Restructuring Charges

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

4 – Restructuring Charges

We had $2 million and $22 million in restructuring charges for the three and nine months ended September 30, 2022, respectively, presented as “Restructuring Charges” on the accompanying Condensed Consolidated Statements of Operations. The charges were primarily related to the launch of a multi-year footprint consolidation and workforce efficiency initiative aimed at improving fulfillment operations and included $14 million in severance and $8 million in asset retirement obligations. No restructuring charges were recognized in the three and nine months ended September 30, 2021.

The following table presents total restructuring charges by segment and All Other in the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2022		2021		2022		2021
Drilling and Evaluation	$	—	$	—	$	5	$	—
Well Construction and Completions	—		—		7		—
Production and Intervention	—		—		5		—
All Other	2		—		5		—
Total Restructuring Charges	$	2	$	—	$	22	$	—

The following table presents total restructuring reserve activity in the nine months ended September 30, 2022:

(Dollars in millions)	December 31, 2021		Charges		Cash Payments		(Credits)/Other		September 30, 2022
Restructuring Reserve	$	17	$	22	$	(13)	$	—	$	26