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Business Segments (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

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
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.

			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.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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