Nabors Industries (NBR) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information
Entity Registrant Name	NABORS INDUSTRIES LTD
Entity Central Index Key	1,163,739
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		330,626,259
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 436,675	$ 501,149
Short-term investments	33,222	35,020
Assets held for sale	136,677	146,467
Accounts receivable, net	908,563	1,517,503
Inventory	183,775	230,067
Deferred income taxes		118,230
Other current assets	270,243	193,438
Total current assets	1,969,155	2,741,874
Long-term investments and other receivables	2,617	2,806
Property, plant and equipment, net	7,405,441	8,599,125
Goodwill	139,756	173,928
Investment in unconsolidated affiliates	676,234	58,251
Other long-term assets	324,080	303,958
Total assets	10,517,283	11,879,942
Current liabilities:
Current portion of debt	66,359	6,190
Trade accounts payable	363,058	780,060
Accrued liabilities	773,287	728,004
Income taxes payable	20,049	53,221
Total current liabilities	1,222,753	1,567,475
Long-term debt	3,691,357	4,348,859
Other long-term liabilities	626,511	601,816
Deferred income taxes	37,287	443,003
Total liabilities	$ 5,577,908	$ 6,961,153
Commitments and contingencies (Note 11)
Shareholders' equity:
Common shares, par value $0.001 per share: Authorized common shares 800,000; issued 330,643 and 328,196, respectively	$ 331	$ 328
Capital in excess of par value	2,476,132	2,452,261
Accumulated other comprehensive income	25,156	77,522
Retained earnings	3,625,005	3,573,172
Less: treasury shares, at cost, 38,788 common shares	(1,194,664)	(1,194,664)
Total shareholders' equity	4,931,960	4,908,619
Noncontrolling interest	7,415	10,170
Total equity	4,939,375	4,918,789
Total liabilities and equity	$ 10,517,283	$ 11,879,942

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	800,000	800,000
Common shares, shares issued	330,643	328,196
Treasury shares, at cost	38,788	38,788

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues and other income:
Operating revenues	$ 863,305	$ 1,616,981	$ 2,278,012	$ 3,206,599
Earnings (losses) from unconsolidated affiliates	(1,116)	(576)	5,386	(3,021)
Investment income (loss)	1,181	7,066	2,150	8,046
Total revenues and other income	863,370	1,623,471	2,285,548	3,211,624
Costs and other deductions:
Direct costs	488,522	1,066,495	1,408,132	2,128,234
General and administrative expenses	86,290	133,630	213,423	267,896
Depreciation and amortization	218,196	282,820	499,215	564,947
Interest expense	44,469	46,303	91,070	91,113
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	1,338	16,504	(54,504)	17,980
Total costs and other deductions	838,815	1,545,752	2,157,336	3,070,170
Income (loss) from continuing operations before income tax	24,555	77,719	128,212	141,454
Income tax expense (benefit):
Current	(14,402)	7,577	32,947	21,235
Deferred	80,847	3,179	12,793	3,529
Total 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
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (0.14)	$ 0.21	$ 0.28	$ 0.37
Basic from discontinued operations (in dollars per share)	0.01		0.02
Total Basic (in dollars per share)	(0.13)	0.21	0.30	0.37
Diluted from continuing operations (in dollars per share)	(0.14)	0.21	0.28	0.37
Diluted from discontinued operations (in dollars per share)	0.01		0.02
Total Diluted (in dollars per share)	$ (0.13)	$ 0.21	$ 0.30	$ 0.37
Weighted-average number of common shares outstanding:
Basic (in shares)	286,085	297,984	285,723	297,097
Diluted (in shares)	286,085	300,981	286,701	300,016

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (36,821)	$ 64,444	$ 86,813	$ 114,363
Translation adjustment attributable to Nabors
Unrealized gain (loss) on translation adjustment	12,273	32,255	(56,266)	(4,339)
Less: reclassification adjustment for realized loss on translation adjustment			5,365
Translation adjustment attributable to Nabors	12,273	32,255	(50,901)	(4,339)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities	(2,153)	(325)	(2,000)	(19,533)
Less: reclassification adjustment for (gains)/losses on marketable securities		(4,903)		(4,903)
Unrealized gains (losses) on marketable securities	(2,153)	(5,228)	(2,000)	(24,436)
Pension liability amortization and adjustment	276	123	552	246
Unrealized gains (losses) and amortization of cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	10,549	27,303	(52,043)	(28,223)
Income tax expense (benefit) related to items of other comprehensive income (loss)	161	(784)	323	(636)
Other comprehensive income (loss), net of tax	10,388	28,087	(52,366)	(27,587)
Comprehensive income (loss) attributable to Nabors	(26,433)	92,531	34,447	86,776
Net income (loss) attributable to noncontrolling interest	(44)	253	(133)	826
Translation adjustment to noncontrolling interest	162	379	(718)	(102)
Comprehensive income (loss) attributable to noncontrolling interest	118	632	(851)	724
Comprehensive income (loss)	$ (26,315)	$ 93,163	$ 33,596	$ 87,500

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 86,680	$ 115,189
Adjustments to net income (loss):
Depreciation and amortization	501,085	566,458
Deferred income tax expense (benefit)	5,039	3,172
Losses (gains) on long-lived assets, net	2,725	15,041
Losses (gains) on investments, net		(5,062)
Share-based compensation	30,102	19,301
Foreign currency transaction losses (gains), net	(548)	1,044
Gain on merger transaction	(52,574)
Gains on acquisitions	(2,308)
Equity in (earnings) losses of unconsolidated affiliates, net of dividends	3,809	3,021
Other	4,815	3,355
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	449,062	(48,089)
Inventory	7,763	(6,623)
Other current assets	148,563	(31,780)
Other long-term assets	255,845	10,868
Trade accounts payable and accrued liabilities	(633,640)	57,418
Income taxes payable	(29,212)	(63,070)
Other long-term liabilities	(259,802)	205,794
Net cash provided by operating activities	517,404	846,037
Cash flows from investing activities:
Purchases of investments	(8)	(266)
Sales and maturities of investments	745	23,238
Cash paid for acquisition of businesses, net of cash acquired	(57,909)	(10,200)
Investment in unconsolidated affiliates	(445)	(1,612)
Proceeds from merger transaction	660,050
Capital expenditures	(566,672)	(862,680)
Proceeds from sales of assets and insurance claims	24,790	69,343
Other	1,809	(761)
Net cash provided by (used for) investing activities	62,360	(782,938)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	310	(3,383)
Proceeds from (payments for) issuance of common shares	1,198	29,047
Dividends to shareholders	(34,980)	(23,792)
Proceeds from short-term borrowings	60,169
Proceeds from (payment for) commercial paper, net	(208,467)	111,228
Proceeds from revolving credit facilities		15,000
Reduction in revolving credit facilities	(450,000)	(75,000)
Proceeds from term loan facility	300,000
Payments on term loan facility	(300,000)
Purchase of preferred stock		(70,875)
Reduction in short-term debt		(10,000)
Other	(7,426)	(7,303)
Net cash used for financing activities	(639,196)	(35,078)
Effect of exchange rate changes on cash and cash equivalents	(5,042)	(6,978)
Net increase (decrease) in cash and cash equivalents	(64,474)	21,043
Cash and cash equivalents, beginning of period	501,149	389,915
Cash and cash equivalents, end of period	$ 436,675	$ 410,958

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Shares	Non-controlling Interest	Total
Balance at Dec. 31, 2013	$ 324	$ 2,392,585	$ 216,140	$ 4,304,664	$ (944,627)	$ 12,091	$ 5,981,177
Balance (in shares) at Dec. 31, 2013	323,711
Increase (Decrease) in Equity
Net income (loss)				114,363		826	115,189
Dividends to shareholders				(23,792)			(23,792)
Redemption of subsidiary preferred stock				(1,688)			(1,688)
Other comprehensive income (loss), net of tax			(27,587)			(102)	(27,689)
Issuance of common shares for stock options exercised	$ 3	29,045					$ 29,048
Issuance of common shares for stock options exercised (in shares)	2,911						2,900
Share-based compensation		19,301					$ 19,301
Other	$ 1	(7,305)	(1)			(2,319)	(9,624)
Other (in shares)	1,512
Balance at Jun. 30, 2014	$ 328	2,433,626	188,552	4,393,547	(944,627)	10,496	6,081,922
Balance (in shares) at Jun. 30, 2014	328,134
Balance at Dec. 31, 2014	$ 328	2,452,261	77,522	3,573,172	(1,194,664)	10,170	4,918,789
Balance (in shares) at Dec. 31, 2014	328,196
Increase (Decrease) in Equity
Net income (loss)				86,813		(133)	86,680
Dividends to shareholders				(34,980)			(34,980)
Other comprehensive income (loss), net of tax			(52,366)			(718)	(53,084)
Issuance of common shares for stock options exercised		1,198					$ 1,198
Issuance of common shares for stock options exercised (in shares)	130						100
Share-based compensation		30,102					$ 30,102
Other	$ 3	(7,429)				(1,904)	(9,330)
Other (in shares)	2,317
Balance at Jun. 30, 2015	$ 331	$ 2,476,132	$ 25,156	$ 3,625,005	$ (1,194,664)	$ 7,415	$ 4,939,375
Balance (in shares) at Jun. 30, 2015	330,643

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2015
Nature of Operations
Nature of Operations	Note 1 Nature of Operations We own and operate the world’s largest land-based drilling rig fleet and are a leading provider of offshore platform workover and drilling rigs in the United States and numerous international markets. As a global provider of services for land-based and offshore oil and natural gas wells, our fleet of rigs and drilling-related equipment as of June 30, 2015 includes: · 469 actively marketed rigs for land-based drilling operations in the United States, Canada and over 20 other countries throughout the world; and · 42 actively marketed rigs for offshore drilling operations in the United States and numerous international markets. We also provide innovative drilling technology and equipment and comprehensive well-site services in many of the most significant oil and gas markets in the world, including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services. In addition, we manufacture and lease or sell top drives and other rig equipment. The majority of our business is conducted through our Drilling & Rig Services business line, which is comprised of our global land-based and offshore drilling rig operations and other rig services, consisting of equipment manufacturing, rig instrumentation, optimization software and directional drilling services. This business line consists of four operating segments: U.S., Canada, International and Rig Services. On March 24, 2015, we completed the previously announced merger (the “Merger”) of our Completion & Production Services business line with C&J Energy Services, Inc. (“C&J Energy”). As a result of the Merger and related transactions, our wholly-owned interest in our Completion & Production Service business line was exchanged for cash and an equity interest in the combined entity, C&J Energy Services Ltd. (“CJES”), and is now accounted for as an unconsolidated affiliate as of the acquisition date. See further discussion in Note 3 — Investments in Unconsolidated Affiliates. Prior to the Merger, this business line was comprised of our operations involved in the completion, life-of-well maintenance and plugging and abandonment of a well in the United States and Canada. These services include stimulation, coiled-tubing, cementing, wireline, workover, well-servicing and fluids management. On May 24, 2015, we paid $106.0 million in cash to acquire the remaining 49% equity interest in Nabors Arabia Company Limited (“Nabors Arabia”), our joint venture in Saudi Arabia, making it a wholly owned subsidiary. As a result of the acquisition, we consolidated the assets and liabilities of Nabors Arabia on May 24, 2015 based on their respective fair values. We have also consolidated the operating results of Nabors Arabia as of the acquisition date. See further discussion in Note 4 — Acquisitions. Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires, including Nabors Industries, Inc., a Delaware corporation (“Nabors Delaware”), our wholly owned subsidiary.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited consolidated financial statements of Nabors have been prepared in conformity with the generally accepted accounting principles in the United States (“GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these financial statements should be read along with our annual report on Form 10-K for the year ended December 31, 2014 (“2014 Annual Report”). In management’s opinion, the unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of June 30, 2015 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the six months ended June 30, 2015 may not be indicative of results that will be realized for the full year ending December 31, 2015. Principles of Consolidation Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. Investments in operating entities where we have the ability to exert significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Our share of the net income (loss) of these entities is recorded as earnings (losses) from unconsolidated affiliates in our consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our consolidated balance sheets. We record our share of the net income (loss) of our equity method investment in CJES on a one-quarter lag , as we are not able to obtain the financial information on a timely basis. See Note 3 — Investments in Unconsolidated Affiliates. Inventory Inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: June 30, December 31, 2015 2014 (In thousands) Raw materials $ $ Work-in-progress Finished goods $ $ Goodwill We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether to perform the two-step annual goodwill impairment test, a Level 3 fair value measurement. After our qualitative assessment, step one of the impairment test compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the fair value, a second step is required to measure the goodwill impairment loss. The second step compares the implied fair value of the reporting unit’s goodwill to its carrying amount. If the carrying amount exceeds the implied fair value, an impairment loss is recognized in an amount equal to the excess. Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. Potential factors requiring assessment include a further or sustained decline in our stock price, declines in oil and natural gas prices, a variance in results of operations from forecasts, a change in operating strategy of assets and additional transactions in the oil and gas industry. Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compare the sum of our reporting units’ estimated fair value, which includes the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assess the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. Based on our annual review during the second quarter of 2015, we did not record a goodwill impairment. However, a prolonged period of lower natural gas or oil prices could continue to adversely affect demand for our services and lead to goodwill impairment charges in the future. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) relating to consolidation, which eliminates the presumption that a general partner should consolidate a limited partnership. It also modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities and adds requirements that limited partnerships must meet to qualify as voting interest entities. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. We are currently evaluating the impact this will have on our consolidated financial statements. In April 2015, the FASB issued an ASU relating to the presentation of debt issuance costs on the balance sheet. This standard amends existing guidance to require the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. This guidance is effective for fiscal years beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In May 2014, the FASB issued an ASU relating to the revenue recognition from contracts with customers that creates a common revenue standard for GAAP and IFRS. The core principle will require recognition of revenue to represent the transfer of promised goods or services to customers in an amount that reflects the consideration, including costs incurred, to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. We are currently evaluating the impact this will have on our consolidated financial statements.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2015
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	Note 3 Investments in Unconsolidated Affiliates On March 24, 2015, we completed the previously announced Merger of our Completion & Production Services business line with C&J Energy. We received total consideration comprised of approximately $693.5 million in cash and approximately 62.5 million common shares in the combined company, CJES, representing approximately 53% of the outstanding and issued common shares of CJES. Because we have significant influence over CJES, but not a controlling financial interest, we account for our investment in CJES under the equity method of accounting. Our consolidated statement of income (loss) for the six months ended June 30, 2015 consolidates the operating results of our Completion & Production Services business line through the closing date of the Merger. As a result of the Merger, we no longer consolidate the operating results of our Completion & Production Services business line and CJES became an unconsolidated affiliate. Therefore, subsequent to the closing date of the Merger, our share of the net income (loss) of our equity method investment is recorded as earnings (losses) from unconsolidated affiliates in our consolidated statements of income (loss). Our policy is to record our share of the net income (loss) of CJES on a one-quarter lag as we are not able to obtain the financial information of CJES on a timely basis. Accordingly, the equity in earnings from CJES, which is reflected in earnings (losses) from unconsolidated affiliates in our consolidated statement of income (loss) for the three months ended June 30, 2015 includes our share of the net income (loss) of CJES for the eight-day period from the closing date of the Merger until March 31, 2015. We recorded our investment in the equity of CJES in the Investment in unconsolidated affiliates line in our consolidated balance sheet, with an initial valuation of approximately $676.2 million, based on the fair value of shares received on the closing date of the Merger. As of March 31, 2015, the fair market value of our investment in CJES was approximately $696.1 million, based on its available quoted market prices, which exceeds its carrying value of $675.3 million. Additionally, we recognized an estimated gross gain of $102.2 million in connection with the Merger based on the difference between the consideration received and the carrying value of the assets and liabilities of our Completion & Production Services business line. This gain was partially offset by $49.6 million in transaction costs related to the Merger. The Merger is subject to customary post-closing adjustments which may impact the ultimate amount of gain recognized on the transaction.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Acquisitions
Acquisitions	Note 4 Acquisitions On May 24, 2015, we paid $106.0 million in cash to acquire the remaining 49% equity interest in Nabors Arabia, our joint venture in Saudi Arabia, making it a wholly owned subsidiary. Previously, we held a 51% equity interest with a carrying value of $44.7 million that we had accounted for as an equity method investment. The acquisition of the remaining interest allows us to strategically align our future growth in this market by providing additional flexibility to invest capital and pursue future investment opportunities. As a result of the acquisition, we consolidated the assets and liabilities of Nabors Arabia on May 24, 2015 based on their respective fair values. We have also consolidated the operating results of Nabors Arabia as of the acquisition date and reported those results in our International drilling segment. The excess of the estimated fair value of the assets and liabilities over the net carrying value of our previously held equity interest resulted in a gain of $2.3 million and was reflected in losses (gains) on sales and disposals of long-lived assets and other expense (income) in the consolidated statements of income. The following table provides the preliminary estimates for allocation of the purchase price as of the acquisition date. This allocation was based on the significant use of estimates and on information that was available to management at the time these interim consolidated financial statements were prepared. We will continue to adjust the allocations until final valuation of the assets and liabilities is completed. Estimated Fair (In thousands) Value Assets: Cash $ Accounts receivable Other current assets Property, plant and equipment, net Intangible assets Goodwill Other long-term assets Total assets Liabilities: Accounts payable $ Accrued liabilities Income taxes payable Other long-term liabilities Total liabilities Net assets acquired $ The following unaudited supplemental pro forma results present consolidated information as if the acquisition had been completed as of January 1, 2014. The unaudited supplemental pro forma results should not be considered indicative of the results that would have occurred if the acquisition had been consummated as of January 1, 2014; nor are they indicative of future results. Six Months Ended June 30, (In thousands, except per share amounts) 2015 2014 Total revenues and other income $ $ Income (loss) from continuing operations, net of tax Income (loss) from continuing operations per share - basic $ $ Income (loss) from continuing operations per share - diluted $ $

