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Business Segments | 9 Months Ended
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Sep. 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 our hydraulic fracturing, completion support services, wireline and pumpdown services, and cementing businesses. 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 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. Other business segment information
| 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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