Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Quarterly Financial Data (Unaudited)


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	(In millions, except per share data)
2019
Operating revenues	$	754	$	758	$	784	$	792
Operating loss (a)		(13)		(27)		(607)		(74)
Net loss (a)		(171)		(206)		(825)		(55)
Net loss attributable to controlling interest (a)		(171)		(208)		(825)		(51)
Per share loss
Basic	$	(0.28)	$	(0.34)	$	(1.35)	$	(0.08)
Diluted	$	(0.28)	$	(0.34)	$	(1.35)	$	(0.08)
Weighted-average shares outstanding
Basic		611		612		613		613
Diluted		611		612		613		613

2018
Operating revenues	$	664	$	790	$	816	$	748
Operating loss (b)		(4)		(917)		(305)		(25)
Net loss (b)		(212)		(1,139)		(409)		(243)
Net loss attributable to controlling interest (b)		(210)		(1,135)		(409)		(242)
Per share loss
Basic	$	(0.48)	$	(2.46)	$	(0.88)	$	(0.48)
Diluted	$	(0.48)	$	(2.46)	$	(0.88)	$	(0.48)
Weighted-average shares outstanding
Basic		438		462		463		506
Diluted		438		462		463		506

(a)

Third quarter included an aggregate loss of $583 million, primarily associated with the impairment of certain drilling units and other equipment classified as assets held for sale and $26 million associated with the impairment of certain right-of-use assets and leasehold improvements related to our leases. First quarter, second quarter, third quarter and fourth quarter included an aggregate loss of $41 million associated with the retirement of debt. First quarter and second quarter included a bargain purchase gain of $11 million associated with the Ocean Rig acquisition. Fourth quarter included a gain of $132 million associated with the termination of construction contracts for two ultra-deepwater drillships.

(b)

First quarter, third quarter and fourth quarter included an aggregate loss of $24 million associated with Songa and Ocean Rig acquisition costs. Fourth quarter included a bargain purchase gain of $10 million associated with the Ocean Rig acquisition. Second quarter included a loss of $462 million associated with the impairment of our goodwill. Second quarter, third quarter and fourth quarter included an aggregate loss of $999 million associated with the impairment of certain drilling units classified as assets held for sale.