Nabors Industries (NBR) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
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, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		283,378,309
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 233,752	$ 254,530
Short-term investments	22,104	20,059
Assets held for sale	86,608	75,678
Accounts receivable, net	504,099	784,671
Inventory	151,753	153,824
Other current assets	192,927	187,135
Total current assets	1,191,243	1,475,897
Property, plant and equipment, net	6,765,257	7,027,802
Goodwill	167,275	166,659
Investment in unconsolidated affiliates	888	415,177
Other long-term assets	531,642	452,305
Total assets	8,656,305	9,537,840
Current liabilities:
Current portion of debt	175	6,508
Trade accounts payable	199,619	271,984
Accrued liabilities	650,019	686,613
Income taxes payable	18,362	41,394
Total current liabilities	868,175	1,006,499
Long-term debt	3,503,172	3,655,200
Other long-term liabilities	518,035	552,947
Deferred income taxes	44,225	29,326
Total liabilities	4,933,607	5,243,972
Commitments and contingencies (Note 7)
Shareholders' equity:
Common shares, par value $0.001 per share: Authorized common shares 800,000; issued 333,054 and 330,526, respectively	333	331
Capital in excess of par value	2,505,451	2,493,100
Accumulated other comprehensive income (loss)	(8,250)	(47,593)
Retained earnings	2,514,265	3,131,134
Less: treasury shares, at cost, 49,673 and 49,342 common shares, respectively	(1,295,949)	(1,294,262)
Total shareholders' equity	3,715,850	4,282,710
Noncontrolling interest	6,848	11,158
Total equity	3,722,698	4,293,868
Total liabilities and equity	$ 8,656,305	$ 9,537,840

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	333,054	330,526
Treasury shares, at cost	49,673	49,342

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues and other income
Operating revenues	$ 571,591	$ 863,305	$ 1,169,162	$ 2,278,012
Earnings (losses) from unconsolidated affiliates	(54,769)	(1,116)	(221,920)	5,386
Investment income (loss)	270	1,181	613	2,150
Total revenues and other income	517,092	863,370	947,855	2,285,548
Costs and other deductions:
Direct costs	341,279	488,522	706,302	1,408,132
General and administrative expenses	56,624	75,810	118,958	191,240
Research and Engineering	8,180	10,480	16,342	22,183
Depreciation and amortization	218,913	218,196	434,731	499,215
Interest expense	45,237	44,469	90,967	91,070
Other, net	74,607	1,338	257,011	(54,504)
Total costs and other deductions	744,840	838,815	1,624,311	2,157,336
Income (loss) from continuing operations before income taxes	(227,748)	24,555	(676,456)	128,212
Income tax expense (benefit):
Current	15,898	(14,402)	30,723	32,947
Deferred	(57,081)	80,847	(123,970)	12,793
Total income tax expense (benefit)	(41,183)	66,445	(93,247)	45,740
Income (loss) from continuing operations, net of tax	(186,565)	(41,890)	(583,209)	82,472
Income (loss) from discontinued operations, net of tax	(984)	5,025	(1,910)	4,208
Net income (loss)	(187,549)	(36,865)	(585,119)	86,680
Less: Net (income) loss attributable to noncontrolling interest	2,899	44	2,175	133
Net income (loss) attributable to Nabors	$ (184,650)	$ (36,821)	$ (582,944)	$ 86,813
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (0.65)	$ (0.14)	$ (2.06)	$ 0.28
Basic from discontinued operations (in dollars per share)		0.01	(0.01)	0.02
Total Basic (in dollars per share)	(0.65)	(0.13)	(2.07)	0.30
Diluted from continuing operations (in dollars per share)	(0.65)	(0.14)	(2.06)	0.28
Diluted from discontinued operations (in dollars per share)		0.01	(0.01)	0.02
Total Diluted (in dollars per share)	$ (0.65)	$ (0.13)	$ (2.07)	$ 0.30
Weighted-average number of common shares outstanding:
Basic (in shares)	276,550	286,085	276,201	285,723
Diluted (in shares)	276,550	286,085	276,201	286,701

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ 86,813
Translation adjustment attributable to Nabors
Unrealized gain (loss) on translation adjustment	(56,266)
Less: reclassification adjustment for realized loss on translation adjustment	5,365
Translation adjustment attributable to Nabors	(50,901)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(2,000)
Unrealized gains (losses) on marketable securities	(2,000)
Pension liability amortization and adjustment	552
Unrealized gains (losses) and amortization on cash flow hedges	306
Other comprehensive income (loss), before tax	(52,043)
Income tax expense (benefit) related to items of other comprehensive income (loss)	323
Other comprehensive income (loss), net of tax	(52,366)
Comprehensive income (loss) attributable to Nabors	34,447
Net income (loss) attributable to noncontrolling interest	(133)
Translation adjustment attributable to noncontrolling interest	(718)
Comprehensive income (loss) attributable to noncontrolling interest	(851)
Comprehensive income (loss)	$ 33,596

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (585,119)	$ 86,680
Adjustments to net income (loss):
Depreciation and amortization	436,164	501,085
Deferred income tax expense (benefit)	(124,721)	5,039
Impairments and other charges	26,246
Losses (gains) on debt buyback	(6,027)
Losses (gains) on long-lived assets, net	7,735	2,725
Impairments on equity method holdings	216,242
Losses (gains) on merger and acquisitions		(54,882)
Share-based compensation	16,596	30,102
Foreign currency transaction losses (gains), net	7,018	(548)
Equity in (earnings) losses of unconsolidated affiliates, net of dividends	221,920	3,809
Other	6,174	4,815
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	255,945	449,062
Inventory	5,222	7,763
Other current assets	(6,609)	148,563
Other long-term assets	33,234	255,845
Trade accounts payable and accrued liabilities	(103,864)	(633,640)
Income taxes payable	(27,387)	(29,212)
Other long-term liabilities	(42,097)	(259,802)
Net cash provided by operating activities	336,672	517,404
Cash flows from investing activities:
Purchases of investments		8
Sales and maturities of investments	367	745
Cash paid for acquisition of businesses, net		(57,909)
Investment in unconsolidated affiliates		(445)
Capital expenditures	(193,234)	(566,672)
Proceeds from sales of assets and insurance claims	13,834	24,790
Proceeds from merger transaction		660,050
Other	38	1,809
Net cash (used for) provided by investing activities	(178,995)	62,360
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	294	310
Proceeds from revolving credit facilities	260,000
Reduction in revolving credit facilities	(260,000)	(450,000)
Proceeds from (payments for) issuance of common shares	39	1,198
Repurchase of common shares	(1,687)
Reduction in long term debt	(148,045)
Dividends to shareholders	(16,922)	(34,980)
Proceeds from (payment for) commercial paper, net	(1,500)	(208,467)
Proceeds from term Loan		300,000
Payments on term loan		(300,000)
Proceeds from short-term borrowings	(6,333)	60,169
Other	(4,280)	(7,426)
Net cash (used for) provided by financing activities	(178,434)	(639,196)
Effect of exchange rate changes on cash and cash equivalents	(21)	(5,042)
Net increase (decrease) in cash and cash equivalents	(20,778)	(64,474)
Cash and cash equivalents, beginning of period	254,530	501,149
Cash and cash equivalents, end of period	$ 233,752	$ 436,675

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Shares	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Shares	Non-controlling Interest	Total
Balance at the beginning of the period 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, net of surrender of unexercised stock options		1,198					1,198
Issuance of common shares for stock options exercised (in shares)	130
Share-based compensation		30,102					30,102
Other	$ 3	(7,429)				(1,904)	(9,330)
Other (in shares)	2,317
Balance at the end of the period 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
Balance at the beginning of the period at Dec. 31, 2015	$ 331	2,493,100	(47,593)	3,131,134	(1,294,262)	11,158	4,293,868
Balance (in shares) at Dec. 31, 2015	330,526
Increase (Decrease) in Equity
Net income (loss)				(582,944)		(2,175)	(585,119)
Dividends to shareholders				(33,925)			(33,925)
Repurchase of treasury shares					(1,687)		(1,687)
Other comprehensive income (loss), net of tax			39,343			461	39,804
Issuance of common shares for stock options exercised, net of surrender of unexercised stock options		39					39
Issuance of common shares for stock options exercised (in shares)	4
Share-based compensation		16,596					16,596
Other	$ 2	(4,284)				(2,596)	(6,878)
Other (in shares)	2,524
Balance at the end of the period at Jun. 30, 2016	$ 333	$ 2,505,451	$ (8,250)	$ 2,514,265	$ (1,295,949)	$ 6,848	$ 3,722,698
Balance (in shares) at Jun. 30, 2016	333,054

