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Business Segments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 |  |  |  |  |  |  |
Revenues from external customers | $ | 380,200 |  |  | $ | 705,275 |  |  | $ | 85,880 |  |  | $ | 1,171,355 |
Direct operating costs (1) | 246,407 |  |  | 594,118 |  |  | 50,265 |  |  | 890,790 |
Selling, general and administrative | 3,969 |  |  | 8,821 |  |  | 8,486 |  |  | 21,276 |
Depreciation, amortization and impairment (1) | 84,100 |  |  | 117,058 |  |  | 21,326 |  |  | 222,484 |
Other segment items (2) | 8,600 |  |  | 13,000 |  |  | — |  |  | 21,600 |
Segment operating income (loss) (3) | $ | 37,124 |  |  | $ | (27,722) |  |  | $ | 5,803 |  |  | $ | 15,205 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 1,171,355 |
Other revenues (4) |  |  |  |  |  |  | 4,599 |
Total consolidated revenues |  |  |  |  |  |  | $ | 1,175,954 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3) |  |  |  |  |  |  | $ | 15,205 |
Other (4) |  |  |  |  |  |  | 810 |
Corporate |  |  |  |  |  |  | (44,069) |
Interest income |  |  |  |  |  |  | 1,480 |
Interest expense |  |  |  |  |  |  | (17,488) |
Other income (expense) |  |  |  |  |  |  | 1,020 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (43,042) |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
For the three months ended September 30, 2024 |  |  |  |  |  |  |
Revenues from external customers | $ | 421,563 |  |  | $ | 831,567 |  |  | $ | 89,102 |  |  | $ | 1,342,232 |
Direct operating costs (1) | 250,877 |  |  | 703,809 |  |  | 47,144 |  |  | 1,001,830 |
Selling, general and administrative | 3,809 |  |  | 10,253 |  |  | 9,898 |  |  | 23,960 |
Depreciation, amortization and impairment (1) | 201,272 |  |  | 140,930 |  |  | 22,924 |  |  | 365,126 |
Impairment of goodwill | — |  |  | 885,240 |  |  | — |  |  | 885,240 |
Segment operating income (loss) (3) | $ | (34,395) |  |  | $ | (908,665) |  |  | $ | 9,136 |  |  | $ | (933,924) |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 1,342,232 |
Other revenues (4) |  |  |  |  |  |  | 14,990 |
Total consolidated revenues |  |  |  |  |  |  | $ | 1,357,222 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3) |  |  |  |  |  |  | $ | (933,924) |
Other (4) |  |  |  |  |  |  | (3,573) |
Corporate |  |  |  |  |  |  | (53,132) |
Interest income |  |  |  |  |  |  | 745 |
Interest expense |  |  |  |  |  |  | (17,990) |
Other income (expense) |  |  |  |  |  |  | (716) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (1,008,590) |
(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 legal accruals and settlements, and income (loss) from an unconsolidated joint venture. (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, impairment of goodwill 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 nine months ended September 30, 2025 |  |  |  |  |  |  |
Revenues from external customers | $ | 1,196,865 |  |  | $ | 2,190,687 |  |  | $ | 259,933 |  |  | $ | 3,647,485 |
Direct operating costs (1) | 748,808 |  |  | 1,870,882 |  |  | 146,540 |  |  | 2,766,230 |
Selling, general and administrative | 12,066 |  |  | 29,953 |  |  | 26,256 |  |  | 68,275 |
Depreciation, amortization and impairment (1) | 281,719 |  |  | 352,658 |  |  | 67,786 |  |  | 702,163 |
Other segment items (2) | 232 |  |  | 13,000 |  |  | — |  |  | 13,232 |
Segment operating income (loss) (3) | $ | 154,040 |  |  | $ | (75,806) |  |  | $ | 19,351 |  |  | $ | 97,585 |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 3,647,485 |
