Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Financial information with respect to reportable segments

The following table sets forth financial information with respect to our reportable segments:

	Three Months Ended March 31,
	2012			2011
	(In thousands)
Operating revenues and earnings (losses) from unconsolidated affiliates from continuing operations:(1)
Drilling and Rig Services:
U.S. Lower 48 Land Drilling	$	495,697		$	378,568
U.S. Offshore		69,115			30,454
Alaska		62,293			41,315
Canada		192,293			172,443
International		306,465			262,477
Other Rig Services(2)		241,758			116,789
Subtotal Drilling and Rig Services(3)		1,367,621			1,002,046
Completion and Production Services:
U.S. Land Well-servicing		209,701			150,256
Pressure Pumping		398,036			257,859
Subtotal Completion and Production Services		607,737			408,115
Oil and Gas(4)		(62,562	)		15,160
Other reconciling items(5)		(91,039	)		(35,479	)
Total	$	1,821,757		$	1,389,842
Adjusted income (loss) derived from operating activities from continuing operations:(1)(6)
Drilling and Rig Services:
U.S. Lower 48 Land Drilling	$	131,581		$	80,095
U.S. Offshore		7,732			(3,977	)
Alaska		27,420			11,019
Canada		49,287			38,992
International		21,138			35,497
Other Rig Services(2)		29,846			8,344
Subtotal Drilling and Rig Services(3)		267,004			169,970
Completion and Production Services:
U.S. Land Well-servicing		21,888			11,123
Pressure Pumping		64,860			43,715
Subtotal Completion and Production Services		86,748			54,838
Oil and Gas(7)		5,650			15,160
Other reconciling items(8)		(38,216	)		(32,395	)
Total adjusted income derived from operating activities	$	321,186		$	207,573
Full-cost ceiling test writedown		(68,212	)		—
Interest expense		(62,654	)		(73,966	)
Investment income (loss)		20,252			12,280
Gains (losses) on sales and retirements of long-lived assets and other (income) expense, net		1,840			(6,159	)
Income (loss) from continuing operations before income taxes		212,412			139,728
Income tax expense (benefit)		69,044			44,426
Subsidiary preferred stock dividend		750			750
Income (loss) from continuing operations, net of tax		142,618			94,552
Income (loss) from discontinued operations, net of tax		(8,795	)		(12,396	)
Net income (loss)		133,823			82,156
Less: Net income (loss) attributable to noncontrolling interest		267			669
Net income (loss) attributable to Nabors	$	134,090		$	82,825

	March 31, 2012		December 31, 2011
	(In thousands)
Total assets:
Drilling and Rig Services:
U.S. Lower 48 Land Drilling	$	3,336,992	$	3,216,803
U.S. Offshore		427,380		402,506
Alaska		299,350		288,253
Canada		963,416		962,239
International		3,782,962		3,702,611
Other Rig Services(2)		714,918		720,775
Subtotal Drilling and Rig Services(9)		9,525,018		9,293,187
Completion and Production Services:
U.S. Well-servicing		821,740		812,049
Pressure Pumping		1,562,625		1,503,298
Subtotal Completion and Production Services		2,384,365		2,315,347
Oil and Gas(10)		781,412		796,327
Other reconciling items(8)		457,399		507,279
Total assets	$	13,148,194	$	12,912,140

(1) All periods present the operating activities of our wholly owned oil and gas business in the United States, Canada and Colombia, including equity interests in Canada and Colombia, as well as our aircraft logistics operations in Canada as discontinued operations.

(2) Includes our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software, and construction services. These services represent our other companies that are not aggregated into a reportable operating segment.

(3) Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $(6.1) million and $1.1 million for the three months ended March 31, 2012 and 2011, respectively.

(4) Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $(62.6) million and $15.2 million for the three months ended March 31, 2012 and 2011, respectively.

(5) Represents the elimination of inter-segment transactions.

(6) Adjusted income (loss) derived from operating activities is computed by subtracting direct costs, general and administrative expenses, and depreciation and amortization from Operating revenues and then adding Earnings (losses) from unconsolidated affiliates (excluding our proportionate share of full-cost ceiling test writedowns recorded by our oil and gas joint venture). These amounts should not be used as a substitute for those 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.

(7) Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $5.6 million (excluding $68.2 million, which represents our proportionate share of full-cost ceiling test writedowns by our oil and gas joint venture) and $15.2 million for the three months ended March 31, 2012 and 2011, respectively.

(8) Represents the elimination of inter-segment transactions and unallocated corporate expenses, and assets.

(9) Includes $68.8 million and $76.9 million of investments in unconsolidated affiliates accounted for using the equity method as of March 31, 2012 and December 31, 2011, respectively.

(10) Includes $234.3 million and $294.1 million investments in unconsolidated affiliates accounted for using the equity method and $417.0 million and $385.4 million as assets held for sale as of March 31, 2012 and December 31, 2011, respectively.