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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments Our Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer, who has ultimate responsibility for enterprise decisions. Effective as of the third quarter of 2023, we revised our reportable segments to align with certain changes in how our CODM manages and allocates resources to our business as a result of the Ulterra acquisition and NexTier merger. Our business is organized based on the services and products we provided in three segments: (i) drilling services, (ii) completion services, and (iii) drilling products. The CODM evaluates segment performance based primarily on segment operating income (loss). 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. Our results for the year ended December 31, 2024 are not comparable for our Completion Services and Drilling Products reportable segments since results for 2023 include a partial period beginning on the closing date for each acquisition. Geographic Information 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 |  |  |
Major Customer — During 2024, one customer accounted for approximately $605 million or 11% of our consolidated operating revenues. These revenues were earned in the drilling services, completion services, and drilling products businesses. During 2023, one customer accounted for approximately $588 million or 14% of our consolidated operating revenues. These revenues were earned in both drilling services and completion services businesses. During 2022, one customer accounted for approximately $476 million or 18% of our consolidated operating revenues. These revenues were earned in both drilling services and completion services businesses. 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. Other business segment information
| 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 The entire disclosure for reporting segments including data and tables. 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