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Business Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Information on business segments | The following table presents information on our business segments.
|  | Three Months Ended September 30 | Nine Months Ended September 30 |
Millions of dollars | 2023 | 2022 | 2023 | 2022 |  |
Revenue: |  |  |  |  |  |
Completion and Production | $ | 3,487 |  | $ | 3,136 |  | $ | 10,372 |  | $ | 8,400 |  |  |
Drilling and Evaluation | 2,317 |  | 2,221 |  | 6,907 |  | 6,315 |  |  |
Total revenue | $ | 5,804 |  | $ | 5,357 |  | $ | 17,279 |  | $ | 14,715 |  |  |
Operating income: |  |  |  |  |  |
Completion and Production | $ | 746 |  | $ | 583 |  | $ | 2,119 |  | $ | 1,378 |  |  |
Drilling and Evaluation | 378 |  | 325 |  | 1,123 |  | 905 |  |  |
Total operations | 1,124 |  | 908 |  | 3,242 |  | 2,283 |  |  |
Corporate and other (a) | (64) |  | (62) |  | (181) |  | (186) |  |  |
SAP S4 upgrade expense | (23) |  | — |  | (36) |  | — |  |  |
Impairments and other charges (b) | — |  | — |  | — |  | (366) |  |  |
Total operating income | $ | 1,037 |  | $ | 846 |  | $ | 3,025 |  | $ | 1,731 |  |  |
Interest expense, net of interest income | (93) |  | (93) |  | (264) |  | (301) |  |  |
Loss on Blue Chip Swap transactions (c) | — |  | — |  | (104) |  | — |  |  |
Loss on early extinguishment of debt | — |  | — |  | — |  | (42) |  |  |
Other, net | (28) |  | (48) |  | (129) |  | (120) |  |  |
Income before income taxes | $ | 916 |  | $ | 705 |  | $ | 2,528 |  | $ | 1,268 |  |  |
(a) | Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. |  |
(b) | For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other.
(c) | The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the nine months ended September 30, 2023. |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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