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2016
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, 2016 includes: · 427 actively marketed rigs for land-based drilling operations in the United States, Canada and approximately 20 other countries throughout the world; and · 42 actively marketed rigs for offshore drilling operations in the United States and multiple international markets. We also provide innovative drilling technology and equipment and comprehensive well-site services including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services in many of the most significant oil and gas markets in the world. In addition, we manufacture and lease or sell top drives and other rig equipment. Our Drilling & Rig Services business 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. Our Drilling & Rig Services business consists of four reportable operating segments: U.S., Canada, International and Rig Services. On March 24, 2015, we completed the merger (the “Merger”) of our Completion & Production Services business with C&J Energy Services, Inc. (“C&J Energy”). In the Merger and related transactions, our wholly-owned interest in our Completion & Production Services business was exchanged for cash and an equity interest in the combined entity, C&J Energy Services Ltd. (“CJES”), and has been accounted for as an unconsolidated affiliate as of the acquisition date. As a result of the Merger, we report our share of the earnings (losses) of CJES through earnings (losses) from unconsolidated affiliates in our condensed consolidated statements of income (loss). See further discussion in Note 3 — Investments in Unconsolidated Affiliates. Prior to the Merger, our Completion & Production Services business conducted our operations involved in the completion, life-of-well maintenance and plugging and abandonment of wells in the United States and Canada. These services include stimulation, coiled-tubing, cementing, wireline, workover, well-servicing and fluids management. As we no longer consolidate the results of operations from our historical Completion & Production Services business, our results of operations for the six months ended June 30, 2015 are not directly comparable to the six months ended June 30, 2016. On July 20, 2016, CJES voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code. 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. The effects of the acquisition and the operating results of Nabors Arabia are included in the accompanying unaudited condensed consolidated financial statements beginning on the acquisition date, and are reflected in our International drilling segment. 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, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited consolidated condensed 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, 2015 , as amended (“2015 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of June 30, 2016 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, 2016 may not be indicative of results that will be realized for the full year ending December 31, 2016 . Principles of Consolidation Our condensed 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 condensed consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our condensed 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 of CJES on a timely basis. See Note 3 — Investments in Unconsolidated Affiliates. Inventory Inventory is stated at the lower of cost or net realizable value. 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, 2016 2015 (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 2016, we did not record a goodwill impairment. However, a significantly prolonged period of lower natural gas or oil prices could continue to adversely affect demand for and prices of our services. This could result in future impairment charges, particularly in our U.S. Drilling and Rig Services segments. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , 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 condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall , relating to the recognition and measurement of financial assets and liabilities. This standard enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , relating to leases to increase transparency and comparability among companies. This standard requires all leases with an initial term greater than one year be recorded on the balance sheet as an asset and a lease liability. Additionally, this standard will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2018. Early application is permitted. This standard requires an entity to separate lease components from nonlease components within a contract. While the lease components would be accounted for under ASU No. 2016-02, nonlease components would be accounted for under ASU No. 2014-09. Therefore, we are evaluating ASU No. 2016-02 concurrently with the provisions of ASU No. 2014-09 and the impact this will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures , to simplify the transition to the equity method of accounting. This standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method investor should add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for the equity method of accounting. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation , to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2016
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	Note 3 Investments in Unconsolidated Affiliates On March 24, 2015, we completed the Merger of our Completion & Production Services business with C&J Energy. We received total consideration comprised of approximately $693.5 million in cash ( $650. 1 million after settlement of working capital requirements) and approximately 62.5 million common shares in the combined company, CJES, representing approximately 53% of the outstanding and issued common shares of CJES as of the closing date. Because we have significant influence over CJES, but not a controlling financial interest, we have accounted for our investment in CJES under the equity method of accounting. Our condensed consolidated statement of income (loss) for the six months ended June 30, 2015 consolidates the operating results of our Completion & Production Services business through the closing date of the Merger. As a result of the Merger, CJES became an unconsolidated affiliate and we no longer consolidate the operating results of our Completion & Production Services business. Therefore, subsequent to the closing date of the Merger, our share of the net income (loss), as adjusted for our basis difference, of our equity method investment in CJES is recorded as earnings (losses) from unconsolidated affiliates in our condensed 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. The equity in earnings from CJES, which is reflected in earnings (losses) from unconsolidated affiliates in our condensed consolidated statement of income (loss) is as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Nabors' share of equity method earnings (losses) $ $ $ $ During the first quarter of 2015, 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. This gain was partially offset by $49.6 million in transaction costs related to the Merger. We record our investment in the equity of CJES in the Investment in unconsolidated affiliates line in our condensed consolidated balance sheet. We review our equity method investments for impairment whenever certain impairment indicators exist including the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. A loss in value of an investment that is other than a temporary decline should be recognized. During the first quarter of 2016, we determined the carrying value of our investment was other than temporarily impaired, which resulted in an impairment charge of $153.4 million to reduce our carrying value to its estimated fair value of $93.8 million, determined principally based on the average share price over a specified period. Additionally, we recognized a $23.8 million charge to reserve certain other amounts associated with our CJES holdings including affiliate receivables. Throughout the second quarter of 2016, CJES issued multiple statements regarding a potential restructuring of the company in response to its failure to satisfy covenants set forth under its credit agreements. On July 8, 2016, CJES announced a restructuring plan that it agreed to with lenders under its credit agreement in which it expects to voluntarily commence a reorganization under chapter 11 of the U.S. Bankruptcy Code. Under this restructuring plan, existing common shareholders would not receive any of the new common shares of the company. On July 20, 2016, CJES voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code. As a result, we determined our investment was other than temporarily impaired and recorded a charge of $39.0 million to write off substantially all of the remaining net book value of our investment. In anticipation of CJES’s bankruptcy filing, we recognized an additional $3.9 million in professional fees incurred in connection with our efforts to preserve the value of our CJES holdings. These charges are reflected in other expense (income), net in our condensed consolidated statement of income (loss) for the three and six months ended June 30, 2016. See Note 9 – Supplemental Balance Sheet, Income Statement and Cash Flow Information. Beginning in the third quarter of 2016, we expect to no longer report our investment in CJES as an equity method investment. The following table presents summarized income statement (loss) information for CJES for each of the three months ended December 31, 2015 and March 31, 2016, which is reflected in earnings (losses) from unconsolidated affiliates in our condensed consolidated statement of income (loss) for the three and six months ended June 30, 2016: Three Months Ended March 31, December 31, 2016 2015 (In thousands) Gross revenues $ $ Gross margin Net income (loss) Nabors' share of equity method earnings (losses)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair Value Measurements	Note 4 Fair Value Measurements Our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2016 consist of available-for-sale equity and debt securities. 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, 2016 , 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. The majority of our short-term investments are categorized as Level 1 and had a fair value of $22.1 million as of June 30, 2016 . 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, equity method investments, 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 fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: June 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value (In thousands) (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 Term loan facility Revolving credit facility — — — — Commercial paper Other Less: Deferred financing costs $ $ 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.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt
Debt	Note 5 Debt Debt consisted of the following: June 30, December 31, 2016 2015 (In thousands) 2.35% senior notes due September 2016 (1) $ $ 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 Term loan facility Revolving credit facility — — Commercial paper Other Less: current portion Less: deferred financing costs $ $ (1) The 2.35% senior notes due September 2016 have been classified as long-term because we have the ability and intent to repay this obligation utilizing our revolving credit facility. During the six months ended June 30, 2016, we repurchased $154.1 million aggregate principal amount of our senior notes (all of which is now held by a consolidated affiliate) at various maturities for approximately $150.4 million in cash, reflecting principal and approximately $2.9 million of accrued and unpaid interest. The discount represents the gain on the debt buybacks and is included in other expense (income), net in our condensed consolidated statement of income (loss) for the six months ended June 30, 2016. Commercial Paper Program As of June 30, 2016 , we had approximately $6.5 million of commercial paper outstanding. The weighted average interest rate on borrowings at June 30, 2016 was 1.10% . 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 As of June 30, 2016 , we had no borrowings outstanding under this facility, which matures in July 2020. The weighted average interest rate on borrowings during the period ended June 30, 2016 was 1.79% . 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, 2016 . 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 Delaware entered into an 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 according to the terms of the agreement, using a portion of the cash consideration received in connection with the Merger and the facility was terminated. On September 29, 2015, Nabors Delaware entered into a new five -year unsecured term loan facility for $325.0 million, which is fully and unconditionally guaranteed by us. The term loan facility contains a mandatory prepayment of $162.5 million due in September 2018. As of June 30, 2016 , we had $325.0 million of borrowings outstanding under this facility. The weighted average interest rate on borrowings at June 30, 2016 was 1.70% . Borrowings under this facility will bear interest for periods of one, two, three or six months, at an annual rate equal to LIBOR, plus the applicable interest margin. The interest margin is based on our long-term unsecured credit rating for debt as in effect from time to time.

Common Shares

Common Shares	6 Months Ended
	Jun. 30, 2016
Common Shares.
Common Shares	Note 6 Common Shares During the six months ended June 30, 2016, we repurchased 0.3 million of our common shares in the open market fo r $1.7 millio n, all of which are held in treasury. On April 29, 2016, a cash dividend of $0.06 per share was declared for shareholders of record on June 10, 2016. The dividend was paid on July 1, 2016 in the amount of $17.0 million and was charged to retained earnings in our condensed consolidated statement of changes in equity for the six months ended June 30, 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	Note 7 Commitments and Contingencies Contingencies Income Tax We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. 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 a tax authority in Latin America in connection with a 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 2009 and 2010. Although Nabors and its tax advisors believe these deductions are appropriate and intend to continue to defend our position, we have recorded a partial reserve to account for this contingency. If we ultimately do not prevail, we estimate that we would be required to recognize additional tax expense in the range of $3 million to $8 million. Self-Insurance We estimate the level of our liability related to insurance and record reserves for these amounts in our condensed 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, 2016, 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 kinds of risks of physical damage except for named windstorms in the U.S. Gulf of Mexico for which we are self-insured. 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 condensed 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 $13.0 million (at June 30, 2016 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 $3.6 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. A hearing was held on October 28, 2015 in the Ouargla Court of Appeals and on November 4, 2015, the court affirmed the Supreme Court’s decision that we were not guilty. 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 $4.4 million continue. In March 2011, the Court of Ouargla entered a judgment of approximately $25.5 million (at June 30, 2016 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 c ould result in a loss of up to $17.5 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 defendants made numerous jurisdictional challenges and on April 30, 2015, ERG filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Accordingly, the civil actions are currently subject to the bankruptcy stay and the claims in the suit are assets of the estate. Nabors is monitoring the bankruptcy proceeding closely to determine how it will affect the pending litigation. The lawsuit was stayed, pending further court actions, including appeals of the jurisdictional decisions. On June 17, 2016, the Texas Supreme Court issued it opinion on the jurisdictional appeal holding that jurisdiction exists in Texas for Ramshorn, but not for Parex Bermuda or Parex Canada. 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 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. Nabors and the C&J Energy defendants filed a motion to dismiss and a hearing was held April 26, 2016 and we await the Court’s ruling. Preliminary settlement discussions are underway. 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 2016 2017 2018 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, 2016
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 8 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, 2016 2015 2016 2015 (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: (earnings) losses allocated to unvested shareholders Numerator for basic earnings per share: Adjusted income (loss) from continuing operations, net of tax - basic $ $ $ $ Income (loss) from discontinued operations, net of tax $ $ $ $ Weighted-average number of shares outstanding - basic Earnings (losses) per share: Basic from continuing operations $ $ $ $ Basic from discontinued operations — Total Basic $ $ $ $ DILUTED EPS: Adjusted income (loss) from continuing operations, net of tax - basic $ $ $ $ Add: effect of reallocating undistributed earnings of unvested shareholders — — — Adjusted income (loss) from continuing operations, net of tax - diluted $ $ $ $ Income (loss) from discontinued operations, net of tax $ $ $ $ Weighted-average number of shares outstanding - basic Add: dilutive effect of potential common shares — — — Weighted-average number of shares outstanding - diluted 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 Nabors’ common shares, because their inclusion would be anti-dilutive and because they are not considered participating securities. For periods in which we experience a net loss from continuing operations, all potential common shares have been excluded from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive. The average number of options that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Potentially dilutive securities excluded as anti-dilutive In any period during which the average market price of Nabors’ 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. Restricted stock is included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities.