Cash and Cash Equivalents and S

Cash and Cash Equivalents and Short-term Investments	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents and Short-term Investments
Cash and Cash Equivalents and Short-term Investments	Note 5 Cash and Cash Equivalents and Short-term Investments Certain information related to our cash and cash equivalents and short-term investments follows: June 30, 2015 December 31, 2014 Fair Value Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Gains Gross Unrealized Holding Losses (In thousands) Cash and cash equivalents $ $ — $ — $ $ — $ — Short-term investments: Available-for-sale equity securities — — Available-for-sale debt securities: Mortgage-CMO debt securities — — — ) Total short-term investments — ) Total cash, cash equivalents and short-term investments $ $ $ — $ $ $ ) Certain information regarding our debt and equity securities is presented below: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Available-for-sale Proceeds from sales and maturities $ — $ $ — $ Realized gains (losses), net $ — $ $ — $

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	Note 6 Fair Value Measurements The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2015. Our debt securities could transfer into or out of a Level 1 or 2 measure depending on the availability of independent and current pricing at the end of each quarter. During the three and six months ended June 30, 2015, there were no transfers of our financial assets between Level 1 and Level 2 measures. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets: Short-term investments: Available-for-sale equity securities (energy industry) $ $ — $ — $ Available-for-sale debt securities: Mortgage-CMO debt securities — — Total short-term investments $ $ $ — $ Nonrecurring Fair Value Measurements We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily to assets held-for-sale, goodwill, intangible assets and other long-lived assets, assets acquired and liabilities assumed in a business combination and our pipeline contractual commitment. Fair Value of Financial Instruments We estimate the fair value of our financial instruments in accordance with GAAP. The fair value of our long-term debt, revolving credit facility and commercial paper is estimated based on quoted market prices or prices quoted from third-party financial institutions. The carrying and fair values of these liabilities were as follows: June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) 2.35% senior notes due September 2016 $ $ $ $ 6.15% senior notes due February 2018 9.25% senior notes due January 2019 5.00% senior notes due September 2020 4.625% senior notes due September 2021 5.10% senior notes due September 2023 Revolving credit facility — — Commercial paper Other Total $ $ $ $ The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Share-Based Compensation
Share-Based Compensation	Note 7 Share-Based Compensation We have several share-based employee and director compensation plans, which are more fully described in Note 9 — Share-Based Compensation in our 2014 Annual Report. Total share-based compensation expense, which includes stock options and restricted stock, totaled $16.4 million and $8.6 million for the three months ended June 30, 2015 and 2014, respectively, and $30.1 million and $19.3 million for the six months ended June 30, 2015 and 2014, respectively. Share-based compensation expense has been allocated to our various operating segments. See Note 15 — Segment Information. Stock Options The total intrinsic value of stock options exercised during the six months ended June 30, 2015 and 2014 was $0.8 million and $46.9 million, respectively. The total fair value of stock options that vested during the six months ended June 30, 2015 and 2014 was $1.6 million and $1.5 million, respectively. Restricted Stock During the six months ended June 30, 2015 and 2014, we awarded 2,535,503 and 1,143,002 shares of restricted stock, respectively, vesting over periods of up to four years, to our employees and directors. These awards had an aggregate value at their date of grant of $34.7 million and $26.1 million, respectively. The fair value of restricted stock that vested during the six months ended June 30, 2015 and 2014 was $13.2 million and $18.3 million, respectively. The fair value of these awards is based on the closing price of Nabors stock on the date the awards are granted. Restricted Stock Based on Performance During the six months ended June 30, 2015 and 2014, we awarded 438,307 and 362,311 shares of restricted stock, respectively, vesting over a period of three years to some of our executives. The performance awards granted were based upon achievement of specific financial or operational objectives. The number of shares granted was determined by the number of performance goals achieved during fiscal years 2014 and 2013, respectively. Until shares are vested, our performance awards based on performance conditions are liability-classified awards. Our accrued liabilities included $1.1 million for such awards at June 30, 2015 for the performance period beginning January 1, 2015 through December 31, 2015. The fair value of these awards that vested during the six months ended June 30, 2015 was $3.7 million. The fair value of these awards are estimated at each reporting period, based on internal metrics and marked to market. Restricted Stock Based on Market Conditions During the six months ended June 30, 2015 and 2014, we awarded 544,925 and 395,550 shares of restricted stock, respectively, which will vest based on our performance compared to our peer group over a three-year period. These awards had an aggregate value at their date of grant of $4.7 million and $4.5 million, respectively, after consideration of all assumptions. The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: Three Months Ended June 30, 2015 2014 Risk free interest rate % % Expected volatility % % Closing stock price at grant date $ $ Expected term (in years) 3.0 years 2.97 years

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt
Debt	Note 8 Debt Debt consisted of the following: June 30, December 31, 2015 2014 (In thousands) 2.35% senior notes due September 2016 $ $ 6.15% senior notes due February 2018 9.25% senior notes due January 2019 5.00% senior notes due September 2020 4.625% senior notes due September 2021 5.10% senior notes due September 2023 Revolving credit facility — Commercial paper Other $ $ Less: current portion $ $ Commercial Paper Program As of June 30, 2015, we had approximately $324.7 million of commercial paper outstanding. The weighted average interest rate on borrowings at June 30, 2015 was 0.553%. Our commercial paper borrowings are classified as long-term debt because the borrowings are fully supported by availability under our revolving credit facility, which matures as currently structured in July 2020, more than one year from now. Revolving Credit Facility During the first quarter of 2015, we exercised the accordion feature under our revolving credit facility to increase the borrowing capacity by $225.0 million, bringing our total capacity under the revolving credit facility to $1.725 billion. The weighted average interest rate during the period ended June 30, 2015 was 1.48%. As of June 30, 2015, we have no borrowings ou tstanding under this facility. Additionally, in July 2015, we entered into an agreement which increases the borrowing capacity to $2.2 billion, extends the maturity date to July 2020 and increases the size of the accordion option. See Note 17 — Subsequent Events. The revolving credit facility contains various covenants and restrictive provisions that limit our ability to incur additional indebtedness, make investments or loans and create liens and require us to maintain a net funded indebtedness to total capitalization ratio, as defined in the agreement. We were in compliance with all covenants under the agreement at June 30, 2015. If we fail to perform our obligations under the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable. Term Loan Facility On February 6, 2015, Nabors Industries, Inc., our wholly owned subsidiary, entered into a new unsecured term loan facility for $300.0 million with a three-year maturity, which was fully and unconditionally guaranteed by us. Under the new term loan facility, we were required to prepay the loan upon the closing of the Merger, or if we otherwise disposed of assets, issued term debt, or issued equity with net proceeds of more than $70.0 million, subject to certain exceptions. The term loan agreement contained customary representations and warranties, covenants, and events of default for loan facilities of this type. On March 27, 2015, we repaid the $300.0 million term loan, and the facility was terminated according to the terms of the agreement using a portion of the cash consideration received in connection with the Merger.

Common Shares

Common Shares	6 Months Ended
	Jun. 30, 2015
Common Shares.
Common Shares	Note 9 Common Shares During the six months ended June 30, 2015 and 2014, our employees exercised vested options to acquire 0.1 million and 2.9 million of our common shares, respectively, resulting in proceeds of $1.2 million and $29.0 million, respectively. During the six months ended June 30, 2015 and 2014, we withheld 0.6 million and 0.3 million, respectively, of our common shares with a fair value of $7.4 million and $7.3 million, respectively, to satisfy tax withholding obligations in connection with the vesting of all stock awards. On April 24, 2015, a cash dividend of $0.06 per share was declared for shareholders of record on June 9, 2015. The dividend was paid on June 30, 2015 in the amount of $17.5 million and was charged to retained earnings in our consolidated statement of changes in equity for the six months ended June 30, 2015.

