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Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2012
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

 

 

 

December 31, 2012

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,639

 

$

106,778

 

$

416,505

 

$

 

$

524,922

 

Short-term investments

 

 

 

253,282

 

 

253,282

 

Assets held for sale

 

 

 

383,857

 

 

383,857

 

Accounts receivable, net

 

 

 

1,382,623

 

 

1,382,623

 

Inventory

 

 

 

251,133

 

 

251,133

 

Deferred income taxes

 

 

 

110,480

 

 

110,480

 

Other current assets

 

50

 

 

226,510

 

 

226,560

 

Total current assets

 

1,689

 

106,778

 

3,024,390

 

 

3,132,857

 

Long-term investments

 

 

 

4,269

 

 

4,269

 

Property, plant and equipment, net

 

 

37,300

 

8,674,788

 

 

8,712,088

 

Goodwill

 

 

 

472,326

 

 

472,326

 

Intercompany receivables

 

174,948

 

1,690,636

 

670,404

 

(2,535,988

)

 

Investment in unconsolidated affiliates

 

5,769,518

 

5,129,458

 

395,246

 

(11,232,532

)

61,690

 

Other long-term assets

 

 

31,904

 

240,888

 

 

272,792

 

Total assets

 

$

5,946,155

 

$

6,996,076

 

$

13,482,311

 

$

(13,768,520

)

$

12,656,022

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

$

 

$

364

 

$

 

$

364

 

Trade accounts payable

 

116

 

23

 

498,871

 

 

499,010

 

Accrued liabilities

 

1,110

 

91,520

 

540,378

 

 

633,008

 

Total current liabilities

 

1,226

 

91,543

 

1,039,613

 

 

1,132,382

 

Long-term debt

 

 

4,379,263

 

73

 

 

4,379,336

 

Other long-term liabilities

 

 

30,983

 

487,681

 

 

518,664

 

Deferred income taxes

 

 

(24,906

)

624,241

 

 

599,335

 

Intercompany payable

 

 

2,535,988

 

––

 

(2,535,988

)

 

Total liabilities

 

1,226

 

7,012,871

 

2,151,608

 

(2,535,988

)

6,629,717

 

Subsidiary preferred stock

 

 

 

69,188

 

 

69,188

 

Shareholders’ equity

 

5,944,929

 

(16,795

)

11,249,327

 

(11,232,532

)

5,944,929

 

Noncontrolling interest

 

 

 

12,188

 

 

12,188

 

Total equity

 

5,944,929

 

(16,795

)

11,261,515

 

(11,232,532

)

5,957,117

 

Total liabilities and equity

 

$

5,946,155

 

$

6,996,076

 

$

13,482,311

 

$

(13,768,520

)

$

12,656,022

 

 

 

 

December 31, 2011

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

203

 

$

21

 

$

398,351

 

$

 

$

398,575

 

Short-term investments

 

 

 

140,914

 

 

140,914

 

Assets held for sale

 

 

 

401,500

 

 

401,500

 

Accounts receivable, net

 

 

 

1,576,555

 

 

1,576,555

 

Inventory

 

 

 

272,852

 

 

272,852

 

Deferred income taxes

 

 

 

127,874

 

 

127,874

 

Other current assets

 

50

 

671

 

169,323

 

 

170,044

 

Total current assets

 

253

 

692

 

3,087,369

 

 

3,088,314

 

Long-term investments

 

 

 

11,124

 

 

11,124

 

Property, plant and equipment, net

 

 

40,792

 

8,589,154

 

 

8,629,946

 

Goodwill

 

 

 

501,258

 

 

501,258

 

Intercompany receivables

 

164,760

 

1,620,365

 

214,640

 

(1,999,765

)

 

Investment in unconsolidated affiliates

 

5,429,029

 

6,084,868

 

1,843,654

 

(12,986,530

)

371,021

 

Other long-term assets

 

 

32,037

 

278,440

 

 

310,477

 

Total assets

 

$

5,594,042

 

$

7,778,754

 

$

14,525,639

 

$

(14,986,295

)

$

12,912,140

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

$

274,604

 

$

722

 

$

 

$

275,326

 

Trade accounts payable

 

42

 

23

 