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 9 Supplemental Balance Sheet, Income Statement and Cash Flow Information Accrued liabilities included the following: June 30, December 31, 2016 2015 (In thousands) Accrued compensation $ $ Deferred revenue Other taxes payable Workers’ compensation liabilities Interest payable Litigation reserves Current liability to discontinued operations Current liability to acquisition of KVS Other accrued liabilities $ $ Investment income (loss) included the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest and dividend income $ $ $ $ Gains (losses) on investments, net $ $ $ $ Other expense (income), net included the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ (1) $ $ (1) $ Impairment of our CJES holdings (2) — — Merger transaction (3) — — — Litigation expenses Foreign currency transaction losses (gains) Gain on debt buyback — — — Other losses (gains) $ $ $ $ (1) Includes charges of $19.7 million and $22.4 million, respectively, for the three and six months ended June 30, 2016 related to a reserve for amounts associated with our retained interest in the oil and gas properties located on the North Slope of Alaska and a $3.8 million charge to reduce the carrying value of one of our jack-up rigs, which was re-classified as held for sale at June 30, 2016, to its estimated fair value based on expected sales price. (2) Represents impairment charges related to our CJES holdings. See Note 3 — Investments in Unconsolidated Affiliates. (3) Includes the gain and transaction costs associated with the Merger. See Note 3 — Investments in Unconsolidated Affiliates. The changes in accumulated other comprehensive income (loss), by component, included the following: Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2015 $ $ $ $ $ Other comprehensive income (loss) before reclassifications — — Amounts reclassified from accumulated other comprehensive income (loss) — Net other comprehensive income (loss) As of June 30, 2015 $ $ $ $ $ (1) All amounts are net of tax. Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2016 $ $ $ $ $ Other comprehensive income (loss) before reclassifications — — Amounts reclassified from accumulated other comprehensive income (loss) — — Net other comprehensive income (loss) As of June 30, 2016 $ $ $ $ $ (1) All amounts are net of tax. The line items that were reclassified to net income included the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest expense $ $ General and administrative expenses 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, 2016
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations	Note 10 Assets Held for Sale and Discontinued Operations Assets Held for Sale Assets held for sale as of June 30, 2016 and December 31, 2015 was $86.6 million and $75.7 million, respectively. These assets consisted primarily of our oil and gas holdings which are mainly in the Horn River basin in western Canada of $78.5 million and $73.6 million as of the periods noted above and the operating results have been reflected in discontinued operations. The remainder represents assets that meet the criteria to be classified as assets held for sale, but do not represent a disposal of a component of an entity or a group of components of an entity representing a strategic shift that has or will have a major effect on the entity's operations and financial results. We have contracts with pipeline companies to pay specified fees based on committed volumes for gas transport and processing regarding our oil and gas properties classified as discontinued operations. At June 30, 2016 , our undiscounted contractual commitments for these contracts approximated $21.4 million and we had liabilities of $15.2 million, $5.6 million of which were classified as current and were included in accrued liabilities. At December 31, 2015 , our undiscounted contractual commitments for these contracts approximated $23.3 million and we had liabilities of $16.1 million, $5.2 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 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues (1) $ $ $ $ Income (loss) from Oil & Gas discontinued operations: Income (loss) from discontinued operations $ $ $ $ Less: Impairment charges or other (gains) and losses on sale of wholly owned assets — — Less: Income tax expense (benefit) Income (loss) from Oil and Gas discontinued operations, net of tax $ $ $ $ (1) Reflects operating revenues of our historical oil and gas operating segment.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Information
Segment Information	Note 11 Segment Information The following table sets forth financial information with respect to our reportable operating segments: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues: (1) Drilling & Rig Services: U.S. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services Completion & Production Services: Completion Services — — — Production Services — — — Subtotal Completion & Production Services — — — Other reconciling items (3) Total $ $ $ $ Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Adjusted operating income (loss): (1) (4) Drilling & Rig Services: U.S. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services Completion & Production Services: Completion Services — — — Production Services — — — Subtotal Completion & Production Services — — — Other reconciling items (5) Total $ $ $ $ Earnings (losses) from unconsolidated affiliates (6) $ $ $ $ Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Reconciliation of adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: Total adjusted operating income (loss) (4) $ $ $ $ Earnings (losses) from unconsolidated affiliates (6) Investment income Interest expense Other, net Income (loss) from continuing operations before income taxes $ $ $ $ June 30, December 31, 2016 2015 (In thousands) Total assets: Drilling & Rig Services: U.S. $ $ Canada International Rig Services Subtotal Drilling & Rig Services Investment in unconsolidated affiliates (7) Other reconciling items (5) Total $ $ (1) All 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) Represents the elimination of inter-segment transactions. (4) Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the consolidated company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. Other companies in our industry may compute these measures differently. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table. (5) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures (6) Represents our share of the net income (loss), as adjusted for our basis difference, of our unconsolidated affiliates accounted for by the equity method including losses of $ 54.8 million and $221.9 million for the three and six months ended June 30, 2016, respectively, and $0.8 million for each of the three and six months ended June 30, 2015, related to our share of the net loss of CJES, which we report on a one-quarter lag. (7) Represents our investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2016 and December 31, 2015, respectively, including our investment in CJES.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2016
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information	Note 12 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, 2016 and December 31, 2015, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015, and statements of cash flows for the six months ended June 30, 2016 and 2015 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, 2016 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 — — — Other current assets — Total current assets — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables — Investment in consolidated affiliates — Investment in unconsolidated affiliates — — — Deferred tax assets — — — 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 Shareholders’ equity Noncontrolling interest — — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Consolidating Balance Sheets December 31, 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 — — — Other current assets — Total current assets — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables — Investment in consolidated affiliates — Investment in unconsolidated affiliates — — — Deferred tax assets — — — 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 Shareholders’ equity Noncontrolling interest — — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Consolidating Statements of Income (Loss) Three Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) 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 Research and engineering — — — Depreciation and amortization — — Interest expense — — Other, net Intercompany interest expense — — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ $ — $ Earnings 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 Research and engineering — — — Depreciation and amortization — — Interest expense — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) 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 Research and engineering — — — Depreciation and amortization — — Interest expense — — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ $ — $ Earnings 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 Research and engineering — — — Depreciation and amortization — — Interest expense — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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 Comprehensive Income (Loss) Three Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax Translation adjustment attributable to Nabors: Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax Translation adjustment attributable to Nabors: Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ $ $ $ $ Condensed Consolidating Statements Cash Flows Six Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ $ $ $ $ Cash flows from investing activities: Sales and maturities of investments — — — Capital expenditures — — — Proceeds from sales of assets and insurance claims — — — Change in intercompany balances — — — Other — — — Net cash provided by (used for) investing activities — — Cash flows from financing activities: Increase (decrease) in cash overdrafts — — — Proceeds from revolving credit facilities — — — Reduction in revolving credit facilities — — — Proceeds from (payments for) issuance of common shares — — — Repurchase of common shares — — — Reduction in long-term debt — — — Dividends to shareholders — — Proceeds from (payments for) commercial paper, net — — — Proceeds from (payments for) short-term borrowings — — — Proceeds from issuance of intercompany debt — — — 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ $ $ $ $ Cash flows from investing activities: Purchases of investments — — — Sales and maturities of investments — — — Proceeds from sales of assets and insurance claims — — — — — Cash paid for acquisitions of businesses, net — — — Investments in unconsolidated affiliates — — — Proceeds from merger transaction — Capital expenditures — — — Proceeds from sale of assets and insurance claims — — — Other — — — Change 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 parent common shares to affiliates — — — Dividends to shareholders — — Proceeds from (payments for) commercial paper, net — — — Proceeds from issuance of intercompany debt — — Reduction in revolving credit facilities — — — Proceeds from term loan — — — Payments on term loan — — — Proceeds from short-term borrowings — — — 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 $ $ $ $ — $

