Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | NABORS INDUSTRIES LTD. |
Entity Central Index Key | 0001163739 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay-Versus-Performance The following table presents certain information regarding compensation paid to Nabors’ CEO and other NEOs, and certain measures of financial performance, for the three years ended December 31, 2022. The amounts shown below are calculated in accordance with Item 402(v) of Regulation S-K. Year Summary Compensation Table Total for CEO ($) (1) Compensation Actually Paid to CEO ($) (2) Average Summary Compensation Table total for Non-CEO ($) (3) Average Summary Compensation Actually Paid to Non-CEO Named ($) (2)(3) Value of Initial Fixed $100 Investment Based on: Stated in Thousands Total DJ US Oil (4) Net Income $ Adjusted $ (5) 2022 10,789,762 30,117,200 2,588,615 5,325,474 110.05 125.60 (350,262) 709,392 2021 9,984,321 18,318,728 2,123,611 2,932,914 57.62 75.93 (572,925) 481,940 2020 17,538,345 4,758,974 2,680,569 1,001,102 41.38 60.66 (820,252) 563,892 (1) The dollar amounts reported are the amounts of total compensation reported for our CEO, Mr. Petrello, in the Summary Compensation Table for fiscal years 2022, 2021 and 2020. Mr. Petrello served as CEO for each of the years presented. (2) The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with Item 402(v) of Regulation S-K. year-end th (3) The dollar amounts reported are the average amounts of total compensation reported for our NEOs, other than our CEO, in the Summary Compensation Table for fiscal years 2022, 2021 and 2020. For each of the years presented, reflects compensation information for Mr. Andrews and Mr. Restrepo, our non-PEO (4) Reflects cumulative total shareholder return of the Dow Jones US Oil Equipment & Services Index (“DJUSOESI”), as of December 31, 2022. The DJUSOESI is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K 10-K (5) Adjusted EBITDA represents net income (loss) before income (loss) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. For a reconciliation of net income attributable to the Company on a GAAP basis to adjusted EBITDA, see Annex A. To calculate the amounts in the “Compensation Actually Paid to CE O ab Year Summary Compensation Table for CEO ($) Reported Value of Equity Awards for CEO ($) (1) Equity Award Adjustments for CEO ($) (2) Reported Change in the Actuarial Present Value of Pension Benefits for CEO ($) (4) Pension Benefits Adjustments for CEO $ (4) Compensation Actually Paid to CEO $ 2022 10,789,762 (4,560,545) 23,887,983 0 0 30,117,200 2021 9,984,321 (4,503,129) 12,837,536 0 0 18,318,728 2020 17,538,345 (12,909,062) 129,691 0 0 4,758,974 (1) Represents the grant date fair value of the equity awards to our CEO, as reported in the “Stock Awards” column in the SCT for each applicable year. (2) Represents the year-over-year change in the fair value of equity awards to our CEO, as itemized in the table below. No awards vested in the year they were granted. Fair Value of Equity Awards for 2022 $ 2021 $ 2020 $ As of year-end 14,669,230 10,201,921 6,575,358 Year-over-year increase (decrease) of outstanding and unvested awards granted in prior years 8,175,298 1,976,273 (5,946,996) Increase (decrease) from prior fiscal year–end for awards that vested during the year 999,593 611,033 (618,880) Dividends Paid on Unvested Shares and Stock Options 43,862 48,309 120,209 Total Equity Award Adjustments 23,887,983 12,837,536 129,691 (3) Represents the dividends paid to our CEO on unvested restricted stock and performance share units accrued pursuant to the respective award agreements. (4) Our CEO only participates in a 401(k) and Nonqualified Executive Deferred Compensation Plan. To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO non-CEO Year Average Reported for Non-CEO NEOs ($) Average Reported Awards for Non- CEO NEOs ($) (1) Average Equity for Non-CEO NEOs ($) (2) Average Reported Benefits for Non- CEO NEOs ($) (2) Average Pension Non-CEO NEOs $ (4) Average Compensation Actually Paid to Non- CEO NEOs $ 2022 2,588,615 (937,370) 3,674,229 0 0 5,325,474 2021 2,123,611 (848,078) 1,657,381 0 0 2,932,914 2020 2,680,569 (1,572,561) (106,905) 0 0 1,001,102 (1) Represents the average of the grant date fair value of the equity awards to our named executive