Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Oil and Gas [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Condensed Statements of Income

	Year Ended December 31,
Condensed Statements of Income — Oil and Gas Operating segment	2011			2010			2009
	(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates
Oil and Gas	$	125,654	(1)	$	37,615		$	(57,864	)(2)
Income (loss) from discontinued operations
Income (loss) from discontinued operations	$	18.660		$	(26,139	)	$	(81,678	)
Impairment on wholly owned assets		(255,046	)(3)		(192,179	)(4)		(205,897	)(5)
Gain (loss) on disposal of assets		46,811			—			—
Less: income tax expense (benefit)		(98,181	)		(62,028	)		(85,431	)
Income (loss) from discontinued operations, net of tax	$	(91,394	)	$	(156,290	)	$	(202,144	)

(1) Includes approximately $83 million of equity in earnings during 2011 for our proportionate share of Remora’s net income, inclusive of the gains recognized for asset sales during 2011.

(2) Includes our proportionate share of full-cost ceiling test writedowns of $47.8 million during 2009.

(3) Includes impairments of $255.0 million to write down the carrying value of our wholly owned oil and gas-centered assets, including $27.2 million related to an oil and gas financing receivable that was deemed uncollectible.

(4) Includes impairments of $192.2 million related to our wholly owned oil and gas assets. Of this total, $137.8 million represented writedowns to the carrying value of some acreage in the United States, which we currently do not have future plans to develop due to sustained low natural gas prices, and certain exploratory wells in Colombia, which we determined were uneconomical to develop in the foreseeable future. The remaining $54.3 million related to impairment of an oil and gas financing receivable was determined using discounted cash flow models, a Level 3 measurement, and involved assumptions based on estimated cash flows for proved and probable reserves, undeveloped acreage value, and current and expected natural gas prices.

(5) Includes impairments totaling $205.9 million to some of our wholly owned oil and gas assets. We recognized an impairment of $149.1 million to a financing receivable as a result of commodity price deterioration and the lower price environment lasting longer than expected. The prolonged period of lower prices significantly reduced demand for future gas production and development in the Barnett Shale area of north central Texas and influenced our decision not to expend capital to develop on some of the undeveloped acreage. Annual impairment tests on our U.S. wholly owned oil and gas properties resulted in impairment charges of $56.8 million to write down the carrying value of some acreage that we do not have future plans to develop.

Other Operating Segments [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Condensed Statements of Income

	Year Ended December 31,
Condensed Statements of Income — Other Operating Segments	2011			2010			2009
	(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates
Other Operating Segments	$	29,713		$	29,739		$	28,751
Income (loss) from discontinued operations
Income (loss) from discontinued operations	$	(210	)	$	1,059		$	(1,636	)
Goodwill impairment		—			—			(14,689	)(6)
Impairment of long-lived assets		(7,853	)		(7,460	)(7)		—
Gain (loss) on disposal of assets		—			—			—
Less: income tax expense (benefit)		(2,017	)		(1,601	)		140
Income (loss) from discontinued operations, net of tax	$	(6,046	)	$	(4,800	)	$	(16,465	)

(6) Includes $14.7 million to impair the remaining goodwill balance of Nabors Blue Sky Ltd. as a result of our annual goodwill impairment tests. We determined the impairment charge was necessary due to the continued downturn in the oil and gas industry in Canada and the lack of certainty regarding eventual recovery in the value of these operations.

(7) Includes $7.5 million of impairment to our aircraft and some drilling equipment during the year ended December 31, 2010. These impairment charges resulted from annual impairment tests on long-lived assets.