Business Segment and Geographic Information

9 Months Ended

Sep. 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 September 30				Nine Months Ended September 30
Millions of dollars		2022		2021		2022		2021
Revenue:
Completion and Production		$	3,136	$	2,136	$	8,400	$	6,054
Drilling and Evaluation		2,221		1,724		6,315		4,964
Total revenue		$	5,357	$	3,860	$	14,715	$	11,018
Operating income:
Completion and Production		$	583	$	322	$	1,378	$	891
Drilling and Evaluation		325		186		905		532
Total operations		908		508		2,283		1,423
Corporate and other (a)		(62)		(50)		(186)		(161)
Impairments and other charges (b)		—		(12)		(366)		(12)
Total operating income		$	846	$	446	$	1,731	$	1,250
Interest expense, net of interest income		(93)		(116)		(301)		(361)
Loss on early extinguishment of debt (c)		—		—		(42)		—
Other, net		(48)		(14)		(120)		(55)
Income before income taxes		$	705	$	316	$	1,268	$	834
(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 nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include 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.
(c)	For the nine months ended September 30, 2022, amount consists of a $42 million loss on the early redemption of senior notes.