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events
Subsequent Events	Note 13 Subsequent Events On July 29, 2016, our Board of Directors declared a cash dividend of $0.06 per common share, which will be paid on October 4, 2016 to shareholders of record at the close of business on September 13, 2016.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated condensed 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, 2015 , as amended (“2015 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of June 30, 2016 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, 2016 may not be indicative of results that will be realized for the full year ending December 31, 2016 .
Principles of Consolidation	Principles of Consolidation Our condensed 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 condensed consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our condensed 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 of CJES on a timely basis. See Note 3 — Investments in Unconsolidated Affiliates.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value. 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, 2016 2015 (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 2016, we did not record a goodwill impairment. However, a significantly prolonged period of lower natural gas or oil prices could continue to adversely affect demand for and prices of our services. This could result in future impairment charges, particularly in our U.S. Drilling and Rig Services segments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , 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 condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall , relating to the recognition and measurement of financial assets and liabilities. This standard enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , relating to leases to increase transparency and comparability among companies. This standard requires all leases with an initial term greater than one year be recorded on the balance sheet as an asset and a lease liability. Additionally, this standard will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2018. Early application is permitted. This standard requires an entity to separate lease components from nonlease components within a contract. While the lease components would be accounted for under ASU No. 2016-02, nonlease components would be accounted for under ASU No. 2014-09. Therefore, we are evaluating ASU No. 2016-02 concurrently with the provisions of ASU No. 2014-09 and the impact this will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures , to simplify the transition to the equity method of accounting. This standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method investor should add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for the equity method of accounting. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation , to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. Early application is permitted. We are currently evaluating the impact this will have on our condensed consolidated financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Inventory	June 30, December 31, 2016 2015 (In thousands) Raw materials $ $ Work-in-progress Finished goods $ $

Investments in Unconsolidated23

Investments in Unconsolidated Affiliates (Tables)	6 Months Ended
	Jun. 30, 2016
Investments in Unconsolidated Affiliates
Schedule of equity in earnings of unconsolidated affiliates	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Nabors' share of equity method earnings (losses) $ $ $ $
Investments in unconsolidated affiliates	Three Months Ended March 31, December 31, 2016 2015 (In thousands) Gross revenues $ $ Gross margin Net income (loss) Nabors' share of equity method earnings (losses)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair value of financial instruments	June 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value (In thousands) (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 Term loan facility Revolving credit facility — — — — Commercial paper Other Less: Deferred financing costs $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt
Long-term debt	June 30, December 31, 2016 2015 (In thousands) 2.35% senior notes due September 2016 (1) $ $ 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 Term loan facility Revolving credit facility — — Commercial paper Other Less: current portion Less: deferred financing costs $ $ (1) The 2.35% senior notes due September 2016 have been classified as long-term because we have the ability and intent to repay this obligation utilizing our revolving credit facility.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	Maximum Amount 2016 2017 2018 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, 2016
Earnings (Losses) Per Share
Earnings (losses) per share computations	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (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: (earnings) losses allocated to unvested shareholders Numerator for basic earnings per share: Adjusted income (loss) from continuing operations, net of tax - basic $ $ $ $ Income (loss) from discontinued operations, net of tax $ $ $ $ Weighted-average number of shares outstanding - basic Earnings (losses) per share: Basic from continuing operations $ $ $ $ Basic from discontinued operations — Total Basic $ $ $ $ DILUTED EPS: Adjusted income (loss) from continuing operations, net of tax - basic $ $ $ $ Add: effect of reallocating undistributed earnings of unvested shareholders — — — Adjusted income (loss) from continuing operations, net of tax - diluted $ $ $ $ Income (loss) from discontinued operations, net of tax $ $ $ $ Weighted-average number of shares outstanding - basic Add: dilutive effect of potential common shares — — — Weighted-average number of shares outstanding - diluted Earnings (losses) per share: Diluted from continuing operations $ $ $ $ Diluted from discontinued operations — Total Diluted $ $ $ $
Potentially dilutive securities excluded as anti-dilutive	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Potentially dilutive securities excluded as anti-dilutive

Supplemental Balance Sheet, I28

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Accrued liabilities	June 30, December 31, 2016 2015 (In thousands) Accrued compensation $ $ Deferred revenue Other taxes payable Workers’ compensation liabilities Interest payable Litigation reserves Current liability to discontinued operations Current liability to acquisition of KVS Other accrued liabilities $ $
Investment income (loss)	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest and dividend income $ $ $ $ Gains (losses) on investments, net $ $ $ $
Other expense (income)	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ (1) $ $ (1) $ Impairment of our CJES holdings (2) — — Merger transaction (3) — — — Litigation expenses Foreign currency transaction losses (gains) Gain on debt buyback — — — Other losses (gains) $ $ $ $ (1) Includes charges of $19.7 million and $22.4 million, respectively, for the three and six months ended June 30, 2016 related to a reserve for amounts associated with our retained interest in the oil and gas properties located on the North Slope of Alaska and a $3.8 million charge to reduce the carrying value of one of our jack-up rigs, which was re-classified as held for sale at June 30, 2016, to its estimated fair value based on expected sales price. (2) Represents impairment charges related to our CJES holdings. See Note 3 — Investments in Unconsolidated Affiliates. (3) Includes the gain and transaction costs associated with the Merger. See Note 3 — Investments in Unconsolidated Affiliates.
Schedule of changes in accumulated other comprehensive income (loss)	The changes in accumulated other comprehensive income (loss), by component, included the following: Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2015 $ $ $ $ $ Other comprehensive income (loss) before reclassifications — — Amounts reclassified from accumulated other comprehensive income (loss) — Net other comprehensive income (loss) As of June 30, 2015 $ $ $ $ $ (1) All amounts are net of tax. Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2016 $ $ $ $ $ Other comprehensive income (loss) before reclassifications — — Amounts reclassified from accumulated other comprehensive income (loss) — — Net other comprehensive income (loss) As of June 30, 2016 $ $ $ $ $ (1) All amounts are net of tax.
Schedule of line items that were reclassified from net income	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest expense $ $ General and administrative expenses 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 Disc29

Assets Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Assets Held for Sale and Discontinued Operations
Schedule of condensed statements of income (loss) from discontinued operations	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues (1) $ $ $ $ Income (loss) from Oil & Gas discontinued operations: Income (loss) from discontinued operations $ $ $ $ Less: Impairment charges or other (gains) and losses on sale of wholly owned assets — — Less: Income tax expense (benefit) Income (loss) from Oil and Gas discontinued operations, net of tax $ $ $ $ Reflects operating revenues of our historical oil and gas operating segment.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Information
Financial information with respect to operating segments	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues: (1) Drilling & Rig Services: U.S. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services Completion & Production Services: Completion Services — — — Production Services — — — Subtotal Completion & Production Services — — — Other reconciling items (3) Total $ $ $ $ Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Adjusted operating income (loss): (1) (4) Drilling & Rig Services: U.S. $ $ $ $ Canada International Rig Services (2) Subtotal Drilling & Rig Services Completion & Production Services: Completion Services — — — Production Services — — — Subtotal Completion & Production Services — — — Other reconciling items (5) Total $ $ $ $ Earnings (losses) from unconsolidated affiliates (6) $ $ $ $ Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Reconciliation of adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: Total adjusted operating income (loss) (4) $ $ $ $ Earnings (losses) from unconsolidated affiliates (6) Investment income Interest expense Other, net Income (loss) from continuing operations before income taxes $ $ $ $ June 30, December 31, 2016 2015 (In thousands) Total assets: Drilling & Rig Services: U.S. $ $ Canada International Rig Services Subtotal Drilling & Rig Services Investment in unconsolidated affiliates (7) Other reconciling items (5) Total $ $ (1) All 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) Represents the elimination of inter-segment transactions. (4) Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the consolidated company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. Other companies in our industry may compute these measures differently. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table. (5) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures (6) Represents our share of the net income (loss), as adjusted for our basis difference, of our unconsolidated affiliates accounted for by the equity method including losses of $ 54.8 million and $221.9 million for the three and six months ended June 30, 2016, respectively, and $0.8 million for each of the three and six months ended June 30, 2015, related to our share of the net loss of CJES, which we report on a one-quarter lag. Represents our investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2016 and December 31, 2015, respectively, including our investment in CJES.

Condensed Consolidating Finan31

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Consolidating Financial Information
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets June 30, 2016 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 — — — Other current assets — Total current assets — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables — Investment in consolidated affiliates — Investment in unconsolidated affiliates — — — Deferred tax assets — — — 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 Shareholders’ equity Noncontrolling interest — — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Consolidating Balance Sheets December 31, 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 — — — Other current assets — Total current assets — Property, plant and equipment, net — — — Goodwill — — — Intercompany receivables — Investment in consolidated affiliates — Investment in unconsolidated affiliates — — — Deferred tax assets — — — 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 Shareholders’ equity Noncontrolling interest — — — Total equity Total liabilities and equity $ $ $ $ $
Condensed Consolidating Statements of Income (Loss)	Condensed Consolidating Statements of Income (Loss) Three Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) 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 Research and engineering — — — Depreciation and amortization — — Interest expense — — Other, net Intercompany interest expense — — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ $ — $ Earnings 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 Research and engineering — — — Depreciation and amortization — — Interest expense — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) 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 Research and engineering — — — Depreciation and amortization — — Interest expense — — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ $ — $ Earnings 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 Research and engineering — — — Depreciation and amortization — — Interest expense — Other, net — Intercompany interest expense — — Total costs and other deductions Income (loss) from continuing operations before income taxes 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 Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax Translation adjustment attributable to Nabors: Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax Translation adjustment attributable to Nabors: Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable 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 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ $ $ $ $ Other comprehensive income (loss) before tax Translation adjustment attributable to Nabors: Unrealized loss 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 included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities — Pension liability amortization and adjustment Unrealized gains (losses) and amortization on 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 attributable to noncontrolling interest — — — Comprehensive income (loss) attributable to noncontrolling interest — — — Comprehensive income (loss) $ $ $ $ $ Condensed Consolidating Statements Cash Flows Six Months Ended June 30, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ $ $ $ $ Cash flows from investing activities: Sales and maturities of investments — — — Capital expenditures — — — Proceeds from sales of assets and insurance claims — — — Change in intercompany balances — — — Other — — — Net cash provided by (used for) investing activities — — Cash flows from financing activities: Increase (decrease) in cash overdrafts — — — Proceeds from revolving credit facilities — — — Reduction in revolving credit facilities — — — Proceeds from (payments for) issuance of common shares — — — Repurchase of common shares — — — Reduction in long-term debt — — — Dividends to shareholders — — Proceeds from (payments for) commercial paper, net — — — Proceeds from (payments for) short-term borrowings — — — Proceeds from issuance of intercompany debt — — — 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, 2015 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ $ $ $ $ Cash flows from investing activities: Purchases of investments — — — Sales and maturities of investments — — — Proceeds from sales of assets and insurance claims — — — — — Cash paid for acquisitions of businesses, net — — — Investments in unconsolidated affiliates — — — Proceeds from merger transaction — Capital expenditures — — — Proceeds from sale of assets and insurance claims — — — Other — — — Change 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 parent common shares to affiliates — — — Dividends to shareholders — — Proceeds from (payments for) commercial paper, net — — — Proceeds from issuance of intercompany debt — — Reduction in revolving credit facilities — — — Proceeds from term loan — — — Payments on term loan — — — Proceeds from short-term borrowings — — — 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 $ $ $ $ — $

