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Business Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of assets from segment to consolidated |
|  | December 31,
Millions of dollars | 2024 | 2023
Total assets: |  |
Completion and Production (a) | $ | 11,987 |  | $ | 11,606 |
Drilling and Evaluation (a) | 7,806 |  | 7,532 |
Corporate and other (b) | 5,794 |  | 5,545 |
Total assets | $ | 25,587 |  | $ | 24,683 |
(a) | Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b) | Includes primarily cash and equivalents and deferred tax assets.
Schedule of revenue from external customers and long-lived assets, by geographical areas |
| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Revenue: |  |  |
North America | $ | 9,626 |  | $ | 10,492 |  | $ | 9,597 |
Latin America | 4,211 |  | 3,987 |  | 3,197 |
Europe/Africa/CIS | 3,003 |  | 2,861 |  | 2,691 |
Middle East/Asia | 6,104 |  | 5,678 |  | 4,812 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |
| December 31,
Millions of dollars | 2024 | 2023
Net property, plant, and equipment: |  |
North America | $ | 2,595 |  | $ | 2,961 |
Latin America | 1,002 |  | 527 |
Europe/Africa/CIS | 593 |  | 444 |
Middle East/Asia | 923 |  | 968 |
Total net property, plant, and equipment | $ | 5,113 |  | $ | 4,900 |
Information on business segments | The following tables present financial information on our business segments.
|  | Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Revenue: |  |  |
Completion and Production | $ | 13,251 |  | $ | 13,689 |  | $ | 11,582 |
Drilling and Evaluation | 9,693 |  | 9,329 |  | 8,715 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |
Operating income: |  |  |
Completion and Production | $ | 2,709 |  | $ | 2,835 |  | $ | 2,037 |
Drilling and Evaluation | 1,608 |  | 1,543 |  | 1,292 |
Total operations | 4,317 |  | 4,378 |  | 3,329 |
Corporate and other (a) | (255) |  | (244) |  | (256) |
SAP S4 upgrade expense | (124) |  | (51) |  | — |
Impairments and other charges (b) | (116) |  | — |  | (366) |
Total operating income | $ | 3,822 |  | $ | 4,083 |  | $ | 2,707 |
Interest expense, net of interest income | $ | (353) |  | $ | (395) |  | $ | (463) |
Loss on Blue Chip Swap transactions | (8) |  | (110) |  | — |
Argentina currency impact | — |  | (131) |  | (30) |
Loss on early extinguishment of debt | — |  | — |  | (42) |
Other, net | (227) |  | (84) |  | (62) |
Income before income taxes | $ | 3,234 |  | $ | 3,363 |  | $ | 2,110 |
Capital expenditures: |  |  |
Completion and Production | $ | 775 |  | $ | 765 |  | $ | 589 |
Drilling and Evaluation | 665 |  | 613 |  | 420 |
Corporate and other | 2 |  | 1 |  | 2 |
Total capital expenditures | $ | 1,442 |  | $ | 1,379 |  | $ | 1,011 |
Depreciation, depletion, and amortization: |  |  |
Completion and Production | $ | 588 |  | $ | 553 |  | $ | 520 |
Drilling and Evaluation | 475 |  | 430 |  | 406 |
Corporate and other | 16 |  | 15 |  | 14 |
Total depreciation, depletion, and amortization | $ | 1,079 |  | $ | 998 |  | $ | 940 |
(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) | Impairments and other charges are as follows: -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.
Summary of Significant Segment Expenses | The following table presents significant segment expenses, which represent the difference between segment revenue and segment operating income and are regularly reviewed by our CODM.
|  | 2024
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,428 |  | $ | 3,803 |
Compensation | 1,922 |  | 1,865 |
Depreciation, depletion, and amortization | 588 |  | 475 |
Other | 2,604 |  | 1,942 |
Total segment operating expenses | $ | 10,542 |  | $ | 8,085 |
|  | 2023
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,906 |  | $ | 3,771 |
Compensation | 1,810 |  | 1,750 |
Depreciation, depletion, and amortization | 553 |  | 430 |
Other | 2,585 |  | 1,835 |
Total segment operating expenses | $ | 10,854 |  | $ | 7,786 |
|  | 2022
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,573 |  | $ | 3,293 |
Compensation | 1,614 |  | 1,596 |
Depreciation, depletion, and amortization | 520 |  | 406 |
Other | 1,838 |  | 2,128 |
Total segment operating expenses | $ | 9,545 |  | $ | 7,423 |
Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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