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Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segments 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
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues:
Drilling Services$459,494 $503,718 $931,440 $992,815 
Completion Services805,373 250,241 1,750,370 543,509 
Drilling Products86,054 — 176,027 — 
Other (1)
18,292 20,129 38,234 41,893 
Elimination of intercompany revenues – Drilling Services (2)
(19,205)(14,059)(33,578)(25,429)
Elimination of intercompany revenues – Other (2)
(1,814)(1,144)(3,939)(2,101)
Total revenues$1,348,194 $758,885 $2,858,554 $1,550,687 
Segment operating income (3) and reconciliation to income before income taxes:
Drilling Services$76,112 $113,279 $165,724 $214,585 
Completion Services10,725 25,304 60,354 69,736 
Drilling Products8,639 — 15,139 — 
Total segment operating income (3)
95,476 138,583 241,217 284,321 
Other433 (591)1,421 1,376 
Corporate(50,681)(33,410)(110,411)(55,152)
Interest income1,867 1,212 4,056 2,452 
Interest expense(17,913)(9,738)(36,248)(18,564)
Other income224 2,323 1,074 3,809 
Income before income taxes$29,406 $98,379 $101,109 $218,242 
Depreciation, depletion, amortization and impairment:
Drilling Services$98,607 $90,400 $190,952 $181,693 
Completion Services138,693 25,976 287,373 52,001 
Drilling Products23,176 — 50,358 — 
Other5,512 9,304 10,923 16,627 
Corporate1,650 1,134 2,988 4,673 
Total depreciation, depletion, amortization and impairment$267,638 $126,814 $542,594 $254,994 
Capital expenditures:
Drilling Services$58,426 $82,634 $141,219 $171,913 
Completion Services48,728 29,640 172,105 51,065 
Drilling Products13,958 — 29,544 — 
Other9,213 7,192 13,010 12,415 
Corporate183 12,928 1,571 14,602 
Total capital expenditures$130,508 $132,394 $357,449 $249,995 
June 30, 2024December 31, 2023
Identifiable assets:
Drilling Services$2,213,263 $2,368,604 
Completion Services3,622,891 3,835,699 
Drilling Products992,453 1,011,870 
Other60,272 59,221 
Corporate (4)
133,452 144,637 
Total assets$7,022,331 $7,420,031 

(1)Other includes our oilfield rentals business and oil and natural gas working interests.
(2)Intercompany revenues consist of revenues from drilling services provided to our other operations, and revenues from other operations for services provided 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.