XML 32 R23.htm IDEA: XBRL DOCUMENT v3.23.1
Business Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Business Segments

13. Business Segments

 

At March 31, 2023, 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

 

 

March 31,

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

Contract drilling

$

422,059

 

 

$

259,683

 

Pressure pumping

 

293,268

 

 

 

189,590

 

Directional drilling

 

56,263

 

 

 

43,334

 

Other operations (1)

 

32,540

 

 

 

25,026

 

Elimination of intercompany revenues - Contract drilling (2)

 

(3,033

)

 

 

(3,043

)

Elimination of intercompany revenues - Other operations (2)

 

(9,295

)

 

 

(5,215

)

Total revenues

$

791,802

 

 

$

509,375

 

 

 

 

 

 

 

Income (loss) before income taxes:

 

 

 

 

 

Contract drilling

$

100,330

 

 

$

(3,164

)

Pressure pumping

 

44,432

 

 

 

6,421

 

Directional drilling

 

2,108

 

 

 

1,788

 

Other operations

 

835

 

 

 

741

 

Corporate

 

(21,742

)

 

 

(24,667

)

Interest income

 

1,240

 

 

 

15

 

Interest expense

 

(8,826

)

 

 

(10,565

)

Other

 

1,486

 

 

 

1,582

 

Income (loss) before income taxes

$

119,863

 

 

$

(27,849

)

 

 

 

 

 

 

Depreciation, depletion, amortization and impairment:

 

 

 

 

 

Contract drilling

$

86,866

 

 

$

82,023

 

Pressure pumping

 

26,025

 

 

 

23,785

 

Directional drilling

 

4,171

 

 

 

3,344

 

Other operations

 

7,579

 

 

 

6,397

 

Corporate

 

3,539

 

 

 

1,389

 

Total depreciation, depletion, amortization and impairment

$

128,180

 

 

$

116,938

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

Contract drilling

$

80,149

 

 

$

51,710

 

Pressure pumping

 

21,425

 

 

 

33,462

 

Directional drilling

 

9,074

 

 

 

2,966

 

Other operations

 

5,279

 

 

 

6,202

 

Corporate

 

1,674

 

 

 

488

 

Total capital expenditures

$

117,601

 

 

$

94,828

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Identifiable assets:

 

 

 

 

 

Contract drilling

$

2,164,567

 

 

$

2,197,137

 

Pressure pumping

 

495,638

 

 

 

541,975

 

Directional drilling

 

124,045

 

 

 

121,111

 

Other operations

 

97,985

 

 

 

93,947

 

Corporate (3)

 

210,110

 

 

 

189,653

 

Total assets

$

3,092,345

 

 

$

3,143,823

 

 

(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.