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Business Segments
 3 Months Ended
Mar. 31, 2014
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
March 31,		  
     2014     2013  

Revenues:

     

Contract drilling

    $ 426,961      $ 420,233   

Pressure pumping

      240,261        231,160   

Oil and natural gas

      12,004        16,785   
  

 

 

    

 

 

  

Total segment revenues

      679,226        668,178   

Elimination of intercompany revenues (a)

      (1,058 )      (1,139 ) 
  

 

 

    

 

 

  

Total revenues

    $ 678,168      $ 667,039   
  

 

 

    

 

 

  

Income before income taxes:

     

Contract drilling

    $ 67,077      $ 72,549   

Pressure pumping

      1,543        28,515   

Oil and natural gas

      2,703        6,241   
  

 

 

    

 

 

  
     71,323        107,305   

Corporate and other

      (14,291 )      (12,248 ) 

Net gain on asset disposals (b)

      1,744        (125 ) 

Interest income

      176        173   

Interest expense

      (7,188 )      (6,766 ) 

Other

      —          19   
  

 

 

    

 

 

  

Income before income taxes

    $ 51,764      $ 88,358   
  

 

 

    

 

 

  

 

     March 31,
2014		      December 31,
2013		  

Identifiable assets:

      

Contract drilling

    $ 3,675,034       $ 3,569,588   

Pressure pumping

      780,162         761,199   

Oil and natural gas

      60,461         58,656   

Corporate and other (c)

      297,238         297,684   
  

 

 

     

 

 

  

Total assets

    $ 4,812,895       $ 4,687,127   
  

 

 

     

 

 

  

 

(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.