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Business Segments
 9 Months Ended
Sep. 30, 2013
Business Segments

4. Business Segments

The Company’s revenues, operating profits and identifiable assets are primarily attributable to three business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) the investment, on a non-operating working interest basis, in oil and natural gas properties. Each of these segments represents a distinct type of business. These segments have separate management teams which report to the Company’s chief operating decision maker. The results of operations in these segments are regularly reviewed by the chief operating decision maker for purposes of determining resource allocation and assessing performance. Separate financial data for each of our business segments is provided in the table below (in thousands):

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2013     2012     2013     2012  

Revenues:

         

Contract drilling

    $ 459,213      $ 447,636      $ 1,270,658      $ 1,400,137   

Pressure pumping

      259,209        181,963        744,989        629,858   

Oil and natural gas

      13,827        14,933        45,329        44,340   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total segment revenues

      732,249        644,532        2,060,976        2,074,335   

Elimination of intercompany revenues (a)

      (1,342 )      (901 )      (3,714 )      (3,671 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

    $ 730,907      $ 643,631      $ 2,057,262      $ 2,070,664   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes:

         

Contract drilling

    $ 116,253      $ 77,967      $ 235,871      $ 280,274   

Pressure pumping

      16,917        15,009        75,686        98,642   

Oil and natural gas

      5,421        5,435        17,189        20,177   
  

 

 

    

 

 

    

 

 

    

 

 

  
     138,591        98,411        328,746        399,093   

Corporate and other

      (15,418 )      (11,780 )      (40,943 )      (34,636 ) 

Net gain on asset disposals (b)

      1,378        1,963        2,286        32,695   

Interest income

      293        149        716        382   

Interest expense

      (7,503 )      (7,207 )      (21,210 )      (16,840 ) 

Other

      380        624        780        535   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 117,721      $ 82,160      $ 270,375      $ 381,229   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

     September 30,
2013		      December 31,
2012		  

Identifiable assets:

      

Contract drilling

    $ 3,573,114       $ 3,538,289   

Pressure pumping

      810,446         784,128   

Oil and natural gas

      57,269         54,188   

Corporate and other (c)

      236,693         180,306   
  

 

 

     

 

 

  

Total assets

    $ 4,677,522       $ 4,556,911   
  

 

 

     

 

 

  

 

(a) Consists of contract drilling intercompany revenues for drilling services provided to the oil and natural gas exploration and production segment.
(b) Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments.
(c) Corporate and other assets primarily include cash on hand and certain deferred tax assets.