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	May 24, 2015USD ($)	Jun. 30, 2016segmentcountyitem
Nature of Operations
Actively marketed rigs for land based drilling operations		427
Number of countries company has actively marketed rigs for land based drilling operations | county		20
Actively marketed rigs for offshore based drilling operations		42
Drilling and Rig Services
Nature of Operations
Number of Operating Segments | segment		4
Joint Venture in Saudi Arabia
Nature of Operations
Cash paid for acquisitions of businesses | $	$ 106
Ownership percentage	49.00%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory
Raw materials	$ 101,213	$ 105,217
Work-in-progress	31,867	29,710
Finished goods	18,673	18,897
Total inventory	$ 151,753	$ 153,824

Investments in Unconsolidated34

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands, shares in Millions	Mar. 24, 2015	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	May 24, 2015
Investments in Unconsolidated Affiliates
Cash consideration in merger								$ 660,050
Summarized income statement (loss) information for investment in unconsolidated affiliates
Gross revenues			$ 269,615
Gross margin			7,849
Net income (loss)			(428,412)
Nabors' share of equity method earnings (losses)		$ (54,769)	(54,788)		$ (1,116)		$ (221,920)	5,386
Joint Venture in Saudi Arabia
Investments in Unconsolidated Affiliates
Percentage of outstanding and issued common shares held									49.00%
C&J Energy Services, Ltd.
Investments in Unconsolidated Affiliates
Cash consideration in merger	$ 693,500
Cash proceeds from merger after working capital requirements	$ 650,100
Common shares held in merged entity	62.5
Percentage of outstanding and issued common shares held	53.00%
Lag in recording share in net income							3 months
Estimated gross gain in merger						$ 102,200
Transaction costs related to the merger	$ 49,600
Summarized income statement (loss) information for investment in unconsolidated affiliates
Gross revenues				$ 409,011
Gross margin				37,417
Net income (loss)				(321,742)
Nabors' share of equity method earnings (losses)		(54,788)		$ (167,145)	$ (800)		$ (221,933)	$ (800)
C&J Energy Services, Ltd. | Other expense (income)
Investments in Unconsolidated Affiliates
Other-than-temporary impairment			153,400
Estimated fair value			93,800
Charge against receivables			$ 23,800
Equity method investment charge to write off remaining value of investment		39,000
Transaction costs related to the merger		$ 3,900

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) $ in Thousands	Jun. 30, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Assets:
Amount of transfers of financial assets between Level 1 and Level 2 measures	0
Level 1
Assets:
Short term investments	$ 22,100

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Less: Deferred financing costs	$ (15,453)	$ (18,012)
Carrying Value
Fair Value of Financial Instruments
Debt	3,518,800	3,679,720
Less: Deferred financing costs	(15,453)	(18,012)
Debt, net of financing costs	3,503,347	3,661,708
Fair Value
Fair Value of Financial Instruments
Debt	$ 3,440,176	3,445,699
2.35% senior notes due September 2016
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	2.35%
2.35% senior notes due September 2016 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 338,549	347,955
2.35% senior notes due September 2016 | Fair Value
Fair Value of Financial Instruments
Debt	$ 338,350	347,708
6.15% senior notes due February 2018
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	6.15%
6.15% senior notes due February 2018 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 827,868	921,162
6.15% senior notes due February 2018 | Fair Value
Fair Value of Financial Instruments
Debt	$ 857,192	935,962
9.25% senior notes due January 2019
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	9.25%
9.25% senior notes due January 2019 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 303,489	339,607
9.25% senior notes due January 2019 | Fair Value
Fair Value of Financial Instruments
Debt	$ 322,648	342,575
5.00% senior notes due September 2020
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.00%
5.00% senior notes due September 2020 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 669,387	683,839
5.00% senior notes due September 2020 | Fair Value
Fair Value of Financial Instruments
Debt	$ 635,465	617,409
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	4.625%
4.625% senior notes due September 2021 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 698,748	698,628
4.625% senior notes due September 2021 | Fair Value
Fair Value of Financial Instruments
Debt	$ 642,250	581,630
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.10%
5.10% senior notes due September 2023 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 349,084	349,021
5.10% senior notes due September 2023 | Fair Value
Fair Value of Financial Instruments
Debt	312,596	280,907
Term Loan Facility | Carrying Value
Fair Value of Financial Instruments
Debt	325,000	325,000
Term Loan Facility | Fair Value
Fair Value of Financial Instruments
Debt	325,000	325,000
Commercial paper | Carrying Value
Fair Value of Financial Instruments
Debt	6,500	8,000
Commercial paper | Fair Value
Fair Value of Financial Instruments
Debt	6,500	8,000
Other | Carrying Value
Fair Value of Financial Instruments
Debt	175	6,508
Other | Fair Value
Fair Value of Financial Instruments
Debt	$ 175	$ 6,508

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2015	Mar. 27, 2015	Feb. 06, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Long-term debt
Long-term Debt				$ 3,518,800		$ 3,679,720
Other				175		6,508
Less: current portion				175		6,508
Less: deferred finance costs				(15,453)		(18,012)
Long-term Debt, Excluding Current Maturities, Total				3,503,172		3,655,200
Reduction in long-term debt				148,045
Payment of debt principal					$ 300,000
Amount drawn from term loan facility					$ 300,000
Senior Notes.
Long-term debt
Reduction in long-term debt				150,400
Payment of debt accrued interest				2,900
Consolidated affiliate | Senior Notes.
Long-term debt
Principal amount redeemed				154,100
2.35% senior notes due September 2016
Long-term debt
Senior Notes				$ 338,549		347,955
Interest rate on senior notes due (as a percent)				2.35%
6.15% senior notes due February 2018
Long-term debt
Senior Notes				$ 827,868		921,162
Interest rate on senior notes due (as a percent)				6.15%
9.25% senior notes due January 2019
Long-term debt
Senior Notes				$ 303,489		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				$ 669,387		683,839
Interest rate on senior notes due (as a percent)				5.00%
4.625% senior notes due September 2021
Long-term debt
Senior Notes				$ 698,748		698,628
Interest rate on senior notes due (as a percent)				4.625%
5.10% senior notes due September 2023
Long-term debt
Senior Notes				$ 349,084		349,021
Interest rate on senior notes due (as a percent)				5.10%
Term Loan Facility
Long-term debt
Senior Notes				$ 325,000		325,000
Three-year maturity term loan facility
Long-term debt
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
Five-year term loan facility
Long-term debt
Weighted average interest rate (as a percent)				1.70%
Maximum borrowing capacity	$ 325,000
Unsecured term loan facility				$ 325,000
Unsecured debt maturity period	5 years
Prepayment of loan upon closing the merger	$ 162,500
Commercial paper
Long-term debt
Long-term Debt				6,500		$ 8,000
Aggregate amount of senior notes				$ 6,500
Weighted average interest rate (as a percent)				1.10%
Commercial paper | Minimum
Long-term debt
Remaining period to maturity				1 year
Revolving Credit Facility
Long-term debt
Weighted average interest rate (as a percent)				1.79%

Common Shares (Details)

Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Feb. 19, 2016	Jun. 30, 2016	Jun. 30, 2015
Common Shares
Shares repurchased		0.3
Total aggregate amount of shares purchased		$ 1,687
Common shares
Common stock dividend declared (in dollars per share)	$ 0.06
Cash dividends paid		$ 16,922	$ 34,980

Commitments and Contingencies -

Commitments and Contingencies - Self Insurance Disclosures (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
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
Latin American tax authority [Member] | Minimum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	3
Latin American tax authority [Member] | Maximum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	$ 8

Commitments and Contingencies40

Commitments and Contingencies - Litigation (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2011USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2009USD ($)	Dec. 31, 2006USD ($)	Mar. 19, 2012USD ($)
Court of Ouargla Customs Infringement
Commitments and Contingencies, Disclosure
Litigation amount as per judgment		$ 3,600	$ 13,000
Litigation settlement fine (as percent)		50.00%
Additional amount to be recovered		$ 4,400
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	$ 25,500
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		$ 17,500
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 Contingencies41

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Jun. 30, 2016USD ($)
Summary of total maximum amount of financial guarantees issued
2,016	$ 107,168
2,017	142,859
Total	$ 250,027