Subsidiary Preferred Stock

Subsidiary Preferred Stock	6 Months Ended
	Jun. 30, 2015
Subsidiary Preferred Stock
Subsidiary Preferred Stock	Note 10 Subsidiary Preferred Stock During 2014, we paid $70.9 million to redeem the 75,000 outstanding shares of Series A Preferred Stock of our subsidiary and paid all dividends due on such shares.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	Note 11 Commitments and Contingencies Contingencies Income Tax Income tax returns that we file are subject to review and examination. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. We have received an assessment from the Mexico federal tax authority in connection with our 2007 income tax return. The assessment relates to the denial of depreciation expense deductions related to drilling rigs. Similar deductions were taken for tax years 2008 - 2010. Although Nabors and its tax advisors believe these deductions are defensible, a partial reserve has been recorded. The total amounts assessed or expected to be assessed range from $30 million to $35 million. We have not changed our position to defend this issue, as we are confident that we will prevail in court. If we ultimately do not prevail, we would be required to recognize additional tax expense for any amount in excess of the current reserve. Self-Insurance We estimate the level of our liability related to insurance and record reserves for these amounts in our consolidated financial statements. Our estimates are based on the facts and circumstances specific to existing claims and our past experience with similar claims. These loss estimates and accruals recorded in our financial statements for claims have historically been reasonable in light of the actual amount of claims paid and are actuarially supported. Although we believe our insurance coverage and reserve estimates are reasonable, a significant accident or other event that is not fully covered by insurance or contractual indemnity could occur and could materially affect our financial position and results of operations for a particular period. We self-insure for certain losses relating to workers’ compensation, employers’ liability, general liability, automobile liability and property damage. Effective April 1, 2015, some of our workers’ compensation claims, employers’ liability and marine employers’ liability claims are subject to a $3.0 million per-occurrence deductible; additionally, some of our automobile liability claims are subject to a $2.5 million deductible. General liability claims remain subject to a $5.0 million per-occurrence deductible. In addition, we are subject to a $5.0 million deductible for land rigs and for offshore rigs. This applies to all types of physical damage risks except for named windstorms in the U.S. Gulf of Mexico. We have limited windstorm coverage on certain assets in the U.S. Gulf of Mexico. Litigation Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. In 2009, the Court of Ouargla entered a judgment of approximately $14.5 million (at June 30, 2015 exchange rates) against us relating to alleged customs infractions in Algeria. We believe we did not receive proper notice of the judicial proceedings, and that the amount of the judgment was excessive in any case. We asserted the lack of legally required notice as a basis for challenging the judgment on appeal to the Algeria Supreme Court (the “Supreme Court”). In May 2012, that court reversed the lower court and remanded the case to the Ouargla Court of Appeals for treatment consistent with the Supreme Court’s ruling. In January 2013, the Ouargla Court of Appeals reinstated the judgment. We again lodged an appeal to the Supreme Court, asserting the same challenges as before. While the appeal was pending, the Hassi Messaoud customs office initiated efforts to collect the judgment prior to the Supreme Court’s decision in the case. As a result, we paid approximately $3.1 million and posted security of approximately $1.33 million to suspend those collection efforts and to enter into a formal negotiations process with the customs authority. The customs authority demanded 50% of the total fine as a final settlement and seized additional funds of approximately $4.425 million. We have recorded a reserve in the amount of the posted security. The matter was heard by the Supreme Court on February 26, 2015, and on March 26, 2015, that court set aside the judgment of the Ouargla Court of Appeals and remanded the case to that court for further proceedings. We have filed an application to the Conseil d’Etat in an effort to recover amounts previously paid by us. A portion of those amounts has been returned, and our efforts to recover the additional $3.6 million continue. In March 2011, the Court of Ouargla entered a judgment of approximately $28.5 million (at June 30, 2015 exchange rates) against us relating to alleged violations of Algeria’s foreign currency exchange controls, which require that goods and services provided locally be invoiced and paid in local currency. The case relates to certain foreign currency payments made to us by CEPSA, a Spanish operator, for wells drilled in 2006. Approximately $7.5 million of the total contract amount was paid offshore in foreign currency, and approximately $3.2 million was paid in local currency. The judgment includes fines and penalties of approximately four times the amount at issue. We have appealed the ruling based on our understanding that the law in question applies only to resident entities incorporated under Algerian law. An intermediate court of appeals upheld the lower court’s ruling, and we appealed the matter to the Supreme Court. On September 25, 2014, the Supreme Court overturned the verdict against us, and the case was reheard by the Ouargla Court of Appeals on March 22, 2015 in light of the Supreme Court’s opinion. On March 29, 2015, the Ouargla Court of Appeals reinstated the initial judgment against us. We have appealed this decision again to the Supreme Court. While our payments were consistent with our historical operations in the country, and, we believe, those of other multinational corporations there, as well as interpretations of the law by the Central Bank of Algeria, the ultimate resolution of this matter could result in a loss of up to $20.5 million in excess of amounts accrued. In 2012, Nabors Global Holdings II Limited (“NGH2L”) signed a contract with ERG Resources, LLC (“ERG”) relating to the sale of all of the Class A shares of NGH2L’s wholly owned subsidiary, Ramshorn International Limited, an oil and gas exploration company. When ERG failed to meet its closing obligations, NGH2L terminated the transaction on March 19, 2012 and, as contemplated in the agreement, retained ERG’s $3.0 million escrow deposit. ERG filed suit the following day in the 61st Judicial District Court of Harris County, Texas, in a case styled ERG Resources, LLC v. Nabors Global Holdings II Limited, Ramshorn International Limited, and Parex Resources, Inc.; Cause No. 2012-16446, seeking injunctive relief to halt any sale of the shares to a third party, specifically naming as defendant Parex Resources, Inc. (“Parex”). The lawsuit also seeks monetary damages of up to $750.0 million based on an alleged breach of contract by NGH2L and alleged tortious interference with contractual relations by Parex. We successfully defeated ERG’s effort to obtain a temporary restraining order from the Texas court on March 20, 2012. We completed the sale of Ramshorn’s Class A shares to a Parex affiliate in April 2012, which mooted ERG’s application for a temporary injunction. The lawsuit is stayed, pending further court actions, including appeals of the jurisdictional decisions. ERG retains its causes of action for monetary damages, but we believe the claims are foreclosed by the terms of the agreement and are without factual or legal merit. Although we are vigorously defending the lawsuit, its ultimate outcome cannot be determined at this time. On April 30, 2015, ERG filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Nabors is monitoring the proceedings to determine how it will affect the pending litigation. On July 30, 2014, we and Red Lion, along with C&J Energy and its board of directors, were sued in a putative shareholder class action filed in the Court of Chancery of the State of Delaware (the “Court of Chancery”). The plaintiff alleges that the members of the C&J Energy board of directors breached their fiduciary duties in connection with the Merger, and that Red Lion and C&J Energy aided and abetted these alleged breaches. The plaintiff sought to enjoin the defendants from proceeding with or consummating the Merger and the C&J Energy stockholder meeting for approval of the Merger and, to the extent that the Merger was completed before any relief was granted, to have the Merger rescinded. On November 10, 2014, the plaintiff filed a motion for a preliminary injunction, and, on November 24, 2014, the Court of Chancery entered a bench ruling, followed by a written order on November 25, 2014, that (i) ordered certain members of the C&J Energy board of directors to solicit for a 30 day period alternative proposals to purchase C&J Energy (or a controlling stake in C&J Energy) that were superior to the Merger, and (ii) preliminarily enjoined C&J Energy from holding its stockholder meeting until it complied with the foregoing. C&J Energy complied with the order while it simultaneously pursued an expedited appeal of the Court of Chancery’s order to the Supreme Court of the State of Delaware (the “Delaware Supreme Court”). On December 19, 2014, the Delaware Supreme Court overturned the Court of Chancery’s judgment and vacated the order. This case remains pending. Off-Balance Sheet Arrangements (Including Guarantees) We are a party to some transactions, agreements or other contractual arrangements defined as “off-balance sheet arrangements” that could have a material future effect on our financial position, results of operations, liquidity and capital resources. The most significant of these off-balance sheet arrangements involve agreements and obligations under which we provide financial or performance assurance to third parties. Certain of these agreements serve as guarantees, including standby letters of credit issued on behalf of insurance carriers in conjunction with our workers’ compensation insurance program and other financial surety instruments such as bonds. In addition, we have provided indemnifications, which serve as guarantees, to some third parties. These guarantees include indemnification provided by Nabors to our share transfer agent and our insurance carriers. We are not able to estimate the potential future maximum payments that might be due under our indemnification guarantees. Management believes the likelihood that we would be required to perform or otherwise incur any material losses associated with any of these guarantees is remote. The following table summarizes the total maximum amount of financial guarantees issued by Nabors: Maximum Amount Remainder of 2015 2016 2017 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ $ $ $ — $

Earnings (Losses) Per Share

Earnings (Losses) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 12 Earnings (Losses) Per Share ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted stock. A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss) from continuing operations, net of tax $ ) $ $ $ Less: net (income) loss attributable to noncontrolling interest ) ) Less: loss on redemption of subsidiary preferred stock — ) — ) Less: (earnings) losses allocated to unvested shareholders ) ) ) Numerator for basic earnings per share: Adjusted income (loss) from continuing operations $ ) $ $ $ Income (loss) from discontinued operations $ $ ) $ $ Weighted-average number of shares outstanding - basic Earnings (losses) per share: Basic from continuing operations $ ) $ $ $ Basic from discontinued operations — — Total Basic $ ) $ $ $ DILUTED EPS: Income (loss) from continuing operations attributed to common shareholders $ ) $ $ $ Add: effect of reallocating undistributed earnings of unvested shareholders — — — Adjusted income (loss) from continuing operations attributed to common shareholders $ ) $ $ $ Income (loss) from discontinued operations $ $ ) $ $ Weighted-average number of shares outstanding - basic Add: dilutive effect of potential common shares — Weighted-average number of diluted shares outstanding Earnings (losses) per share: Diluted from continuing operations $ ) $ $ $ Diluted from discontinued operations — — Total Diluted $ ) $ $ $ For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options with exercise prices greater than the average market price of our common shares, because their inclusion would be anti-dilutive and because they are not considered participating securities. The average number of options that were excluded from diluted earnings (losses) per share that would potentially dilute earnings (losses) per share were 9,860,422 and 5,782,273 shares during the three months ended June 30, 2015 and 2014, respectively, and 6,325,598 and 6,817,891 shares during the six months ended June 30, 2015 and 2014, respectively. In any period during which the average market price of our common shares exceeds the exercise prices of these stock options, such stock options will be included in our diluted earnings (losses) per share computation using the if-converted method of accounting.

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 13 Supplemental Balance Sheet, Income Statement and Cash Flow Information Accrued liabilities include the following: June 30, December 31, 2015 2014 (In thousands) Accrued compensation $ $ Deferred revenue Other taxes payable Workers’ compensation liabilities Interest payable Warranty accrual Litigation reserves Current liability to discontinued operations Professional fees Current deferred tax liability Current liability to acquisition of KVS Merger transaction accrual — Other accrued liabilities $ $ Investment income (loss) includes the following: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Interest and dividend income $ $ $ $ Gains (losses) on investments, net (1) (1) $ $ $ $ (1) Includes realized gains of $5.0 million from the sale of available-for-sale securities. Losses (gains) on sales and disposals of long-lived assets and other expense (income), net include the following: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ ) $ $ $ Net gain on Merger (1) — — ) — Litigation expenses ) Foreign currency transaction losses (gains) ) Other losses (gains) ) ) ) $ $ $ ) $ (1) Includes an estimated gain of $102.2 million, reduced by $49.6 million in transaction costs related to the Merger. See Note 3 — Investments in Unconsolidated Affiliates. The changes in accumulated other comprehensive income (loss), by component, includes the following: Gains (losses) on cash flow hedges Unrealized gains (losses) on available- for-sale securities Defined benefit pension plan items Foreign currency items Total (In thousands) As of January 1, 2014 $ ) $ $ ) $ $ Other comprehensive income (loss) before reclassifications — ) — ) ) Amounts reclassified from accumulated other comprehensive income (loss) (1) ) — ) Net other comprehensive income (loss) ) ) ) As of June 30, 2014 $ ) $ $ ) $ $ (1) All amounts are net of tax. Amounts in parentheses indicate debits. Gains (losses) on cash flow hedges Unrealized gains (losses) on available- for-sale securities Defined benefit pension plan items Foreign currency items Total (In thousands) As of January 1, 2015 $ ) $ $ ) $ $ Other comprehensive income (loss) before reclassifications — ) — ) ) Amounts reclassified from accumulated other comprehensive income (loss) (1) — Net other comprehensive income (loss) ) ) ) As of June 30, 2015 $ ) $ $ ) $ $ (1) All amounts are net of tax. Amounts in parentheses indicate debits. The line items that were reclassified to net income include the following: Three Months Ended Six Months Ended June 30, June 30, Line item in consolidated statement of income (loss) 2015 2014 2015 2014 (In thousands) Investment income (loss) $ — $ $ — $ Interest expense General and administrative expenses Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — — ) — Total before tax $ ) $ $ ) $ Tax expense (benefit) ) ) Reclassification adjustment for (gains)/losses included in net income (loss) $ ) $ $ ) $

Assets Held-for-Sale and Discon

Assets Held-for-Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2015
Assets Held-for-Sale and Discontinued Operations
Assets Held-for-Sale and Discontinued Operations	Note 14 Assets Held-for-Sale and Discontinued Operations Assets Held-for-Sale Assets held for sale of $136.7 million and $146.5 million as of June 30, 2015 and December 31, 2014, respectively, consisted solely of our oil and gas holdings in the Horn River basin in western Canada. We have contracts with pipeline companies to pay specified fees based on committed volumes for gas transport and processing. At June 30, 2015 , our undiscounted contractual commitments for these contracts approximated $43.2 million and we had liabilities of $25.0 million, $7.8 million of which were classified as current and were included in accrued liabilities. At December 31, 2014, we had liabilities of $40.2 million, $19.6 million of which were classified as current and were included in accrued liabilities. These amounts represent our best estimate of the fair value of the excess capacity of the pipeline commitments calculated using a discounted cash flow model, when considering our disposal plan, current production levels, natural gas prices and expected utilization of the pipeline over the remaining contractual term. Decreases in actual production or natural gas prices could result in future charges related to excess pipeline commitments. Discontinued Operations Our condensed statements of income (loss) from discontinued operations for each operating segment were as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Operating revenues Oil and Gas $ $ $ $ Income (loss) from Oil and Gas discontinued operations: Income (loss) from discontinued operations $ ) $ ) $ ) $ Less: Impairment charges or other (gains) and losses on sale of wholly owned assets and obligations Less: Income tax expense (benefit) ) ) ) ) Income (loss) from Oil and Gas discontinued operations, net of tax $ $ ) $ $

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	Note 15 Segment Information The following table sets forth financial information with respect to our operating segments: 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. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services (3) Completion & Production Services: Completion Services — Production Services — Subtotal Completion & Production Services (4) — All other (5) ) — ) — Other reconciling items (6) ) ) ) ) Total $ $ $ $ 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. $ $ $ $ Canada ) ) International Rig Services (2) ) Subtotal Drilling & Rig Services (3) Completion & Production Services: Completion Services — ) ) ) Production Services — ) Subtotal Completion & Production Services (4) — ) Other reconciling items (8) ) ) ) ) Total adjusted income (loss) derived from operating activities $ $ $ $ Equity investment earnings (losses) (5) ) — ) — Interest expense ) ) ) ) Investment income (loss) Gains (losses) on sales and disposals of long-lived assets and other income (expense), net ) ) ) Income (loss) from continuing operations before income taxes Income tax expense (benefit) Subsidiary preferred stock dividend — — Income (loss) from continuing operations, net of tax ) Income (loss) from discontinued operations, net of tax ) Net income (loss) ) Less: Net (income) loss attributable to noncontrolling interest ) ) Net income (loss) attributable to Nabors $ ) $ $ $ June 30, December 31, 2015 2014 (In thousands) Total assets: Drilling & Rig Services: U.S. $ $ Canada International Rig Services Subtotal Drilling & Rig Services (9) Completion & Production Services (10) (11) — All other (5) (12) — Other reconciling items (8) Total assets: $ $ (1) A ll 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.

