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Business Segments | 6 Months Ended
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Jun. 30, 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 Services |  | Completion Services |  | Drilling Products |  | Total
For the three months ended June 30, 2025 |  |  |  |  |  |  |
Revenues from external customers | $ | 403,805 |  |  | $ | 719,332 |  |  | $ | 88,390 |  |  | $ | 1,211,527 |
Direct operating costs (1) | 254,772 |  |  | 619,083 |  |  | 49,335 |  |  | 923,190 |
Selling, general and administrative | 4,152 |  |  | 9,723 |  |  | 8,651 |  |  | 22,526 |
Depreciation, amortization and impairment (1) | 112,647 |  |  | 119,774 |  |  | 23,584 |  |  | 256,005 |
Other segment items (2) | (8,368) |  |  | — |  |  | — |  |  | (8,368) |
Segment operating income (loss) (3) | $ | 40,602 |  |  | $ | (29,248) |  |  | $ | 6,820 |  |  | $ | 18,174 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 1,211,527 |
Other revenues (4) |  |  |  |  |  |  | 7,793 |
Total consolidated revenues |  |  |  |  |  |  | $ | 1,219,320 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 18,174 |
Other (4) |  |  |  |  |  |  | (2,000) |
Corporate |  |  |  |  |  |  | (45,660) |
Interest income |  |  |  |  |  |  | 1,272 |
Interest expense |  |  |  |  |  |  | (17,645) |
Other expense |  |  |  |  |  |  | (1,644) |
Loss before income taxes |  |  |  |  |  |  | $ | (47,503) |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
For the three months ended June 30, 2024 |  |  |  |  |  |  |
Revenues from external customers | $ | 440,289 |  |  | $ | 805,373 |  |  | $ | 86,054 |  |  | $ | 1,331,716 |
Direct operating costs (1) | 261,497 |  |  | 653,240 |  |  | 46,147 |  |  | 960,884 |
Selling, general and administrative | 4,073 |  |  | 10,637 |  |  | 8,092 |  |  | 22,802 |
Depreciation, amortization and impairment (1) | 98,607 |  |  | 138,693 |  |  | 23,176 |  |  | 260,476 |
Other segment items (2) | — |  |  | (7,922) |  |  | — |  |  | (7,922) |
Segment operating income (3) | $ | 76,112 |  |  | $ | 10,725 |  |  | $ | 8,639 |  |  | $ | 95,476 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 1,331,716 |
Other revenues (4) |  |  |  |  |  |  | 16,478 |
Total consolidated revenues |  |  |  |  |  |  | $ | 1,348,194 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 95,476 |
Other (4) |  |  |  |  |  |  | 433 |
Corporate |  |  |  |  |  |  | (50,681) |
Interest income |  |  |  |  |  |  | 1,867 |
Interest expense |  |  |  |  |  |  | (17,913) |
Other income |  |  |  |  |  |  | 224 |
Income before income taxes |  |  |  |  |  |  | $ | 29,406 |
(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), such as gains or losses on certain insurance recoveries or legal settlements. (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, prior to its divestiture in April 2025, and oil and natural gas working interests.
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
For the six months ended June 30, 2025 |  |  |  |  |  |  |
Revenues from external customers | $ | 816,665 |  |  | $ | 1,485,412 |  |  | $ | 174,053 |  |  | $ | 2,476,130 |
Direct operating costs (1) | 502,401 |  |  | 1,276,764 |  |  | 96,275 |  |  | 1,875,440 |
Selling, general and administrative | 8,097 |  |  | 21,132 |  |  | 17,770 |  |  | 46,999 |
Depreciation, amortization and impairment (1) | 197,619 |  |  | 235,600 |  |  | 46,460 |  |  | 479,679 |
Other segment items (2) | (8,368) |  |  | — |  |  | — |  |  | (8,368) |
Segment operating income (loss) (3) | $ | 116,916 |  |  | $ | (48,084) |  |  | $ | 13,548 |  |  | $ | 82,380 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 2,476,130 |
Other revenues (4) |  |  |  |  |  |  | 23,727 |
Total consolidated revenues |  |  |  |  |  |  | $ | 2,499,857 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 82,380 |
Other (4) |  |  |  |  |  |  | (1,770) |
Corporate |  |  |  |  |  |  | (93,151) |
Interest income |  |  |  |  |  |  | 2,736 |
Interest expense |  |  |  |  |  |  | (35,342) |
Other income |  |  |  |  |  |  | 324 |
Loss before income taxes |  |  |  |  |  |  | $ | (44,823) |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
For the six months ended June 30, 2024 |  |  |  |  |  |  |
Revenues from external customers | $ | 897,862 |  |  | $ | 1,750,370 |  |  | $ | 176,027 |  |  | $ | 2,824,259 |
Direct operating costs (1) | 533,234 |  |  | 1,398,834 |  |  | 94,777 |  |  | 2,026,845 |
Selling, general and administrative | 7,952 |  |  | 21,601 |  |  | 15,753 |  |  | 45,306 |
Depreciation, amortization and impairment (1) | 190,952 |  |  | 287,373 |  |  | 50,358 |  |  | 528,683 |
Other segment items (2) | — |  |  | (17,792) |  |  | — |  |  | (17,792) |
Segment operating income (3) | $ | 165,724 |  |  | $ | 60,354 |  |  | $ | 15,139 |  |  | $ | 241,217 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 2,824,259 |
Other revenues (4) |  |  |  |  |  |  | 34,295 |
Total consolidated revenues |  |  |  |  |  |  | $ | 2,858,554 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (3) |  |  |  |  |  |  | $ | 241,217 |
Other (4) |  |  |  |  |  |  | 1,421 |
Corporate |  |  |  |  |  |  | (110,411) |
Interest income |  |  |  |  |  |  | 4,056 |
Interest expense |  |  |  |  |  |  | (36,248) |
Other income |  |  |  |  |  |  | 1,074 |
Income before income taxes |  |  |  |  |  |  | $ | 101,109 |
(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), such as gains or losses on certain insurance recoveries or legal settlements. (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, prior to its divestiture in April 2025, and oil and natural gas working interests. Other business segment information
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: |  |  |  |  |  |  |
Drilling Services | $ | 55,174 |  |  | $ | 58,426 |  |  | $ | 128,632 |  |  | $ | 141,219 |
Completion Services | 68,985 |  |  | 48,728 |  |  | 131,158 |  |  | 172,105 |
Drilling Products | 15,252 |  |  | 13,958 |  |  | 33,474 |  |  | 29,544 |
Segment capital expenditures | $ | 139,411 |  |  | $ | 121,112 |  |  | $ | 293,264 |  |  | $ | 342,868 |
Other | 1,802 |  |  | 9,213 |  |  | 5,398 |  |  | 13,010 |
Corporate | 2,993 |  |  | 183 |  |  | 7,375 |  |  | 1,571 |
Total capital expenditures | $ | 144,206 |  |  | $ | 130,508 |  |  | $ | 306,037 |  |  | $ | 357,449 |
| June 30, 2025 |  | December 31, 2024
Identifiable assets: |  |  |
Drilling Services | $ | 1,942,814 |  |  | $ | 2,047,986 |
Completion Services | 2,371,228 |  |  | 2,468,707 |
Drilling Products | 938,676 |  |  | 966,200 |
Segment assets | $ | 5,252,718 |  |  | $ | 5,482,893 |
Other | 28,500 |  |  | 55,580 |
Corporate (1) | 294,402 |  |  | 294,993 |
Total assets | $ | 5,575,620 |  |  | $ | 5,833,466 |
(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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