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Business Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment and Geographic 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.

Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two divisions and makes resource allocation decisions based on divisional revenue and operating income.
Operations by business segment
The following tables present financial information on our business segments.
Year Ended December 31,
Millions of dollars202420232022
Revenue:
Completion and Production$13,251 $13,689 $11,582 
Drilling and Evaluation9,693 9,329 8,715 
Total revenue$22,944 $23,018 $20,297 
Operating income:
Completion and Production$2,709 $2,835 $2,037 
Drilling and Evaluation1,608 1,543 1,292 
Total operations4,317 4,378 3,329 
Corporate and other (a)(255)(244)(256)
SAP S4 upgrade expense(124)(51)— 
Impairments and other charges (b)(116)— (366)
Total operating income$3,822 $4,083 $2,707 
Interest expense, net of interest income$(353)$(395)$(463)
Loss on Blue Chip Swap transactions(8)(110)— 
Argentina currency impact— (131)(30)
Loss on early extinguishment of debt— — (42)
Other, net(227)(84)(62)
Income before income taxes$3,234 $3,363 $2,110 
Capital expenditures:
Completion and Production$775 $765 $589 
Drilling and Evaluation665 613 420 
Corporate and other2 1 2 
Total capital expenditures$1,442 $1,379 $1,011 
Depreciation, depletion, and amortization:
Completion and Production$588 $553 $520 
Drilling and Evaluation475 430 406 
Corporate and other16 15 14 
Total depreciation, depletion, and amortization$1,079 $998 $940 
(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)
Impairments and other charges are as follows:
-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.
-For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.
The following table presents significant segment expenses, which represent the difference between segment revenue and segment operating income and are regularly reviewed by our CODM.
2024
Millions of dollarsCompletion and ProductionDrilling and Evaluation
Cost of products, materials, and supplies$5,428 $3,803 
Compensation1,922 1,865 
Depreciation, depletion, and amortization588 475 
Other2,604 1,942 
Total segment operating expenses$10,542 $8,085 

2023
Millions of dollarsCompletion and ProductionDrilling and Evaluation
Cost of products, materials, and supplies$5,906 $3,771 
Compensation1,810 1,750 
Depreciation, depletion, and amortization553 430 
Other2,585 1,835 
Total segment operating expenses$10,854 $7,786 

2022
Millions of dollarsCompletion and ProductionDrilling and Evaluation
Cost of products, materials, and supplies$5,573 $3,293 
Compensation1,614 1,596 
Depreciation, depletion, and amortization520 406 
Other1,838 2,128 
Total segment operating expenses$9,545 $7,423 

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs.

The following table presents total assets by segment.
December 31,
Millions of dollars20242023
Total assets:
Completion and Production (a)$11,987 $11,606 
Drilling and Evaluation (a)7,806 7,532 
Corporate and other (b)5,794 5,545 
Total assets$25,587 $24,683 
(a)
Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b)
Includes primarily cash and equivalents and deferred tax assets.
Operations by geographic region
The following tables present information by geographic area. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2024 and December 31, 2023, 49% and 59%, respectively, of our property, plant, and equipment was located in the United States.
Year Ended December 31,
Millions of dollars202420232022
Revenue:
North America$9,626 $10,492 $9,597 
Latin America4,211 3,987 3,197 
Europe/Africa/CIS3,003 2,861 2,691 
Middle East/Asia6,104 5,678 4,812 
Total revenue$22,944 $23,018 $20,297 
December 31,
Millions of dollars20242023
Net property, plant, and equipment:
North America$2,595 $2,961 
Latin America1,002 527 
Europe/Africa/CIS593 444 
Middle East/Asia923 968 
Total net property, plant, and equipment$5,113 $4,900