Condensed Consolidating Financi

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 $ $ $ $ — $ Short-term investments — — — Assets held for sale — — — Accounts receivable, net — — — Inventory — — — Deferred income taxes — — — — — Other current assets — Total current assets — Long-term investments — — — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables ) — Investment in consolidated affiliates ) — Investment in unconsolidated affiliates — — — Other long-term assets — — Total assets $ $ $ $ ) $ LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ — $ Trade accounts payable — Accrued liabilities — Income taxes payable — — — Total current liabilities — Long-term debt — ) — Other long-term liabilities — — Deferred income taxes — ) — Intercompany payable — — ) — Total liabilities ) Subsidiary preferred stock — — — — — Shareholders’ equity ) Noncontrolling interest — — — Total equity ) Total liabilities and equity $ $ $ $ ) $ 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 $ $ $ $ — $ Short-term investments — — — Assets held for sale — — — Accounts receivable, net — — — Inventory — — — Deferred income taxes — — — Other current assets — Short-term intercompany note — — ) — Total current assets ) Long-term investments — — — Property, plant and equipment, net — — Goodwill — — — Intercompany receivables — ) — Investment in consolidated affiliates ) — Investment in unconsolidated affiliates — — — Other long-term assets — — Total assets $ $ $ $ ) $ LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ $ — $ Trade accounts payable — Accrued liabilities — Income taxes payable — — — Short-term intercompany note — — ) — Total current liabilities ) Long-term debt — ) — Other long-term liabilities — — Deferred income taxes — ) — Intercompany payable — — ) — Total liabilities ) Subsidiary preferred stock — — — — — Shareholders’ equity ) Noncontrolling interest — — — Total equity ) Total liabilities and equity $ $ $ $ ) $ 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — ) — Total revenues and other income ) ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense ) ) — Intercompany interest expense — ) — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — Other — — — — — Total costs and other deductions ) Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Income (loss) from continuing operations, net of tax ) ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) ) Less: Net (income) loss attributable to noncontrolling interest — — — Net income (loss) attributable to Nabors $ ) $ $ $ ) $ ) 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) — Investment income (loss) — ) Intercompany interest income — — — — — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense — ) — Intercompany interest expense ) — — — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — Other — — — — — Total costs and other deductions — Income (loss) from continuing operations before income tax ) Income tax expense (benefit) — ) — Subsidiary preferred stock dividend — — — Income (loss) from continuing operations, net of tax ) Income (loss) from discontinued operations, net of tax — — ) — ) Net income (loss) ) Less: Net (income) loss attributable to noncontrolling interest — — ) — ) Net income (loss) attributable to Nabors $ $ $ $ ) $ 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — — Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — ) — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense ) ) — Intercompany interest expense — ) — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — ) ) Other — — — — — Total costs and other deductions ) Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Income (loss) from continuing operations, net of tax ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) Less: Net (income) loss attributable to noncontrolling interest — — — Net income (loss) attributable to Nabors $ $ ) $ $ ) $ 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — — — — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense — ) — Intercompany interest expense — ) — — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net ) Other — — — — — Total costs and other deductions — Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Subsidiary preferred stock dividend — — — Income (loss) from continuing operations, net of tax ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) Less: Net (income) loss attributable to noncontrolling interest — — ) — ) Net income (loss) attributable to Nabors $ $ ) $ $ ) $ 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 $ ) $ $ $ ) $ ) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gains (losses) on translation adjustment — ) Less: reclassification adjustment for realized loss on translation adjustment — — — — — Translation adjustment attributable to Nabors — ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) — ) ) Less: reclassification adjustment for (gains) losses on marketable securities — — — — — Unrealized gains (losses) on marketable securities ) — ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) Other comprehensive income (loss), net of tax ) Comprehensive income (loss) attributable to Nabors ) ) ) Net income (loss) attributable to noncontrolling interest — — ) — ) Translation adjustment to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ ) $ $ $ ) $ ) 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 $ $ $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) ) ) ) Less: reclassification adjustment for (gains) losses on marketable securities ) ) ) ) Unrealized gains (losses) on marketable securities ) ) ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss), net of tax ) Comprehensive income (loss) attributable to Nabors ) Net income (loss) attributable to noncontrolling interest — — — Translation adjustment to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ $ $ $ ) $ 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 $ $ ) $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gains (losses) on translation adjustment ) ) ) Less: reclassification adjustment for realized loss on translation adjustment — ) Translation adjustment attributable to Nabors ) ) ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) — ) ) Less: reclassification adjustment for (gains) losses on marketable securities — — — — — Unrealized gains (losses) on marketable securities ) — ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) ) ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) Other comprehensive income (loss), net of tax ) ) ) Comprehensive income (loss) attributable to Nabors ) ) Net income (loss) attributable to noncontrolling interest — — ) — ) Translation adjustment to noncontrolling interest — — ) — ) Comprehensive income (loss) attributable to noncontrolling interest — — ) — ) Comprehensive income (loss) $ $ ) $ $ ) $ 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 $ $ ) $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors ) ) ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) ) ) Less: reclassification adjustment for (gains) losses on marketable securities ) ) ) ) Unrealized gains (losses) on marketable securities ) ) ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) ) ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss), net of tax ) ) ) Comprehensive income (loss) attributable to Nabors ) ) Net income (loss) attributable to noncontrolling interest — — — Translation adjustment to noncontrolling interest — — ) — ) Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ $ ) $ $ ) $ 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 $ $ ) $ $ ) $ Cash flows from investing activities: Purchase of investments — — ) — ) Sales and maturities of investments — — — Cash paid for acquisition of businesses, net — — ) — ) Investment in unconsolidated affiliates — — ) — ) Proceeds from merger transaction — Capital expenditures — — ) — ) Proceeds from sales of assets and insurance claims — — — Other — — — Changes in intercompany balances — ) — — Net cash provided by (used for) investing activities ) — Cash flows from financing activities: Increase (decrease) in cash overdrafts — — — Proceeds from (payments for) issuance of common shares — — — Dividends to shareholders ) — — ) Proceeds from short-term borrowings — — — Proceeds from (payments for) commercial paper, net — ) — — ) Reduction in revolving credit facility — ) — — ) Proceeds from term loan facility — — — Payments on term loan facility — ) — — ) Proceeds from issuance of intercompany debt ) — — Paydown of intercompany debt ) — — — Payments on Parent (Equity or N/P) — — ) — Other ) — — — ) Net cash (used for) provided by financing activities ) ) ) ) Effect of exchange rate changes on cash and cash equivalents — — ) — ) Net increase (decrease) in cash and cash equivalents ) — ) Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ $ $ — $ 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 $ ) $ ) $ $ $ Cash flows from investing activities: Purchase of investments — — ) — ) Sales and maturities of investments — — — Cash paid for acquisition of businesses, net — — ) — ) Investment in unconsolidated affiliates — — ) — ) Capital expenditures — — ) — ) Proceeds from sales of assets and insurance claims — — — Other — — ) — ) Changes in intercompany balances — ) — — Net cash provided by (used for) investing activities — ) — ) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — ) — ) Proceeds from (payments for) issuance of common shares — ) — Dividends to shareholders ) — — ) Proceeds from (payments for) commercial paper, net — — — Proceeds from revolving credit facilities — — — Reduction in revolving credit facilities — ) ) — ) Purchase of preferred stock — — ) — ) Reduction in short-term debt — — ) — ) Proceeds from (payments for) issuance of parent common shares to affiliates — — ) — Other ) — — — ) Net cash (used for) provided by financing activities ) ) ) Effect of exchange rate changes on cash and cash equivalents — — ) — ) Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ $ $ — $

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Events	Note 17 Subsequent Events On July 24, 2015, our Board of Directors declared a cash dividend of $0.06 per share to the holders of record of our common shares as of September 9, 2015 to be paid on September 30, 2015. On July 14, 2015, we entered into an amendment to our existing committed, unsecured revolving credit facility which increases the available borrowing capacity to $2.2 billion, extends the maturity date to July 2020 and increases the size of the accordion option to $500.0 million. The current rate under the revised facility has been reduced to LIBOR plus 125 bps with standby fees of 15 bps applying to the undrawn commitment. We expect to use the extended facility to provide financial flexibility for strategic investment opportunities, debt refinancing and other corporate uses.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements of Nabors have been prepared in conformity with the generally accepted accounting principles in the United States (“GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these financial statements should be read along with our annual report on Form 10-K for the year ended December 31, 2014 (“2014 Annual Report”). In management’s opinion, the unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of June 30, 2015 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the six months ended June 30, 2015 may not be indicative of results that will be realized for the full year ending December 31, 2015.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. Investments in operating entities where we have the ability to exert significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Our share of the net income (loss) of these entities is recorded as earnings (losses) from unconsolidated affiliates in our consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our consolidated balance sheets. We record our share of the net income (loss) of our equity method investment in CJES on a one-quarter lag , as we are not able to obtain the financial information on a timely basis. See Note 3 — Investments in Unconsolidated Affiliates.
Inventory	Inventory Inventory is stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: June 30, December 31, 2015 2014 (In thousands) Raw materials $ $ Work-in-progress Finished goods $ $
Goodwill	Goodwill We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether to perform the two-step annual goodwill impairment test, a Level 3 fair value measurement. After our qualitative assessment, step one of the impairment test compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the fair value, a second step is required to measure the goodwill impairment loss. The second step compares the implied fair value of the reporting unit’s goodwill to its carrying amount. If the carrying amount exceeds the implied fair value, an impairment loss is recognized in an amount equal to the excess. Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. Potential factors requiring assessment include a further or sustained decline in our stock price, declines in oil and natural gas prices, a variance in results of operations from forecasts, a change in operating strategy of assets and additional transactions in the oil and gas industry. Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compare the sum of our reporting units’ estimated fair value, which includes the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assess the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. Based on our annual review during the second quarter of 2015, we did not record a goodwill impairment. However, a prolonged period of lower natural gas or oil prices could continue to adversely affect demand for our services and lead to goodwill impairment charges in the future.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) relating to consolidation, which eliminates the presumption that a general partner should consolidate a limited partnership. It also modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities and adds requirements that limited partnerships must meet to qualify as voting interest entities. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. We are currently evaluating the impact this will have on our consolidated financial statements. In April 2015, the FASB issued an ASU relating to the presentation of debt issuance costs on the balance sheet. This standard amends existing guidance to require the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. This guidance is effective for fiscal years beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In May 2014, the FASB issued an ASU relating to the revenue recognition from contracts with customers that creates a common revenue standard for GAAP and IFRS. The core principle will require recognition of revenue to represent the transfer of promised goods or services to customers in an amount that reflects the consideration, including costs incurred, to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. We are currently evaluating the impact this will have on our consolidated financial statements.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Inventory	June 30, December 31, 2015 2014 (In thousands) Raw materials $ $ Work-in-progress Finished goods $ $

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisitions
Preliminary Estimates for Allocation of Purchase Price as of Acquisition Date	Estimated Fair (In thousands) Value Assets: Cash $ Accounts receivable Other current assets Property, plant and equipment, net Intangible assets Goodwill Other long-term assets Total assets Liabilities: Accounts payable $ Accrued liabilities Income taxes payable Other long-term liabilities Total liabilities Net assets acquired $
Schedule of unaudited supplemental pro forma results present consolidated information	Six Months Ended June 30, (In thousands, except per share amounts) 2015 2014 Total revenues and other income $ $ Income (loss) from continuing operations, net of tax Income (loss) from continuing operations per share - basic $ $ Income (loss) from continuing operations per share - diluted $ $

Cash and Cash Equivalents and28

Cash and Cash Equivalents and Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents and Short-term Investments
Certain information related to our cash and cash equivalents and short term investments	June 30, 2015 December 31, 2014 Fair Value Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Gains Gross Unrealized Holding Losses (In thousands) Cash and cash equivalents $ $ — $ — $ $ — $ — Short-term investments: Available-for-sale equity securities — — Available-for-sale debt securities: Mortgage-CMO debt securities — — — ) Total short-term investments — ) Total cash, cash equivalents and short-term investments $ $ $ — $ $ $ )
Available-for-sale of Debt and equity securities	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Available-for-sale Proceeds from sales and maturities $ — $ $ — $ Realized gains (losses), net $ — $ $ — $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Recurring Fair Value Measurements	Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets: Short-term investments: Available-for-sale equity securities (energy industry) $ $ — $ — $ Available-for-sale debt securities: Mortgage-CMO debt securities — — Total short-term investments $ $ $ — $
Fair Value of Financial Instruments	June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) 2.35% senior notes due September 2016 $ $ $ $ 6.15% senior notes due February 2018 9.25% senior notes due January 2019 5.00% senior notes due September 2020 4.625% senior notes due September 2021 5.10% senior notes due September 2023 Revolving credit facility — — Commercial paper Other Total $ $ $ $

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Restricted Stock Based on Market Conditions
Share-based compensation disclosures
Schedule of grant date fair value	Three Months Ended June 30, 2015 2014 Risk free interest rate % % Expected volatility % % Closing stock price at grant date $ $ Expected term (in years) 3.0 years 2.97 years

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt
Long-term debt	June 30, December 31, 2015 2014 (In thousands) 2.35% senior notes due September 2016 $ $ 6.15% senior notes due February 2018 9.25% senior notes due January 2019 5.00% senior notes due September 2020 4.625% senior notes due September 2021 5.10% senior notes due September 2023 Revolving credit facility — Commercial paper Other $ $ Less: current portion $ $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	Maximum Amount Remainder of 2015 2016 2017 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ $ $ $ — $

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings (Losses) Per Share
Earnings (losses) per share computations	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss) from continuing operations, net of tax $ ) $ $ $ Less: net (income) loss attributable to noncontrolling interest ) ) Less: loss on redemption of subsidiary preferred stock — ) — ) Less: (earnings) losses allocated to unvested shareholders ) ) ) Numerator for basic earnings per share: Adjusted income (loss) from continuing operations $ ) $ $ $ Income (loss) from discontinued operations $ $ ) $ $ Weighted-average number of shares outstanding - basic Earnings (losses) per share: Basic from continuing operations $ ) $ $ $ Basic from discontinued operations — — Total Basic $ ) $ $ $ DILUTED EPS: Income (loss) from continuing operations attributed to common shareholders $ ) $ $ $ Add: effect of reallocating undistributed earnings of unvested shareholders — — — Adjusted income (loss) from continuing operations attributed to common shareholders $ ) $ $ $ Income (loss) from discontinued operations $ $ ) $ $ Weighted-average number of shares outstanding - basic Add: dilutive effect of potential common shares — Weighted-average number of diluted shares outstanding Earnings (losses) per share: Diluted from continuing operations $ ) $ $ $ Diluted from discontinued operations — — Total Diluted $ ) $ $ $

