Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

10. Segment Information

				(Stated in millions)
	Second Quarter 2024						Second Quarter 2023
				Income						Income
	Revenue			Before Taxes			Revenue			Before Taxes
Digital & Integration	$	1,050		$	325		$	947		$	322
Reservoir Performance		1,819			376			1,643			306
Well Construction		3,411			742			3,362			731
Production Systems		3,025			473			2,313			278
Eliminations & other		(166	)		(62	)		(166	)		(56	)
					1,854						1,581
Corporate & other (1)					(191	)					(183	)
Interest income (2)					29						19
Interest expense (3)					(129	)					(124	)
Charges and credits (4)					(142	)					-
	$	9,139		$	1,421		$	8,099		$	1,293

(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 ($9 million in 2024; $- million in 2023).

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

(4)See Note 2 – Charges and Credits.

				(Stated in millions)
	Six Months 2024						Six Months 2023
				Income						Income
	Revenue			Before Taxes			Revenue			Before Taxes
Digital & Integration	$	2,003		$	579		$	1,840		$	587
Reservoir Performance		3,544			715			3,146			548
Well Construction		6,779			1,432			6,623			1,403
Production Systems		5,843			873			4,520			483
Eliminations & other		(323	)		(97	)		(294	)		(49	)
					3,502						2,972
Corporate & other (1)					(382	)					(353	)
Interest income (2)					63						36
Interest expense (3)					(238	)					(237	)
Charges and credits (4)					(167	)					36
	$	17,846		$	2,778		$	15,835		$	2,454

(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 ($13 million in 2024; $- million in 2023).

(3)Interest expense excludes amounts that are included in the segments’ income ($7 million in both 2024 and 2023).

(4)See Note 2 – Charges and Credits.

Revenue by geographic area was as follows:

					(Stated in millions)
	Second Quarter				Six Months
	2024		2023		2024		2023
North America	$	1,644	$	1,746	$	3,242	$	3,443
Latin America		1,742		1,624		3,395		3,242
Europe & Africa (1)		2,442		2,031		4,764		4,005
Middle East & Asia		3,268		2,642		6,348		5,035
Other		43		56		97		110
	$	9,139	$	8,099	$	17,846	$	15,835

(1)Includes Russia and the Caspian region.

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

							(Stated in millions)
	Second Quarter 2024
	North
	America			International			Other			Total
Digital & Integration	$	291		$	757		$	2		$	1,050
Reservoir Performance		134			1,684			1			1,819
Well Construction		592			2,768			51			3,411
Production Systems		640			2,378			7			3,025
Eliminations & other		(13	)		(135	)		(18	)		(166	)
	$	1,644		$	7,452		$	43		$	9,139
	Second Quarter 2023
	North
	America			International			Other			Total
Digital & Integration	$	234		$	712		$	1		$	947
Reservoir Performance		130			1,512			1			1,643
Well Construction		721			2,582			59			3,362
Production Systems		679			1,628			6			2,313
Eliminations & other		(18	)		(137	)		(11	)		(166	)
	$	1,746		$	6,297		$	56		$	8,099

	Six Months 2024
	North
	America			International			Other			Total
Digital & Integration	$	527		$	1,474		$	2		$	2,003
Reservoir Performance		264			3,276			4			3,544
Well Construction		1,196			5,475			108			6,779
Production Systems		1,286			4,543			14			5,843
Eliminations & other		(31	)		(261	)		(31	)		(323	)
	$	3,242		$	14,507		$	97		$	17,846
	Six Months 2023
	North
	America			International			Other			Total
Digital & Integration	$	485		$	1,354		$	1		$	1,840
Reservoir Performance		250			2,892			4			3,146
Well Construction		1,432			5,075			116			6,623
Production Systems		1,305			3,202			13			4,520
Eliminations & other		(29	)		(241	)		(24	)		(294	)
	$	3,443		$	12,282		$	110		$	15,835

Revenue in excess of billings related to contracts where revenue is recognized over time was $0.4 billion at both June 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 $5.1 billion at June 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 June 30, 2024 and December 31, 2023. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.