Business Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2023

The following table presents information on our business segments.


		Three Months Ended September 30				Nine Months Ended September 30
Millions of dollars		2023		2022		2023		2022
Revenue:
Completion and Production		$	3,487	$	3,136	$	10,372	$	8,400
Drilling and Evaluation		2,317		2,221		6,907		6,315
Total revenue		$	5,804	$	5,357	$	17,279	$	14,715
Operating income:
Completion and Production		$	746	$	583	$	2,119	$	1,378
Drilling and Evaluation		378		325		1,123		905
Total operations		1,124		908		3,242		2,283
Corporate and other (a)		(64)		(62)		(181)		(186)
SAP S4 upgrade expense		(23)		—		(36)		—
Impairments and other charges (b)		—		—		—		(366)
Total operating income		$	1,037	$	846	$	3,025	$	1,731
Interest expense, net of interest income		(93)		(93)		(264)		(301)
Loss on Blue Chip Swap transactions (c)		—		—		(104)		—
Loss on early extinguishment of debt		—		—		—		(42)
Other, net		(28)		(48)		(129)		(120)
Income before income taxes		$	916	$	705	$	2,528	$	1,268

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, 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.
(c)	The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the nine months ended September 30, 2023.