Supplemental Balance Sheet, I34

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Accrued liabilities	June 30, December 31, 2015 2014 (In thousands) Accrued compensation $ $ Deferred revenue Other taxes payable Workers’ compensation liabilities Interest payable Warranty accrual Litigation reserves Current liability to discontinued operations Professional fees Current deferred tax liability Current liability to acquisition of KVS Merger transaction accrual — Other accrued liabilities $ $
Investment income (loss)	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Interest and dividend income $ $ $ $ Gains (losses) on investments, net (1) (1) $ $ $ $ (1) Includes realized gains of $5.0 million from the sale of available-for-sale securities.
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ ) $ $ $ Net gain on Merger (1) — — ) — Litigation expenses ) Foreign currency transaction losses (gains) ) Other losses (gains) ) ) ) $ $ $ ) $ (1) Includes an estimated gain of $102.2 million, reduced by $49.6 million in transaction costs related to the Merger. See Note 3 — Investments in Unconsolidated Affiliates.
Schedule of changes in accumulated other comprehensive income (loss)	Gains (losses) on cash flow hedges Unrealized gains (losses) on available- for-sale securities Defined benefit pension plan items Foreign currency items Total (In thousands) As of January 1, 2014 $ ) $ $ ) $ $ Other comprehensive income (loss) before reclassifications — ) — ) ) Amounts reclassified from accumulated other comprehensive income (loss) (1) ) — ) Net other comprehensive income (loss) ) ) ) As of June 30, 2014 $ ) $ $ ) $ $ (1) All amounts are net of tax. Amounts in parentheses indicate debits. Gains (losses) on cash flow hedges Unrealized gains (losses) on available- for-sale securities Defined benefit pension plan items Foreign currency items Total (In thousands) As of January 1, 2015 $ ) $ $ ) $ $ Other comprehensive income (loss) before reclassifications — ) — ) ) Amounts reclassified from accumulated other comprehensive income (loss) (1) — Net other comprehensive income (loss) ) ) ) As of June 30, 2015 $ ) $ $ ) $ $ (1) All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of line items that were reclassified from net income	Three Months Ended Six Months Ended June 30, June 30, Line item in consolidated statement of income (loss) 2015 2014 2015 2014 (In thousands) Investment income (loss) $ — $ $ — $ Interest expense General and administrative expenses Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — — ) — Total before tax $ ) $ $ ) $ Tax expense (benefit) ) ) Reclassification adjustment for (gains)/losses included in net income (loss) $ ) $ $ ) $

Assets Held-for-Sale and Disc35

Assets Held-for-Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Assets Held-for-Sale and Discontinued Operations
Schedule of condensed statements of income (loss) from discontinued operations for each operating segment	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Operating revenues Oil and Gas $ $ $ $ Income (loss) from Oil and Gas discontinued operations: Income (loss) from discontinued operations $ ) $ ) $ ) $ Less: Impairment charges or other (gains) and losses on sale of wholly owned assets and obligations Less: Income tax expense (benefit) ) ) ) ) Income (loss) from Oil and Gas discontinued operations, net of tax $ $ ) $ $

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information
Financial information with respect to operating segments	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. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services (3) Completion & Production Services: Completion Services — Production Services — Subtotal Completion & Production Services (4) — All other (5) ) — ) — Other reconciling items (6) ) ) ) ) Total $ $ $ $ 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. $ $ $ $ Canada ) ) International Rig Services (2) ) Subtotal Drilling & Rig Services (3) Completion & Production Services: Completion Services — ) ) ) Production Services — ) Subtotal Completion & Production Services (4) — ) Other reconciling items (8) ) ) ) ) Total adjusted income (loss) derived from operating activities $ $ $ $ Equity investment earnings (losses) (5) ) — ) — Interest expense ) ) ) ) Investment income (loss) Gains (losses) on sales and disposals of long-lived assets and other income (expense), net ) ) ) Income (loss) from continuing operations before income taxes Income tax expense (benefit) Subsidiary preferred stock dividend — — Income (loss) from continuing operations, net of tax ) Income (loss) from discontinued operations, net of tax ) Net income (loss) ) Less: Net (income) loss attributable to noncontrolling interest ) ) Net income (loss) attributable to Nabors $ ) $ $ $ June 30, December 31, 2015 2014 (In thousands) Total assets: Drilling & Rig Services: U.S. $ $ Canada International Rig Services Subtotal Drilling & Rig Services (9) Completion & Production Services (10) (11) — All other (5) (12) — Other reconciling items (8) Total assets: $ $ (1) A ll 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.

Condensed Consolidating Finan37

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Financial Information
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 $ $ $ $ — $ Short-term investments — — — Assets held for sale — — — Accounts receivable, net — — — Inventory — — — Deferred income taxes — — — — — Other current assets — Total current assets — Long-term investments — — — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables ) — Investment in consolidated affiliates ) — Investment in unconsolidated affiliates — — — Other long-term assets — — Total assets $ $ $ $ ) $ LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ — $ Trade accounts payable — Accrued liabilities — Income taxes payable — — — Total current liabilities — Long-term debt — ) — Other long-term liabilities — — Deferred income taxes — ) — Intercompany payable — — ) — Total liabilities ) Subsidiary preferred stock — — — — — Shareholders’ equity ) Noncontrolling interest — — — Total equity ) Total liabilities and equity $ $ $ $ ) $ 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 $ $ $ $ — $ Short-term investments — — — Assets held for sale — — — Accounts receivable, net — — — Inventory — — — Deferred income taxes — — — Other current assets — Short-term intercompany note — — ) — Total current assets ) Long-term investments — — — Property, plant and equipment, net — — Goodwill — — — Intercompany receivables — ) — Investment in consolidated affiliates ) — Investment in unconsolidated affiliates — — — Other long-term assets — — Total assets $ $ $ $ ) $ LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ $ — $ Trade accounts payable — Accrued liabilities — Income taxes payable — — — Short-term intercompany note — — ) — Total current liabilities ) Long-term debt — ) — Other long-term liabilities — — Deferred income taxes — ) — Intercompany payable — — ) — Total liabilities ) Subsidiary preferred stock — — — — — Shareholders’ equity ) Noncontrolling interest — — — Total equity ) Total liabilities and equity $ $ $ $ ) $
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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — ) — Total revenues and other income ) ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense ) ) — Intercompany interest expense — ) — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — Other — — — — — Total costs and other deductions ) Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Income (loss) from continuing operations, net of tax ) ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) ) Less: Net (income) loss attributable to noncontrolling interest — — — Net income (loss) attributable to Nabors $ ) $ $ $ ) $ ) 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) — Investment income (loss) — ) Intercompany interest income — — — — — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense — ) — Intercompany interest expense ) — — — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — Other — — — — — Total costs and other deductions — Income (loss) from continuing operations before income tax ) Income tax expense (benefit) — ) — Subsidiary preferred stock dividend — — — Income (loss) from continuing operations, net of tax ) Income (loss) from discontinued operations, net of tax — — ) — ) Net income (loss) ) Less: Net (income) loss attributable to noncontrolling interest — — ) — ) Net income (loss) attributable to Nabors $ $ $ $ ) $ 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — — Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — ) — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense ) ) — Intercompany interest expense — ) — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net — ) ) Other — — — — — Total costs and other deductions ) Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Income (loss) from continuing operations, net of tax ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) Less: Net (income) loss attributable to noncontrolling interest — — — Net income (loss) attributable to Nabors $ $ ) $ $ ) $ 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 $ — $ — $ $ — $ Earnings (losses) from unconsolidated affiliates — — ) — ) Earnings (losses) from consolidated affiliates ) ) — Investment income (loss) — ) Intercompany interest income — — — — — Total revenues and other income ) Costs and other deductions: Direct costs — — — General and administrative expenses ) ) Depreciation and amortization — — Interest expense — ) — Intercompany interest expense — ) — — Losses (gains) on sales and disposals of long-lived assets and other expense (income), net ) Other — — — — — Total costs and other deductions — Income (loss) from continuing operations before income tax ) ) Income tax expense (benefit) — ) — Subsidiary preferred stock dividend — — — Income (loss) from continuing operations, net of tax ) ) Income (loss) from discontinued operations, net of tax — — — Net income (loss) ) ) Less: Net (income) loss attributable to noncontrolling interest — — ) — ) Net income (loss) attributable to Nabors $ $ ) $ $ ) $
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 $ ) $ $ $ ) $ ) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gains (losses) on translation adjustment — ) Less: reclassification adjustment for realized loss on translation adjustment — — — — — Translation adjustment attributable to Nabors — ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) — ) ) Less: reclassification adjustment for (gains) losses on marketable securities — — — — — Unrealized gains (losses) on marketable securities ) — ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) Other comprehensive income (loss), net of tax ) Comprehensive income (loss) attributable to Nabors ) ) ) Net income (loss) attributable to noncontrolling interest — — ) — ) Translation adjustment to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — 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 $ $ $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) ) ) ) Less: reclassification adjustment for (gains) losses on marketable securities ) ) ) ) Unrealized gains (losses) on marketable securities ) ) ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss), net of tax ) Comprehensive income (loss) attributable to Nabors ) Net income (loss) attributable to noncontrolling interest — — — Translation adjustment to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — 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 $ $ ) $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gains (losses) on translation adjustment ) ) ) Less: reclassification adjustment for realized loss on translation adjustment — ) Translation adjustment attributable to Nabors ) ) ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) — ) ) Less: reclassification adjustment for (gains) losses on marketable securities — — — — — Unrealized gains (losses) on marketable securities ) — ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) ) ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) Other comprehensive income (loss), net of tax ) ) ) Comprehensive income (loss) attributable to Nabors ) ) Net income (loss) attributable to noncontrolling interest — — ) — ) Translation adjustment to noncontrolling interest — — ) — ) Comprehensive income (loss) attributable to noncontrolling interest — — ) — ) 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 $ $ ) $ $ ) $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors ) ) ) Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities ) ) ) Less: reclassification adjustment for (gains) losses on marketable securities ) ) ) ) Unrealized gains (losses) on marketable securities ) ) ) ) Pension liability amortization and adjustment ) Unrealized gains (losses) and amortization of cash flow hedges ) Other comprehensive income (loss) before tax ) ) ) Income tax expense (benefit) related to items of other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss), net of tax ) ) ) Comprehensive income (loss) attributable to Nabors ) ) Net income (loss) attributable to noncontrolling interest — — — Translation adjustment to noncontrolling interest — — ) — ) Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ $ ) $ $ ) $
Condensed Consolidating Statements of 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 $ $ ) $ $ ) $ Cash flows from investing activities: Purchase of investments — — ) — ) Sales and maturities of investments — — — Cash paid for acquisition of businesses, net — — ) — ) Investment in unconsolidated affiliates — — ) — ) Proceeds from merger transaction — Capital expenditures — — ) — ) Proceeds from sales of assets and insurance claims — — — Other — — — Changes in intercompany balances — ) — — Net cash provided by (used for) investing activities ) — Cash flows from financing activities: Increase (decrease) in cash overdrafts — — — Proceeds from (payments for) issuance of common shares — — — Dividends to shareholders ) — — ) Proceeds from short-term borrowings — — — Proceeds from (payments for) commercial paper, net — ) — — ) Reduction in revolving credit facility — ) — — ) Proceeds from term loan facility — — — Payments on term loan facility — ) — — ) Proceeds from issuance of intercompany debt ) — — Paydown of intercompany debt ) — — — Payments on Parent (Equity or N/P) — — ) — Other ) — — — ) Net cash (used for) provided by financing activities ) ) ) ) Effect of exchange rate changes on cash and cash equivalents — — ) — ) Net increase (decrease) in cash and cash equivalents ) — ) Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ $ $ — $ 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 $ ) $ ) $ $ $ Cash flows from investing activities: Purchase of investments — — ) — ) Sales and maturities of investments — — — Cash paid for acquisition of businesses, net — — ) — ) Investment in unconsolidated affiliates — — ) — ) Capital expenditures — — ) — ) Proceeds from sales of assets and insurance claims — — — Other — — ) — ) Changes in intercompany balances — ) — — Net cash provided by (used for) investing activities — ) — ) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — ) — ) Proceeds from (payments for) issuance of common shares — ) — Dividends to shareholders ) — — ) Proceeds from (payments for) commercial paper, net — — — Proceeds from revolving credit facilities — — — Reduction in revolving credit facilities — ) ) — ) Purchase of preferred stock — — ) — ) Reduction in short-term debt — — ) — ) Proceeds from (payments for) issuance of parent common shares to affiliates — — ) — Other ) — — — ) Net cash (used for) provided by financing activities ) ) ) Effect of exchange rate changes on cash and cash equivalents — — ) — ) Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents, beginning of period — Cash and cash equivalents, end of period $ $ $ $ — $

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	May. 24, 2015USD ($)	Jun. 30, 2015countyitem
Nature of Operations
Actively marketed rigs for land based drilling operations		469
Actively marketed rigs for offshore based drilling operations		42
Subtotal drilling and Rig Services
Nature of Operations
Number of Operating Segments		4
Joint Venture in Saudi Arabia
Nature of Operations
Cash paid for acquisitions of businesses | $	$ 106
Ownership percentage	49.00%
Minimum
Nature of Operations
Number of countries company has actively marketed rigs for land based drilling operations | county		20

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory
Raw materials	$ 138,923	$ 133,797
Work-in-progress	37,791	39,617
Finished goods	7,061	56,653
Total inventory	$ 183,775	$ 230,067

Investments in Unconsolidated40

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands, shares in Millions	May. 24, 2015	Jun. 30, 2015	Mar. 31, 2015
Investments in Unconsolidated Affiliates
Cash consideration in merger		$ 660,050
Estimated gross gain in merger		102,200
Transaction costs related to the merger		$ 49,600
CJES
Investments in Unconsolidated Affiliates
Cash consideration in merger	$ 693,500
Common shares held in merged entity	62.5
Percentage of outstanding and issued common shares held	53.00%
Fair value of shares received	$ 676,200		$ 696,100
Carrying value of equity method investment			$ 675,300
Estimated gross gain in merger	102,200
Transaction costs related to the merger	$ 49,600

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 24, 2015	Jun. 30, 2015	Jun. 30, 2014	May. 23, 2015	Dec. 31, 2014
Assets:
Goodwill		$ 139,756			$ 173,928
Liabilities:
Accured liabilities		22,278			$ 22,278
Joint Venture in Saudi Arabia
Acquisitions
Ownership percentage				51.00%
Carrying value of equity method investment				$ 44,700
Excess of fair value over carrying value of long-lived assets		2,300
Joint Venture in Saudi Arabia
Acquisitions
Cash paid for acquisitions of businesses	$ 106,000
Ownership percentage	49.00%
Assets:
Cash	$ 48,058
Accounts receivable	153,819
Other current assets	244,869
Property,plant and equipment, net	93,000
Intangible assets	12,400
Goodwill	58,663
Other long-term assets	287,138
Total assets	897,947
Liabilities:
Accounts payable	206,599
Accured liabilities	236,700
Income taxes payable	8,500
Other long-term liabilities	293,167
Total liabilities	744,966
Net assets acquired	$ 152,981
Business Acquisition, Pro Forma Information [Abstract]
Total revenues and other income		2,456,115	$ 3,360,645
Income (loss) from continuing operations,net of tax		$ 75,292	$ 115,844
Income (loss) from continuing operations per share - basic		$ 0.26	$ 0.38
Income (loss) from continuing operations per share - diluted		$ 0.26	$ 0.37