Other revenues (4) |  |  |  |  |  |  | 28,326 |
Total consolidated revenues |  |  |  |  |  |  | $ | 3,675,811 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3) |  |  |  |  |  |  | $ | 97,585 |
Other (4) |  |  |  |  |  |  | (960) |
Corporate |  |  |  |  |  |  | (137,220) |
Interest income |  |  |  |  |  |  | 4,216 |
Interest expense |  |  |  |  |  |  | (52,830) |
Other income (expense) |  |  |  |  |  |  | 1,344 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (87,865) |
| Drilling Services |  | Completion Services |  | Drilling Products |  | Total
For the nine months ended September 30, 2024 |  |  |  |  |  |  |
Revenues from external customers | $ | 1,319,425 |  |  | $ | 2,581,937 |  |  | $ | 265,129 |  |  | $ | 4,166,491 |
Direct operating costs (1) | 784,111 |  |  | 2,102,643 |  |  | 141,921 |  |  | 3,028,675 |
Selling, general and administrative | 11,761 |  |  | 31,854 |  |  | 25,651 |  |  | 69,266 |
Depreciation, amortization and impairment (1) | 392,224 |  |  | 428,303 |  |  | 73,282 |  |  | 893,809 |
Impairment of goodwill | — |  |  | 885,240 |  |  | — |  |  | 885,240 |
Other segment items (2) | — |  |  | (17,792) |  |  | — |  |  | (17,792) |
Segment operating income (loss) (3) | $ | 131,329 |  |  | $ | (848,311) |  |  | $ | 24,275 |  |  | $ | (692,707) |
Reconciliation of revenue:
Total segment revenues from external customers |  |  |  |  |  |  | $ | 4,166,491 |
Other revenues (4) |  |  |  |  |  |  | 49,285 |
Total consolidated revenues |  |  |  |  |  |  | $ | 4,215,776 |
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3) |  |  |  |  |  |  | $ | (692,707) |
Other (4) |  |  |  |  |  |  | (2,152) |
Corporate |  |  |  |  |  |  | (163,543) |
Interest income |  |  |  |  |  |  | 4,801 |
Interest expense |  |  |  |  |  |  | (54,238) |
Other income (expense) |  |  |  |  |  |  | 358 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (907,481) |
(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, legal accruals and settlements, and income (loss) from an unconsolidated joint venture. (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, impairment of goodwill 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: |  |  |  |  |  |  |
Drilling Services | $ | 46,691 |  |  | $ | 69,127 |  |  | $ | 175,323 |  |  | $ | 210,346 |
Completion Services | 81,301 |  |  | 86,755 |  |  | 212,459 |  |  | 258,860 |
Drilling Products | 13,331 |  |  | 16,309 |  |  | 46,805 |  |  | 45,853 |
Segment capital expenditures | $ | 141,323 |  |  | $ | 172,191 |  |  | $ | 434,587 |  |  | $ | 515,059 |
Other | 2,145 |  |  | 5,909 |  |  | 7,543 |  |  | 18,919 |
Corporate | 1,011 |  |  | 2,487 |  |  | 8,386 |  |  | 4,058 |
Total capital expenditures | $ | 144,479 |  |  | $ | 180,587 |  |  | $ | 450,516 |  |  | $ | 538,036 |
| September 30, 2025 |  | December 31, 2024
Identifiable assets: |  |  |
Drilling Services | $ | 1,910,694 |  |  | $ | 2,047,986 |
Completion Services | 2,371,941 |  |  | 2,468,707 |
Drilling Products | 914,196 |  |  | 966,200 |
Segment assets | $ | 5,196,831 |  |  | $ | 5,482,893 |
Other | 29,927 |  |  | 55,580 |
Corporate (1) | 306,352 |  |  | 294,993 |
Total assets | $ | 5,533,110 |  |  | $ | 5,833,466 |
(1)Corporate assets primarily include cash on hand and certain property and equipment.

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- 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 + Details
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