Segment Information (Tables)

12 Months Ended

Dec. 31, 2021


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Revenues:
Drilling and Evaluation	$	1,066	$	1,044	$	67	$	1,407
Well Construction and Completions	1,353		1,414		90		1,583
Production and Intervention	1,127		1,106		86		1,673
Segment Revenues	3,546		3,564		243		4,663
All Other	99		121		18		291
Total Revenues	$	3,645	$	3,685	$	261	$	4,954

Segment Adjusted EBITDA:
Drilling and Evaluation	$	186	$	132	$	(3)	$	219
Well Construction and Completions	256		273		19		225
Production and Intervention	191		154		20		216
Segment Adjusted EBITDA	$	633	$	559	$	36	$	660
Corporate and Other	(62)		(100)		(1)		(104)
Depreciation and Amortization	(440)		(503)		(34)		(447)
Share-based Compensation Expense (a)	(25)		—		—		(24)



































Other Adjustments (b)	10		(1,442)		—		(1,267)










Operating Income (Loss)	$	116	$	(1,486)	$	1	$	(1,182)

(a)See “Note 18 – Share-Based Compensation” for additional information.

(b)Other adjustments include goodwill and long-lived asset impairments, restructuring charges, prepetition charges, gain on sale of businesses and other charges and credits, net as applicable to the periods presented. See “Note 7 – Long-Lived Assets Impairment”, “Note 11 – Goodwill and Intangibles, Net”, “ Note 8 – Restructuring Charges”, “ Note 6 – Impairments and Other Charges, Net”, and “Note 2 – Emergence from Chapter 11 Bankruptcy Proceedings” for additional information. In the 2020 Successor and 2019 Predecessor Periods, the segment adjusted EBITDA of Well Construction and Completions includes $12 million and $15 million, respectively, of gains on sales of operational assets.

Depreciation and amortization and capital expenditures by segment are summarized in the table below:


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Depreciation and Amortization:
Drilling and Evaluation	$	164	$	183	$	11	$	168
Well Construction and Completions	123		151		9		115
Production and Intervention	102		112		9		121
Corporate and Other	51		57		5		43
Total Depreciation and Amortization	$	440	$	503	$	34	$	447

Capital Expenditures:
Drilling and Evaluation	$	18	$	27	$	10	$	88
Well Construction and Completions	18		23		6		59
Production and Intervention	36		73		2		60
Corporate and Other	13		31		2		43
Total Capital Expenditures	$	85	$	154	$	20	$	250

Corporate and other depreciation and amortization and capital expenditures were for business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

Total assets by segment are summarized in the table below:


	December 31,
(Dollars in millions)	2021		2020
Total Assets:
Drilling and Evaluation	$	783	$	950
Well Construction and Completions	974		1,100
Production and Intervention	686		768
Total Reportable Segment Assets	2,443		2,818
Corporate and Other	2,331		2,616
Total	$	4,774	$	5,434

Long-lived Assets by Geographic Areas

Long-lived assets by geographic area are summarized below and includes PP&E, intangibles and ROU assets at December 31, 2021 and December 31, 2020. Long-lived assets were zero in Ireland, our country of domicile in both years and in the U.S. were $238 million and $306 million as of December 31, 2021 and December 31, 2020, respectively. North America in the table below consists of the U.S. and Canada.


	December 31,
(Dollars in millions)	2021		2020
Long-Lived Assets:
North America	$	324	$	403
Latin America	265		289
Europe/Sub-Sahara Africa/Russia	337		463
Middle East/North Africa/Asia	840		1,029
Total Long-Lived Assets	$	1,766	$	2,184