Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

10. Segment Information

				(Stated in millions)
	Third Quarter 2024						Third Quarter 2023
				Income						Income
	Revenue			Before Taxes			Revenue			Before Taxes
Digital & Integration	$	1,088		$	386		$	982		$	314
Reservoir Performance		1,823			367			1,680			344
Well Construction		3,312			714			3,430			759
Production Systems		3,103			519			2,367			319
Eliminations & other		(167	)		(84	)		(149	)		(53	)
					1,902						1,683
Corporate & other (1)					(187	)					(182	)
Interest income (2)					36						20
Interest expense (3)					(132	)					(126	)
Charges and credits (4)					(112	)					-
	$	9,159		$	1,507		$	8,310		$	1,395

(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.

(2)Interest income excludes amounts that are included in the segments’ income ($16 million in 2024; $3 million in 2023).

(3)Interest expense excludes amounts that are included in the segments’ income ($4 million in 2024; $4 million in 2023).

(4)See Note 2 – Charges and Credits.

				(Stated in millions)
	Nine Months 2024						Nine Months 2023
				Income						Income
	Revenue			Before Taxes			Revenue			Before Taxes
Digital & Integration	$	3,091		$	965		$	2,822		$	901
Reservoir Performance		5,368			1,082			4,826			892
Well Construction		10,090			2,145			10,052			2,162
Production Systems		8,946			1,392			6,888			802
Eliminations & other		(490	)		(180	)		(443	)		(102	)
					5,404						4,655
Corporate & other (1)					(568	)					(536	)
Interest income (2)					98						57
Interest expense (3)					(370	)					(363	)
Charges and credits (4)					(279	)					36
	$	27,005		$	4,285		$	24,145		$	3,849

(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.

(2)Interest income excludes amounts that are included in the segments’ income ($31 million in 2024; $2 million in 2023).

(3)Interest expense excludes amounts that are included in the segments’ income ($13 million in 2024 ; $10 million in 2023).

(4)See Note 2 – Charges and Credits.

Revenue by geographic area was as follows:

					(Stated in millions)
	Third Quarter				Nine Months
	2024		2023		2024		2023
North America	$	1,687	$	1,643	$	4,929	$	5,086
Latin America		1,689		1,681		5,084		4,923
Europe & Africa (1)		2,434		2,091		7,199		6,095
Middle East & Asia		3,302		2,842		9,650		7,877
Other		47		53		143		164
	$	9,159	$	8,310	$	27,005	$	24,145

(1)Includes Russia and the Caspian region.

North America and International revenue disaggregated by segment was as follows:

							(Stated in millions)
	Third Quarter 2024
	North
	America			International			Other			Total
Digital & Integration	$	258		$	830		$	-		$	1,088
Reservoir Performance		145			1,676			2			1,823
Well Construction		581			2,675			56			3,312
Production Systems		723			2,373			7			3,103
Eliminations & other		(20	)		(129	)		(18	)		(167	)
	$	1,687		$	7,425		$	47		$	9,159
	Third Quarter 2023
	North
	America			International			Other			Total
Digital & Integration	$	242		$	737		$	3		$	982
Reservoir Performance		125			1,554			1			1,680
Well Construction		663			2,707			60			3,430
Production Systems		626			1,740			1			2,367
Eliminations & other		(13	)		(124	)		(12	)		(149	)
	$	1,643		$	6,614		$	53		$	8,310

	Nine Months 2024
	North
	America			International			Other			Total
Digital & Integration	$	784		$	2,303		$	4		$	3,091
Reservoir Performance		409			4,952			7			5,368
Well Construction		1,776			8,151			163			10,090
Production Systems		2,009			6,915			22			8,946
Eliminations & other		(49	)		(388	)		(53	)		(490	)
	$	4,929		$	21,933		$	143		$	27,005
	Nine Months 2023
	North
	America			International			Other			Total
Digital & Integration	$	727		$	2,091		$	4		$	2,822
Reservoir Performance		375			4,446			5			4,826
Well Construction		2,095			7,782			175			10,052
Production Systems		1,931			4,943			14			6,888
Eliminations & other		(42	)		(367	)		(34	)		(443	)
	$	5,086		$	18,895		$	164		$	24,145

Revenue in excess of billings related to contracts where revenue is recognized over time was $0.4 billion at both September 30, 2024 and December 31, 2023. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet.

Total backlog was $5.2 billion at September 30, 2024, of which approximately 60% is expected to be recognized as revenue over the next 12 months.

Billings and cash collections in excess of revenue was $2.0 billion at both September 30, 2024 and December 31, 2023. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.