782,688

 

 

782,753

 

Accrued liabilities

 

6,185

 

100,101

 

638,197

 

 

744,483

 

Total current liabilities

 

6,227

 

374,728

 

1,421,607

 

 

1,802,562

 

Long-term debt

 

 

4,297,500

 

50,990

 

 

4,348,490

 

Other long-term liabilities

 

 

32,303

 

71,375

 

 

292,758

 

Deferred income taxes

 

 

11,221

 

786,704

 

 

797,925

 

Intercompany payable

 

 

1,999,765

 

––

 

(1,999,765

)

 

Total liabilities

 

6,227

 

6,715,517

 

2,519,756

 

(1,999,765

)

7,241,735

 

Subsidiary preferred stock

 

 

 

69,188

 

 

69,188

 

Shareholders’ equity

 

5,587,815

 

1,063,237

 

11,923,293

 

(12,986,530

)

5,587,815

 

Noncontrolling interest

 

 

 

13,402

 

 

13,402

 

Total equity

 

5,587,815

 

1,063,237

 

11,936,695

 

(12,986,530

)

5,601,217

 

Total liabilities and equity

 

$

5,594,042

 

$

7,778,754

 

$

14,525,639

 

$

(14,986,295

)

$

12,912,140

Condensed Consolidating Statements of Income (Loss)

Condensed Consolidating Statements of Income (Loss)

 

 

 

Year Ended December 31, 2012

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,989,573

 

$

 

$

6,989,573

 

Earnings from unconsolidated affiliates

 

 

 

(301,320

)

 

(301,320

)

Earnings (losses) from consolidated affiliates

 

172,406

 

(107,240

)

(214,605

)

149,439

 

 

Investment income (loss)

 

 

43

 

63,094

 

 

63,137

 

Intercompany interest income

 

 

69,145

 

 

(69,145

)

 

Total revenues and other income

 

172,406

 

(38,052

)

6,536,742

 

80,294

 

6,751,390

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

4,483,320

 

 

4,483,320

 

General and administrative expenses

 

7,141

 

458

 

526,577

 

(1,608

)

532,568

 

Depreciation and amortization

 

 

3,610

 

1,051,907

 

 

1,055,517

 

Interest expense

 

 

268,904

 

(17,352

)

 

251,552

 

Intercompany interest expense

 

 

 

69,145

 

(69,145

)

 

Losses (gains) on sales of long-lived assets and other expense (income), net

 

1,231

 

(2,451

)

(136,898

)

1,608

 

(136,510

)

Impairments and other charges

 

 

 

290,260

 

 

290,260

 

Total costs and other deductions

 

8,372

 

270,521

 

6,266,959

 

(69,145

)

6,476,707

 

Income from continuing operations before income taxes

 

164,034

 

(308,573

)

269,783

 

149,439

 

274,683

 

Income tax expense (benefit)

 

 

(74,493

)

107,121

 

 

32,628

 

Subsidiary preferred stock dividend

 

 

 

3,000

 

 

3,000

 

Income (loss) from continuting operations, net of tax

 

164,034

 

(234,080

)

159,662

 

149,439

 

239,055

 

Income (loss) from discontinued operations, net of tax

 

 

 

(74,400

)

 

(74,400

)

Net income (loss) attributable to Nabors

 

164,034

 

(234,080

)

85,262

 

149,439

 

164,655

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(621

)

 

(621

)

Net income (loss)

 

$

164,034

 

$

(234,080

)

$

84,641

 

$

149,439

 

$

164,034

 

 

 

 

Year Ended December 31, 2011

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,060,351

 

$

 

$

6,060,351

 

Earnings from unconsolidated affiliates

 

 

 

56,647

 

 

56,647

 

Earnings (losses) from consolidated affiliates

 

256,245

 

214,308

 

107,536

 

(578,089

)

 

Investment income (loss)

 

4

 

68

 

19,868

 

 

19,940

 

Intercompany interest income

 

 

69,437

 

 

(69,437

)

 

Total revenues and other income

 

256,249

 

283,813

 

6,244,402

 

(647,526

)

6,136,938

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

3,775,964

 

 

3,775,964

 

General and administrative expenses

 

11,970

 

