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Business Segments
 9 Months Ended
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 ServicesCompletion ServicesDrilling ProductsTotal
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 administrative3,969 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)
$15,205 
Other (4)
810 
Corporate(44,069)
Interest income1,480 
Interest expense(17,488)
Other income (expense)1,020 
Income (loss) before income taxes$(43,042)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
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 administrative3,809 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)
$(933,924)
Other (4)
(3,573)
Corporate(53,132)
Interest income745 
Interest expense(17,990)
Other income (expense)(716)
Income (loss) before income taxes$(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 ServicesCompletion ServicesDrilling ProductsTotal
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 administrative12,066 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)
$97,585 
Other (4)
(960)
Corporate(137,220)
Interest income4,216 
Interest expense(52,830)
Other income (expense)1,344 
Income (loss) before income taxes$(87,865)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
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 administrative11,761 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)
$(692,707)
Other (4)
(2,152)
Corporate(163,543)
Interest income4,801 
Interest expense(54,238)
Other income (expense)358 
Income (loss) before income taxes$(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,
2025202420252024
Capital expenditures:
Drilling Services$46,691 $69,127 $175,323 $210,346 
Completion Services81,301 86,755 212,459 258,860 
Drilling Products13,331 16,309 46,805 45,853 
Segment capital expenditures$141,323 $172,191 $434,587 $515,059 
Other2,145 5,909 7,543 18,919 
Corporate1,011 2,487 8,386 4,058 
Total capital expenditures$144,479 $180,587 $450,516 $538,036 
September 30, 2025December 31, 2024
Identifiable assets:
Drilling Services$1,910,694 $2,047,986 
Completion Services2,371,941 2,468,707 
Drilling Products914,196 966,200 
Segment assets$5,196,831 $5,482,893 
Other29,927 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.