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Business Segments | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Business Segments | 15. Business Segments Effective as of the third quarter of 2023, we revised our reportable segments to align with certain changes in how our Chief Operating Decision Maker (“CODM”) manages and allocates resources to our business as a result of the Ulterra acquisition and NexTier merger. Accordingly, we now have the following reportable business segments: (i) drilling services, (ii) completion services, and (iii) drilling products. Drilling Services — represents our contract drilling, directional drilling, oilfield technology and electrical controls and automation businesses. Completion Services — represents the combination of our well completion business, which includes hydraulic fracturing, wireline and pumping, completion support, cementing and our legacy pressure pumping business. Drilling Products — represents our manufacturing and distribution of drill bits business, which was acquired with our acquisition of Ulterra on August 14, 2023. As a result of the revised reportable segment structure, we have restated the corresponding items of segment information for all periods presented. The following tables summarize selected financial information relating to our business segments (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Revenues: |  |  |  |  |  |  |
Drilling Services | $ | 461,887 |  |  | $ | 482,535 |  |  |  |  |
Completion Services | 944,997 |  |  | 293,268 |  |  |  |  |
Drilling Products | 89,973 |  |  | — |  |  |  |  |
Other (1) | 18,445 |  |  | 21,036 |  |  |  |  |
Elimination of intercompany revenues – Drilling Services (2) | (4,314) |  |  | (4,808) |  |  |  |  |
Elimination of intercompany revenues – Other (2) | (628) |  |  | (229) |  |  |  |  |
Total revenues | $ | 1,510,360 |  |  | $ | 791,802 |  |  |  |  |
Segment operating income (3) and reconciliation to income before income taxes: |  |  |  |  |  |  |
Drilling Services | $ | 89,612 |  |  | $ | 101,306 |  |  |  |  |
Completion Services | 49,629 |  |  | 44,432 |  |  |  |  |
Drilling Products | 6,500 |  |  | — |  |  |  |  |
Total segment operating income (3) | 145,741 |  |  | 145,738 |  |  |  |  |
Other | 988 |  |  | 1,967 |  |  |  |  |
Corporate | (59,730) |  |  | (21,742) |  |  |  |  |
Interest income | 2,189 |  |  | 1,240 |  |  |  |  |
Interest expense | (18,335) |  |  | (8,826) |  |  |  |  |
Other | 850 |  |  | 1,486 |  |  |  |  |
Income before income taxes | $ | 71,703 |  |  | $ | 119,863 |  |  |  |  |
Depreciation, depletion, amortization and impairment: |  |  |  |  |  |  |
Drilling Services | $ | 92,345 |  |  | $ | 91,293 |  |  |  |  |
Completion Services | 148,680 |  |  | 26,025 |  |  |  |  |
Drilling Products | 27,182 |  |  | — |  |  |  |  |
Other | 5,411 |  |  | 7,323 |  |  |  |  |
Corporate | 1,338 |  |  | 3,539 |  |  |  |  |
Total depreciation, depletion, amortization and impairment | $ | 274,956 |  |  | $ | 128,180 |  |  |  |  |
Capital expenditures: |  |  |  |  |  |  |
Drilling Services | $ | 82,793 |  |  | $ | 89,279 |  |  |  |  |
Completion Services | 123,377 |  |  | 21,425 |  |  |  |  |
Drilling Products | 15,586 |  |  | — |  |  |  |  |
Other | 3,797 |  |  | 5,223 |  |  |  |  |
Corporate | 1,388 |  |  | 1,674 |  |  |  |  |
Total capital expenditures | $ | 226,941 |  |  | $ | 117,601 |  |  |  |  |
| March 31, 2024 |  | December 31, 2023
Identifiable assets: |  |  |
Drilling Services | $ | 2,208,251 |  |  | $ | 2,368,604 |
Completion Services | 3,786,399 |  |  | 3,835,699 |
Drilling Products | 996,195 |  |  | 1,011,870 |
Other | 58,392 |  |  | 59,221 |
Corporate (4) | 176,951 |  |  | 144,637 |
Total assets | $ | 7,226,188 |  |  | $ | 7,420,031 |
(1)Other includes our oilfield rentals business and oil and natural gas working interests. (2)I ntercompany revenues consist of revenues from drilling services provided to our other operations, and revenues from other operations for services provi ded to drilling services, completion services and within other operations. These revenues are generally based on estimated external selling prices and are eliminated during consolidation. (3)Segment operating income is our measure of segment profitability. It is defined as revenue less operating expenses, selling, general and administrative expenses, depreciation, amortization and impairment expenses and other operating income. (4)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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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