348

 

478,174

 

(600

)

489,892

 

Depreciation and amortization

 

 

3,532

 

920,562

 

 

924,094

 

Interest expense

 

 

278,657

 

(22,024

)

 

256,633

 

Intercompany interest expense

 

 

 

 

69,437

 

(69,437

)

 

Losses (gains) on sales of long-lived assets and other expense (income), net

 

600

 

(1,904

)

5,218

 

600

 

4,514

 

Impairments and other charges

 

 

 

198,072

 

 

198,072

 

Total costs and other deductions

 

12,570

 

280,633

 

5,425,403

 

(69,437

)

5,649,169

 

Income from continuing operations before income taxes

 

243,679

 

3,180

 

818,999

 

(578,089

)

487,769

 

Income tax expense (benefit)

 

 

(78,118

)

220,723

 

 

142,605

 

Subsidiary preferred stock dividend

 

 

 

3,000

 

 

3,000

 

Income (loss) from continuting operations, net of tax

 

243,679

 

81,298

 

595,276

 

(578,089

)

342,164

 

Income (loss) from discontinued operations, net of tax

 

 

 

(97,440

)

 

 

(97,440

)

Net income (loss) attributable to Nabors

 

243,679

 

81,298

 

497,836

 

(578,089

)

244,724

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(1,045

)

 

 

(1,045

)

Net income (loss)

 

$

243,679

 

$

81,298

 

$

496,791

 

$

(578,089

)

$

243,679

 

 

 

 

 

Year Ended December 31, 2010

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

4,134,483

 

$

 

$

4,134,483

 

Earnings from unconsolidated affiliates

 

 

 

33,267

 

 

33,267

 

Earnings (losses) from consolidated affiliates

 

68,749

 

(183,242

)

(316,657

)

431,150

 

 

Investment income (loss)

 

15

 

 

7,248

 

 

7,263

 

Intercompany interest income

 

 

72,435

 

 

(72,435

)

 

Total revenues and other income

 

68,764

 

(110,807

)

3,858,341

 

358,715

 

4,175,013

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

2,400,519

 

 

2,400,519

 

General and administrative expenses

 

9,165

 

445

 

330,067

 

(957

)

338,720

 

Depreciation and amortization

 

 

3,303

 

757,659

 

 

760,962

 

Interest expense

 

 

283,396

 

(10,684

)

 

272,712

 

Intercompany interest expense

 

 

 

72,435

 

(72,435

)

 

Losses (gains) on sales of long-lived assets and other expense (income), net

 

(35,096

)

42,504

 

38,873

 

957

 

47,238

 

Impairments and other charges

 

 

 

 

61,292

 

 

61,292

 

Total costs and other deductions

 

(25,931

)

329,648

 

3,650,161

 

(72,435

)

3,881,443

 

Income from continuing operations before income taxes

 

94,695

 

(440,455

)

208,180

 

431,150

 

293,570

 

Income tax expense (benefit)

 

 

(95,168

)

132,118

 

 

36,950

 

Subsidiary preferred stock dividend

 

 

 

750

 

 

750

 

Income (loss) from continuting operations, net of tax

 

94,695

 

(345,287

)

75,312

 

431,150

 

255,870

 

Income (loss) from discontinued operations, net of tax

 

 

 

(161,090

)

 

(161,090

)

Net income (loss) attributable to Nabors

 

94,695

 

(345,287

)

(85,778

)

431,150

 

94,780

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(85

)

 

(85

)

Net income (loss)

 

$

94,695

 

$

(345,287

)

$

(85,863

)

$

431,150

 

$

94,695

Condensed consolidating statements of other comprehensive income

Condensed Consolidating Statements of Other Comprehensive Income

 

 

 

Year Ended December 31, 2012

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Net income (loss) attributable to Nabors

 

$

164,034

 

$

(234,080

)

$

84,641

 

$

149,439

 

$

164,034

 

Other comprehensive income (loss) before taxes

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

21,073

 

(88

)

20,987

 

(20,899

)

21,073

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

98,138

 

133

 

98,271

 

(98,404

)

98,138

 

Less: reclassification adjustment for (gains)/losses on marketable securities

 

(13,405

)

