Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

2 – Segment Information

Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2022 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI”.

Our primary measure of segment profitability is segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes results from non-core business activities, corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

	Three Months Ended March 31,
(Dollars in millions)	2023		2022
Revenues:
DRE Revenues	$	372	$	292
WCC Revenues	421		344
PRI Revenues	349		286
All Other	44		16
Total Revenues	$	1,186	$	938
Operating Income:
DRE Segment Adjusted EBITDA	$	108	$	59
WCC Segment Adjusted EBITDA	96		67
PRI Segment Adjusted EBITDA	68		39
Corporate and Other	(3)		(14)
Depreciation and Amortization	(80)		(87)
Share-Based Compensation	(9)		(7)
Restructuring Charges	—		(20)
Other (Charges) Credits (a)	5		(19)
Operating Income	$	185	$	18

(a)Other (charges) credits relate to miscellaneous charges and credits including write-downs of certain assets.