Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2015

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Note 16 Condensed Consolidating Financial Information

Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a wholly owned subsidiary. The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

The following condensed consolidating financial information presents condensed consolidating balance sheets as of June 30, 2015 and December 31, 2014 and statements of income (loss), statements of other comprehensive income (loss) and statements of cash flows for the three months ended June 30, 2015 and 2014 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis.

Condensed Consolidating Balance Sheets

	June 30, 2015
						Other
	Nabors		Nabors			Subsidiaries
	(Parent/		Delaware			(Non-			Consolidating
	Guarantor)		(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	1,436	$	10		$	435,229		$	—		$	436,675
Short-term investments	—		—			33,222			—			33,222
Assets held for sale	—		—			136,677			—			136,677
Accounts receivable, net	—		—			908,563			—			908,563
Inventory	—		—			183,775			—			183,775
Deferred income taxes	—		—			—			—			—
Other current assets	50		13,908			256,285			—			270,243
Total current assets	1,486		13,918			1,953,751			—			1,969,155
Long-term investments	—		—			2,617			—			2,617
Property, plant and equipment, net	—		—			7,405,441			—			7,405,441
Goodwill	—		—			139,756			—			139,756
Intercompany receivables	125,042		62,000			1,147,968			(1,335,010		)	—
Investment in consolidated affiliates	4,805,715		5,022,430			1,394,834			(11,222,979		)	—
Investment in unconsolidated affiliates	—		—			676,234			—			676,234
Other long-term assets	—		28,465			295,615			—			324,080
Total assets	$	4,932,243	$	5,126,813		$	13,016,216		$	(12,557,989	)	$	10,517,283
	LIABILITIES AND EQUITY
Current liabilities:
Current debt	$	—	$	—		66,359			$	—		$	66,359
Trade accounts payable	195		6			362,857			—			363,058
Accrued liabilities	88		64,286			708,913			—			773,287
Income taxes payable	—		—			20,049			—			20,049
Total current liabilities	283		64,292			1,158,178			—			1,222,753
Long-term debt	—		3,731,816			(40,459		)	—			3,691,357
Other long-term liabilities	—		35,546			590,965			—			626,511
Deferred income taxes	—		(330,586		)	367,873			—			37,287
Intercompany payable	—		1,335,010			—			(1,335,010		)	—
Total liabilities	283		4,836,078			2,076,557			(1,335,010		)	5,577,908
Subsidiary preferred stock	—		—			—			—			—
Shareholders’ equity	4,931,960		290,735			10,932,244			(11,222,979		)	4,931,960
Noncontrolling interest	—		—			7,415			—			7,415
Total equity	4,931,960		290,735			10,939,659			(11,222,979		)	4,939,375
Total liabilities and equity	$	4,932,243	$	5,126,813		$	13,016,216		$	(12,557,989	)	$	10,517,283

Condensed Consolidating Balance Sheets

	December 31, 2014
						Other
	Nabors		Nabors			Subsidiaries
	(Parent/		Delaware			(Non-			Consolidating
	Guarantor)		(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	1,170	$	7		$	499,972		$	—		$	501,149
Short-term investments	—		—			35,020			—			35,020
Assets held for sale	—		—			146,467			—			146,467
Accounts receivable, net	—		—			1,517,503			—			1,517,503
Inventory	—		—			230,067			—			230,067
Deferred income taxes	—		—			118,230			—			118,230
Other current assets	50		5,242			188,146			—			193,438
Short-term intercompany note	—		880,820			—			(880,820		)	—
Total current assets	1,220		886,069			2,735,405			(880,820		)	2,741,874
Long-term investments	—		—			2,806			—			2,806
Property, plant and equipment, net	—		30,330			8,568,795			—			8,599,125
Goodwill	—		—			173,928			—			173,928
Intercompany receivables	136,360		—			1,286,522			(1,422,882		)	—
Investment in consolidated affiliates	4,771,413		5,014,743			1,448,688			(11,234,844		)	—
Investment in unconsolidated affiliates	—		—			58,251			—			58,251
Other long-term assets	—		30,298			273,660			—			303,958
Total assets	$	4,908,993	$	5,961,440		$	14,548,055		$	(13,538,546	)	$	11,879,942
	LIABILITIES AND EQUITY
Current liabilities:
Current debt	$	—	$	—		$	6,190		$	—		$	6,190
Trade accounts payable	111		2			779,947			—			780,060
Accrued liabilities	263		64,390			663,351			—			728,004
Income taxes payable	—		—			53,221			—			53,221
Short-term intercompany note	—		—			880,820			(880,820		)	—
Total current liabilities	374		64,392			2,383,529			(880,820		)	1,567,475
Long-term debt	—		4,389,299			(40,440		)	—			4,348,859
Other long-term liabilities	—		35,480			566,336			—			601,816
Deferred income taxes	—		(294,655		)	737,658			—			443,003
Intercompany payable	—		1,422,882			—			(1,422,882		)	—
Total liabilities	374		5,617,398			3,647,083			(2,303,702		)	6,961,153
Subsidiary preferred stock	—		—			—			—			—
Shareholders’ equity	4,908,619		344,042			10,890,802			(11,234,844		)	4,908,619
Noncontrolling interest	—		—			10,170			—			10,170
Total equity	4,908,619		344,042			10,900,972			(11,234,844		)	4,918,789
Total liabilities and equity	$	4,908,993	$	5,961,440		$	14,548,055		$	(13,538,546	)	$	11,879,942

