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Business Segments (Tables)

12 Months Ended

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.

X

- 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

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-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

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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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-Publisher FASB
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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

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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
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