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Segments
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segments
5.
Segments

Financial results by operating segment are as follows (in millions):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

741

 

 

$

507

 

 

$

2,015

 

 

$

1,383

 

Completion & Production Solutions

 

 

681

 

 

 

478

 

 

 

1,850

 

 

 

1,414

 

Rig Technologies

 

 

511

 

 

 

390

 

 

 

1,414

 

 

 

1,308

 

Eliminations

 

 

(44

)

 

 

(34

)

 

 

(115

)

 

 

(98

)

Total revenue

 

$

1,889

 

 

$

1,341

 

 

$

5,164

 

 

$

4,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

74

 

 

$

32

 

 

$

194

 

 

$

24

 

Completion & Production Solutions

 

 

21

 

 

 

(26

)

 

 

19

 

 

 

(49

)

Rig Technologies

 

 

22

 

 

 

1

 

 

 

64

 

 

 

42

 

Eliminations and corporate costs

 

 

(62

)

 

 

(50

)

 

 

(175

)

 

 

(136

)

Total operating profit (loss)

 

$

55

 

 

$

(43

)

 

$

102

 

 

$

(119

)

 

Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.