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2015
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	863,305		$	—		$	863,305
Earnings (losses) from unconsolidated affiliates	—			—			(1,116		)	—			(1,116		)
Earnings (losses) from consolidated affiliates	(34,151		)	53,933			24,751			(44,533		)	—
Investment income (loss)	—			555			2,953			(2,327		)	1,181
Intercompany interest income	—			2,187			—			(2,187		)	—
Total revenues and other income	(34,151		)	56,675			889,893			(49,047		)	863,370
Costs and other deductions:
Direct costs	—			—			488,522			—			488,522
General and administrative expenses	2,112			(681		)	84,999			(140		)	86,290
Depreciation and amortization	—			31			218,165			—			218,196
Interest expense	(1		)	49,713			(5,243		)	—			44,469
Intercompany interest expense	24			—			2,163			(2,187		)	—
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	535			—			663			140			1,338
Other	—			—			—			—			—
Total costs and other deductions	2,670			49,063			789,269			(2,187		)	838,815
Income (loss) from continuing operations before income tax	(36,821		)	7,612			100,624			(46,860		)	24,555
Income tax expense (benefit)	—			(17,139		)	83,584			—			66,445
Income (loss) from continuing operations, net of tax	(36,821		)	24,751			17,040			(46,860		)	(41,890		)
Income (loss) from discontinued operations, net of tax	—			—			5,025			—			5,025
Net income (loss)	(36,821		)	24,751			22,065			(46,860		)	(36,865		)
Less: Net (income) loss attributable to noncontrolling interest	—			—			44			—			44
Net income (loss) attributable to Nabors	$	(36,821	)	$	24,751		$	22,109		$	(46,860	)	$	(36,821	)

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2014
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	1,616,981		$	—		$	1,616,981
Earnings (losses) from unconsolidated affiliates	—			—			(576		)	—			(576		)
Earnings (losses) from consolidated affiliates	67,009			53,368			21,844			(142,221		)	—
Investment income (loss)	—			146			8,056			(1,136		)	7,066
Intercompany interest income	—			—			—			—			—
Total revenues and other income	67,009			53,514			1,646,305			(143,357		)	1,623,471
Costs and other deductions:
Direct costs	—			—			1,066,495			—			1,066,495
General and administrative expenses	2,439			(31		)	131,351			(129		)	133,630
Depreciation and amortization	—			902			281,918			—			282,820
Interest expense	—			49,313			(3,010		)	—			46,303
Intercompany interest expense	(3		)	—			3			—			—
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	129			—			16,246			129			16,504
Other	—			—			—			—			—
Total costs and other deductions	2,565			50,184			1,493,003			—			1,545,752
Income (loss) from continuing operations before income tax	64,444			3,330			153,302			(143,357		)	77,719
Income tax expense (benefit)	—			(18,514		)	29,270			—			10,756
Subsidiary preferred stock dividend	—			—			1,234			—			1,234
Income (loss) from continuing operations, net of tax	64,444			21,844			122,798			(143,357		)	65,729
Income (loss) from discontinued operations, net of tax	—			—			(1,032		)	—			(1,032		)
Net income (loss)	64,444			21,844			121,766			(143,357		)	64,697
Less: Net (income) loss attributable to noncontrolling interest	—			—			(253		)	—			(253		)
Net income (loss) attributable to Nabors	$	64,444		$	21,844		$	121,513		$	(143,357	)	$	64,444