officers (other than our CEO), as reported in the “Stock Awards” column in the SCT for each applicable year. (2) Represents the average of the year-over-year change in the fair value of equity awards to our named executive officers (other than our CEO), as itemized in the table below. No awards vested in the year they were granted. Fair Value of Equity Awards for Non-CEO 2022 $ 2021 $ 2020 $ As of year-end 2,276,260 1,363,948 770,137 Year-over-year increase (decrease) of outstanding and unvested awards granted in prior years 1,281,721 217,721 (828,255) Increase (decrease) from prior fiscal year–end for awards that vested during the year 110,083 67,231 (65,796) Average Dividends Paid on Unvested Shares and Stock Options 6,165 8,481 17,009 Total Equity Award Adjustments 3,674,229 1,657,381 (106,905) (3) Represents the dividends paid to our named executive officers (other than our CEO) on unvested restricted stock and performance share units accrued pursuant to the respective award agreements. (4) Our named executive officers (other than our CEO) only participate in a 401(k) and Nonqualified Executive Deferred Compensation Plan. | ||
Company Selected Measure Name | Adjusted EBITDA | ||
Named Executive Officers, Footnote [Text Block] | The dollar amounts reported are the average amounts of total compensation reported for our NEOs, other than our CEO, in the Summary Compensation Table for fiscal years 2022, 2021 and 2020. For each of the years presented, reflects compensation information for Mr. Andrews and Mr. Restrepo, our non-PEO | ||
Peer Group Issuers, Footnote [Text Block] | Reflects cumulative total shareholder return of the Dow Jones US Oil Equipment & Services Index (“DJUSOESI”), as of December 31, 2022. The DJUSOESI is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K 10-K | ||
PEO Total Compensation Amount | $ 10,789,762 | $ 9,984,321 | $ 17,538,345 |
PEO Actually Paid Compensation Amount | $ 30,117,200 | 18,318,728 | 4,758,974 |
Adjustment To PEO Compensation, Footnote [Text Block] | To calculate the amounts in the “Compensation Actually Paid to CE O ab Year Summary Compensation Table for CEO ($) Reported Value of Equity Awards for CEO ($) (1) Equity Award Adjustments for CEO ($) (2) Reported Change in the Actuarial Present Value of Pension Benefits for CEO ($) (4) Pension Benefits Adjustments for CEO $ (4) Compensation Actually Paid to CEO $ 2022 10,789,762 (4,560,545) 23,887,983 0 0 30,117,200 2021 9,984,321 (4,503,129) 12,837,536 0 0 18,318,728 2020 17,538,345 (12,909,062) 129,691 0 0 4,758,974 (1) Represents the grant date fair value of the equity awards to our CEO, as reported in the “Stock Awards” column in the SCT for each applicable year. (2) Represents the year-over-year change in the fair value of equity awards to our CEO, as itemized in the table below. No awards vested in the year they were granted. Fair Value of Equity Awards for 2022 $ 2021 $ 2020 $ As of year-end 14,669,230 10,201,921 6,575,358 Year-over-year increase (decrease) of outstanding and unvested awards granted in prior years 8,175,298 1,976,273 (5,946,996) Increase (decrease) from prior fiscal year–end for awards that vested during the year 999,593 611,033 (618,880) Dividends Paid on Unvested Shares and Stock Options 43,862 48,309 120,209 Total Equity Award Adjustments 23,887,983 12,837,536 129,691 (3) Represents the dividends paid to our CEO on unvested restricted stock and performance share units accrued pursuant to the respective award agreements. (4) Our CEO only participates in a 401(k) and Nonqualified Executive Deferred Compensation Plan. | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,588,615 | 2,123,611 | 2,680,569 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,325,474 | 2,932,914 | 1,001,102 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO non-CEO Year Average Reported for Non-CEO NEOs ($) Average Reported Awards for Non- CEO NEOs ($) (1) Average Equity for Non-CEO NEOs ($) (2) Average Reported Benefits for Non- CEO NEOs ($) (2) Average Pension Non-CEO NEOs $ (4) Average Compensation Actually Paid to Non- CEO NEOs $ 2022 2,588,615 (937,370) 3,674,229 0 0 5,325,474 2021 2,123,611 (848,078) 1,657,381 0 0 2,932,914 2020 2,680,569 (1,572,561) (106,905) 0 0 1,001,102 (1) Represents the average of the grant date fair