(11,488

)

(24,893

)

36,381

 

(13,405

)

Unrealized gains/(losses) on marketable securities

 

84,733

 

(11,355

)

73,378

 

(62,023

)

84,733

 

Pension liability amortization and adjustment

 

(324

)

(324

)

(648

)

972

 

(324

)

Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges

 

702

 

702

 

702

 

(1,404

)

702

 

Other comprehensive income (loss) before taxes

 

106,184

 

(11,065

)

94,419

 

(83,354

)

106,184

 

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

(4,147

)

(4,147

)

(8,533

)

12,680

 

(4,147

)

Other comprehensive income (loss), net of tax

 

110,331

 

(6,918

)

102,952

 

(96,034

)

110,331

 

Comprehensive income (loss) attributable to Nabors

 

274,365

 

(240,998

)

187,593

 

53,405

 

274,365

 

Net income (loss) attributable to noncontrolling interest

 

621

 

 

621

 

(621

)

621

 

Translation adjustment to noncontrolling interest

 

311

 

 

311

 

(311

)

311

 

Comprehensive income (loss) attributable to noncontrolling interest

 

932

 

 

932

 

(932

)

932

 

Comprehensive income (loss)

 

$

275,297

 

$

(240,998

)

$

188,525

 

$

52,473

 

$

275,297

 

 

 

 

 

Year Ended December 31, 2011

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Net income (loss) attributable to Nabors

 

$

243,679

 

$

81,298

 

$

496,791

 

$

(578,089

)

$

243,679

 

Other comprehensive income (loss) before taxes

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

(20,257

)

(5,511

)

(25,768

)

31,279

 

(20,257

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

5,356

 

226

 

5,582

 

(5,808

)

5,356

 

Less: reclassification adjustment for (gains)/losses on marketable securities

 

(3,036

)

 

(3,036

)

3,036

 

(3,036

)

Unrealized gains/(losses) on marketable securities

 

2,320

 

226

 

2,546

 

(2,772

)

2,320

 

Pension liability amortization and adjustment

 

(5,391

)

(5,391

)

(10,782

)

16,173

 

(5,391

)

Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges

 

763

 

763

 

763

 

(1,526

)

763

 

Other comprehensive income (loss) before taxes

 

(22,565

)

(9,913

)

(33,241

)

43,154

 

(22,565

)

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

(1,777

)

(1,777

)

(3,793

)

5,570

 

(1,777

)

Other comprehensive income (loss), net of tax

 

(20,788

)

(8,136

)

(29,448

)

37,584

 

(20,788

)

Comprehensive income (loss) attributable to Nabors

 

222,891

 

73,162

 

467,343

 

(540,505

)

222,891

 

Net income (loss) attributable to noncontrolling interest

 

1,045

 

 

1,045

 

(1,045

)

1,045

 

Translation adjustment to noncontrolling interest

 

(185

)

 

(185

)

185

 

(185

)

Comprehensive income (loss) attributable to noncontrolling interest

 

860

 

 

860

 

(860

)

860

 

Comprehensive income (loss)

 

$

223,751

 

$

73,162

 

$

468,203

 

$

(541,365

)

$

223,751

 

 

 

 

 

Year Ended December 31, 2010

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Net income (loss) attributable to Nabors

 

$

94,695

 

$

(345,287

)

$

(85,863

)

$

431,150

 

$

94,695

 

Other comprehensive income (loss) before taxes

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

60,897

 

(3,113

)

57,784

 

(54,671

)

60,897

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

278

 

19,390

 

19,668

 

(39,058

)

278

 

Less: reclassification adjustment for (gains)/losses on marketable securities

 

(1,694

)

(1,808

)

(3,502

)

5,310

 

(1,694

)

Unrealized gains/(losses) on marketable securities

 

(1,416

)

17,582

 

16,166

 

(33,748

)

(1,416

)

Pension liability amortization and adjustment

 

(376

)

(376

)

(752

)

1,128

 

(376

)

Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges

 

(5,282

)

(5,282

)

(5,282

)

10,564

 

(5,282

)

Other comprehensive income (loss) before taxes

 

53,823

 

8,811

 

67,916

 

(76,727

)

53,823

 

