Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of assets from segment to consolidated


		December 31,
Millions of dollars		2024		2023
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.

Schedule of revenue from external customers and long-lived assets, by geographical areas



	Year Ended December 31,
Millions of dollars	2024		2023		2022
Revenue:
North America	$	9,626	$	10,492	$	9,597
Latin America	4,211		3,987		3,197
Europe/Africa/CIS	3,003		2,861		2,691
Middle East/Asia	6,104		5,678		4,812
Total revenue	$	22,944	$	23,018	$	20,297


	December 31,
Millions of dollars	2024		2023
Net property, plant, and equipment:
North America	$	2,595	$	2,961
Latin America	1,002		527
Europe/Africa/CIS	593		444
Middle East/Asia	923		968
Total net property, plant, and equipment	$	5,113	$	4,900

Information on business segments

The following tables present financial information on our business segments.



		Year Ended December 31,
Millions of dollars		2024		2023		2022
Revenue:
Completion and Production		$	13,251	$	13,689	$	11,582
Drilling and Evaluation		9,693		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 Evaluation		1,608		1,543		1,292
Total operations		4,317		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 Evaluation		665		613		420
Corporate and other		2		1		2
Total capital expenditures		$	1,442	$	1,379	$	1,011
Depreciation, depletion, and amortization:
Completion and Production		$	588	$	553	$	520
Drilling and Evaluation		475		430		406
Corporate and other		16		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.

Summary of Significant Segment Expenses

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 dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,428	$	3,803
Compensation	1,922		1,865
Depreciation, depletion, and amortization	588		475
Other	2,604		1,942
Total segment operating expenses	$	10,542	$	8,085


	2023
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,906	$	3,771
Compensation	1,810		1,750
Depreciation, depletion, and amortization	553		430
Other	2,585		1,835
Total segment operating expenses	$	10,854	$	7,786


	2022
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,573	$	3,293
Compensation	1,614		1,596
Depreciation, depletion, and amortization	520		406
Other	1,838		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.