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Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments
5.
Segments

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

Wellbore Technologies

 

$

745

 

 

$

608

 

Completion & Production Solutions

 

 

718

 

 

 

530

 

Rig Technologies

 

 

550

 

 

 

441

 

Eliminations

 

 

(51

)

 

 

(31

)

Total revenue

 

$

1,962

 

 

$

1,548

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

Wellbore Technologies

 

$

96

 

 

$

39

 

Completion & Production Solutions

 

 

44

 

 

 

(22

)

Rig Technologies

 

 

53

 

 

 

11

 

Eliminations and corporate costs

 

 

(67

)

 

 

(49

)

Total operating profit (loss)

 

$

126

 

 

$

(21

)

 

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.