Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheets

	September 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	$	1,156	$	22	$	274,283	$	—		$	275,461
Short-term investments		—		—		119,859		—			119,859
Assets held for sale		—		—		267,911		—			267,911
Accounts receivable, net		—		—		1,397,725		—			1,397,725
Inventory		—		—		233,298		—			233,298
Deferred income taxes		—		—		83,388		—			83,388
Other current assets		50		1,140		165,512		—			166,702
Total current assets		1,206		1,162		2,541,976		—			2,544,344
Long-term investments and other receivables		—		—		40,373		—			40,373
Property, plant and equipment, net		—		41,656		8,535,557		—			8,577,213
Goodwill		—		—		501,297		—			501,297
Intercompany receivables		162,615		—		537,881		(700,496	)		—
Investment in unconsolidated affiliates		5,472,298		6,069,063		1,810,558		(13,028,853	)		323,066
Other long-term assets		—		33,402		298,651		—			332,053
Total assets	$	5,636,119	$	6,145,283	$	14,266,293	$	(13,729,349	)	$	12,318,346
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	274,447	$	780	$	—		$	275,227
Trade accounts payable		1		148		658,543		—			658,692
Accrued liabilities		4,306		40,586		415,051		—			459,943
Income taxes payable		—		—		21,903		—			21,903
Total current liabilities		4,307		315,181		1,096,277		—			1,415,765
Long-term debt		—		4,037,060		51,073		—			4,088,133
Other long-term liabilities		—		32,813		187,249		—			220,062
Deferred income taxes		—		30,225		851,434		—			881,659
Intercompany payable		—		651,883		48,613		(700,496	)		—
Total liabilities		4,307		5,067,162		2,234,646		(700,496	)		6,605,619
Subsidiary preferred stock		—		—		69,188		—			69,188
Shareholders’ equity		5,631,812		1,078,121		11,950,732		(13,028,853	)		5,631,812
Noncontrolling interest		—		—		11,727		—			11,727
Total equity		5,631,812		1,078,121		11,962,459		(13,028,853	)		5,643,539
Total liabilities and equity	$	5,636,119	$	6,145,283	$	14,266,293	$	(13,729,349	)	$	12,318,346

	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 September 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	$	—	$	—		$	1,624,791		$	—		$	1,624,791
Earnings (losses) from unconsolidated affiliates		—		—			33,723			—			33,723
Earnings (losses) from consolidated affiliates		77,212		111,096			87,037			(275,345	)		—
Investment income (loss)		—		—			738			—			738
Intercompany interest income		—		16,615			—			(16,615	)		—
Total revenues and other income		77,212		127,711			1,746,289			(291,960	)		1,659,252
Costs and other deductions:
Direct costs		—		—			1,030,231			—			1,030,231
General and administrative expenses		2,809		154			119,557			(148	)		122,372
Depreciation and amortization		—		872			233,962			—			234,834
Depletion		—		—			11,789			—			11,789
Interest expense		—		64,655			(6,748	)		—			57,907
Intercompany interest expense		—		—			16,615			(16,615	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		147		(574	)		(11,878	)		148			(12,157	)
Impairments and other charges		—		—			98,072			—			98,072
Total costs and other deductions		2,956		65,107			1,491,600			(16,615	)		1,543,048
Income (loss) from continuing operations before income taxes		74,256		62,604			254,689			(275,345	)		116,204
Income tax expense (benefit)		—		(17,942	)		51,192			—			33,250
Subsidiary preferred stock dividend		—		—			750			—			750
Income (loss) from continuing operations, net of tax		74,256		80,546			202,747			(275,345	)		82,204
Income (loss) from discontinued operations, net of tax		—		—			(7,240	)		—			(7,240	)
Net income (loss)		74,256		80,546			195,507			(275,345	)		74,964
Less: Net (income) loss attributable to noncontrolling interest		—		—			(708	)		—			(708	)
Net income (loss) attributable to Nabors	$	74,256	$	80,546		$	194,799		$	(275,345	)	$	74,256