value of the equity awards to our named executive officers (other than our CEO), as reported in the “Stock Awards” column in the SCT for each applicable year. (2) Represents the average of the year-over-year change in the fair value of equity awards to our named executive officers (other than our CEO), as itemized in the table below. No awards vested in the year they were granted. Fair Value of Equity Awards for Non-CEO 2022 $ 2021 $ 2020 $ As of year-end 2,276,260 1,363,948 770,137 Year-over-year increase (decrease) of outstanding and unvested awards granted in prior years 1,281,721 217,721 (828,255) Increase (decrease) from prior fiscal year–end for awards that vested during the year 110,083 67,231 (65,796) Average Dividends Paid on Unvested Shares and Stock Options 6,165 8,481 17,009 Total Equity Award Adjustments 3,674,229 1,657,381 (106,905) (3) Represents the dividends paid to our named executive officers (other than our CEO) on unvested restricted stock and performance share units accrued pursuant to the respective award agreements. (4) Our named executive officers (other than our CEO) only participate in a 401(k) and Nonqualified Executive Deferred Compensation Plan. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Compensation Actually Paid vs. Nabors TSR | ||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid vs. Net Income | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid vs. Adjusted EBITDA | ||
Total Shareholder Return Vs Peer Group [Text Block] | Nabors TSR vs. DJ US Oil Equipment & Services Index | ||
Tabular List [Table Text Block] | Financial Performance Measures Adjusted EBITDA Adjusted Free Cash Flow Total Shareholder Return Net Debt Reduction | ||
Total Shareholder Return Amount | $ 110.05 | 57.62 | 41.38 |
Peer Group Total Shareholder Return Amount | 125.6 | 75.93 | 60.66 |
Net Income (Loss) | $ (350,262) | $ (572,925) | $ (820,252) |
Company Selected Measure Amount | 709,392 | 481,940 | 563,892 |
PEO Name | Mr. Petrello | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Free Cash Flow | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Shareholder Return | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Debt Reduction | ||
PEO [Member] | As of Year End for Awards Granted During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 14,669,230 | $ 10,201,921 | $ 6,575,358 |
PEO [Member] | Year Over Year Increase (Decrease) of Outstanding and Unvested Awards Granted in Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 8,175,298 | 1,976,273 | (5,946,996) |
PEO [Member] | Increase (Decrease) from Prior Fiscal Year End for Awards that Vested During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 999,593 | 611,033 | (618,880) |
PEO [Member] | Dividends Paid on Unvested Shares and Stock Options [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 43,862 | 48,309 | 120,209 |
PEO [Member] | Total Equity Award Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 23,887,983 | 12,837,536 | 129,691 |
PEO [Member] | Reported Value of Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (4,560,545) | (4,503,129) | (12,909,062) |
PEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Total Pension Benefits Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | As of Year End for Awards Granted During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,276,260 | 1,363,948 | 770,137 |
Non-PEO NEO [Member] | Year Over Year Increase (Decrease) of Outstanding and Unvested Awards Granted in Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,281,721 | 217,721 | (828,255) |
Non-PEO NEO [Member] | Increase (Decrease) from Prior Fiscal Year End for Awards that Vested During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 110,083 | 67,231 | (65,796) |
Non-PEO NEO [Member] | Dividends Paid on Unvested Shares and Stock Options [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 6,165 | 8,481 | 17,009 |
Non-PEO NEO [Member] | Total Equity Award Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,674,229 | 1,657,381 | (106,905) |
Non-PEO NEO [Member] | Reported Value of Equity Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (937,370) | (848,078) | (1,572,561) |
Non-PEO NEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Total Pension Benefits Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ 0 |