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v3.23.2

Business Segments | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Business Segments | 14. Business Segments At June 30, 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 |  |  | 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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