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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2015
Segment Information  
Financial information with respect to operating segments

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Operating revenues: (1)

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 

$
1,256,989

 

$
2,159,968

 

$
1,914,786

 

Canada

 
137,494

 
335,192

 
361,676

 

International

 
1,862,393

 
1,624,259

 
1,459,223

 

Rig Services (2)

 
391,066

 
692,908

 
521,397

 

 

 

 

 

 

 

 

 

Subtotal Drilling & Rig Services

 
3,647,942

 
4,812,327

 
4,257,082

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

Completion Services

 
207,860

 
1,217,899

 
1,074,321

 

Production Services

 
158,512

 
1,033,538

 
1,009,214

 

 

 

 

 

 

 

 

 

Subtotal Completion & Production Services

 
366,372

 
2,251,437

 
2,083,535

 

 

 

 

 

 

 

 

 

Other reconciling items (3)

 
(149,877

)
(259,567

)
(188,602

)

 

 

 

 

 

 

 

 

Total

 

$
3,864,437

 

$
6,804,197

 

$
6,152,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Adjusted operating income (loss): (1) (4)

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 
87,051

 
370,173

 
315,496

 

Canada

 
(7,029

)
52,468

 
61,193

 

International

 
308,262

 
243,975

 
172,792

 

Rig Services (2)

 
(12,641

)
53,374

 
1,475

 

 

 

 

 

 

 

 

 

Subtotal Drilling & Rig Services

 
375,643

 
719,990

 
550,956

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

Completion Services

 
(55,243

)
(15,540

)
51,331

 

Production Services

 
(3,559

)
93,414

 
102,130

 

 

 

 

 

 

 

 

 

Subtotal Completion & Production Services

 
(58,802

)
77,874

 
153,461

 

 

 

 

 

 

 

 

 

Other reconciling items (5)

 
(159,880

)
(193,565

)
(146,237

)

 

 

 

 

 

 

 

 

Total

 
156,961

 
604,299

 
558,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from unconsolidated affiliates (6)

 

$
(75,081

)

$
(6,301

)

$
39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Reconciliation of adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:

 

 

 

 

 

 

 

Total adjusted operating income (loss) (4)

 

$
156,961

 

$
604,299

 

$
558,180

 

Earnings (losses) from unconsolidated affiliates (6)

 
(75,081

)
(6,301

)
39

 

Investment income (loss)

 
2,308

 
11,831

 
96,577

 

Interest expense

 
(181,928

)
(177,948

)
(223,418

)

Impairments and other charges

 
(368,967

)
(1,027,423

)
(287,241

)

Other, net

 
39,172

 
(9,073

)
(37,977

)

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$
(427,535

)

$
(604,615

)

$
106,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Depreciation and amortization (1)

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 
425,952

 
465,506

 
440,210

 

Canada

 
46,786

 
55,986

 
57,796

 

International

 
411,004

 
367,345

 
346,659

 

Rig Services (2)

 
33,619

 
33,559

 
32,029

 

 

 

 

 

 

 

 

 

Subtotal Drilling & Rig Services

 
917,361

 
922,396

 
876,694

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

Completion Services

 
27,133

 
109,917

 
109,242

 

Production Services

 
26,602

 
114,505

 
103,502

 

 

 

 

 

 

 

 

 

Subtotal Completion & Production Services

 
53,735

 
224,422

 
212,744

 

 

 

 

 

 

 

 

 

Other reconciling items (5)

 
(637

)
(1,718

)
(2,761

)

 

 

 

 

 

 

 

 

Total

 

$
970,459

 

$
1,145,100

 

$
1,086,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Capital expenditures and acquisitions of businesses: (7)

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 
224,819

 
839,536

 
644,792

 

Canada

 
24,167

 
49,317

 
59,386

 

International

 
578,896

 
788,748

 
248,980

 

Rig Services (2)

 
12,791

 
103,491

 
70,831

 

 

 

 

 

 

 

 

 

Subtotal Drilling & Rig Services

 
840,673

 
1,781,092

 
1,023,989

 

Completion & Production Services (8)

 
45,691

 
156,106

 
325,449

 

Other reconciling items (5) 

 
36,872

 
(13,419

)
16,556

 

 

 

 

 

 

 

 

 

Total

 

$
923,236

 

$
1,923,779

 

$
1,365,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2015

 

2014

 

 

 

 

 

(In thousands)

 

 

 

Total assets:

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 
3,654,216 

 
4,184,854 

 

 

 

Canada

 
371,151 

 
615,269 

 

 

 

International

 
4,108,416 

 
3,766,925 

 

 

 

Rig Services

 
430,319 

 
549,622 

 

 

 

 

 

 

 

 

 

 

 

Subtotal Drilling & Rig Services (9)

 
8,564,102 

 
9,116,670 

 

 

 

Completion & Production Services (8) 

 

—

 
1,923,206 

 

 

 

Investment in unconsolidated affiliates (10)

 
415,177 

 
58,251 

 

 

 

Other reconciling items (5)

 
558,561 

 
764,796 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
9,537,840 

 

$
11,862,923 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

All periods present the operating activities of most of our wholly owned oil and gas businesses, aircraft logistics operations and construction services 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)

Represents the elimination of inter-segment transactions.

 

(4)

Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the consolidated company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because we believe that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. 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.

 

(5)

Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.

 

(6)

Represents our share of the net income (loss), as adjusted for our basis difference, of our unconsolidated affiliates accounted for by the equity method inclusive of $(81.3) million for the year ended December 31, 2015, related to our share of the net loss of CJES, which we report on a one-quarter lag.

 

(7)

Includes the total purchase price of acquisitions. No advances were made to our equity method investees during the years ended December 31, 2015, 2014 and 2013.

 

(8)

Reflects assets historically allocated to the Completion & Production Services business. 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 that was merged with C&J Energy in March 2015.

 

(9)

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

 

(10)

Includes $415.2 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2015, including our investment in CJES.

 

Schedule of financial information with respect to Nabors' operations by geographic area

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Operating revenues

 

 

 

 

 

 

 

U.S.

 

$
1,823,906 

 

$
4,701,122 

 

$
4,151,127 

 

Outside the U.S.

 
2,040,531 

 
2,103,075 

 
2,000,888 

 

 

 

 

 

 

 

 

 

 

 

$
3,864,437 

 

$
6,804,197 

 

$
6,152,015 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net:

 

 

 

 

 

 

 

U.S.

 

$
3,703,533 

 

$
5,205,296 

 

$
5,474,746 

 

Outside the U.S.

 
3,324,269 

 
3,393,829 

 
3,123,067 

 

 

 

 

 

 

 

 

 

 

 

$
7,027,802 

 

$
8,599,125 

 

$
8,597,813 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill:

 

 

 

 

 

 

 

U.S.

 

$
54,198 

 

$
146,310 

 

$
498,149 

 

Outside the U.S.

 
112,461 

 
27,618 

 
14,815 

 

 

 

 

 

 

 

 

 

 

 

$
166,659 

 

$
173,928 

 

$
512,964