Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2022

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 June 30				Six Months Ended June 30
Millions of dollars		2022		2021		2022		2021
Revenue:
Completion and Production		$	2,911	$	2,048	$	5,264	$	3,918
Drilling and Evaluation		2,163		1,659		4,094		3,240
Total revenue		$	5,074	$	3,707	$	9,358	$	7,158
Operating income:
Completion and Production		$	499	$	317	$	795	$	569
Drilling and Evaluation		286		175		580		346
Total operations		785		492		1,375		915
Corporate and other (a)		(67)		(58)		(124)		(111)
Impairments and other charges (b)		(344)		—		(366)		—
Total operating income		$	374	$	434	$	885	$	804
Interest expense, net of interest income		(101)		(120)		(208)		(245)
Loss on early extinguishment of debt (c)		—		—		(42)		—
Other, net		(42)		(19)		(72)		(41)
Income before income taxes		$	231	$	295	$	563	$	518
(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 six months ended June 30, 2022 respectively, the amounts include $131 million and $136 million charges attributable to Completions and Production, and $178 million and $195 million charges attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other for both periods.
(c)	For the six months ended June 30, 2022, amount consists of a $42 million loss on the early redemption of senior notes.