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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating revenues        
Contract drilling revenues $ 626 $ 773 $ 1,935 $ 2,462
Revenue from Contract with Customer, Product and Service [Extensible List] us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember
Costs and expenses        
Operating and maintenance $ 398 $ 470 $ 1,267 $ 1,535
Cost, Product and Service [Extensible List] us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember us-gaap:OilAndGasServiceMember
Depreciation and amortization $ 185 $ 190 $ 558 $ 592
General and administrative 40 45 118 133
Total costs and expenses 623 705 1,943 2,260
Loss on impairment       (597)
Loss on disposal of assets, net (3) (64) (61) (64)
Operating income (loss)   4 (69) (459)
Other income (expense), net        
Interest income 4 6 11 19
Interest expense, net of amounts capitalized (110) (145) (340) (458)
Gain on restructuring and retirement of debt   449 51 396
Other, net 3 21 26 (23)
Total other income (expense), net (103) 331 (252) (66)
Income (loss) before income tax expense (benefit) (103) 335 (321) (525)
Income tax expense (benefit) 27 (24) 10 4
Net income (loss) (130) 359 (331) (529)
Net income attributable to noncontrolling interest     1 1
Net income (loss) attributable to controlling interest $ (130) $ 359 $ (332) $ (530)
Earnings (loss) per share, basic (in dollars per share) $ (0.20) $ 0.58 $ (0.53) $ (0.86)
Earnings (loss) per share, diluted (in dollars per share) $ (0.20) $ 0.51 $ (0.53) $ (0.86)
Weighted-average shares, basic (in shares) 653 616 630 615
Weighted-average shares, diluted (in shares) 653 702 630 615