Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments - Financial Information

The following tables summarize selected financial information relating to our business segments (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Drilling Services	$	459,494	$	503,718	$	931,440	$	992,815
Completion Services	805,373		250,241		1,750,370		543,509
Drilling Products	86,054		—		176,027		—
Other (1)	18,292		20,129		38,234		41,893
Elimination of intercompany revenues – Drilling Services (2)	(19,205)		(14,059)		(33,578)		(25,429)
Elimination of intercompany revenues – Other (2)	(1,814)		(1,144)		(3,939)		(2,101)
Total revenues	$	1,348,194	$	758,885	$	2,858,554	$	1,550,687
Segment operating income (3) and reconciliation to income before income taxes:
Drilling Services	$	76,112	$	113,279	$	165,724	$	214,585
Completion Services	10,725		25,304		60,354		69,736
Drilling Products	8,639		—		15,139		—
Total segment operating income (3)	95,476		138,583		241,217		284,321
Other	433		(591)		1,421		1,376
Corporate	(50,681)		(33,410)		(110,411)		(55,152)
Interest income	1,867		1,212		4,056		2,452
Interest expense	(17,913)		(9,738)		(36,248)		(18,564)
Other income	224		2,323		1,074		3,809
Income before income taxes	$	29,406	$	98,379	$	101,109	$	218,242
Depreciation, depletion, amortization and impairment:
Drilling Services	$	98,607	$	90,400	$	190,952	$	181,693
Completion Services	138,693		25,976		287,373		52,001
Drilling Products	23,176		—		50,358		—
Other	5,512		9,304		10,923		16,627
Corporate	1,650		1,134		2,988		4,673
Total depreciation, depletion, amortization and impairment	$	267,638	$	126,814	$	542,594	$	254,994
Capital expenditures:
Drilling Services	$	58,426	$	82,634	$	141,219	$	171,913
Completion Services	48,728		29,640		172,105		51,065
Drilling Products	13,958		—		29,544		—
Other	9,213		7,192		13,010		12,415
Corporate	183		12,928		1,571		14,602
Total capital expenditures	$	130,508	$	132,394	$	357,449	$	249,995

	June 30, 2024		December 31, 2023
Identifiable assets:
Drilling Services	$	2,213,263	$	2,368,604
Completion Services	3,622,891		3,835,699
Drilling Products	992,453		1,011,870
Other	60,272		59,221
Corporate (4)	133,452		144,637
Total assets	$	7,022,331	$	7,420,031

(1)Other includes our oilfield rentals business and oil and natural gas working interests.

(2)Intercompany revenues consist of revenues from drilling services provided to our other operations, and revenues from other operations for services provided to drilling services, completion services and within other operations. These revenues are generally based on estimated external selling prices and are eliminated during consolidation.

(3)Segment operating income is our measure of segment profitability. It is defined as revenue less operating expenses, selling, general and administrative expenses, depreciation, amortization and impairment expenses and other operating income.

(4)Corporate assets primarily include cash on hand and certain property and equipment.