	Three Months Ended September 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	$	—		$	—		$	1,069,261		$	—		$	1,069,261
Earnings (losses) from unconsolidated affiliates		—			—			11,842			—			11,842
Earnings (losses) from consolidated affiliates		(38,086	)		(176,410	)		(200,847	)		415,343			—
Investment income (loss)		5			—			(738	)		—			(733	)
Intercompany interest income		—			18,178			—			(18,178	)		—
Total revenues and other income		(38,081	)		(158,232	)		879,518			397,165			1,080,370
Costs and other deductions:
Direct costs		—			—			625,561			—			625,561
General and administrative expenses		2,250			119			85,109			(284	)		87,194
Depreciation and amortization		—			871			197,280			—			198,151
Depletion		—			—			5,778			—			5,778
Interest expense		—			69,021			(2,048	)		—			66,973
Intercompany interest expense		—			—			18,178			(18,178	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(724	)		1,151			8,696			284			9,407
Impairments and other charges		—			—			123,099			—			123,099
Total costs and other deductions		1,526			71,162			1,061,653			(18,178	)		1,116,163
Income (loss) from continuing operations before income taxes		(39,607	)		(229,394	)		(182,135	)		415,343			(35,793	)
Income tax expense (benefit)		—			(19,604	)		15,374			—			(4,230	)
Income (loss) from continuing operations, net of tax		(39,607	)		(209,790	)		(197,509	)		415,343			(31,563	)
Income (loss) from discontinued operations, net of tax		—			—			(7,591	)		—			(7,591	)
Net income (loss)		(39,607	)		(209,790	)		(205,100	)		415,343			(39,154	)
Less: Net (income) loss attributable to noncontrolling interest		—			—			(453	)		—			(453	)
Net income (loss) attributable to Nabors	$	(39,607	)	$	(209,790	)	$	(205,553	)	$	415,343		$	(39,607	)

	Nine Months Ended September 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	$	—	$	—		$	4,360,975		$	—		$	4,360,975
Earnings (losses) from unconsolidated affiliates		—		—			59,304			—			59,304
Earnings (losses) from consolidated affiliates		358,778		189,960			109,212			(657,950	)		—
Investment income (loss)		4		68			11,984			—			12,056
Intercompany interest income		—		52,704			—			(52,704	)		—
Total revenues and other income		358,782		242,732			4,541,475			(710,654	)		4,432,335
Costs and other deductions:
Direct costs		—		—			2,723,714			—			2,723,714
General and administrative expenses		8,803		244			357,881			(450	)		366,478
Depreciation and amortization		—		2,614			684,234			—			686,848
Depletion		—		—			18,060			—			18,060
Interest expense		—		211,063			(15,493	)		—			195,570
Intercompany interest expense		—		—			52,704			(52,704	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		450		(1,382	)		(74	)		450			(556	)
Impairments and other charges		—		—			98,072			—			98,072
Total costs and other deductions		9,253		212,539			3,919,098			(52,704	)		4,088,186
Income (loss) from continuing operations before income taxes		349,529		30,193			622,377			(657,950	)		344,149
Income tax expense (benefit)		—		(59,114	)		166,335			—			107,221
Subsidiary preferred stock dividend		—		—			2,250			—			2,250
Income (loss) from continuing operations, net of tax		349,529		89,307			453,792			(657,950	)		234,678
Income (loss) from discontinued operations, net of tax		—		—			114,496			—			114,496
Net income (loss)		349,529		89,307			568,288			(657,950	)		349,174
Less: Net (income) loss attributable to noncontrolling interest		—		—			355			—			355
Net income (loss) attributable to Nabors	$	349,529	$	89,307		$	568,643		$	(657,950	)	$	349,529

	Nine Months Ended September 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	$	—		$	—		$	2,856,636		$	—		$	2,856,636
Earnings (losses) from unconsolidated affiliates		—			—			28,329			—			28,329
Earnings (losses) from consolidated affiliates		35,930			(104,135	)		(192,837	)		261,042			—
Investment income (loss)		12			—			(988	)		—			(976	)
Intercompany interest income		—			54,121			—			(54,121	)		—
Total revenues and other income		35,942			(50,014	)		2,691,140			206,921			2,883,989
Costs and other deductions:
Direct costs		—			—			1,648,289			—			1,648,289
General and administrative expenses		6,033			298			237,182			(556	)		242,957
Depreciation and amortization		—			2,432			542,652			—			545,084
Depletion		—			—			15,646			—			15,646
Interest expense		—			206,736			(7,701	)		—			199,035
Intercompany interest expense		—			—			54,121			(54,121	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(14,305	)		22,443			32,104			556			40,798
Impairments and other charges		—			—			123,099			—			123,099
Total costs and other deductions		(8,272	)		231,909			2,645,392			(54,121	)		2,814,908
Income (loss) from continuing operations before income taxes		44,214			(281,923	)		45,748			261,042			69,081
Income tax expense (benefit)		—			(65,781	)		78,935			—			13,154
Income (loss) from continuing operations, net of tax		44,214			(216,142	)		(33,187	)		261,042			55,927
Income (loss) from discontinued operations, net of tax		—			—			(12,921	)		—			(12,921	)
Net income (loss)		44,214			(216,142	)		(46,108	)		261,042			43,006
Less: Net (income) loss attributable to noncontrolling interest		—			—			1,208			—			1,208
Net income (loss) attributable to Nabors	$	44,214		$	(216,142	)	$	(44,900	)	$	261,042		$	44,214

Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 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	$	6,163		$	227,747		$	874,224		$	—		$	1,108,134
Cash flows from investing activities:
Purchases of investments		—			—			(9,567	)		—			(9,567	)
Sales and maturities of investments		—			—			24,580			—			24,580
Cash paid for acquisition of business, net		—			—			(55,459	)		—			(55,459	)
Investment in unconsolidated affiliates		—			—			(54,762	)		—			(54,762	)
Distribution of proceeds from asset sales from unconsolidated affiliates		—			—			142,984			—			142,984
Capital expenditures		—			—			(1,532,597	)		—			(1,532,597	)
Proceeds from sales of assets and insurance claims		—			—			110,535			—			110,535
Cash paid for investments in consolidated affiliates		(25,450	)		(65,000	)		—			90,450			—
Net cash provided by (used for) investing activities		(25,450	)		(65,000	)		(1,374,286	)		90,450			(1,374,286	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			5,074			—			5,074
Proceeds from issuance of long-term debt		—			697,578			—			—			697,578
Proceeds from issuance of common shares, net		12,175			—			—			—			12,175
Proceeds from revolving credit facilities		—			1,250,000			50,000			—			1,300,000
Debt issuance costs		—			(6,065	)		—			—			(6,065	)
Reduction in long-term debt		—			(1,404,245	)		(26	)		—			(1,404,271	)
Reduction in revolving credit facilities		—			(700,000	)		—			—			(700,000	)
Repurchase of equity component of convertible debt		—			(12	)		—			—			(12	)
Purchase of restricted stock		(2,579	)		—			—			—			(2,579	)
Tax benefit related to share-based awards		—			(1	)		186			—			185
Proceeds from parent contributions		—			—			90,450			(90,450	)		—
Net cash (used for) provided by financing activities		9,596			(162,745	)		145,684			(90,450	)		(97,915	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(2,174	)		—			(2,174	)
Net (decrease) increase in cash and cash equivalents		(9,691	)		2			(356,552	)		—			(366,241	)
Cash and cash equivalents, beginning of period		10,847			20			630,835			—			641,702
Cash and cash equivalents, end of period	$	1,156		$	22		$	274,283		$	—		$	275,461

	Nine Months Ended September 30, 2010
				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	$	87,995		$	325,427		$	268,712		$	—		$	682,134
Cash flows from investing activities:
Purchases of investments		—			—			(27,695	)		—			(27,695	)
Sales and maturities of investments		—			—			32,103			—			32,103
Cash paid for acquisition of business, net		—			—			(680,230	)		—			(680,230	)
Investment in unconsolidated affiliates		—			—			(40,936	)		—			(40,936	)
Capital expenditures		—			—			(640,953	)		—			(640,953	)
Proceeds from sales of assets and insurance claims		—			—			26,084			—			26,084
Cash paid for investments in consolidated affiliates		(99,300	)		(732,000	)		—			831,300			—
Net cash provided by (used for) investing activities		(99,300	)		(732,000	)		(1,331,627	)		831,300			(1,331,627	)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			(4,649	)		—			(4,649	)
Proceeds from issuance of long-term debt		—			691,281			—			—			691,281
Proceeds from issuance of common shares, net		5,391			—			—			—			5,391
Proceeds from revolving credit facilities		—			600,000			—			—			600,000
Debt issuance costs		—			(7,144	)		—			—			(7,144	)
Reduction in long-term debt		—			(274,095	)		(40,258	)		—			(314,353	)
Reduction in revolving credit facilities		—			(600,000	)		—			—			(600,000	)
Repurchase of equity component of convertible debt		—			(4,712	)		—			—			(4,712	)
Settlement of call options and warrants, net		—			1,134			—			—			1,134
Purchase of restricted stock		(1,904	)		—			—			—			(1,904	)
Tax benefit related to share-based awards		—			—			(38	)		—			(38	)
Proceeds from parent contributions		—			—			831,300			(831,300	)		—
Net cash (used for) provided by financing activities		3,487			406,464			786,355			(831,300	)		365,006
Effect of exchange rate changes on cash and cash equivalents		—			—			(3,645	)		—			(3,645	)
Net (decrease) increase in cash and cash equivalents		(7,818	)		(109	)		(280,205	)		—			(288,132	)
Cash and cash equivalents, beginning of period		11,702			135			915,978			—			927,815
Cash and cash equivalents, end of period	$	3,884		$	26		$	635,773		$	—		$	639,683