash and cash equivalents		(9,160	)		2			(103,722	)		—			(112,880	)
Cash and cash equivalents, beginning of period		10,847			20			630,835			—			641,702
Cash and cash equivalents, end of period	$	1,687		$	22		$	527,113		$	—		$	528,822

	Six Months Ended June 30, 2010
				Nabors			Other
	Nabors			Delaware			Subsidiaries
	(Parent/			(Issuer/			(Non —			Consolidating
	Guarantor)			Guarantor)			Guarantors)			Adjustments			Consolidated Total
	(In thousands)
Net cash provided by (used for) operating activities	$	88,082		$	279,825		$	102,002		$	—		$	469,909
Cash flows from investing activities:
Purchases of investments		—			—			(27,988	)		—			(27,988	)
Sales and maturities of investments		—			—			27,997			—			27,997
Investment in unconsolidated affiliates		—			—			(10,936	)		—			(10,936	)
Capital expenditures		—			—			(369,455	)		—			(369,455	)
Proceeds from sales of assets and insurance claims		—			—			17,567			—			17,567
Cash paid for investments in consolidated affiliates		(88,000	)		—			—			88,000			—
Net cash provided by (used for) investing activities		(88,000	)		—			(362,815	)		88,000			(362,815	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			(6,130	)		—			(6,130	)
Proceeds from issuance of common shares, net		4,733			—			—			—			4,733
Reduction in long-term debt		—			(273,605	)		—			—			(273,605	)
Repurchase of equity component of convertible debt		—			(4,712	)		—			—			(4,712	)
Settlement of call options and warrants, net		—			1,133			—			—			1,133
Purchase of restricted stock		(1,887	)		—			—			—			(1,887	)
Tax benefit related to share-based awards		—			—			(45	)		—			(45	)
Proceeds from parent contributions		—			—			88,000			(88,000	)		—
Net cash (used for) provided by financing activities		2,846			(277,184	)		81,825			(88,000	)		(280,513	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(6,803	)		—			(6,803	)
Net (decrease) increase in cash and cash equivalents		2,928			2,641			(185,791	)		—			(180,222	)
Cash and cash equivalents, beginning of period		11,702			135			915,978			—			927,815
Cash and cash equivalents, end of period	$	14,630		$	2,776		$	730,187		$	—		$	747,593