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (186,565)	$ (41,890)	$ (583,209)	$ 82,472
Less: net (income) loss attributable to noncontrolling interest	2,899	44	2,175	133
Less: (earnings) losses allocated to unvested shareholders	3,786	720	11,985	(1,311)
Adjusted income (loss) from continuing operations, net of tax - basic	(179,880)	(41,126)	(569,049)	81,294
Income (loss) from discontinued operations, net of tax	$ (984)	$ 5,025	$ (1,910)	$ 4,208
Weighted-average number of shares outstanding - basic	276,550	286,085	276,201	285,723
Earnings (losses) Per Share - Basic
Basic from continuing operations (in dollars per share)	$ (0.65)	$ (0.14)	$ (2.06)	$ 0.28
Basic from discontinued operations (in dollars per share)		0.01	(0.01)	0.02
Total Basic (in dollars per share)	$ (0.65)	$ (0.13)	$ (2.07)	$ 0.30
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (179,880)	$ (41,126)	$ (569,049)	$ 81,294
Add: effect of reallocating undistributed earnings of unvested shareholders				5
Adjusted income (loss) from continuing operations, net of tax - diluted	(179,880)	(41,126)	(569,049)	81,299
Income (loss) from discontinued operations, net of tax	$ (984)	$ 5,025	$ (1,910)	$ 4,208
Weighted-average number of shares outstanding - basic	276,550	286,085	276,201	285,723
Add: dilutive effect of potential common shares				978
Weighted-average number of shares outstanding - diluted	276,550	286,085	276,201	286,701
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (0.65)	$ (0.14)	$ (2.06)	$ 0.28
Diluted from discontinued operations (in dollars per share)		0.01	(0.01)	0.02
Total Diluted (in dollars per share)	$ (0.65)	$ (0.13)	$ (2.07)	$ 0.30

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings (Losses) Per Share
Average number of options and warrants excluded from diluted earnings (losses) per share (in shares)	5,379,424	9,860,422	5,397,068	6,325,598

Supplemental Balance Sheet, I44

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued liabilities
Accrued compensation	$ 107,168	$ 120,204
Deferred revenue	322,029	340,472
Other taxes payable	27,244	39,850
Workers' compensation liabilities	37,459	37,459
Interest payable	58,204	62,776
Litigation reserves	25,187	27,097
Current liability to discontinued operations	5,570	5,197
Current liability to acquisition of KVS	22,278	22,278
Other accrued liabilities	44,880	31,280
Accrued liabilities	$ 650,019	$ 686,613

Supplemental Balance Sheet, I45

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investment income (loss)
Interest and dividend income	$ 242	$ 1,068	$ 614	$ 1,602
Gains (losses) on investments, net	28	113	(1)	548
Investment income (loss)	$ 270	$ 1,181	$ 613	$ 2,150

Supplemental Balance Sheet, I46

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Other Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other expense (income)
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 28,683	$ (749)	$ 33,981	$ 2,725
Impairment of our CJES holdings			216,242
Merger transaction				(52,574)
Litigation expenses	(313)	2,133	324	(1,944)
Foreign currency transaction losses (gains)	2,804	1,797	7,018	(548)
Gain on debt buybacks			(6,027)
Other losses (gains)	558	(1,843)	1,598	(2,163)
Reserve with our retained interest on North Slope of Alaska assets	19,700		22,400
Charges to reduce the carrying value of asset held for sale			3,800
Other expense (income)	74,607	$ 1,338	257,011	$ (54,504)
C&J Energy Services, Ltd.
Other expense (income)
Impairment of our CJES holdings	$ 42,875		$ 220,117

Supplemental Balance Sheet, I47

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			$ 4,282,710
Other comprehensive income (loss), net of tax	$ 5,014	$ 10,388	39,343	$ (52,366)
Balance at the end of the period	3,715,850		3,715,850
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(47,593)	77,522
Other comprehensive income (loss) before reclassifications, net of tax			38,869	(58,266)
Amounts reclassified from accumulated other comprehensive income (loss)			474	5,900
Other comprehensive income (loss), net of tax			39,343	(52,366)
Balance at the end of the period	(8,250)	25,156	(8,250)	25,156
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(1,670)	(2,044)
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	(1,483)	(1,857)	(1,483)	(1,857)
Unrealized gains (losses) on available-for-sale securities.
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(314)	14,996
Other comprehensive income (loss) before reclassifications, net of tax			2,049	(2,000)
Other comprehensive income (loss), net of tax			2,049	(2,000)
Balance at the end of the period	1,735	12,996	1,735	12,996
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(6,568)	(7,263)
Amounts reclassified from accumulated other comprehensive income (loss)			287	348
Other comprehensive income (loss), net of tax			287	348
Balance at the end of the period	(6,281)	(6,915)	(6,281)	(6,915)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(39,041)	71,833
Other comprehensive income (loss) before reclassifications, net of tax			36,820	(56,266)
Amounts reclassified from accumulated other comprehensive income (loss)				5,365
Other comprehensive income (loss), net of tax			36,820	(50,901)
Balance at the end of the period	$ (2,221)	$ 20,932	$ (2,221)	$ 20,932

Supplemental Balance Sheet, I48

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Investment income (loss)	$ 270	$ 1,181	$ 613	$ 2,150
Interest expense	45,237	44,469	90,967	91,070
General and administrative expenses	56,624	75,810	118,958	191,240
Other expense (income), net	74,607	1,338	257,011	(54,504)
Income (loss) from continuing operations before income taxes	(227,748)	24,555	(676,456)	128,212
Income tax expense (benefit)	(41,183)	66,445	(93,247)	45,740
Net income (loss)	(187,549)	(36,865)	(585,119)	86,680
Accumulated Other Comprehensive Income | Reclassification adjustment for (gains)/losses included in net income (loss)
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	153	153	306	306
General and administrative expenses	294	276	468	552
Other expense (income), net				5,365
Income (loss) from continuing operations before income taxes	(447)	(429)	(774)	(6,223)
Income tax expense (benefit)	171	161	300	323
Net income (loss)	$ (276)	$ (268)	$ (474)	$ (5,900)

Assets Held-for-Sale and Discon

Assets Held-for-Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Assets held-for-sale
Assets held for sale	$ 86,608	$ 75,678	$ 75,700
Oil and Gas | Assets Held-for-sale
Assets held-for-sale
Assets held for sale	$ 78,500		$ 73,600

Assets Held-for-Sale and Disc50

Assets Held-for-Sale and Discontinued Operations Disc Ops (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income (loss) from discontinued operations
Income (loss) from discontinued operations, net of tax	$ (984)	$ 5,025	$ (1,910)	$ 4,208
Gas transport and processing
Contracts for gas transport and processing
Contractual Obligation	21,400		21,400		$ 23,300
Gas transport and processing | Disposal Group, Held-for-sale, Not Discontinued Operations
Contracts for gas transport and processing
Recorded contractual commitments			15,200		16,100
Gas transport and processing | Disposal Group, Held-for-sale, Not Discontinued Operations | Accrued liabilities
Contracts for gas transport and processing
Recorded contractual commitments			5,600		$ 5,200
Oil and Gas | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income (loss) from discontinued operations
Operating revenues	384	855	761	2,305
Income (loss) from discontinued operations	(1,335)	(1,129)	(2,661)	(2,515)
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets and obligations		1,031		1,031
Less: Income tax expense (benefit)	(351)	(7,185)	(751)	(7,754)
Income (loss) from discontinued operations, net of tax	$ (984)	$ 5,025	$ (1,910)	$ 4,208

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	$ 571,591			$ 863,305	$ 1,169,162	$ 2,278,012
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(53,405)			70,297	(107,171)	157,242
Earnings (losses) from unconsolidated affiliates	(54,769)	$ (54,788)		(1,116)	(221,920)	5,386
Investment income	270			1,181	613	2,150
Interest expense	(45,237)			(44,469)	(90,967)	(91,070)
Other, net	(74,607)			(1,338)	(257,011)	54,504
Income (loss) from continuing operations before income taxes	(227,748)			24,555	(676,456)	128,212
ASSETS
Total assets	8,656,305		$ 9,537,840		8,656,305
Investment in unconsolidated affiliates	888		415,177		888
Equity in earnings (losses) from unconsolidated affiliates, net					(221,920)	(3,809)
C&J Energy Services, Ltd.
Adjusted income (loss) derived from operating activities
Earnings (losses) from unconsolidated affiliates	(54,788)		(167,145)	(800)	(221,933)	(800)
ASSETS
Equity in earnings (losses) from unconsolidated affiliates, net	54,800			800	221,900	800
Operating segment | Drilling and Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	587,231			901,726	1,208,309	1,996,632
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(24,957)			105,173	(43,566)	300,244
ASSETS
Total assets	7,998,334		8,564,102		7,998,334
Operating segment | Drilling and Rig Services | Reportable subsegments | U.S.
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	140,342			321,169	289,018	774,990
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(48,328)			31,445	(95,887)	108,483
ASSETS
Total assets	3,450,492		3,654,216		3,450,492
Operating segment | Drilling and Rig Services | Reportable subsegments | Canada
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	6,617			21,413	24,111	79,253
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(10,831)			(8,268)	(18,109)	(1,910)
ASSETS
Total assets	347,129		371,151		347,129
Operating segment | Drilling and Rig Services | Reportable subsegments | International
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	401,024			458,545	802,079	897,706
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	53,859			83,571	100,731	182,373
ASSETS
Total assets	3,799,976		4,108,416		3,799,976
Operating segment | Drilling and Rig Services | Reportable subsegments | Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	39,248			100,599	93,101	244,683
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(19,657)			(1,575)	(30,301)	11,298
ASSETS
Total assets	400,737		430,319		400,737
Operating segment | Completion and Production Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues						366,372
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities						(58,802)
Operating segment | Completion and Production Services | Reportable subsegments | Completion Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues						207,860
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities						(55,243)
Operating segment | Completion and Production Services | Reportable subsegments | Production Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues						158,512
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities						(3,559)
Other reconciling items
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	(15,640)			(38,421)	(39,147)	(84,992)
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(28,448)			$ (34,876)	(63,605)	$ (84,200)
ASSETS
Total assets	$ 657,083		$ 558,561		$ 657,083

