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Business Segments
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Business Segments

14. Business Segments

At June 30, 2020, we had three reportable business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) directional drilling services. Each of these segments represents a distinct type of business and has a separate management team that reports to our 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.

The following tables summarize selected financial information relating to our business segments (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

171,476

 

 

$

348,494

 

 

$

439,316

 

 

$

721,237

 

Pressure pumping

 

59,533

 

 

 

251,008

 

 

 

184,640

 

 

 

498,609

 

Directional drilling

 

11,742

 

 

 

50,218

 

 

 

46,227

 

 

 

103,177

 

Other operations (1)

 

11,460

 

 

 

27,852

 

 

 

34,305

 

 

 

63,243

 

Elimination of intercompany revenues (2)

 

(3,831

)

 

 

(1,807

)

 

 

(8,181

)

 

 

(6,330

)

Total revenues

$

250,380

 

 

$

675,765

 

 

$

696,307

 

 

$

1,379,936

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

(30,742

)

 

$

16,494

 

 

$

(434,760

)

 

$

37,711

 

Pressure pumping

 

(68,554

)

 

 

(14,408

)

 

 

(104,040

)

 

 

(33,176

)

Directional drilling

 

(14,385

)

 

 

(5,290

)

 

 

(24,980

)

 

 

(10,957

)

Other operations

 

(10,355

)

 

 

(7,317

)

 

 

(29,126

)

 

 

(12,521

)

Corporate

 

(30,497

)

 

 

(34,010

)

 

 

(54,982

)

 

 

(48,971

)

Credit loss expense

 

(4,551

)

 

 

(3,594

)

 

 

(5,606

)

 

 

(3,594

)

Interest income

 

334

 

 

 

1,756

 

 

 

991

 

 

 

2,788

 

Interest expense

 

(10,984

)

 

 

(13,298

)

 

 

(22,208

)

 

 

(26,282

)

Other

 

85

 

 

 

92

 

 

 

170

 

 

 

209

 

Loss before income taxes

$

(169,649

)

 

$

(59,575

)

 

$

(674,541

)

 

$

(94,793

)

Depreciation, depletion, amortization and impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

115,130

 

 

$

128,402

 

 

$

226,568

 

 

$

258,719

 

Pressure pumping

 

38,811

 

 

 

56,185

 

 

 

81,482

 

 

 

116,320

 

Directional drilling

 

9,677

 

 

 

10,870

 

 

 

20,098

 

 

 

21,237

 

Other operations

 

7,976

 

 

 

11,457

 

 

 

28,235

 

 

 

23,245

 

Corporate

 

1,491

 

 

 

1,774

 

 

 

3,499

 

 

 

3,577

 

Total depreciation, depletion, amortization and impairment

$

173,085

 

 

$

208,688

 

 

$

359,882

 

 

$

423,098

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

42,501

 

 

$

47,664

 

 

$

91,946

 

 

$

123,389

 

Pressure pumping

 

1,947

 

 

 

38,802

 

 

 

16,227

 

 

 

70,202

 

Directional drilling

 

2,044

 

 

 

3,450

 

 

 

4,052

 

 

 

5,562

 

Other operations

 

2,808

 

 

 

6,230

 

 

 

8,072

 

 

 

14,003

 

Corporate

 

373

 

 

 

773

 

 

 

1,304

 

 

 

2,104

 

Total capital expenditures

$

49,673

 

 

$

96,919

 

 

$

121,601

 

 

$

215,260

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Identifiable assets:

 

 

 

 

 

 

 

Contract drilling

$

2,550,551

 

 

$

3,190,463

 

Pressure pumping

 

522,102

 

 

 

695,570

 

Directional drilling

 

122,613

 

 

 

164,273

 

Other operations

 

99,953

 

 

 

128,290

 

Corporate (3)

 

329,586

 

 

 

261,019

 

Total assets

$

3,624,805

 

 

$

4,439,615

 

  

 

 

(1)

Other operations includes our oilfield rentals business, drilling equipment service business, the electrical controls and automation business and the oil and natural gas working interests.

(2)

Intercompany revenues consists of contract drilling and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations that are generally priced at estimated external selling prices and are eliminated in consolidation.

(3)

Corporate assets primarily include cash on hand and certain property and equipment.