Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure

Business Segment InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.

The following table presents information on our business segments.

	Three Months Ended September 30				Nine Months Ended September 30
Millions of dollars	2020		2019		2020		2019
Revenue:
Completion and Production	$	1,574	$	3,506	$	6,029	$	10,973
Drilling and Evaluation	1,401		2,044		5,179		6,244
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217
Operating income (loss):
Completion and Production	$	212	$	446	$	713	$	1,284
Drilling and Evaluation	105		150		452		418
Total operations	317		596		1,165		1,702
Corporate and other (a)	(42)		(60)		(152)		(190)
Impairments and other charges (b)	(133)		—		(3,353)		(308)
Total operating income (loss)	$	142	$	536	$	(2,340)	$	1,204
Interest expense, net of interest income	(122)		(141)		(380)		(428)
Loss on early extinguishment of debt (c)	—		—		(168)		—
Other, net	(21)		(23)		(92)		(61)
Income (loss) before income taxes	$	(1)	$	372	$	(2,980)	$	715

(a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b) For the three months ended September 30, 2020, amount includes approximately $90 million attributable to Completion and Production, $40 million attributable to Drilling and Evaluation, and $3 million attributable to Corporate and other. For the nine months ended September 30, 2020, amount includes $2.1 billion attributable to Completion and Production, $1.2 billion attributable to Drilling and Evaluation, and $44 million attributable to Corporate and other. For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. See Note 2 for further discussion on these impairments and other charges. There were no impairments and other charges recorded during the three months ended September 30, 2019.

(c) For the nine months ended September 30, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes. See Note 6 for further discussion on this charge.