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Business Segments
 3 Months Ended
Mar. 31, 2025
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. Our business is organized based on the services and products we provide 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.
The following tables summarize selected financial information relating to our business segments (in thousands):
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended March 31, 2025
Revenues from external customers$412,860 $766,080 $85,663 $1,264,603 
Direct operating costs (1)
247,629 657,681 46,940 952,250 
Selling, general and administrative3,945 11,409 9,119 24,473 
Depreciation, amortization and impairment (1)
84,972 115,826 22,876 223,674 
Segment operating income (loss) (3)
$76,314 $(18,836)$6,728 $64,206 
Reconciliation of revenue:
Total segment revenues from external customers$1,264,603 
Other revenues (4)
15,934 
Total consolidated revenues$1,280,537 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3)
$64,206 
Other (4)
230 
Corporate(47,491)
Interest income1,464 
Interest expense(17,697)
Other income1,968 
Income before income taxes$2,680 
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended March 31, 2024
Revenues from external customers$457,573 $944,997 $89,973 $1,492,543 
Direct operating costs (1)
271,737 745,594 48,630 1,065,961 
Selling, general and administrative3,879 10,964 7,661 22,504 
Depreciation, amortization and impairment (1)
92,345 148,680 27,182 268,207 
Other segment items (2)
— (9,870)— (9,870)
Segment operating income (3)
$89,612 $49,629 $6,500 $145,741 
Reconciliation of revenue:
Total segment revenues from external customers$1,492,543 
Other revenues (4)
17,817 
Total consolidated revenues$1,510,360 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3)
$145,741 
Other (4)
988 
Corporate(59,730)
Interest income2,189 
Interest expense(18,335)
Other income850 
Income before income taxes$71,703 

(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
Three Months Ended
March 31,
20252024
Capital expenditures:
Drilling Services$73,458 $82,793 
Completion Services62,173 123,377 
Drilling Products18,222 15,586 
Segment capital expenditures$153,853 $221,756 
Other3,596 3,797 
Corporate4,382 1,388 
Total capital expenditures$161,831 $226,941 
March 31, 2025December 31, 2024
Identifiable assets:
Drilling Services$2,001,356 $2,047,986 
Completion Services2,465,801 2,468,707 
Drilling Products930,294 966,200 
Segment assets$5,397,451 $5,482,893 
Other50,647 55,580 
Corporate (1)
317,328 294,993 
Total assets$5,765,426 $5,833,466 

(1)Corporate assets primarily include cash on hand and certain property and equipment.