Segment Information

3 Months Ended

Mar. 31, 2024

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 2023 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. 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.

	Three Months Ended March 31,
(Dollars in millions)	2024		2023
Revenues:
DRE Revenues	$	422	$	372
WCC Revenues	458		421
PRI Revenues	348		349
All Other	130		44
Total Revenues	$	1,358	$	1,186
Operating Income:
DRE Segment Adjusted EBITDA	$	130	$	108
WCC Segment Adjusted EBITDA	120		96
PRI Segment Adjusted EBITDA	73		68
All Other	27		9
Corporate	(14)		(12)
Depreciation and Amortization	(85)		(80)
Share-based Compensation	(13)		(9)
Other Credits (Charges)	(5)		5
Operating Income	$	233	$	185