Cash and Cash Equivalents and42

Cash and Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cash and cash equivalents and short-term investments
Cash and cash equivalents, fair value	$ 436,675	$ 501,149
Available-for-sale debt securities:
Total short-term investments	33,222	35,020
Total cash, cash equivalents and short-term investments, fair value	469,897	536,169
Total cash, cash equivalents and short-term investments, gross unrealized gains	12,851	14,648
Total cash, cash equivalents and short-term investments, gross unrealized losses		(1)
Available-for-sale equity securities
Available-for-sale equities securities
Available-for-sale equity securities, fair value	33,205	35,002
Available-for-sale debt securities:
Available-for-sale securities, gross unrealized holding gains	12,851	14,648
Mortgage-CMO debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities, fair value	17	18
Available-for-sale securities, gross unrealized holding losses		(1)
Total Short-term investments
Available-for-sale debt securities:
Total short-term investments	33,222	35,020
Total short-term investments, gross unrealized gains	$ 12,851	14,648
Total short-term investments, gross unrealized holding losses		$ (1)

Cash and Cash Equivalents and43

Cash and Cash Equivalents and Short-term Investments (Details 2) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Available-for-sale:
Proceeds from sales and maturities	$ 22,178	$ 22,313
Realized gains (losses), net	$ 4,903	$ 4,903

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Available-for-sale equity securities
Assets:
Short term investments:	33,205	$ 35,002
Recurring
Assets:
Total short-term investments	33,222
Recurring | Available-for-sale equity securities
Assets:
Short term investments:	33,205
Recurring | Mortgage-CMO debt securities
Assets:
Short term investments:	17
Recurring | Level 1
Assets:
Total short-term investments	33,205
Recurring | Level 1 | Available-for-sale equity securities
Assets:
Short term investments:	33,205
Recurring | Level 2
Assets:
Total short-term investments	17
Recurring | Level 2 | Mortgage-CMO debt securities
Assets:
Short term investments:	$ 17

Fair Value Measurements (Deta45

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value of Financial Instruments
Carrying Value	$ 3,757,716	$ 4,355,049
Fair Value	3,939,666	4,414,090
2.35% senior notes due September 2016
Fair Value of Financial Instruments
Carrying Value	349,921	349,887
Fair Value	$ 351,964	346,980
Interest rate on senior notes due (as a percent)	2.35%
6.15% senior notes due February 2018
Fair Value of Financial Instruments
Carrying Value	$ 931,307	930,693
Fair Value	$ 1,007,645	991,920
Interest rate on senior notes due (as a percent)	6.15%
9.25% senior notes due January 2019
Fair Value of Financial Instruments
Carrying Value	$ 339,607	339,607
Fair Value	$ 411,852	403,531
Interest rate on senior notes due (as a percent)	9.25%
5.00% senior notes due September 2020
Fair Value of Financial Instruments
Carrying Value	$ 698,406	698,253
Fair Value	$ 727,181	687,953
Interest rate on senior notes due (as a percent)	5.00%
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Carrying Value	$ 698,508	698,388
Fair Value	$ 699,923	661,619
Interest rate on senior notes due (as a percent)	4.625%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Carrying Value	$ 348,957	348,893
Fair Value	$ 350,091	332,759
Interest rate on senior notes due (as a percent)	5.10%
Revolving Credit Facility
Fair Value of Financial Instruments
Carrying Value		450,000
Fair Value		450,000
Commercial paper
Fair Value of Financial Instruments
Carrying Value	$ 324,652	533,119
Fair Value	324,652	533,119
Other
Fair Value of Financial Instruments
Carrying Value	66,358	6,209
Fair Value	$ 66,358	$ 6,209

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-based compensation disclosures
Share Based Compensation expense	$ 16,400	$ 8,600	$ 30,100	$ 19,300
Liability related to awards	140,376		$ 140,376		$ 177,707
Restricted Stock Award | Employees and Director
Share-based compensation disclosures
Shares awarded during period			2,535,503	1,143,002
Aggregate value of restricted stock awards at date of grant	34,700	$ 26,100	$ 34,700	$ 26,100
Fair value awards vested			$ 13,200	$ 18,300
Restricted Stock Award | Maximum | Employees and Director
Share-based compensation disclosures
Vesting period of shares			4 years
Restricted Stock Based on Performance Conditions
Share-based compensation disclosures
Fair value awards vested			$ 3,700
Restricted Stock Based on Performance Conditions | Executives
Share-based compensation disclosures
Shares awarded during period			438,307	362,311
Vesting period of shares			3 years
Liability related to awards	$ 1,100		$ 1,100
Restricted Stock Based on Market Conditions
Assumptions used to value grant date fair value
Risk free interest rate (as a percent	1.18%	0.80%
Expected volatility (as a percent)	50.00%	40.00%
Closing stock price at grant date (in dollars per share)	$ 12.98	$ 18.19	$ 12.98	$ 18.19
Expected term (in years)	3 years	2 years 11 months 19 days
Restricted Stock Based on Market Conditions | Executives
Share-based compensation disclosures
Shares awarded during period			544,925	395,550
Vesting period of shares			3 years
Aggregate value of restricted stock awards at date of grant	$ 4,700	$ 4,500	$ 4,700	$ 4,500
Stock options | Employees and Director
Share-based compensation disclosures
Total intrinsic value of stock options exercised			800	46,900
Total fair value of option vested during the period			$ 1,600	$ 1,500

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 27, 2015	Feb. 06, 2015	Jul. 31, 2015	Mar. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Long-term debt
Long-term Debt					$ 3,757,716	$ 4,355,049
Other					66,358	6,209
Less: Current portion					66,359	6,190
Long-term debt					3,691,357	4,348,859
Unsecured term loan facility		$ 300,000
Unsecured debt maturity period		3 years
Prepayment of loan upon closing the merger					70,000
Payment of debt principal	$ 300,000				300,000
2.35% senior notes due September 2016
Long-term debt
Senior Notes					$ 349,921	349,887
Interest rate on senior notes due (as a percent)					2.35%
6.15% senior notes due February 2018
Long-term debt
Senior Notes					$ 931,307	930,693
Interest rate on senior notes due (as a percent)					6.15%
9.25% senior notes due January 2019
Long-term debt
Senior Notes					$ 339,607	339,607
Interest rate on senior notes due (as a percent)					9.25%
5.00% senior notes due September 2020
Long-term debt
Senior Notes					$ 698,406	698,253
Interest rate on senior notes due (as a percent)					5.00%
4.625% senior notes due September 2021
Long-term debt
Senior Notes					$ 698,508	698,388
Interest rate on senior notes due (as a percent)					4.625%
5.10% senior notes due September 2023
Long-term debt
Senior Notes					$ 348,957	348,893
Interest rate on senior notes due (as a percent)					5.10%
Commercial paper
Long-term debt
Long-term Debt					$ 324,652	533,119
Aggregate amount of senior notes					$ 324,700
Weighted average interest rate on revolving credit facilities (as a percent)					0.553%
Commercial paper | Minimum
Long-term debt
Remaining period to maturity					1 year
Revolving Credit Facility
Long-term debt
Revolving credit facility					$ 0	$ 450,000
Weighted average interest rate on revolving credit facilities (as a percent)					1.48%
Increase in borrowing capacity				$ 225,000
Maximum borrowing capacity				$ 1,725,000
Revolving Credit Facility | Subsequent Event
Long-term debt
Increase in borrowing capacity			$ 2,200

Common Shares (Details)

Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 24, 2015	Jun. 30, 2015	Jun. 30, 2014
Common shares
Issuance of common shares for stock options exercised (in shares)		100	2,900
Proceeds from stock options exercised		$ 1,200	$ 29,000
Common shares withheld by company		600	300
Common shares fair value		$ 7,400	$ 7,300
Common stock dividend declared (in dollars per share)	$ 0.06
Cash dividends paid		$ 34,980	$ 23,792

Subsidiary Preferred Stock (Det

Subsidiary Preferred Stock (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014
Subsidiary preferred stock
Cash paid for redemption of preferred stock	$ 70,875
Series A Preferred Stock
Subsidiary preferred stock
Cash paid for redemption of preferred stock		$ 70,900
Subsidiary preferred stock, shares outstanding		75,000

Commitments and Contingencies50

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Self-Insurance disclosures
Employer's liability claims subject to per-occurrence deductible	$ 3
Workers automobile claims	2.5
General liability claims subject to per-occurrence deductible	5
Deductions in land rigs and for offshore rigs	5
Mexico | Minimum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	30
Mexico | Maximum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	$ 35

Commitments and Contingencies51

Commitments and Contingencies (Details 2) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2011USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2009USD ($)	Dec. 31, 2006USD ($)	Mar. 19, 2012USD ($)
Court of Ouargla Customs Infringement
Commitments and Contingencies, Disclosure
Litigation amount as per judgment			$ 14,500
Litigation settlement fine (as percent)		50.00%
Ampunt seized		$ 4,425
Additional amount to be recovered		3,600
Amount paid to customs authority		3,100
Posted security paid		$ 1,330
Court of Ouargla Foreign Currency Controls
Commitments and Contingencies, Disclosure
Litigation amount as per judgment	$ 28,500
Payment of contract amount in foreign currency				$ 7,500
Payment of contract amount in domestic currency				$ 3,200
Approximate multiplier of the amount at issue for fines and penalties		4
Court of Ouargla Foreign Currency Controls | Maximum
Commitments and Contingencies, Disclosure
Potential judgment in excess of accrual		$ 20,500
NGH2L
Commitments and Contingencies, Disclosure
Escrow Deposit					$ 3,000
NGH2L | Maximum
Commitments and Contingencies, Disclosure
Monetary damages sought based on alleged breach of contract by NGH2L and alleged tortious interference with contractual relations by Parex		$ 750,000

Commitments and Contingencies52

Commitments and Contingencies (Details 3) $ in Thousands	Jun. 30, 2015USD ($)
Summary of total maximum amount of financial guarantees issued
Remainder of 2015	$ 102,107
2,016	141,132
2,017	19
Total	$ 243,258

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (41,890)	$ 65,729	$ 82,472	$ 114,706
Less: Net (income) loss attributable to noncontrolling interest	44	(253)	133	(826)
Less: loss on redemption of subsidiary preferred stock		(1,688)		(1,688)
Less: (earnings) losses allocated to unvested shareholders	720	(974)	(1,311)	(1,707)
Adjusted income (loss) from continuing operations	(41,126)	62,814	81,294	110,485
Income (loss) from discontinued operations	$ 5,025	$ (1,032)	$ 4,208	$ 483
Weighted-average number of shares outstanding - basic	286,085	297,984	285,723	297,097
Earnings (Losses) Per Share - Basic
Basic from continuing operations (in dollars per share)	$ (0.14)	$ 0.21	$ 0.28	$ 0.37
Basic from discontinued operations (in dollars per share)	0.01		0.02
Total Basic (in dollars per share)	$ (0.13)	$ 0.21	$ 0.30	$ 0.37
DILUTED EPS:
Income (loss) from continuing operations attributed to common shareholders	$ (41,126)	$ 62,814	$ 81,294	$ 110,485
Add: effect of reallocating undistributed earnings of unvested shareholders			5
Adjusted income (loss) from continuing operations attributed to common shareholders	(41,126)	62,814	81,299	110,485
Income (loss) from discontinued operations	$ 5,025	$ (1,032)	$ 4,208	$ 483
Weighted-average number of shares outstanding - basic	286,085	297,984	285,723	297,097
Add: dilutive effect of potential common shares		2,997	978	2,919
Weighted-average number of diluted shares outstanding	286,085	300,981	286,701	300,016
Earnings (Losses) Per Share -Diluted
Diluted from continuing operations (in dollars per share)	$ (0.14)	$ 0.21	$ 0.28	$ 0.37
Diluted from discontinued operations (in dollars per share)	0.01		0.02
Total Diluted (in dollars per share)	$ (0.13)	$ 0.21	$ 0.30	$ 0.37

Earnings (Losses) Per Share (54

Earnings (Losses) Per Share (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings (Losses) Per Share
Average number of options and warrants excluded from diluted earnings (losses) per share (in shares)	9,860,422	5,782,273	6,325,598	6,817,891

Supplemental Balance Sheet, I55

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued liabilities
Accrued compensation	$ 140,376	$ 177,707
Deferred revenue	388,496	298,345
Other taxes payable	37,779	58,445
Workers' compensation liabilities	37,459	37,459
Interest payable	63,309	63,532
Warranty accrual	4,778	5,799
Litigation reserves	25,555	23,681
Current liability to discontinued operations	7,823	19,602
Professional fees	3,398	2,550
Current deferred tax liability	24,066	3,677
Current liability to acquisition of KVS	22,278	22,278
Merger transaction accrual	7,965
Other accrued liabilities	10,005	14,929
Accrued liabilities	$ 773,287	$ 728,004

Supplemental Balance Sheet, I56

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment income (loss)
Interest and dividend income	$ 1,068	$ 2,028	$ 1,602	$ 2,998
Gains (losses) on investments, net	113	5,038	548	5,048
Investment income (loss)	$ 1,181	$ 7,066	$ 2,150	8,046
Realized gains from the sale of available-for-sale securities				$ 5,000

