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Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Disaggregate Revenue by Destinations and Revenue Streams

The following tables disaggregate our revenue by destinations and revenue streams, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors (in millions).

In the table below, North America includes only the U.S. and Canada:

		Three Months Ended
		June 30,
		2025																2024
		Energy																Energy
		Products				Energy												Products				Energy
		and Services				Equipment				Eliminations				Total				and Services				Equipment				Eliminations				Total
North America		$	570			$	271			$	—			$	841			$	534			$	301			$	—			$	835
International			428				919				—				1,347				493				888				—				1,381
Intersegment revenue			27				17				(44	)			—				23				15				(38	)			—
		$	1,025			$	1,207			$	(44	)		$	2,188			$	1,050			$	1,204			$	(38	)		$	2,216
Land		$	737			$	418			$	—			$	1,155			$	777			$	460			$	—			$	1,237
Offshore			261				772				—				1,033				250				729				—				979
Intersegment revenue			27				17				(44	)			—				23				15				(38	)			—
		$	1,025			$	1,207			$	(44	)		$	2,188			$	1,050			$	1,204			$	(38	)		$	2,216

		Six Months Ended
		June 30,
		2025																2024
		Energy																Energy
		Products				Energy												Products				Energy
		and Services				Equipment				Elims.				Total				and Services				Equipment				Elims.				Total
North America		$	1,121			$	532			$	—			$	1,653			$	1,071			$	597			$	—			$	1,668
International			848				1,790				—				2,638				949				1,754				—				2,703
Intersegment revenue			48				31				(79	)			—				47				31				(78	)			—
		$	2,017			$	2,353			$	(79	)		$	4,291			$	2,067			$	2,382			$	(78	)		$	4,371
Land		$	1,492			$	819			$	—			$	2,311			$	1,549			$	887			$	—			$	2,436
Offshore			477				1,503				—				1,980				471				1,464				—				1,935
Intersegment revenue			48				31				(79	)			—				47				31				(78	)			—
		$	2,017			$	2,353			$	(79	)		$	4,291			$	2,067			$	2,382			$	(78	)		$	4,371

In the table below, the revenue streams of the Energy Products and Services segment are categorized as services and rentals, sales of shorter-lived capital equipment, and sales of consumable products. The revenue streams of Energy Equipment are categorized as long-lived capital equipment sales and aftermarket sales and services.

		Three Months Ended
		June 30,
		2025				2024
Energy Products and Services:
Services & rental		$	501			$	498
Capital equipment			335				326
Product sales			162				203
Intersegment revenue			27				23
Total			1,025				1,050
Energy Equipment:
Capital equipment			733				641
Aftermarket			457				548
Intersegment revenue			17				15
Total			1,207				1,204
Eliminations			(44	)			(38	)
Total consolidated		$	2,188			$	2,216

		Six Months Ended
		June 30,
		2025				2024
Energy Products and Services:
Services & rental		$	1,008			$	984
Capital equipment			623				630
Product sales			338				406
Intersegment revenue			48				47
Total			2,017				2,067
Energy Equipment:
Capital equipment			1,374				1,250
Aftermarket			948				1,101
Intersegment revenue			31				31
Total			2,353				2,382
Eliminations			(79	)			(78	)
Total consolidated		$	4,291			$	4,371

Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities

The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions):

		Contract Assets				Contract Liabilities
Balance at December 31, 2024		$	577			$	492
Billings			(820	)			750
Revenue recognized			869				(745	)
Currency translation adjustments and other			29				16
Balance at June 30, 2025		$	655			$	513

Summary of Changes Carrying Amount of Allowance for Credit Losses

The changes in the carrying amount of the allowance for credit losses are as follows (in millions):

Balance at December 31, 2024		$	67
Provision for expected credit losses			33
Recoveries collected			(8	)
Reclass for long-term receivables			(18	)
Write-offs			(3	)
Other			(3	)
Balance at June 30, 2025		$	68

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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