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2015
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—		$	—		$	2,278,012		$	—		$	2,278,012
Earnings (losses) from unconsolidated affiliates	—			—			5,386			—			5,386
Earnings (losses) from consolidated affiliates	103,886			7,493			(53,687		)	(57,692		)	—
Investment income (loss)	—			560			6,244			(4,654		)	2,150
Intercompany interest income	—			4,626			—			(4,626		)	—
Total revenues and other income	103,886			12,679			2,235,955			(66,972		)	2,285,548
Costs and other deductions:
Direct costs	—			—			1,408,132			—			1,408,132
General and administrative expenses	4,831			(323		)	209,199			(284		)	213,423
Depreciation and amortization	—			643			498,572			—			499,215
Interest expense	(1		)	101,977			(10,906		)	—			91,070
Intercompany interest expense	24			—			4,602			(4,626		)	—
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	12,219			—			(67,007		)	284			(54,504		)
Other	—			—			—			—			—
Total costs and other deductions	17,073			102,297			2,042,592			(4,626		)	2,157,336
Income (loss) from continuing operations before income tax	86,813			(89,618		)	193,363			(62,346		)	128,212
Income tax expense (benefit)	—			(35,931		)	81,671			—			45,740
Income (loss) from continuing operations, net of tax	86,813			(53,687		)	111,692			(62,346		)	82,472
Income (loss) from discontinued operations, net of tax	—			—			4,208			—			4,208
Net income (loss)	86,813			(53,687		)	115,900			(62,346		)	86,680
Less: Net (income) loss attributable to noncontrolling interest	—			—			133			—			133
Net income (loss) attributable to Nabors	$	86,813		$	(53,687	)	$	116,033		$	(62,346	)	$	86,813

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2014
						Other
	Nabors		Nabors			Subsidiaries
	(Parent/		Delaware			(Non-			Consolidating
	Guarantor)		(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—		$	3,206,599		$	—		$	3,206,599
Earnings (losses) from unconsolidated affiliates	—		—			(3,021		)	—			(3,021		)
Earnings (losses) from consolidated affiliates	119,592		44,608			(18,245		)	(145,955		)	—
Investment income (loss)	—		146			10,172			(2,272		)	8,046
Intercompany interest income	—		—			—			—			—
Total revenues and other income	119,592		44,754			3,195,505			(148,227		)	3,211,624
Costs and other deductions:
Direct costs	—		—			2,128,234			—			2,128,234
General and administrative expenses	4,892		(350		)	263,632			(278		)	267,896
Depreciation and amortization	—		1,804			563,143			—			564,947
Interest expense	—		98,682			(7,569		)	—			91,113
Intercompany interest expense	59		—			(59		)	—			—
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	278		(223		)	17,647			278			17,980
Other	—		—			—			—			—
Total costs and other deductions	5,229		99,913			2,965,028			—			3,070,170
Income (loss) from continuing operations before income tax	114,363		(55,159		)	230,477			(148,227		)	141,454
Income tax expense (benefit)	—		(36,914		)	61,678			—			24,764
Subsidiary preferred stock dividend	—		—			1,984			—			1,984
Income (loss) from continuing operations, net of tax	114,363		(18,245		)	166,815			(148,227		)	114,706
Income (loss) from discontinued operations, net of tax	—		—			483			—			483
Net income (loss)	114,363		(18,245		)	167,298			(148,227		)	115,189
Less: Net (income) loss attributable to noncontrolling interest	—		—			(826		)	—			(826		)
Net income (loss) attributable to Nabors	$	114,363	$	(18,245	)	$	166,472		$	(148,227	)	$	114,363

