Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

2 – Segment Information

The Company's chief operating decision maker (“CODM”), our chief executive officer, regularly reviews information to make operating decisions, allocate resources and assess performance of the business. The CODM regularly reviews information aligned with how we offer our services and technologies in relation to the well life cycle as reflected in our reportable segments. All of our segments are enabled by a suite of digital monitoring, control and optimization solutions using advanced analytics to provide safe, reliable and efficient solutions throughout the well life cycle, including responsible abandonment. We have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention.

Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids. DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity.

Well Construction and Completions (“WCC”) offers products and services for well integrity assurance across the full life cycle of the well. The primary offerings are tubular running services, cementation products, completions, liner hangers and well services. WCC deploys conventional to advanced technologies, providing safe and efficient services in any environment during the well construction phase.

Production and Intervention (“PRI”) offers a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. The primary offerings are intervention services & drilling tools, artificial lift, digital solutions (previously production automation & software), sub-sea intervention and pressure pumping services in select markets.

Total revenues are from external customers and segment revenues are specific to our three reportable segments and all other revenues are specific to our non-operating segment revenues. Revenues are further described in “Note 3 – Revenue.”

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. All other includes results from non-core business activities (including integrated services and projects), and corporate includes overhead support and centrally managed or shared facilities costs. All other and corporate do not individually meet the criteria for segment reporting.

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Revenue:
DRE	$	1,536	$	1,328	$	1,066
WCC	1,800		1,521		1,353
PRI	1,472		1,395		1,127
All Other	327		87		99
Total Revenue	$	5,135	$	4,331	$	3,645
Operating Income:
DRE Segment Adjusted EBITDA	$	422	$	324	$	186
WCC Segment Adjusted EBITDA	455		299		256
PRI Segment Adjusted EBITDA	323		261		191
All Other	38		1		6
Corporate	(52)		(68)		(68)
Depreciation and Amortization	(327)		(349)		(440)
Share-based Compensation Expense (a)	(35)		(25)		(25)
Other (Charges) Credits	(4)		(31)		10
Operating Income	$	820	$	412	$	116

(a)See “Note 13 – Share-Based Compensation” for additional information.

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Depreciation and Amortization:
DRE	$	102	$	112	$	164
WCC	95		99		123
PRI	84		86		102
Corporate and Other	46		52		51
Total Depreciation and Amortization	$	327	$	349	$	440
Capital Expenditures:
DRE	104		$	54	$	18
WCC	49		35		18
PRI	34		32		36
Corporate and Other	22		11		13
Total Capital Expenditures	$	209	$	132	$	85

	December 31,
(Dollars in millions)	2023		2022
Total Assets:
DRE	$	766	$	713
WCC	1,066		993
PRI	702		729
Corporate and Other (a)	2,534		2,285
Total	$	5,068	$	4,720

(a) Corporate and other total assets primarily include cash and cash equivalents, certain intangible assets, and centrally

managed or shared facilities.

PP&E, Net and Operating Lease Assets by Geographic Area

As of December 31, 2023, and 2022 the U.S. accounted for 23% and 22%, respectively, and as of December 31, 2023, the Kingdom of Saudi Arabia accounted for 10% of our PP&E, Net and operating lease assets identifiable by geography. No other country accounted for more than 10% of our PP&E, Net and operating lease assets identifiable by geography as of December 31, 2023 and 2022. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of December 31, 2023, and 2022.

	December 31,
(Dollars in millions)	2023		2022
North America (a)	$	280	$	246
Latin America	177		176
Middle East/North Africa/Asia	393		354
Europe/Sub-Sahara Africa/Russia	211		239
PP&E, Net and Operating Lease Assets by Geography (b)	$	1,061	$	1,015

(a) North America consists of the U.S. and Canada.

(b) Corporate assets not allocated by geography are excluded from this total.