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Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segments
5.
Segments

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

804

 

 

$

666

 

 

$

1,549

 

 

$

1,274

 

Completion & Production Solutions

 

 

753

 

 

 

639

 

 

 

1,471

 

 

 

1,169

 

Rig Technologies

 

 

606

 

 

 

462

 

 

 

1,156

 

 

 

903

 

Eliminations

 

 

(70

)

 

 

(40

)

 

 

(121

)

 

 

(71

)

Total revenue

 

$

2,093

 

 

$

1,727

 

 

$

4,055

 

 

$

3,275

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

128

 

 

$

81

 

 

$

224

 

 

$

120

 

Completion & Production Solutions

 

 

53

 

 

 

20

 

 

 

97

 

 

 

(2

)

Rig Technologies

 

 

64

 

 

 

31

 

 

 

117

 

 

 

42

 

Eliminations and corporate costs

 

 

(64

)

 

 

(64

)

 

 

(131

)

 

 

(113

)

Total operating profit (loss)

 

$

181

 

 

$

68

 

 

$

307

 

 

$

47

 

 

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.