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2015
						Other
	Nabors			Nabors		Subsidiaries
	(Parent/			Delaware		(Non-			Consolidating
	Guarantor)			(Issuer)		Guarantors)			Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(36,821	)	$	24,751	$	22,109		$	(46,860	)	$	(36,821	)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	12,273			—		12,273			(12,273		)	12,273
Less: reclassification adjustment for realized loss on translation adjustment	—			—		—			—			—
Translation adjustment attributable to Nabors	12,273			—		12,273			(12,273		)	12,273
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(2,153		)	—		(2,153		)	2,153			(2,153		)
Less: reclassification adjustment for (gains) losses on marketable securities	—			—		—			—			—
Unrealized gains (losses) on marketable securities	(2,153		)	—		(2,153		)	2,153			(2,153		)
Pension liability amortization and adjustment	276			276		552			(828		)	276
Unrealized gains (losses) and amortization of cash flow hedges	153			153		153			(306		)	153
Other comprehensive income (loss) before tax	10,549			429		10,825			(11,254		)	10,549
Income tax expense (benefit) related to items of other comprehensive income (loss)	161			161		263			(424		)	161
Other comprehensive income (loss), net of tax	10,388			268		10,562			(10,830		)	10,388
Comprehensive income (loss) attributable to Nabors	(26,433		)	25,019		32,671			(57,690		)	(26,433		)
Net income (loss) attributable to noncontrolling interest	—			—		(44		)	—			(44		)
Translation adjustment to noncontrolling interest	—			—		162			—			162
Comprehensive income (loss) attributable to noncontrolling interest	—			—		118			—			118
Comprehensive income (loss)	$	(26,433	)	$	25,019	$	32,789		$	(57,690	)	$	(26,315	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2014
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	64,444		$	21,844		$	121,513		$	(143,357	)	$	64,444
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors	32,255			1,937			32,458			(34,395		)	32,255
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(325		)	243			(82		)	(161		)	(325		)
Less: reclassification adjustment for (gains) losses on marketable securities	(4,903		)	(506		)	(5,409		)	5,915			(4,903		)
Unrealized gains (losses) on marketable securities	(5,228		)	(263		)	(5,491		)	5,754			(5,228		)
Pension liability amortization and adjustment	123			123			246			(369		)	123
Unrealized gains (losses) and amortization of cash flow hedges	153			153			153			(306		)	153
Other comprehensive income (loss) before tax	27,303			1,950			27,366			(29,316		)	27,303
Income tax expense (benefit) related to items of other comprehensive income (loss)	(784		)	(784		)	(1,863		)	2,647			(784		)
Other comprehensive income (loss), net of tax	28,087			2,734			29,229			(31,963		)	28,087
Comprehensive income (loss) attributable to Nabors	92,531			24,578			150,742			(175,320		)	92,531
Net income (loss) attributable to noncontrolling interest	—			—			253			—			253
Translation adjustment to noncontrolling interest	—			—			379			—			379
Comprehensive income (loss) attributable to noncontrolling interest	—			—			632			—			632
Comprehensive income (loss)	$	92,531		$	24,578		$	151,374		$	(175,320	)	$	93,163

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2015
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	86,813		$	(53,687	)	$	116,033		$	(62,346	)	$	86,813
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	(56,266		)	51			(56,215		)	56,164			(56,266		)
Less: reclassification adjustment for realized loss on translation adjustment	5,365			—			5,365			(5,365		)	5,365
Translation adjustment attributable to Nabors	(50,901		)	51			(50,850		)	50,799			(50,901		)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(2,000		)	—			(2,000		)	2,000			(2,000		)
Less: reclassification adjustment for (gains) losses on marketable securities	—			—			—			—			—
Unrealized gains (losses) on marketable securities	(2,000		)	—			(2,000		)	2,000			(2,000		)
Pension liability amortization and adjustment	552			552			1,104			(1,656		)	552
Unrealized gains (losses) and amortization of cash flow hedges	306			306			306			(612		)	306
Other comprehensive income (loss) before tax	(52,043		)	909			(51,440		)	50,531			(52,043		)
Income tax expense (benefit) related to items of other comprehensive income (loss)	323			323			527			(850		)	323
Other comprehensive income (loss), net of tax	(52,366		)	586			(51,967		)	51,381			(52,366		)
Comprehensive income (loss) attributable to Nabors	34,447			(53,101		)	64,066			(10,965		)	34,447
Net income (loss) attributable to noncontrolling interest	—			—			(133		)	—			(133		)
Translation adjustment to noncontrolling interest	—			—			(718		)	—			(718		)
Comprehensive income (loss) attributable to noncontrolling interest	—			—			(851		)	—			(851		)
Comprehensive income (loss)	$	34,447		$	(53,101	)	$	63,215		$	(10,965	)	$	33,596

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2014
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Net income (loss) attributable to Nabors	$	114,363		$	(18,245	)	$	166,472		$	(148,227	)	$	114,363
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors	(4,339		)	1,721			(4,355		)	2,634			(4,339		)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(19,533		)	243			(19,290		)	19,047			(19,533		)
Less: reclassification adjustment for (gains) losses on marketable securities	(4,903		)	(506		)	(5,409		)	5,915			(4,903		)
Unrealized gains (losses) on marketable securities	(24,436		)	(263		)	(24,699		)	24,962			(24,436		)
Pension liability amortization and adjustment	246			246			492			(738		)	246
Unrealized gains (losses) and amortization of cash flow hedges	306			306			306			(612		)	306
Other comprehensive income (loss) before tax	(28,223		)	2,010			(28,256		)	26,246			(28,223		)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(636		)	(636		)	(1,627		)	2,263			(636		)
Other comprehensive income (loss), net of tax	(27,587		)	2,646			(26,629		)	23,983			(27,587		)
Comprehensive income (loss) attributable to Nabors	86,776			(15,599		)	139,843			(124,244		)	86,776
Net income (loss) attributable to noncontrolling interest	—			—			826			—			826
Translation adjustment to noncontrolling interest	—			—			(102		)	—			(102		)
Comprehensive income (loss) attributable to noncontrolling interest	—			—			724			—			724
Comprehensive income (loss)	$	86,776		$	(15,599	)	$	140,567		$	(124,244	)	$	87,500