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

4,477

 

4,477

 

11,073

 

(15,550

)

4,477

 

Other comprehensive income (loss), net of tax

 

49,346

 

4,334

 

56,843

 

(61,177

)

49,346

 

Comprehensive income (loss) attributable to Nabors

 

144,041

 

(340,953

)

(29,020

)

369,973

 

144,041

 

Net income (loss) attributable to noncontrolling interest

 

85

 

 

85

 

(85

)

85

 

Translation adjustment to noncontrolling interest

 

723

 

 

723

 

(723

)

723

 

Comprehensive income (loss) attributable to noncontrolling interest

 

808

 

 

808

 

(808

)

808

 

Comprehensive income (loss)

 

$

144,849

 

$

(340,953

)

$

(28,212

)

$

369,165

 

$

144,849

Condensed Consolidating Statements of Cash Flows

 

 

 

Year Ended December 31, 2012

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Net cash provided by (used for) operating activities

 

$

7,253

 

$

39,708

 

$

1,546,250

 

$

(30,506

)

$

1,562,705

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(949

)

 

(949

)

Sales and maturities of investments

 

 

 

31,944

 

 

31,944

 

Cash paid for acquisition of businesses, net

 

(35

)

 

 

35

 

 

Proceeds from sale of unconsolidated affiliates

 

 

 

150,000

 

 

150,000

 

Distribution of proceeds from asset sales of unconsolidated affiliates

 

 

 

9,529

 

 

9,529

 

Investment in unconsolidated affiliates

 

 

 

(1,325

)

 

(1,325

)

Capital expenditures

 

 

 

(1,518,628

)

 

(1,518,628

)

Proceeds from sales of assets and insurance claims

 

 

 

149,801

 

 

149,801

 

Cash paid for investments in consolidated affiliates

 

 

 

 

 

 

Changes in intercompany balances

 

 

274,482

 

(274,482

)

 

 

Net cash provided by (used for) investing activities

 

(35

)

274,482

 

(1,454,110

)

35

 

(1,179,628

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

––

 

1,612

 

––

 

1,612

 

Debt issuance costs

 

 

(3,433

)

––

 

––

 

(3,433

)

Proceeds from revolving credit facilities

 

 

710,000

 

––

 

––

 

710,000

 

Proceeds from (payments for) issuance of common shares

 

(3,622

)

––

 

(3

)

––

 

(3,625

)

Reduction in long-term debt

 

 

(224,997

)

(51,261

)

––

 

(276,258

)

Reduction in revolving credit facilities

 

 

(680,000

)

––

 

––

 

(680,000

)

Purchase of restricted stock

 

(2,160

)

––

 

––

 

––

 

(2,160

)

Tax benefit related to share-based awards

 

 

––

 

(263

)

––

 

(263

)

Proceeds from parent contributions

 

 

––

 

35

 

(35

)

 

Cash dividends paid

 

 

(9,003

)

(21,503

)

30,506

 

 

Net cash (used for) provided by financing activities

 

(5,782

)

(207,433

)

(71,383

)

30,471

 

(254,127

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(2,603

)

 

(2,603

)

Net increase (decrease) in cash and cash equivalents

 

1,436

 

106,757

 

18,154

 

 

126,347

 

Cash and cash equivalents, beginning of period

 

203

 

21

 

398,351

 

 

398,575

 

Cash and cash equivalents, end of period

 

$

1,639

 

$

106,778

 

$

416,505

 

$

 

$

524,922

 

 

 

 

Year Ended December 31, 2011

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

6,612

 

$

(109,125

)

$

1,559,000

 

$

 

$

1,456,487

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(11,746

)

 

(11,746

)

Sales and maturities of investments

 

 

 

39,063

 

 

39,063

 

Cash paid for acquisition of businesses, net

 

 

 

(55,459

)

 

(55,459

)

Distribution of proceeds from asset sales of unconsolidated affiliates

 

 

 

142,984

 

 

142,984

 

Investment in unconsolidated affiliates

 

 

 

(112,262

)

 

(112,262

)

Capital expenditures

 

 

 

(2,042,617

)

 

(2,042,617

)

Proceeds from sales of assets and insurance claims

 

 

