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Business Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segment and Geographic Information | Business Segment and Geographic Information We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two divisions and makes resource allocation decisions based on divisional revenue and operating income. Operations by business segment 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.
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. The following table presents total assets by segment.
|  | 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.
Operations by geographic region The following tables present information by geographic area. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2024 and December 31, 2023, 49% and 59%, respectively, of our property, plant, and equipment was located in the United States.
| 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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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