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2015
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	40,628		$	(120,729	)	$	623,481		$	(25,976	)	$	517,404
Cash flows from investing activities:
Purchase of investments	—			—			(8		)	—			(8		)
Sales and maturities of investments	—			—			745			—			745
Cash paid for acquisition of businesses, net	—			—			(57,909		)	—			(57,909		)
Investment in unconsolidated affiliates	—			—			(445		)	—			(445		)
Proceeds from merger transaction	5,500			646,078			8,472			—			660,050
Capital expenditures	—			—			(566,672		)	—			(566,672		)
Proceeds from sales of assets and insurance claims	—			—			24,790			—			24,790
Other	—			—			1,809			—			1,809
Changes in intercompany balances	—			45,063			(45,063		)	—			—
Net cash provided by (used for) investing activities	5,500			691,141			(634,281		)	—			62,360
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	—			—			310			—			310
Proceeds from (payments for) issuance of common shares	1,198			—			—			—			1,198
Dividends to shareholders	(39,634		)	—			—			4,654			(34,980		)
Proceeds from short-term borrowings	—			—			60,169			—			60,169
Proceeds from (payments for) commercial paper, net	—			(208,467		)	—			—			(208,467		)
Reduction in revolving credit facility	—			(450,000		)	—			—			(450,000		)
Proceeds from term loan facility	—			300,000			—			—			300,000
Payments on term loan facility	—			(300,000		)	—			—			(300,000		)
Proceeds from issuance of intercompany debt	27,000			88,058			(115,058		)	—			—
Paydown of intercompany debt	(27,000		)	—			27,000			—			—
Payments on Parent (Equity or N/P)	—			—			(21,322		)	21,322			—
Other	(7,426		)	—			—			—			(7,426		)
Net cash (used for) provided by financing activities	(45,862		)	(570,409		)	(48,901		)	25,976			(639,196		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(5,042		)	—			(5,042		)
Net increase (decrease) in cash and cash equivalents	266			3			(64,743		)	—			(64,474		)
Cash and cash equivalents, beginning of period	1,170			7			499,972			—			501,149
Cash and cash equivalents, end of period	$	1,436		$	10		$	435,229		$	—		$	436,675

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2014
							Other
	Nabors			Nabors			Subsidiaries
	(Parent/			Delaware			(Non-			Consolidating
	Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	(11,728	)	$	(62,435	)	$	906,048		$	14,152		$	846,037
Cash flows from investing activities:
Purchase of investments	—			—			(266		)	—			(266		)
Sales and maturities of investments	—			—			23,238			—			23,238
Cash paid for acquisition of businesses, net	—			—			(10,200		)	—			(10,200		)
Investment in unconsolidated affiliates	—			—			(1,612		)	—			(1,612		)
Capital expenditures	—			—			(862,680		)	—			(862,680		)
Proceeds from sales of assets and insurance claims	—			—			69,343			—			69,343
Other	—			—			(761		)	—			(761		)
Changes in intercompany balances	—			4,182			(4,182		)	—			—
Net cash provided by (used for) investing activities	—			4,182			(787,120		)	—			(782,938		)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	—			—			(3,383		)	—			(3,383		)
Proceeds from (payments for) issuance of common shares	29,048			—			(1		)	—			29,047
Dividends to shareholders	(26,064		)	—			—			2,272			(23,792		)
Proceeds from (payments for) commercial paper, net	—			111,228			—			—			111,228
Proceeds from revolving credit facilities	—			—			15,000			—			15,000
Reduction in revolving credit facilities	—			(60,000		)	(15,000		)	—			(75,000		)
Purchase of preferred stock	—			—			(70,875		)	—			(70,875		)
Reduction in short-term debt	—			—			(10,000		)	—			(10,000		)
Proceeds from (payments for) issuance of parent common shares to affiliates	16,424			—			—			(16,424		)	—
Other	(7,303		)	—			—			—			(7,303		)
Net cash (used for) provided by financing activities	12,105			51,228			(84,259		)	(14,152		)	(35,078		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6,978		)	—			(6,978		)
Net increase (decrease) in cash and cash equivalents	377			(7,025		)	27,691			—			21,043
Cash and cash equivalents, beginning of period	730			7,029			382,156			—			389,915
Cash and cash equivalents, end of period	$	1,107		$	4		$	409,847		$	—		$	410,958