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v3.23.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Business Segments - Financial Information | The following tables summarize selected financial information relating to our business segments (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Contract drilling | $ | 435,510 |  |  | $ | 307,618 |  |  | $ | 857,569 |  |  | $ | 567,301 |
Pressure pumping |  | 250,241 |  |  |  | 238,376 |  |  |  | 543,509 |  |  |  | 427,966 |
Directional drilling |  | 55,141 |  |  |  | 54,825 |  |  |  | 111,404 |  |  |  | 98,159 |
Other operations (1) |  | 33,195 |  |  |  | 29,233 |  |  |  | 65,736 |  |  |  | 54,259 |
Elimination of intercompany revenues - Contract drilling (2) |  | (3,135 | ) |  |  | (3,032 | ) |  |  | (6,168 | ) |  |  | (6,075 | )
Elimination of intercompany revenues - Other operations (2) |  | (12,067 | ) |  |  | (4,782 | ) |  |  | (21,363 | ) |  |  | (9,997 | )
Total revenues | $ | 758,885 |  |  | $ | 622,238 |  |  | $ | 1,550,687 |  |  | $ | 1,131,613 |
Income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |
Contract drilling | $ | 113,342 |  |  | $ | 21,720 |  |  | $ | 213,672 |  |  | $ | 18,556 |
Pressure pumping |  | 25,304 |  |  |  | 20,091 |  |  |  | 69,736 |  |  |  | 26,512 |
Directional drilling |  | 1,341 |  |  |  | 4,028 |  |  |  | 3,449 |  |  |  | 5,816 |
Other operations |  | (1,995 | ) |  |  | 3,300 |  |  |  | (1,160 | ) |  |  | 4,041 |
Corporate |  | (33,410 | ) |  |  | (12,377 | ) |  |  | (55,152 | ) |  |  | (37,044 | )
Interest income |  | 1,212 |  |  |  | 14 |  |  |  | 2,452 |  |  |  | 29 |
Interest expense |  | (9,738 | ) |  |  | (10,658 | ) |  |  | (18,564 | ) |  |  | (21,223 | )
Other |  | 2,323 |  |  |  | (2,452 | ) |  |  | 3,809 |  |  |  | (870 | )
Income (loss) before income taxes | $ | 98,379 |  |  | $ | 23,666 |  |  | $ | 218,242 |  |  | $ | (4,183 | )
Depreciation, depletion, amortization and impairment: |  |  |  |  |  |  |  |  |  |  |
Contract drilling | $ | 85,633 |  |  | $ | 84,905 |  |  | $ | 172,499 |  |  | $ | 166,928 |
Pressure pumping |  | 25,976 |  |  |  | 24,713 |  |  |  | 52,001 |  |  |  | 48,498 |
Directional drilling |  | 4,514 |  |  |  | 3,859 |  |  |  | 8,685 |  |  |  | 7,203 |
Other operations |  | 9,557 |  |  |  | 6,803 |  |  |  | 17,136 |  |  |  | 13,200 |
Corporate |  | 1,134 |  |  |  | 1,273 |  |  |  | 4,673 |  |  |  | 2,662 |
Total depreciation, depletion, amortization and impairment | $ | 126,814 |  |  | $ | 121,553 |  |  | $ | 254,994 |  |  | $ | 238,491 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Contract drilling | $ | 74,464 |  |  | $ | 50,165 |  |  | $ | 154,613 |  |  | $ | 101,875 |
Pressure pumping |  | 29,640 |  |  |  | 34,554 |  |  |  | 51,065 |  |  |  | 68,016 |
Directional drilling |  | 7,331 |  |  |  | 4,036 |  |  |  | 16,405 |  |  |  | 7,002 |
Other operations |  | 8,031 |  |  |  | 7,189 |  |  |  | 13,310 |  |  |  | 13,391 |
Corporate |  | 12,928 |  |  |  | 426 |  |  |  | 14,602 |  |  |  | 914 |
Total capital expenditures | $ | 132,394 |  |  | $ | 96,370 |  |  | $ | 249,995 |  |  | $ | 191,198 |
| June 30, 2023 |  |  | December 31, 2022 |
Identifiable assets: |  |  |  |  |
Contract drilling | $ | 2,195,695 |  |  | $ | 2,197,137 |
Pressure pumping |  | 475,312 |  |  |  | 541,975 |
Directional drilling |  | 124,713 |  |  |  | 121,111 |
Other operations |  | 110,828 |  |  |  | 93,947 |
Corporate (3) |  | 210,648 |  |  |  | 189,653 |
Total assets | $ | 3,117,196 |  |  | $ | 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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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