 

180,558

 

 

180,558

 

Cash paid for investments in consolidated affiliates

 

(26,235

)

(65,000

)

 

91,235

 

 

Changes in intercompany balances

 

 

77,947

 

(77,947

)

 

 

Net cash provided by (used for) investing activities

 

(26,235

)

12,947

 

(1,937,426

)

91,235

 

(1,859,479

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

6,375

 

 

6,375

 

Proceeds from issuance of long-term debt

 

 

697,578

 

 

 

697,578

 

Debt issuance costs

 

 

(7,141

)

 

 

(7,141

)

Proceeds from revolving credit facilities

 

 

1,510,000

 

50,000

 

 

1,560,000

 

Proceeds from issuance of common shares

 

11,605

 

 

 

 

11,605

 

Reduction in long-term debt

 

 

(1,404,246

)

(35

)

 

(1,404,281

)

Reduction in revolving credit facilities

 

 

(700,000

)

 

 

(700,000

)

Repurchase of equity component of convertible debt

 

 

(12

)

 

 

(12

)

Purchase of restricted stock

 

(2,626

)

 

 

 

(2,626

)

Tax benefit related to share-based awards

 

 

 

1,747

 

 

1,747

 

Proceeds from parent contributions

 

 

 

91,235

 

(91,235

)

 

Net cash (used for) provided by financing activities

 

8,979

 

96,179

 

149,322

 

(91,235

)

163,245

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(3,380

)

 

(3,380

)

Net increase (decrease) in cash and cash equivalents

 

(10,644

)

1

 

(232,484

)

 

(243,127

)

Cash and cash equivalents, beginning of period

 

10,847

 

20

 

630,835

 

 

641,702

 

Cash and cash equivalents, end of period

 

$

203

 

$

21

 

$

398,351

 

$

 

$

398,575

 

 

 

 

Year Ended December 31, 2010

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

115,179

 

$

3,697

 

$

1,258,108

 

$

(270,000

)

$

1,106,984

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(34,147

)

 

(34,147

)

Sales and maturities of investments

 

 

 

34,613

 

 

34,613

 

Cash paid for acquisition of businesses, net

 

 

 

(733,630

)

 

(733,630

)

Investment in unconsolidated affiliates

 

 

 

(40,936

)

 

(40,936

)

Capital expenditures

 

 

 

(930,277

)

 

(930,277

)

Proceeds from sales of assets and insurance claims

 

 

 

31,072

 

 

31,072

 

Cash paid for investments in consolidated affiliates

 

(122,300

)

(1,027,134

)

 

1,149,434

 

 

Changes in intercompany balances

 

 

753,648

 

(753,648

)

 

 

Net cash provided by (used for) investing activities

 

(122,300

)

(273,486

)

(2,426,953

)

1,149,434

 

(1,673,305

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

(6,298

)

 

(6,298

)

Proceeds from issuance of long-term debt

 

 

696,948

 

 

 

696,948

 

Debt issuance costs

 

 

(8,934

)

 

 

(8,934

)

Payments for hedge transactions

 

 

(5,667

)

 

 

(5,667

)

Proceeds from revolving credit facilities

 

 

600,000

 

 

 

600,000

 

Proceeds from issuance of common shares

 

8,201

 

 

 

 

8,201

 

Reduction in long-term debt

 

 

(274,095

)

(124,419

)

 

(398,514

)

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

 

(1,935

)

 

 

 

(1,935

)

Tax benefit related to share-based awards

 

 

 

31

 

 

31

 

Cash dividends paid

 

 

(135,000

)

(135,000

)

270,000

 

 

Proceeds from parent contributions

 

 

 

1,149,434

 

(1,149,434

)

 

Net cash (used for) provided by financing activities

 

6,266

 

269,674

 

883,748

 

(879,434

)

280,254

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(46

)

 

(46

)

Net increase (decrease) in cash and cash equivalents

 

(855

)

(115

)

(285,143

)

 

(286,113

)

Cash and cash equivalents, beginning of period

 

11,702

 

135

 

915,978

 

 

927,815

 

Cash and cash equivalents, end of period

 

$

10,847

 

$

20

 

$

630,835

 

$

 

$

641,702