Segment Information

6 Months Ended

Jun. 30, 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 results were from non-core business activities (including integrated services and projects). Corporate includes overhead support and centrally managed or shared facility costs. All other and corporate do not individually meet the criteria for segment reporting.

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Revenues:
DRE Revenues	$	427	$	394	$	849	$	766
WCC Revenues	504		440		962		861
PRI Revenues	369		366		717		715
All Other	105		74		235		118
Total Revenues	$	1,405	$	1,274	$	2,763	$	2,460
Operating Income:
DRE Segment Adjusted EBITDA	$	130	$	106	$	260	$	214
WCC Segment Adjusted EBITDA	145		109		265		205
PRI Segment Adjusted EBITDA	85		81		158		149
All Other	23		9		50		18
Corporate	(18)		(14)		(32)		(26)
Depreciation and Amortization	(86)		(81)		(171)		(161)
Share-based Compensation	(12)		(8)		(25)		(17)
Other Credits (Charges)	(3)		(1)		(8)		4
Operating Income	$	264	$	201	$	497	$	386