Supplemental Balance Sheet, I57

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ (749)	$ 11,114	$ 2,725	$ 13,546
Net gain on Merger			(52,574)
Litigation expenses	2,133	567	(1,944)	3,627
Foreign currency transaction losses (gains)	1,797	4,336	(548)	1,043
Other losses (gains)	(1,843)	487	(2,163)	(236)
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net	1,338	16,504	(54,504)	17,980
Estimated gross gain in merger			102,200
Merger transaction expenses			49,600
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period			77,522	216,140
Other comprehensive income (loss) before reclassifications, net of tax			(58,266)	(23,965)
Amounts reclassified from accumulated other comprehensive income (loss)			5,900	(3,623)
Other comprehensive income (loss), net of tax	10,388	28,087	(52,366)	(27,587)
Balance at the end of the period	25,156	188,552	25,156	188,552
Gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period			(2,044)	(2,419)
Amounts reclassified from accumulated other comprehensive income (loss)			187	187
Other comprehensive income (loss), net of tax			187	187
Balance at the end of the period	(1,857)	(2,232)	(1,857)	(2,232)
Unrealized gains (losses) on available-for-sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period			14,996	71,742
Other comprehensive income (loss) before reclassifications, net of tax			(2,000)	(19,626)
Amounts reclassified from accumulated other comprehensive income (loss)				(3,961)
Other comprehensive income (loss), net of tax			(2,000)	(23,587)
Balance at the end of the period	12,996	48,155	12,996	48,155
Defined benefit pension plan items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period			(7,263)	(4,075)
Amounts reclassified from accumulated other comprehensive income (loss)			348	151
Other comprehensive income (loss), net of tax			348	151
Balance at the end of the period	(6,915)	(3,924)	(6,915)	(3,924)
Foreign currency items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period			71,833	150,892
Other comprehensive income (loss) before reclassifications, net of tax			(56,266)	(4,339)
Amounts reclassified from accumulated other comprehensive income (loss)			5,365
Other comprehensive income (loss), net of tax			(50,901)	(4,339)
Balance at the end of the period	$ 20,932	$ 146,553	$ 20,932	$ 146,553

Supplemental Balance Sheet, I58

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Investment income (loss)	$ 1,181	$ 7,066	$ 2,150	$ 8,046
General and administrative expenses	86,290	133,630	213,423	267,896
Income (loss) from continuing operations before income tax	24,555	77,719	128,212	141,454
Tax expense (benefit)	(66,445)	(10,756)	(45,740)	(24,764)
Net income (loss) attributable to Nabors	(36,821)	64,444	86,813	114,363
Unrealized gains (losses) on available-for-sale securities | Reclassification adjustment for (gains)/losses included in net income (loss)
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Investment income (loss)		4,903		4,903
Interest expense	153	153	306	306
General and administrative expenses	276	123	552	246
Losses (gains) on sales and disposals of long- lived assets and other expense (income), net			(5,365)
Income (loss) from continuing operations before income tax	(429)	4,627	(6,223)	4,351
Tax expense (benefit)	(161)	837	(323)	729
Net income (loss) attributable to Nabors	$ (268)	$ 3,790	$ (5,900)	$ 3,622

Assets Held-for-Sale and Disc59

Assets Held-for-Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets held-for-sale
Assets held for sale	$ 136,677	$ 146,467
Oil and Gas
Assets held-for-sale
Assets held for sale	$ 136,700	$ 146,500

Assets Held-for-Sale and Disc60

Assets Held-for-Sale and Discontinued Operations (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Discontinued operations
Undiscounted contractual commitments	$ 43,200		$ 43,200
Liability related to discontinued operation	25,000		25,000		$ 40,200
Current liability to discontinued operations	7,823		7,823		$ 19,602
Income (loss) from discontinued operations
Income (loss) from discontinued operations, net of tax	5,025	$ (1,032)	4,208	$ 483
Oil and Gas
Operating revenues
Operating revenues	855	3,471	2,305	8,528
Income (loss) from discontinued operations
Income (loss) from discontinued operations	(1,129)	(1,082)	(2,515)	1,536
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets and obligations	1,031	409	1,031	1,411
Less: Income tax expense (benefit)	(7,185)	(459)	(7,754)	(358)
Income (loss) from discontinued operations, net of tax	$ 5,025	$ (1,032)	$ 4,208	$ 483

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	$ 862,189	$ 1,616,405	$ 2,283,398	$ 3,203,578
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	69,981	133,460	163,428	242,501
Income (Loss) from Equity Method Investments	(1,116)	(576)	5,386	(3,021)
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 tax	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
ASSETS
Total assets	10,517,283		10,517,283			$ 11,879,942
Equity in earnings (losses) from unconsolidated affiliates, net			(3,809)	(3,021)
CJES
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	(800)		(800)
Adjusted income (loss) derived from operating activities
Income (Loss) from Equity Method Investments	(800)		(800)
ASSETS
Total assets	675,323		$ 675,323
Investments in unconsolidated affiliates accounted for using equity method					$ 675,300
Subtotal drilling and Rig Services
ASSETS
Number of operating segments | item			4
Operating segment | Subtotal drilling and Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	901,410	1,140,746	$ 2,002,555	2,281,638
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	104,857	149,844	306,167	305,345
ASSETS
Total assets	9,212,858		9,212,858			9,164,796
Equity in earnings (losses) from unconsolidated affiliates, net	(300)	(800)	5,900	(3,300)
Investments in unconsolidated affiliates accounted for using equity method	900		900			48,100
Operating segment | Subtotal drilling and Rig Services | Reportable subsegments | U.S.
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	321,169	532,894	774,990	1,043,370
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	31,445	89,977	108,483	162,471
ASSETS
Total assets	4,057,553		4,057,553			4,184,854
Operating segment | Subtotal drilling and Rig Services | Reportable subsegments | Canada
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	21,413	54,861	79,253	166,482
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(8,268)	225	(1,910)	26,385
ASSETS
Total assets	453,253		453,253			615,269
Operating segment | Subtotal drilling and Rig Services | Reportable subsegments | International
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	458,229	391,251	903,629	766,320
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	83,255	50,583	188,296	98,702
ASSETS
Total assets	4,218,373		4,218,373			3,815,051
Operating segment | Subtotal drilling and Rig Services | Reportable subsegments | Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	100,599	161,740	244,683	305,466
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(1,575)	9,059	11,298	17,787
ASSETS
Total assets	483,679		483,679			549,622
Operating segment | Completion and Production Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:		535,017	366,635	1,038,316
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities		29,308	(58,539)	26,264
ASSETS
Total assets						1,933,387
Equity in earnings (losses) from unconsolidated affiliates, net		200	300	300
Investments in unconsolidated affiliates accounted for using equity method						10,200
Operating segment | Completion and Production Services | Reportable subsegments | Completion Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:		276,639	208,123	504,538
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities		(581)	(55,243)	(34,216)
Operating segment | Completion and Production Services | Reportable subsegments | Production Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:		258,378	158,512	533,778
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities		29,889	(3,296)	60,480
Other reconciling items
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues and Earnings (losses) from unconsolidated affiliates:	(38,421)	(59,358)	(84,992)	(116,376)
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(34,876)	$ (45,692)	(84,200)	$ (89,108)
ASSETS
Total assets	629,102		629,102			$ 781,759
Investments in unconsolidated affiliates accounted for using equity method	$ 675,300		$ 675,300

Condensed Consolidating Finan62

Condensed Consolidating Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 436,675	$ 501,149	$ 410,958	$ 389,915
Short-term investments	33,222	35,020
Assets held for sale	136,677	146,467
Accounts receivable, net	908,563	1,517,503
Inventory	183,775	230,067
Deferred income taxes		118,230
Other current assets	270,243	193,438
Total current assets	1,969,155	2,741,874
Long-term investments	2,617	2,806
Property, plant and equipment, net	7,405,441	8,599,125
Goodwill	139,756	173,928
Investment in unconsolidated affiliates	676,234	58,251
Other long-term assets	324,080	303,958
Total assets	10,517,283	11,879,942
Current liabilities:
Current portion of debt	66,359	6,190
Trade accounts payable	363,058	780,060
Accrued liabilities	773,287	728,004
Income taxes payable	20,049	53,221
Total current liabilities	1,222,753	1,567,475
Long-term debt	3,691,357	4,348,859
Other long-term liabilities	626,511	601,816
Deferred income taxes	37,287	443,003
Total liabilities	5,577,908	6,961,153
Shareholders' equity	4,931,960	4,908,619
Noncontrolling interest	7,415	10,170
Total equity	4,939,375	4,918,789	6,081,922	5,981,177
Total liabilities and equity	10,517,283	11,879,942
Nabors (Parent/Guarantor)
Current assets:
Cash and cash equivalents	1,436	1,170	1,107	730
Other current assets	50	50
Total current assets	1,486
Current liabilities:
Trade accounts payable	195	111
Accrued liabilities	88	263
Total current liabilities	283
Nabors Delaware (Issuer)
Current assets:
Cash and cash equivalents	10	7	4	7,029
Other current assets	13,908	5,242
Total current assets	13,918
Property, plant and equipment, net		30,330
Other long-term assets	28,465	30,298
Current liabilities:
Trade accounts payable	6	2
Accrued liabilities	64,286	64,390
Total current liabilities	64,292
Long-term debt	3,731,816	4,389,299
Other long-term liabilities	35,546	35,480
Deferred income taxes	(330,586)	(294,655)
Other Subsidiaries (Non-Guarantors)
Current assets:
Cash and cash equivalents	435,229	499,972	$ 409,847	$ 382,156
Short-term investments	33,222	35,020
Assets held for sale	136,677	146,467
Accounts receivable, net	908,563	1,517,503
Inventory	183,775	230,067
Deferred income taxes		118,230
Other current assets	256,285	188,146
Total current assets	1,953,751
Long-term investments	2,617	2,806
Property, plant and equipment, net	7,405,441	8,568,795
Goodwill	139,756	173,928
Investment in unconsolidated affiliates	676,234	58,251
Other long-term assets	295,615	273,660
Current liabilities:
Current portion of debt	66,359	6,190
Trade accounts payable	362,857	779,947
Accrued liabilities	708,913	663,351
Income taxes payable	20,049	53,221
Total current liabilities	1,158,178
Long-term debt	(40,459)	(40,440)
Other long-term liabilities	590,965	566,336
Deferred income taxes	367,873	737,658
Noncontrolling interest	7,415	10,170
Reportable Legal Entities | Nabors (Parent/Guarantor)
Current assets:
Total current assets		1,220
Intercompany receivables	125,042	136,360
Investment in consolidated affiliates	4,805,715	4,771,413
Total assets	4,932,243	4,908,993
Current liabilities:
Total current liabilities		374
Total liabilities	283	374
Shareholders' equity	4,931,960	4,908,619
Total equity	4,931,960	4,908,619
Total liabilities and equity	4,932,243	4,908,993
Reportable Legal Entities | Nabors Delaware (Issuer)
Current assets:
Short-term intercompany note		880,820
Total current assets		886,069
Intercompany receivables	62,000
Investment in consolidated affiliates	5,022,430	5,014,743
Total assets	5,126,813	5,961,440
Current liabilities:
Total current liabilities		64,392
Intercompany payable	1,335,010	1,422,882
Total liabilities	4,836,078	5,617,398
Shareholders' equity	290,735	344,042
Total equity	290,735	344,042
Total liabilities and equity	5,126,813	5,961,440
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Current assets:
Total current assets		2,735,405
Intercompany receivables	1,147,968	1,286,522
Investment in consolidated affiliates	1,394,834	1,448,688
Total assets	13,016,216	14,548,055
Current liabilities:
Short-term intercompany note		880,820
Total current liabilities		2,383,529
Total liabilities	2,076,557	3,647,083
Shareholders' equity	10,932,244	10,890,802
Total equity	10,939,659	10,900,972
Total liabilities and equity	13,016,216	14,548,055
Consolidating Adjustments
Current assets:
Short-term intercompany note		(880,820)
Total current assets		(880,820)
Intercompany receivables	(1,335,010)	(1,422,882)
Investment in consolidated affiliates	(11,222,979)	(11,234,844)
Total assets	(12,557,989)	(13,538,546)
Current liabilities:
Short-term intercompany note		(880,820)
Total current liabilities		(880,820)
Intercompany payable	(1,335,010)	(1,422,882)
Total liabilities	(1,335,010)	(2,303,702)
Shareholders' equity	(11,222,979)	(11,234,844)
Total equity	(11,222,979)	(11,234,844)
Total liabilities and equity	$ (12,557,989)	$ (13,538,546)

