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Business Segments
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Business Segments

14. Business Segments

At September 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

115,105

 

 

$

317,468

 

 

$

554,421

 

 

$

1,038,705

 

Pressure pumping

 

71,973

 

 

 

208,637

 

 

 

256,613

 

 

 

707,246

 

Directional drilling

 

10,271

 

 

 

47,037

 

 

 

56,498

 

 

 

150,214

 

Other operations (1)

 

11,756

 

 

 

32,809

 

 

 

46,061

 

 

 

96,052

 

Elimination of intercompany revenues (2)

 

(1,964

)

 

 

(7,499

)

 

 

(10,145

)

 

 

(13,829

)

Total revenues

$

207,141

 

 

$

598,452

 

 

$

903,448

 

 

$

1,978,388

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

(47,214

)

 

$

(169,528

)

 

$

(481,974

)

 

$

(131,817

)

Pressure pumping

 

(30,856

)

 

 

(42,962

)

 

 

(134,896

)

 

 

(76,138

)

Directional drilling

 

(9,912

)

 

 

(32,501

)

 

 

(34,892

)

 

 

(43,458

)

Other operations

 

(6,421

)

 

 

(39,192

)

 

 

(35,547

)

 

 

(51,713

)

Corporate

 

(20,163

)

 

 

(23,122

)

 

 

(75,145

)

 

 

(72,093

)

Credit loss expense

 

—

 

 

 

—

 

 

 

(5,606

)

 

 

(3,594

)

Interest income

 

238

 

 

 

1,693

 

 

 

1,229

 

 

 

4,481

 

Interest expense

 

(11,288

)

 

 

(20,739

)

 

 

(33,496

)

 

 

(47,021

)

Other

 

512

 

 

 

119

 

 

 

682

 

 

 

328

 

Loss before income taxes

$

(125,104

)

 

$

(326,232

)

 

$

(799,645

)

 

$

(421,025

)

Depreciation, depletion, amortization and impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

102,275

 

 

$

296,119

 

 

$

328,843

 

 

$

554,838

 

Pressure pumping

 

37,104

 

 

 

72,139

 

 

 

118,586

 

 

 

188,459

 

Directional drilling

 

9,600

 

 

 

20,518

 

 

 

29,698

 

 

 

41,755

 

Other operations

 

6,852

 

 

 

10,227

 

 

 

35,087

 

 

 

33,472

 

Corporate

 

1,488

 

 

 

1,761

 

 

 

4,987

 

 

 

5,338

 

Total depreciation, depletion, amortization and impairment

$

157,319

 

 

$

400,764

 

 

$

517,201

 

 

$

823,862

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

$

9,502

 

 

$

34,752

 

 

$

101,448

 

 

$

158,141

 

Pressure pumping

 

1,653

 

 

 

19,826

 

 

 

17,880

 

 

 

90,028

 

Directional drilling

 

510

 

 

 

5,559

 

 

 

4,562

 

 

 

11,121

 

Other operations

 

1,704

 

 

 

7,191

 

 

 

9,776

 

 

 

21,194

 

Corporate

 

73

 

 

 

700

 

 

 

1,377

 

 

 

2,804

 

Total capital expenditures

$

13,442

 

 

$

68,028

 

 

$

135,043

 

 

$

283,288

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Identifiable assets:

 

 

 

 

 

 

 

Contract drilling

$

2,415,566

 

 

$

3,190,463

 

Pressure pumping

 

488,456

 

 

 

695,570

 

Directional drilling

 

111,192

 

 

 

164,273

 

Other operations

 

92,890

 

 

 

128,290

 

Corporate (3)

 

383,121

 

 

 

261,019

 

Total assets

$

3,491,225

 

 

$

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 consist of revenues from contract drilling for services provided to our other operations, and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations. These revenues are generally based on estimated external selling prices and are eliminated during consolidation.

(3)

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