Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure

Business Segment Information

We 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		2021		2020		2021		2020
Revenue:
Completion and Production		$	2,136	$	1,574	$	6,054	$	6,029
Drilling and Evaluation		1,724		1,401		4,964		5,179
Total revenue		$	3,860	$	2,975	$	11,018	$	11,208
Operating income (loss):
Completion and Production		$	322	$	212	$	891	$	713
Drilling and Evaluation		186		105		532		452
Total operations		508		317		1,423		1,165
Corporate and other (a)		(50)		(42)		(161)		(152)
Impairments and other charges (b)		(12)		(133)		(12)		(3,353)
Total operating income (loss)		$	446	$	142	$	1,250	$	(2,340)
Interest expense, net of interest income		(116)		(122)		(361)		(380)
Loss on early extinguishment of debt (c)		—		—		—		(168)
Other, net		(14)		(21)		(55)		(92)
Income (loss) before income taxes		$	316	$	(1)	$	834	$	(2,980)
(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b)	For the three and nine months ended September 30, 2021, amount includes a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. For the three and nine months ended September 30, 2020, amount includes $90 million and $2.1 billion attributable to Completion and Production, $40 million and $1.2 billion attributable to Drilling and Evaluation, and $3 million and $44 million attributable to Corporate and other, respectively.
(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.