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Segment Information
 12 Months Ended
Dec. 31, 2024
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, 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.”

The CODM uses segment adjusted EBITDA to measure the profitability of each segment. The regularly reviewed historical, current and forecasted segment adjusted EBITDA data is utilized by the CODM to allocate Company resources. The CODM also uses segment adjusted EBITDA to drive efficiencies and develop competitive strategies. Segment adjusted EBITDA is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. 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, 2024
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$1,682 $1,976 $1,452 $403 $5,513 
Direct Costs(a)
(1,007)(1,174)(955)
Other Expense(b)
(208)(238)(178)
DRE Segment Adjusted EBITDA467 467 
WCC Segment Adjusted EBITDA564 564 
PRI Segment Adjusted EBITDA319 319 
All Other84 
Corporate(52)
Depreciation and Amortization(343)
Share-based Compensation (c)
(45)
Other Charges
(56)
Operating Income$938 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.
(c)See “Note 13 – Share-Based Compensation” for additional information.


Year Ended December 31, 2023
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$1,536 $1,800 $1,472 $327 $5,135 
Direct Costs(a)
(920)(1,091)(953)
Other Expense(b)
(194)(254)(196)
DRE Segment Adjusted EBITDA422 422 
WCC Segment Adjusted EBITDA455 455 
PRI Segment Adjusted EBITDA323 323 
All Other38 
Corporate(52)
Depreciation and Amortization(327)
Share-based Compensation (c)
(35)
Other Charges
(4)
Operating Income$820 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.
(c)See “Note 13 – Share-Based Compensation” for additional information.


Year Ended December 31, 2022
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$1,328 $1,521 $1,395 $87 $4,331 
Direct Costs(a)
(833)(995)(950)
Other Expense(b)
(171)(227)(184)
DRE Segment Adjusted EBITDA324 324 
WCC Segment Adjusted EBITDA299 299 
PRI Segment Adjusted EBITDA261 261 
All Other1 
Corporate(68)
Depreciation and Amortization(349)
Share-based Compensation (c)
(25)
Other Charges
(31)
Operating Income$412 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.
(c)See “Note 13 – Share-Based Compensation” for additional information.
Year Ended December 31,
(Dollars in millions)202420232022
Depreciation and Amortization:
DRE
$113 $102 $112 
WCC
93 95 99 
PRI
91 84 86 
Corporate and Other
46 46 52 
Total Depreciation and Amortization$343 $327 $349 
Capital Expenditures:
DRE$108 $104 $54 
WCC
57 49 35 
PRI
77 34 32 
Corporate and Other57 22 11 
Total Capital Expenditures$299 $209 $132 

December 31,
(Dollars in millions)
2024
2023
Total Assets:
DRE
$925 $766 
WCC
1,040 1,066 
PRI
789 702 
Corporate and Other (a)
2,405 2,534 
     Total$5,159 $5,068 
(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, 2024, and 2023 the U.S. accounted for 22% and 23%, respectively, and the Kingdom of Saudi Arabia accounted for 11% and 10%, respectively, 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, 2024 and 2023. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of December 31, 2024, and 2023.
December 31,
(Dollars in millions)
2024
2023
North America (a)
$293 $280 
  Latin America195 177 
  Middle East/North Africa/Asia443 393 
  Europe/Sub-Sahara Africa/Russia219 211 
PP&E, Net and Operating Lease Assets by Geography (b)
$1,150 $1,061 
(a) North America consists of the U.S. and Canada.
(b) Corporate assets not allocated by geography are excluded from this total.