Business Segments

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Business Segments

4. Business Segments

The Company’s revenues, operating income (losses) and identifiable assets are primarily attributable to three business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) the investment, on a non-operating working interest basis, in oil and natural gas properties. Each of these segments represents a distinct type of business. These segments have separate management teams which report to the Company’s chief operating decision maker. The results of operations in these segments are regularly reviewed by the chief operating decision maker for purposes of determining resource allocation and assessing performance.

The following tables summarize selected financial information relating to the Company’s business segments (in thousands):

	Three Months Ended
	March 31,
	2016			2015
Revenues:
Contract drilling	$	168,757		$	402,241
Pressure pumping		96,313			249,721
Oil and natural gas		3,967			6,500
Total segment revenues		269,037			658,462
Elimination of intercompany revenues (a)		(98	)		(763	)
Total revenues	$	268,939		$	657,699
Operating income (loss):
Contract drilling	$	(35,096	)	$	68,398
Pressure pumping		(43,959	)		(15,016	)
Oil and natural gas		(2,855	)		(4,562	)
		(81,910	)		48,820
Corporate and other		(14,694	)		(15,373	)
Other operating income (expense), net (b)		1,345			(9,344	)
Interest income		110			283
Interest expense		(10,800	)		(8,541	)
Other		16			-
Income (loss) before income taxes	$	(105,933	)	$	15,845

	March 31,		December 31,
	2016		2015
Identifiable assets:
Contract drilling	$	3,342,096	$	3,457,044
Pressure pumping		760,692		813,704
Oil and natural gas		30,183		34,073
Corporate and other (c)		265,199		224,663
Total assets	$	4,398,170	$	4,529,484

(a) Consists of contract drilling intercompany revenues for services provided to the oil and natural gas exploration and production segment.

(b) Other operating income (expense) includes net gains or losses associated with the disposal of assets related to corporate strategy decisions of the executive management group.  Accordingly, the related gains or losses have been excluded from the results of specific segments.  This caption also includes expenses related to certain legal settlements.  

(c) Corporate and other assets primarily include cash on hand, income tax receivables and certain deferred tax assets.