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Business Segments
 12 Months Ended
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,
202420232022
Revenue:
United States$5,249,154 $4,057,212 $2,577,471 
Canada33,518 12,501 — 
Colombia12,223 48,592 70,121 
Other Countries83,016 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,
20242023
Property and equipment, net:
United States$2,950,342 $3,257,937 
Canada12,695 16,018 
Colombia35,154 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 ServicesCompletion ServicesDrilling ProductsTotal
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 administrative16,502 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)
$(670,152)
Other (4)
(87)
Corporate(219,498)
Interest income5,729 
Interest expense(71,963)
Other income (expense)(975)
Income before income taxes$(956,946)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
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 administrative15,014 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 income6,122 
Interest expense(52,870)
Other income (expense)1,898 
Income before income taxes$307,104 
Drilling ServicesCompletion ServicesDrilling ProductsTotal
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 administrative15,027 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 income360 
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,
202420232022
Capital expenditures:
Drilling Services$264,667 $334,780 $272,521 
Completion Services320,329 214,746 137,935 
Drilling Products61,687 24,572 — 
Segment capital expenditures$646,683 $574,098 $410,456 
Other21,813 24,645 25,215 
Corporate9,890 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 Services2,468,707 3,835,699 541,975 
Drilling Products966,200 1,011,870 — 
Segment assets$5,482,893 $7,216,173 $2,890,152 
Other55,580 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.