	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates: (1)

Drilling & Rig Services:
U.S.	$	321,169		$	532,894		$	774,990		$	1,043,370
Canada	21,413			54,861			79,253			166,482
International	458,229			391,251			903,629			766,320
Rig Services (2)	100,599			161,740			244,683			305,466

Subtotal Drilling & Rig Services (3)	901,410			1,140,746			2,002,555			2,281,638
Completion & Production Services:
Completion Services	—			276,639			208,123			504,538
Production Services	—			258,378			158,512			533,778

Subtotal Completion & Production Services (4)	—			535,017			366,635			1,038,316

All other (5)	(800		)	—			(800		)	—

Other reconciling items (6)	(38,421		)	(59,358		)	(84,992		)	(116,376		)

Total	$	862,189		$	1,616,405		$	2,283,398		$	3,203,578

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands)
Adjusted income (loss) derived from operating activities: (1) (7)

Drilling & Rig Services:
U.S.	$	31,445		$	89,977		$	108,483		$	162,471
Canada	(8,268		)	225			(1,910		)	26,385
International	83,255			50,583			188,296			98,702
Rig Services (2)	(1,575		)	9,059			11,298			17,787

Subtotal Drilling & Rig Services (3)	104,857			149,844			306,167			305,345
Completion & Production Services:
Completion Services	—			(581		)	(55,243		)	(34,216		)
Production Services	—			29,889			(3,296		)	60,480

Subtotal Completion & Production Services (4)	—			29,308			(58,539		)	26,264
Other reconciling items (8)	(34,876		)	(45,692		)	(84,200		)	(89,108		)

Total adjusted income (loss) derived from operating activities	$	69,981		$	133,460		$	163,428		$	242,501


Equity investment earnings (losses) (5)	(800		)	—			(800		)	—
Interest expense	(44,469		)	(46,303		)	(91,070		)	(91,113		)
Investment income (loss)	1,181			7,066			2,150			8,046
Gains (losses) on sales and disposals of long-lived assets and other income (expense), net	(1,338		)	(16,504		)	54,504			(17,980		)

Income (loss) from continuing operations before income taxes	24,555			77,719			128,212			141,454

Income tax expense (benefit)	66,445			10,756			45,740			24,764
Subsidiary preferred stock dividend	—			1,234			—			1,984

Income (loss) from continuing operations, net of tax	(41,890		)	65,729			82,472			114,706
Income (loss) from discontinued operations, net of tax	5,025			(1,032		)	4,208			483

Net income (loss)	(36,865		)	64,697			86,680			115,189
Less: Net (income) loss attributable to noncontrolling interest	44			(253		)	133			(826		)

Net income (loss) attributable to Nabors	$	(36,821	)	$	64,444		$	86,813		$	114,363

	June 30,		December 31,
	2015		2014
	(In thousands)
Total assets:
Drilling & Rig Services:
U.S.	$	4,057,553	$	4,184,854
Canada	453,253		615,269
International	4,218,373		3,815,051
Rig Services	483,679		549,622

Subtotal Drilling & Rig Services (9)	9,212,858		9,164,796
Completion & Production Services (10) (11)	—		1,933,387
All other (5) (12)	675,323		—
Other reconciling items (8)	629,102		781,759

Total assets:	$	10,517,283	$	11,879,942

(1)

All periods present the operating activities of most of our wholly owned oil and gas businesses as discontinued operations.

(2)

Includes our other services comprised of our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software services.

(3)

Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of ($0.3) million and ($0.8) million for the three months ended June 30, 2015 and 2014, respectively, and $5.9 million and ($3.3) million for the six months ended June 30, 2015 and 2014, respectively.

(4)

Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $0.2 million for the three months ended June 30, 2014 and $0.3 million for each of the six months ended June 30, 2015 and 2014. These investments were included in the Completion & Production Service business line that was merged with C&J Energy in March 2015.

(5)

Represents our share of the net income (loss) of CJES for the eight-day period from the closing of the Merger until March 31, 2015.

(6)

Represents the elimination of inter-segment transactions.

(7)

Adjusted income (loss) derived from operating activities is computed by subtracting the sum of direct costs, general and administrative expenses, depreciation and amortization and earnings (losses) from our equity method investment from the sum of Operating revenues and Earnings (losses) from unconsolidated affiliates. These amounts should not be used as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our business units and the consolidated company based on several criteria, including adjusted income (loss) derived from operating activities, because it believes that these financial measures accurately reflect our ongoing profitability. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table.

(8)

Represents the elimination of inter-segment transactions and unallocated corporate expenses.

(9)

Includes $0.9 million and $48.1 million of investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2015 and December 31, 2014, respectively.

(10)

Reflects assets historically allocated to the line of business necessary to conduct its operations. Further allocation to individual operating segments of Completion & Production Services is not available.

(11)

Includes $10.2 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2014. These investments were included in the Completion & Production Service business line that was merged with C&J Energy in March 2015.

(12)

Includes $675.3 million of investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2015, including our investment in CJES.