Condensed Consolidating Finan52

Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 233,752	$ 254,530	$ 436,675	$ 501,149
Short-term investments	22,104	20,059
Assets held for sale	86,608	75,678	75,700
Accounts receivable, net	504,099	784,671
Inventory	151,753	153,824
Other current assets	192,927	187,135
Total current assets	1,191,243	1,475,897
Property, plant and equipment, net	6,765,257	7,027,802
Goodwill	167,275	166,659
Investment in unconsolidated affiliates	888	415,177
Other long-term assets	531,642	452,305
Total assets	8,656,305	9,537,840
Current liabilities:
Current portion of debt	175	6,508
Trade accounts payable	199,619	271,984
Accrued liabilities	650,019	686,613
Income taxes payable	18,362	41,394
Total current liabilities	868,175	1,006,499
Long-term debt	3,503,172	3,655,200
Other long-term liabilities	518,035	552,947
Deferred income taxes	44,225	29,326
Total liabilities	4,933,607	5,243,972
Shareholders' equity	3,715,850	4,282,710
Noncontrolling interest	6,848	11,158
Total equity	3,722,698	4,293,868	4,939,375	4,918,789
Total liabilities and equity	8,656,305	9,537,840
Reportable Legal Entities | Parent Company
Current assets:
Cash and cash equivalents	5,598	873	1,436	1,170
Other current assets	50	50
Total current assets	5,648	923
Intercompany receivables	146,459	139,366
Investment in consolidated affiliates	3,649,062	4,183,362
Total assets	3,801,169	4,323,651
Current liabilities:
Trade accounts payable	157	71
Accrued liabilities	20,162	370
Total current liabilities	20,319	441
Intercompany payable	65,000	40,500
Total liabilities	85,319	40,941
Shareholders' equity	3,715,850	4,282,710
Total equity	3,715,850	4,282,710
Total liabilities and equity	3,801,169	4,323,651
Reportable Legal Entities | Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	11	10	10	7
Other current assets	7,303	9,016
Total current assets	7,314	9,026
Intercompany receivables	11,000	11,000
Investment in consolidated affiliates	4,850,411	4,973,327
Deferred tax assets	404,434	366,818
Other long-term assets	362	12,907
Total assets	5,273,521	5,373,078
Current liabilities:
Trade accounts payable		3
Accrued liabilities	64,571	64,550
Total current liabilities	64,571	64,553
Long-term debt	3,725,182	3,723,138
Other long-term liabilities	22,554	35,086
Intercompany payable	1,467,864	1,370,176
Total liabilities	5,280,171	5,192,953
Shareholders' equity	(6,650)	180,125
Total equity	(6,650)	180,125
Total liabilities and equity	5,273,521	5,373,078
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Current assets:
Cash and cash equivalents	228,143	253,647	$ 435,229	$ 499,972
Short-term investments	22,104	20,059
Assets held for sale	86,608	75,678
Accounts receivable, net	504,099	784,671
Inventory	151,753	153,824
Other current assets	185,574	178,069
Total current assets	1,178,281	1,465,948
Property, plant and equipment, net	6,765,257	7,027,802
Goodwill	167,275	166,659
Intercompany receivables	1,375,405	1,260,310
Investment in consolidated affiliates	1,092,713	1,284,225
Investment in unconsolidated affiliates	888	415,177
Other long-term assets	753,290	507,336
Total assets	11,333,109	12,127,457
Current liabilities:
Current portion of debt	175	6,508
Trade accounts payable	199,462	271,910
Accrued liabilities	565,286	621,693
Income taxes payable	18,362	41,394
Total current liabilities	783,285	941,505
Other long-term liabilities	495,481	517,861
Deferred income taxes	448,659	396,144
Total liabilities	1,727,425	1,855,510
Shareholders' equity	9,598,836	10,260,789
Noncontrolling interest	6,848	11,158
Total equity	9,605,684	10,271,947
Total liabilities and equity	11,333,109	12,127,457
Consolidating Adjustments
Current assets:
Intercompany receivables	(1,532,864)	(1,410,676)
Investment in consolidated affiliates	(9,592,186)	(10,440,914)
Deferred tax assets	(404,434)	(366,818)
Other long-term assets	(222,010)	(67,938)
Total assets	(11,751,494)	(12,286,346)
Current liabilities:
Long-term debt	(222,010)	(67,938)
Deferred income taxes	(404,434)	(366,818)
Intercompany payable	(1,532,864)	(1,410,676)
Total liabilities	(2,159,308)	(1,845,432)
Shareholders' equity	(9,592,186)	(10,440,914)
Total equity	(9,592,186)	(10,440,914)
Total liabilities and equity	$ (11,751,494)	$ (12,286,346)

Condensed Consolidating Finan53

Condensed Consolidating Financial Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues and other income:
Operating revenues	$ 571,591		$ 863,305	$ 1,169,162	$ 2,278,012
Earnings (losses) from unconsolidated affiliates	(54,769)	$ (54,788)	(1,116)	(221,920)	5,386
Investment income (loss)	270		1,181	613	2,150
Total revenues and other income	517,092		863,370	947,855	2,285,548
Costs and other deductions:
Direct costs	341,279		488,522	706,302	1,408,132
General and administrative expenses	56,624		75,810	118,958	191,240
Research and Engineering	8,180		10,480	16,342	22,183
Depreciation and amortization	218,913		218,196	434,731	499,215
Interest expense	45,237		44,469	90,967	91,070
Other, net	74,607		1,338	257,011	(54,504)
Total costs and other deductions	744,840		838,815	1,624,311	2,157,336
Income (loss) from continuing operations before income taxes	(227,748)		24,555	(676,456)	128,212
Income tax expense (benefit)	(41,183)		66,445	(93,247)	45,740
Income (loss) from continuing operations, net of tax	(186,565)		(41,890)	(583,209)	82,472
Income (loss) from discontinued operations, net of tax	(984)		5,025	(1,910)	4,208
Net income (loss)	(187,549)		(36,865)	(585,119)	86,680
Less: Net (income) loss attributable to noncontrolling interest	2,899		44	2,175	133
Net income (loss) attributable to Nabors	(184,650)		(36,821)	(582,944)	86,813
Consolidating Adjustments
Revenues and other income:
Earnings (losses) from consolidated affiliates	248,364		(44,533)	888,191	(57,692)
Investment income (loss)	(2,981)		(2,327)	(5,962)	(4,654)
Intercompany interest income	(104)		(2,187)	(264)	(4,626)
Total revenues and other income	245,279		(49,047)	881,965	(66,972)
Costs and other deductions:
General and administrative expenses	(157)		(140)	(314)	(284)
Other, net	157		140	314	284
Intercompany interest expense	(104)		(2,187)	(264)	(4,626)
Total costs and other deductions	(104)		(2,187)	(264)	(4,626)
Income (loss) from continuing operations before income taxes	245,383		(46,860)	882,229	(62,346)
Income (loss) from continuing operations, net of tax	245,383		(46,860)	882,229	(62,346)
Net income (loss)	245,383		(46,860)	882,229	(62,346)
Net income (loss) attributable to Nabors	245,383		(46,860)	882,229	(62,346)
Parent Company | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	(182,149)		(34,151)	(577,919)	103,886
Investment income (loss)	1			1
Intercompany interest income	9			9
Total revenues and other income	(182,139)		(34,151)	(577,909)	103,886
Costs and other deductions:
General and administrative expenses	2,352		2,112	4,714	4,831
Interest expense			(1)		(1)
Other, net	159		535	316	12,219
Intercompany interest expense			24	5	24
Total costs and other deductions	2,511		2,670	5,035	17,073
Income (loss) from continuing operations before income taxes	(184,650)		(36,821)	(582,944)	86,813
Income (loss) from continuing operations, net of tax	(184,650)		(36,821)	(582,944)	86,813
Net income (loss)	(184,650)		(36,821)	(582,944)	86,813
Net income (loss) attributable to Nabors	(184,650)		(36,821)	(582,944)	86,813
Guarantor Subsidiaries | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	(17,025)		53,933	(123,112)	7,493
Investment income (loss)	9		555	132	560
Intercompany interest income	95		2,187	255	4,626
Total revenues and other income	(16,921)		56,675	(122,725)	12,679
Costs and other deductions:
General and administrative expenses	135		(681)	266	(323)
Depreciation and amortization	31		31	62	643
Interest expense	51,059		49,713	101,723	101,977
Other, net	(65)
Total costs and other deductions	51,160		49,063	102,051	102,297
Income (loss) from continuing operations before income taxes	(68,081)		7,612	(224,776)	(89,618)
Income tax expense (benefit)	(18,891)		(17,139)	(37,616)	(35,931)
Income (loss) from continuing operations, net of tax	(49,190)		24,751	(187,160)	(53,687)
Net income (loss)	(49,190)		24,751	(187,160)	(53,687)
Net income (loss) attributable to Nabors	(49,190)		24,751	(187,160)	(53,687)
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Revenues and other income:
Operating revenues	571,591		863,305	1,169,162	2,278,012
Earnings (losses) from unconsolidated affiliates	(54,769)		(1,116)	(221,920)	5,386
Earnings (losses) from consolidated affiliates	(49,190)		24,751	(187,160)	(53,687)
Investment income (loss)	3,241		2,953	6,442	6,244
Total revenues and other income	470,873		889,893	766,524	2,235,955
Costs and other deductions:
Direct costs	341,279		488,522	706,302	1,408,132
General and administrative expenses	54,294		74,519	114,292	187,016
Research and Engineering	8,180		10,480	16,342	22,183
Depreciation and amortization	218,882		218,165	434,669	498,572
Interest expense	(5,822)		(5,243)	(10,756)	(10,906)
Other, net	74,356		663	256,381	(67,007)
Intercompany interest expense	104		2,163	259	4,602
Total costs and other deductions	691,273		789,269	1,517,489	2,042,592
Income (loss) from continuing operations before income taxes	(220,400)		100,624	(750,965)	193,363
Income tax expense (benefit)	(22,292)		83,584	(55,631)	81,671
Income (loss) from continuing operations, net of tax	(198,108)		17,040	(695,334)	111,692
Income (loss) from discontinued operations, net of tax	(984)		5,025	(1,910)	4,208
Net income (loss)	(199,092)		22,065	(697,244)	115,900
Less: Net (income) loss attributable to noncontrolling interest	2,899		44	2,175	133
Net income (loss) attributable to Nabors	$ (196,193)		$ 22,109	$ (695,069)	$ 116,033

