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Business Segments
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
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

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

288,588

 

 

$

440,027

 

 

$

690,829

 

 

$

866,989

 

Pressure pumping

 

176,624

 

 

 

306,577

 

 

 

426,345

 

 

 

546,838

 

Oil and natural gas

 

7,816

 

 

 

12,116

 

 

 

14,316

 

 

 

24,120

 

Total segment revenues

 

473,028

 

 

 

758,720

 

 

 

1,131,490

 

 

 

1,437,947

 

Elimination of intercompany revenues (a)

 

(267

)

 

 

(1,444

)

 

 

(1,030

)

 

 

(2,503

)

Total revenues

$

472,761

 

 

$

757,276

 

 

$

1,130,460

 

 

$

1,435,444

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

9,426

 

 

$

69,617

 

 

$

65,564

 

 

$

136,694

 

Pressure pumping

 

(18,744

)

 

 

24,910

 

 

 

(33,760

)

 

 

26,453

 

Oil and natural gas

 

(3,631

)

 

 

3,632

 

 

 

(8,193

)

 

 

6,335

 

 

 

(12,949

)

 

 

98,159

 

 

 

23,611

 

 

 

169,482

 

Corporate and other

 

(14,813

)

 

 

(14,024

)

 

 

(30,186

)

 

 

(28,315

)

Net gain on asset disposals (b)

 

2,998

 

 

 

3,091

 

 

 

5,914

 

 

 

4,835

 

Interest income

 

318

 

 

 

208

 

 

 

601

 

 

 

384

 

Interest expense

 

(9,249

)

 

 

(7,249

)

 

 

(17,790

)

 

 

(14,437

)

Other

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Income (loss) before income taxes

$

(33,695

)

 

$

80,188

 

 

$

(17,850

)

 

$

131,952

 

 

 

June 30,

 

 

December 31,

 

 

2015

 

 

2014

 

Identifiable assets:

 

 

 

 

 

 

 

Contract drilling

$

3,859,000

 

 

$

4,000,576

 

Pressure pumping

 

1,049,778

 

 

 

1,186,010

 

Oil and natural gas

 

41,684

 

 

 

50,945

 

Corporate and other (c)

 

99,066

 

 

 

156,480

 

Total assets

$

5,049,528

 

 

$

5,394,011

 

 

 

(a)         Consists of contract drilling intercompany revenues for 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, income tax receivables and certain deferred tax assets.