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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Consolidated revenues by country based on sales destination of the products or services for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Revenue: |  |  |  |  |
United States | $ | 5,249,154 |  |  | $ | 4,057,212 |  |  | $ | 2,577,471 |
Canada | 33,518 |  |  | 12,501 |  |  | — |
Colombia | 12,223 |  |  | 48,592 |  |  | 70,121 |
Other Countries | 83,016 |  |  | 28,151 |  |  | — |
Total revenues | $ | 5,377,911 |  |  | $ | 4,146,456 |  |  | $ | 2,647,592 |
Property and equipment, net by country based on the location for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  |
Property and equipment, net: |  |  |  |  |
United States | $ | 2,950,342 |  |  | $ | 3,257,937 |  |  |
Canada | 12,695 |  |  | 16,018 |  |  |
Colombia | 35,154 |  |  | 48,302 |  |  |
Other Countries | 12,151 |  |  | 18,155 |  |  |
Property and equipment, net | $ | 3,010,342 |  |  | $ | 3,340,412 |  |  |
Schedule of Segment Reporting Information, by Segment | The following tables summarize selected financial information relating to our business segments (in thousands):
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
Year Ended December 31, 2024 |  |  |  |  |  |  |
Revenues from external customers | $ | 1,727,810 |  |  | $ | 3,232,785 |  |  | $ | 351,651 |  |  | $ | 5,312,246 |
Direct operating costs (1) | 1,029,591 |  |  | 2,658,170 |  |  | 191,107 |  |  | 3,878,868 |
Selling, general and administrative | 16,502 |  |  | 41,557 |  |  | 35,860 |  |  | 93,919 |
Depreciation, amortization and impairment (1) | 477,398 |  |  | 564,155 |  |  | 100,610 |  |  | 1,142,163 |
Impairment of goodwill | — |  |  | 885,240 |  |  | — |  |  | 885,240 |
Other segment items (2) | — |  |  | (17,792) |  |  | — |  |  | (17,792) |
Segment operating income (loss) (3) | $ | 204,319 |  |  | $ | (898,545) |  |  | $ | 24,074 |  |  | $ | (670,152) |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 5,312,246 |
Other revenues (4) |  |  |  |  |  |  | 65,665 |
Total consolidated revenues |  |  |  |  |  |  | $ | 5,377,911 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3) |  |  |  |  |  |  | $ | (670,152) |
Other (4) |  |  |  |  |  |  | (87) |
Corporate |  |  |  |  |  |  | (219,498) |
Interest income |  |  |  |  |  |  | 5,729 |
Interest expense |  |  |  |  |  |  | (71,963) |
Other income (expense) |  |  |  |  |  |  | (975) |
Income before income taxes |  |  |  |  |  |  | $ | (956,946) |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
Year Ended December 31, 2023 |  |  |  |  |  |  |
Revenues from external customers | $ | 1,919,759 |  |  | $ | 2,017,440 |  |  | $ | 134,679 |  |  | $ | 4,071,878 |
Direct operating costs (1) | 1,119,200 |  |  | 1,567,940 |  |  | 81,555 |  |  | 2,768,695 |
Selling, general and administrative | 15,014 |  |  | 26,050 |  |  | 11,158 |  |  | 52,222 |
Depreciation, amortization and impairment (1) | 364,312 |  |  | 283,230 |  |  | 48,467 |  |  | 696,009 |
Other segment items (2) | (769) |  |  | — |  |  | — |  |  | (769) |
Segment operating income (loss) (3) | $ | 422,002 |  |  | $ | 140,220 |  |  | $ | (6,501) |  |  | $ | 555,721 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 4,071,878 |
Other revenues (4) |  |  |  |  |  |  | 74,578 |
Total consolidated revenues |  |  |  |  |  |  | $ | 4,146,456 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 555,721 |
Other (4) |  |  |  |  |  |  | 2,829 |
Corporate |  |  |  |  |  |  | (206,596) |
Interest income |  |  |  |  |  |  | 6,122 |
Interest expense |  |  |  |  |  |  | (52,870) |
Other income (expense) |  |  |  |  |  |  | 1,898 |
Income before income taxes | $ | 307,104 |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
Year Ended December 31, 2022 |  |  |  |  |  |  |
Revenues from external customers | $ | 1,544,820 |  |  | $ | 1,022,413 |  |  | $ | — |  |  | $ | 2,567,233 |
Direct operating costs (1) | 1,025,904 |  |  | 781,385 |  |  | — |  |  | 1,807,289 |
Selling, general and administrative | 15,027 |  |  | 8,763 |  |  | — |  |  | 23,790 |
Depreciation, amortization and impairment (1) | 354,116 |  |  | 98,162 |  |  | — |  |  | 452,278 |
Other segment items (2) | (34) |  |  | — |  |  | — |  |  | (34) |
Segment operating income (3) | $ | 149,807 |  |  | $ | 134,103 |  |  | $ | — |  |  | $ | 283,910 |
Reconciliation of revenue: |  |  |  |  |  |  |
Total segment revenues from external customers |  |  |  |  |  |  | $ | 2,567,233 |
Other revenues (4) |  |  |  |  |  |  | 80,359 |
Total consolidated revenues |  |  |  |  |  |  | $ | 2,647,592 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 283,910 |
Other (4) |  |  |  |  |  |  | 13,776 |
Corporate |  |  |  |  |  |  | (86,655) |
Interest income |  |  |  |  |  |  | 360 |
Interest expense |  |  |  |  |  |  | (40,256) |
Other income (expense) |  |  |  |  |  |  | (3,273) |
Income before income taxes | $ | 167,862 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (2) Other segment items for each reportable segment includes other operating expenses (income). (3) Segment operating income (loss) is our measure of segment profitability. It is defined as revenue less operating expenses, selling, general and administrative expenses, depreciation, amortization and impairment expense and other operating expenses (income). (4) Other includes our oilfield rentals business and oil and natural gas working interests.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Capital expenditures: |  |  |  |  |
Drilling Services | $ | 264,667 |  |  | $ | 334,780 |  |  | $ | 272,521 |
Completion Services | 320,329 |  |  | 214,746 |  |  | 137,935 |
Drilling Products | 61,687 |  |  | 24,572 |  |  | — |
Segment capital expenditures | $ | 646,683 |  |  | $ | 574,098 |  |  | $ | 410,456 |
Other | 21,813 |  |  | 24,645 |  |  | 25,215 |
Corporate | 9,890 |  |  | 16,947 |  |  | 1,126 |
Total capital expenditures | $ | 678,386 |  |  | $ | 615,690 |  |  | $ | 436,797 |
Identifiable assets: |  |  |  |  |
Drilling Services | $ | 2,047,986 |  |  | $ | 2,368,604 |  |  | $ | 2,348,177 |
Completion Services | 2,468,707 |  |  | 3,835,699 |  |  | 541,975 |
Drilling Products | 966,200 |  |  | 1,011,870 |  |  | — |
Segment assets | $ | 5,482,893 |  |  | $ | 7,216,173 |  |  | $ | 2,890,152 |
Other | 55,580 |  |  | 59,221 |  |  | 64,018 |
Corporate (1) | 294,993 |  |  | 144,637 |  |  | 189,653 |
Total assets | $ | 5,833,466 |  |  | $ | 7,420,031 |  |  | $ | 3,143,823 |
(1) Corporate assets primarily include cash on hand and certain property and equipment.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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