Condensed Consolidating Finan63

Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues and other income:
Operating revenues	$ 863,305	$ 1,616,981	$ 2,278,012	$ 3,206,599
Earnings (losses) from unconsolidated affiliates	(1,116)	(576)	5,386	(3,021)
Investment income (loss)	1,181	7,066	2,150	8,046
Total revenues and other income	863,370	1,623,471	2,285,548	3,211,624
Costs and other deductions:
Direct costs	488,522	1,066,495	1,408,132	2,128,234
General and administrative expenses	86,290	133,630	213,423	267,896
Depreciation and amortization	218,196	282,820	499,215	564,947
Interest expense	44,469	46,303	91,070	91,113
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	1,338	16,504	(54,504)	17,980
Total costs and other deductions	838,815	1,545,752	2,157,336	3,070,170
Income (loss) from continuing operations before income tax	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
Nabors (Parent/Guarantor)
Costs and other deductions:
Interest expense	(1)		(1)
Intercompany interest expense		(3)		59
Total costs and other deductions		2,565		5,229
Nabors Delaware (Issuer)
Costs and other deductions:
Depreciation and amortization	31	902	643	1,804
Interest expense	49,713	49,313	101,977	98,682
Total costs and other deductions		50,184		99,913
Income tax expense (benefit)	(17,139)	(18,514)	(35,931)	(36,914)
Other Subsidiaries (Non-Guarantors)
Revenues and other income:
Operating revenues	863,305	1,616,981	2,278,012	3,206,599
Earnings (losses) from unconsolidated affiliates	(1,116)	(576)	5,386	(3,021)
Costs and other deductions:
Direct costs	488,522	1,066,495	1,408,132	2,128,234
Depreciation and amortization	218,165	281,918	498,572	563,143
Interest expense	(5,243)	(3,010)	(10,906)	(7,569)
Intercompany interest expense		3		(59)
Total costs and other deductions		1,493,003		2,965,028
Income tax expense (benefit)	83,584	29,270	81,671	61,678
Subsidiary preferred stock dividend		1,234		1,984
Income (loss) from discontinued operations, net of tax	5,025	(1,032)	4,208	483
Less: Net (income) loss attributable to noncontrolling interest	44	(253)	133	(826)
Reportable Legal Entities | Nabors (Parent/Guarantor)
Revenues and other income:
Earnings (losses) from consolidated affiliates	(34,151)	67,009	103,886	119,592
Total revenues and other income	(34,151)	67,009	103,886	119,592
Costs and other deductions:
General and administrative expenses	2,112	2,439	4,831	4,892
Intercompany interest expense	24		24
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	535	129	12,219	278
Total costs and other deductions	2,670		17,073
Income (loss) from continuing operations before income tax	(36,821)	64,444	86,813	114,363
Income (loss) from continuing operations, net of tax	(36,821)	64,444	86,813	114,363
Net income (loss)	(36,821)	64,444	86,813	114,363
Net income (loss) attributable to Nabors	(36,821)	64,444	86,813	114,363
Reportable Legal Entities | Nabors Delaware (Issuer)
Revenues and other income:
Earnings (losses) from consolidated affiliates	53,933	53,368	7,493	44,608
Investment income (loss)	555	146	560	146
Intercompany interest income	2,187		4,626
Total revenues and other income	56,675	53,514	12,679	44,754
Costs and other deductions:
General and administrative expenses	(681)	(31)	(323)	(350)
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net				(223)
Total costs and other deductions	49,063		102,297
Income (loss) from continuing operations before income tax	7,612	3,330	(89,618)	(55,159)
Income (loss) from continuing operations, net of tax	24,751	21,844	(53,687)	(18,245)
Net income (loss)	24,751	21,844	(53,687)	(18,245)
Net income (loss) attributable to Nabors	24,751	21,844	(53,687)	(18,245)
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Revenues and other income:
Earnings (losses) from consolidated affiliates	24,751	21,844	(53,687)	(18,245)
Investment income (loss)	2,953	8,056	6,244	10,172
Total revenues and other income	889,893	1,646,305	2,235,955	3,195,505
Costs and other deductions:
General and administrative expenses	84,999	131,351	209,199	263,632
Intercompany interest expense	2,163		4,602
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	663	16,246	(67,007)	17,647
Total costs and other deductions	789,269		2,042,592
Income (loss) from continuing operations before income tax	100,624	153,302	193,363	230,477
Income (loss) from continuing operations, net of tax	17,040	122,798	111,692	166,815
Net income (loss)	22,065	121,766	115,900	167,298
Net income (loss) attributable to Nabors	22,109	121,513	116,033	166,472
Consolidating Adjustments
Revenues and other income:
Earnings (losses) from consolidated affiliates	(44,533)	(142,221)	(57,692)	(145,955)
Investment income (loss)	(2,327)	(1,136)	(4,654)	(2,272)
Intercompany interest income	(2,187)		(4,626)
Total revenues and other income	(49,047)	(143,357)	(66,972)	(148,227)
Costs and other deductions:
General and administrative expenses	(140)	(129)	(284)	(278)
Intercompany interest expense	(2,187)		(4,626)
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net	140	129	284	278
Total costs and other deductions	(2,187)		(4,626)
Income (loss) from continuing operations before income tax	(46,860)	(143,357)	(62,346)	(148,227)
Income (loss) from continuing operations, net of tax	(46,860)	(143,357)	(62,346)	(148,227)
Net income (loss)	(46,860)	(143,357)	(62,346)	(148,227)
Net income (loss) attributable to Nabors	$ (46,860)	$ (143,357)	$ (62,346)	$ (148,227)

Condensed Consolidating Finan64

Condensed Consolidating Financial Information (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	$ (36,821)	$ 64,444	$ 86,813	$ 114,363
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	12,273		(56,266)
Less: reclassification adjustment for realized loss on translation adjustment			5,365
Translation adjustment attributable to Nabors	12,273	32,255	(50,901)	(4,339)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities	(2,153)	(325)	(2,000)	(19,533)
Less: reclassification adjustment for (gains)/losses on marketable securities		(4,903)		(4,903)
Unrealized gains (losses) on marketable securities	(2,153)	(5,228)	(2,000)	(24,436)
Pension liability amortization and adjustment	276	123	552	246
Unrealized gains (losses) and amortization of cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	10,549	27,303	(52,043)	(28,223)
Income tax expense (benefit) related to items of other comprehensive income (loss)	161	(784)	323	(636)
Other comprehensive income (loss), net of tax	10,388	28,087	(52,366)	(27,587)
Comprehensive income (loss) attributable to Nabors	(26,433)	92,531	34,447	86,776
Net income (loss) attributable to noncontrolling interest	(44)	253	(133)	826
Translation adjustment to noncontrolling interest	162	379	(718)	(102)
Comprehensive income (loss) attributable to noncontrolling interest	118	632	(851)	724
Comprehensive income (loss)	(26,315)	93,163	33,596	87,500
Nabors (Parent/Guarantor)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities			(2,000)
Other Subsidiaries (Non-Guarantors)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities			(2,000)
Net income (loss) attributable to noncontrolling interest	(44)	253	(133)	826
Translation adjustment to noncontrolling interest	162	379	(718)	(102)
Comprehensive income (loss) attributable to noncontrolling interest	118	632	(851)	724
Reportable Legal Entities | Nabors (Parent/Guarantor)
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(36,821)	64,444	86,813	114,363
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	12,273		(56,266)
Less: reclassification adjustment for realized loss on translation adjustment			5,365
Translation adjustment attributable to Nabors	12,273	32,255	(50,901)	(4,339)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities	(2,153)	(325)		(19,533)
Less: reclassification adjustment for (gains)/losses on marketable securities		(4,903)		(4,903)
Unrealized gains (losses) on marketable securities	(2,153)	(5,228)	(2,000)	(24,436)
Pension liability amortization and adjustment	276	123	552	246
Unrealized gains (losses) and amortization of cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	10,549	27,303	(52,043)	(28,223)
Income tax expense (benefit) related to items of other comprehensive income (loss)	161	(784)	323	(636)
Other comprehensive income (loss), net of tax	10,388	28,087	(52,366)	(27,587)
Comprehensive income (loss) attributable to Nabors	(26,433)	92,531	34,447	86,776
Comprehensive income (loss)	(26,433)	92,531	34,447	86,776
Reportable Legal Entities | Nabors Delaware (Issuer)
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	24,751	21,844	(53,687)	(18,245)
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment			51
Translation adjustment attributable to Nabors		1,937	51	1,721
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities		243		243
Less: reclassification adjustment for (gains)/losses on marketable securities		(506)		(506)
Unrealized gains (losses) on marketable securities		(263)		(263)
Pension liability amortization and adjustment	276	123	552	246
Unrealized gains (losses) and amortization of cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	429	1,950	909	2,010
Income tax expense (benefit) related to items of other comprehensive income (loss)	161	(784)	323	(636)
Other comprehensive income (loss), net of tax	268	2,734	586	2,646
Comprehensive income (loss) attributable to Nabors	25,019	24,578	(53,101)	(15,599)
Comprehensive income (loss)	25,019	24,578	(53,101)	(15,599)
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	22,109	121,513	116,033	166,472
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	12,273		(56,215)
Less: reclassification adjustment for realized loss on translation adjustment			5,365
Translation adjustment attributable to Nabors	12,273	32,458	(50,850)	(4,355)
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities	(2,153)	(82)		(19,290)
Less: reclassification adjustment for (gains)/losses on marketable securities		(5,409)		(5,409)
Unrealized gains (losses) on marketable securities	(2,153)	(5,491)	(2,000)	(24,699)
Pension liability amortization and adjustment	552	246	1,104	492
Unrealized gains (losses) and amortization of cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	10,825	27,366	(51,440)	(28,256)
Income tax expense (benefit) related to items of other comprehensive income (loss)	263	(1,863)	527	(1,627)
Other comprehensive income (loss), net of tax	10,562	29,229	(51,967)	(26,629)
Comprehensive income (loss) attributable to Nabors	32,671	150,742	64,066	139,843
Comprehensive income (loss)	32,789	151,374	63,215	140,567
Consolidating Adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(46,860)	(143,357)	(62,346)	(148,227)
Translation adjustment attributable to Nabors
Unrealized gains (losses) on translation adjustment	(12,273)		56,164
Less: reclassification adjustment for realized loss on translation adjustment			(5,365)
Translation adjustment attributable to Nabors	(12,273)	(34,395)	50,799	2,634
Unrealized gains (losses) on marketable securities
Unrealized gains (losses) on marketable securities	2,153	(161)	2,000	19,047
Less: reclassification adjustment for (gains)/losses on marketable securities		5,915		5,915
Unrealized gains (losses) on marketable securities	2,153	5,754	2,000	24,962
Pension liability amortization and adjustment	(828)	(369)	(1,656)	(738)
Unrealized gains (losses) and amortization of cash flow hedges	(306)	(306)	(612)	(612)
Other comprehensive income (loss), before tax	(11,254)	(29,316)	50,531	26,246
Income tax expense (benefit) related to items of other comprehensive income (loss)	(424)	2,647	(850)	2,263
Other comprehensive income (loss), net of tax	(10,830)	(31,963)	51,381	23,983
Comprehensive income (loss) attributable to Nabors	(57,690)	(175,320)	(10,965)	(124,244)
Comprehensive income (loss)	$ (57,690)	$ (175,320)	$ (10,965)	$ (124,244)

Condensed Consolidating Finan65

Condensed Consolidating Financial Information (Details 4) - USD ($) $ in Thousands	Mar. 27, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities		$ 517,404	$ 846,037
Cash flows from investing activities:
Purchases of investments		(8)	(266)
Sales and maturities of investments		745	23,238
Cash paid for acquisition of businesses, net		(57,909)	(10,200)
Investment in unconsolidated affiliates		(445)	(1,612)
Proceeds from merger transaction		660,050
Capital expenditures		(566,672)	(862,680)
Proceeds from sales of assets and insurance claims		24,790	69,343
Other		1,809	(761)
Net cash provided by (used for) investing activities		62,360	(782,938)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		310	(3,383)
Proceeds from (payments for) issuance of common shares		1,198	29,047
Dividends to shareholders		(34,980)	(23,792)
Proceeds from short-term borrowings		60,169
Proceeds from (payments for) commercial paper, net		(208,467)	111,228
Proceeds from revolving credit facilities			15,000
Reduction in revolving credit facilities		(450,000)	(75,000)
Purchase of preferred stock			(70,875)
Proceeds from term loan facility		300,000
Payments on term loan facility	$ (300,000)	(300,000)
Payments on term loan	$ (300,000)	(300,000)
Reduction in short-term debt			(10,000)
Other		(7,426)	(7,303)
Net cash used for financing activities		(639,196)	(35,078)
Effect of exchange rate changes on cash and cash equivalents		(5,042)	(6,978)
Net increase (decrease) in cash and cash equivalents		(64,474)	21,043
Cash and cash equivalents, beginning of period		501,149	389,915	$ 389,915
Cash and cash equivalents, end of period		436,675	410,958	501,149
Nabors (Parent/Guarantor)
Cash flows from investing activities:
Proceeds from merger transaction		5,500
Net cash provided by (used for) investing activities		5,500
Cash flows from financing activities:
Proceeds from (payments for) issuance of common shares		1,198	29,048
Proceeds from issuance of intercompany debt		27,000
Paydown of intercompany debt		(27,000)
Other		(7,426)	(7,303)
Net increase (decrease) in cash and cash equivalents		266	377
Cash and cash equivalents, beginning of period		1,170	730	730
Cash and cash equivalents, end of period		1,436	1,107	1,170
Nabors Delaware (Issuer)
Cash flows from investing activities:
Proceeds from merger transaction		646,078
Changes in intercompany balances		45,063	4,182
Net cash provided by (used for) investing activities		691,141	4,182
Cash flows from financing activities:
Proceeds from (payments for) commercial paper, net		(208,467)	111,228
Reduction in revolving credit facilities		(450,000)	(60,000)
Proceeds from term loan facility		300,000
Payments on term loan facility		(300,000)
Payments on term loan		(300,000)
Proceeds from issuance of intercompany debt		88,058
Net increase (decrease) in cash and cash equivalents		3	(7,025)
Cash and cash equivalents, beginning of period		7	7,029	7,029
Cash and cash equivalents, end of period		10	4	7
Other Subsidiaries (Non-Guarantors)
Cash flows from investing activities:
Purchases of investments		(8)	(266)
Sales and maturities of investments		745	23,238
Cash paid for acquisition of businesses, net		(57,909)	(10,200)
Investment in unconsolidated affiliates		(445)	(1,612)
Proceeds from merger transaction		8,472
Capital expenditures		(566,672)	(862,680)
Proceeds from sales of assets and insurance claims		24,790	69,343
Other		1,809	(761)
Changes in intercompany balances		(45,063)	(4,182)
Net cash provided by (used for) investing activities		(634,281)	(787,120)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		310	(3,383)
Proceeds from (payments for) issuance of common shares			(1)
Proceeds from short-term borrowings		60,169
Proceeds from revolving credit facilities			15,000
Reduction in revolving credit facilities			(15,000)
Purchase of preferred stock			(70,875)
Reduction in short-term debt			(10,000)
Proceeds from issuance of intercompany debt		(115,058)
Paydown of intercompany debt		27,000
Effect of exchange rate changes on cash and cash equivalents		(5,042)	(6,978)
Net increase (decrease) in cash and cash equivalents		(64,743)	27,691
Cash and cash equivalents, beginning of period		499,972	382,156	382,156
Cash and cash equivalents, end of period		435,229	409,847	$ 499,972
Reportable Legal Entities | Nabors (Parent/Guarantor)
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities		40,628	(11,728)
Cash flows from financing activities:
Dividends to shareholders		(39,634)	(26,064)
Proceeds from (payments for) issuance of parent common shares to affiliates			16,424
Net cash used for financing activities		(45,862)	12,105
Reportable Legal Entities | Nabors Delaware (Issuer)
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities		(120,729)	(62,435)
Cash flows from financing activities:
Net cash used for financing activities		(570,409)	51,228
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities		623,481	906,048
Cash flows from financing activities:
Payments on parent (Equity or N/P)		(21,322)
Net cash used for financing activities		(48,901)	(84,259)
Consolidating Adjustments
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities		(25,976)	14,152
Cash flows from financing activities:
Dividends to shareholders		4,654	2,272
Proceeds from (payments for) issuance of parent common shares to affiliates			(16,424)
Payments on parent (Equity or N/P)		(21,322)
Net cash used for financing activities		$ 25,976	$ (14,152)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 14, 2015	Apr. 24, 2015	Jul. 31, 2015
Subsequent event
Dividend declared (in dollars per share)		$ 0.06
Subsequent Event
Subsequent event
Dividend declared (in dollars per share)			$ 0.06
Subsequent Event | Revolving Credit Facility
Subsequent event
Maximum borrowing capacity	$ 2,200
Increase in maximum borrowing capacity	$ 500
Subsequent Event | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Subsequent event
Debt instrument basis spread on variable (as a percent)	1.25%
Standby fees	0.15%