Condensed Consolidating Finan54

Condensed Consolidating Financial Information - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	$ (184,650)	$ (36,821)	$ (582,944)	$ 86,813
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,458	12,273		(56,266)
Less: reclassification adjustment for realized loss on translation adjustment			36,820	5,365
Translation adjustment attributable to Nabors	3,458	12,273	36,820	(50,901)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Unrealized gain (loss) on translation adjustment	3,458	12,273	36,820	(56,266)
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Pension liability amortization and adjustment	294	276	468	552
Unrealized gains (losses) and amortization on cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	5,185	10,549	39,643	(52,043)
Income tax expense (benefit) related to items of other comprehensive income (loss)	171	161	300	323
Other comprehensive income (loss), net of tax	5,014	10,388	39,343	(52,366)
Comprehensive income (loss) attributable to Nabors	(179,636)	(26,433)	(543,601)	34,447
Net income (loss) attributable to noncontrolling interest	(2,899)	(44)	(2,175)	(133)
Translation adjustment attributable to noncontrolling interest	42	162	461	(718)
Comprehensive income (loss) attributable to noncontrolling interest	(2,857)	118	(1,714)	(851)
Comprehensive income (loss)	(182,493)	(26,315)	(545,315)	33,596
Reportable Legal Entities | Parent Company
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(184,650)	(36,821)	(582,944)	86,813
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,458	12,273		(56,266)
Less: reclassification adjustment for realized loss on translation adjustment			36,820	5,365
Translation adjustment attributable to Nabors	3,458	12,273		(50,901)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Pension liability amortization and adjustment	294	276	468	552
Unrealized gains (losses) and amortization on cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	5,185	10,549	39,643	(52,043)
Income tax expense (benefit) related to items of other comprehensive income (loss)	171	161	300	323
Other comprehensive income (loss), net of tax	5,014	10,388	39,343	(52,366)
Comprehensive income (loss) attributable to Nabors	(179,636)	(26,433)	(543,601)	34,447
Comprehensive income (loss)	(179,636)	(26,433)	(543,601)	34,447
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(49,190)	24,751	(187,160)	(53,687)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	46			51
Translation adjustment attributable to Nabors	46			51
Unrealized gains (losses) on marketable securities:
Pension liability amortization and adjustment	294	276	468	552
Unrealized gains (losses) and amortization on cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	493	429	774	909
Income tax expense (benefit) related to items of other comprehensive income (loss)	171	161	300	323
Other comprehensive income (loss), net of tax	322	268	474	586
Comprehensive income (loss) attributable to Nabors	(48,868)	25,019	(186,686)	(53,101)
Comprehensive income (loss)	(48,868)	25,019	(186,686)	(53,101)
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(196,193)	22,109	(695,069)	116,033
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,504	12,273		(56,215)
Less: reclassification adjustment for realized loss on translation adjustment			36,820	5,365
Translation adjustment attributable to Nabors	3,504	12,273		(50,850)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Unrealized gains (losses) on marketable securities	1,280	(2,153)	2,049	(2,000)
Pension liability amortization and adjustment	588	552	936	1,104
Unrealized gains (losses) and amortization on cash flow hedges	153	153	306	306
Other comprehensive income (loss), before tax	5,525	10,825	40,111	(51,440)
Income tax expense (benefit) related to items of other comprehensive income (loss)	283	263	481	527
Other comprehensive income (loss), net of tax	5,242	10,562	39,630	(51,967)
Comprehensive income (loss) attributable to Nabors	(190,951)	32,671	(655,439)	64,066
Net income (loss) attributable to noncontrolling interest	(2,899)	(44)	(2,175)	(133)
Translation adjustment attributable to noncontrolling interest	42	162	461	(718)
Comprehensive income (loss) attributable to noncontrolling interest	(2,857)	118	(1,714)	(851)
Comprehensive income (loss)	(193,808)	32,789	(657,153)	63,215
Consolidating Adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	245,383	(46,860)	882,229	(62,346)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	(3,550)	(12,273)		56,164
Less: reclassification adjustment for realized loss on translation adjustment			(36,820)	(5,365)
Translation adjustment attributable to Nabors	(3,550)	(12,273)		50,799
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(1,280)	2,153	(2,049)	2,000
Unrealized gains (losses) on marketable securities	(1,280)	2,153	(2,049)	2,000
Pension liability amortization and adjustment	(882)	(828)	(1,404)	(1,656)
Unrealized gains (losses) and amortization on cash flow hedges	(306)	(306)	(612)	(612)
Other comprehensive income (loss), before tax	(6,018)	(11,254)	(40,885)	50,531
Income tax expense (benefit) related to items of other comprehensive income (loss)	(454)	(424)	(781)	(850)
Other comprehensive income (loss), net of tax	(5,564)	(10,830)	(40,104)	51,381
Comprehensive income (loss) attributable to Nabors	239,819	(57,690)	842,125	(10,965)
Comprehensive income (loss)	$ 239,819	$ (57,690)	$ 842,125	$ (10,965)

Condensed Consolidating Finan55

Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	$ 336,672	$ 517,404
Cash flows from investing activities:
Purchases of investments		8
Sales and maturities of investments	367	745
Capital expenditures	(193,234)	(566,672)
Proceeds from sales of assets and insurance claims	13,834	24,790
Other	38	1,809
Cash paid for acquisition of businesses, net		(57,909)
Investment in unconsolidated affiliates		(445)
Proceeds from merger transaction		660,050
Net cash (used for) provided by investing activities	(178,995)	62,360
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	294	310
Proceeds from (payments for) issuance of common shares	39	1,198
Reduction in revolving credit facilities	(260,000)	(450,000)
Repurchase of common shares	(1,687)
Reduction of long-term debt	(148,045)
Dividends to shareholders	(16,922)	(34,980)
Proceeds from (payments for) commercial paper, net	(1,500)	(208,467)
Proceeds from revolving credit facilities	260,000
Proceeds from term Loan		300,000
Payments on term loan facility		(300,000)
Payments on term loan		(300,000)
Repurchase of common shares	(1,687)
Dividends to shareholders	16,922	34,980
Proceeds from short-term borrowings	(6,333)	60,169
Other	(4,280)	(7,426)
Net cash (used for) provided by financing activities	(178,434)	(639,196)
Effect of exchange rate changes on cash and cash equivalents	(21)	(5,042)
Net increase (decrease) in cash and cash equivalents	(20,778)	(64,474)
Cash and cash equivalents, beginning of period	254,530	501,149
Cash and cash equivalents, end of period	233,752	436,675
Reportable Legal Entities | Parent Company
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	4,370	40,628
Cash flows from investing activities:
Proceeds from merger transaction		5,500
Net cash (used for) provided by investing activities		5,500
Cash flows from financing activities:
Proceeds from (payments for) issuance of common shares	39	1,198
Dividends to shareholders	(19,903)	(39,634)
Proceeds from issuance of intercompany debt	24,500	27,000
Dividends to shareholders	19,903	39,634
Paydown of intercompany debt		(27,000)
Other	(4,281)	(7,426)
Net cash (used for) provided by financing activities	355	(45,862)
Net increase (decrease) in cash and cash equivalents	4,725	266
Cash and cash equivalents, beginning of period	873	1,170
Cash and cash equivalents, end of period	5,598	1,436
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(134,437)	(120,729)
Cash flows from investing activities:
Change in intercompany balances	135,938	45,063
Proceeds from merger transaction		646,078
Net cash (used for) provided by investing activities	135,938	691,141
Cash flows from financing activities:
Reduction in revolving credit facilities	(260,000)	(450,000)
Proceeds from (payments for) commercial paper, net	(1,500)	(208,467)
Proceeds from issuance of intercompany debt		88,058
Proceeds from revolving credit facilities	260,000
Proceeds from term Loan		300,000
Payments on term loan facility		(300,000)
Payments on term loan		(300,000)
Net cash (used for) provided by financing activities	(1,500)	(570,409)
Net increase (decrease) in cash and cash equivalents	1	3
Cash and cash equivalents, beginning of period	10	7
Cash and cash equivalents, end of period	11	10
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	469,720	623,481
Cash flows from investing activities:
Purchases of investments		8
Sales and maturities of investments	367	745
Capital expenditures	(193,234)	(566,672)
Proceeds from sales of assets and insurance claims	13,834	24,790
Change in intercompany balances	(135,938)	(45,063)
Other	38	1,809
Cash paid for acquisition of businesses, net		(57,909)
Investment in unconsolidated affiliates		(445)
Proceeds from merger transaction		8,472
Net cash (used for) provided by investing activities	(314,933)	(634,281)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	294	310
Repurchase of common shares	(1,687)
Reduction of long-term debt	(148,045)
Proceeds from issuance of intercompany debt	(24,500)	(115,058)
Repurchase of common shares	(1,687)
Proceeds from short-term borrowings	(6,333)	60,169
Paydown of intercompany debt		27,000
Payments on parent (Equity or N/P)		(21,322)
Other	1
Net cash (used for) provided by financing activities	(180,270)	(48,901)
Effect of exchange rate changes on cash and cash equivalents	(21)	(5,042)
Net increase (decrease) in cash and cash equivalents	(25,504)	(64,743)
Cash and cash equivalents, beginning of period	253,647	499,972
Cash and cash equivalents, end of period	228,143	435,229
Consolidating Adjustments
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(2,981)	(25,976)
Cash flows from financing activities:
Dividends to shareholders	2,981	4,654
Dividends to shareholders	(2,981)	(4,654)
Payments on parent (Equity or N/P)		21,322
Net cash (used for) provided by financing activities	$ 2,981	$ 25,976

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2016	Feb. 19, 2016	Jun. 30, 2016
Subsequent event
Dividend declared (in dollars per share)		$ 0.06
Value of shares repurchased			$ 1,687
Subsequent Event
Subsequent event
Dividend declared (in dollars per share)	$ 0.06