Segment Information

3 Months Ended

Mar. 31, 2020

(9) Segment Information

Business Segments

The Drilling Products and Services segment rents and sells premium drill pipe, bottom hole assemblies, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and machining services. The Onshore Completion and Workover Services segment provides fluid handling services and workover and maintenance services. The Production Services segment provides intervention services such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including well containment systems, stimulation and sand control services and the production and sale of oil and gas.

The Company evaluates the performance of its reportable segments based on income or loss from operations excluding corporate expenses. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation, depletion, amortization and accretion expense and reduction in value of assets. The Company uses this segment measure to evaluate its reportable segments because it is the measure that is most consistent with how the Company organizes and manages its business operations. Corporate and other costs primarily include expenses related to support functions, salaries and benefits for corporate employees and stock-based compensation expense.

Summarized financial information for the Company’s segments is as follows (in thousands):



Three Months Ended March 31, 2020

			Onshore
	Drilling		Completion
	Products and		and Workover		Production		Technical		Corporate and		Consolidated
	Services		Services		Services		Solutions		Other		Total
Revenues	$	103,993	$	61,218	$	101,504	$	54,782	$	-	$	321,497
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion		34,963		52,589		82,612		41,522		-		211,686
Depreciation, depletion, amortization
and accretion		17,790		6,313		10,838		5,345		1,069		41,355
General and administrative expenses		14,513		5,314		7,855		13,991		23,484		65,157
Reduction in value of assets		-		-		4,096		12,426		-		16,522
Income (loss) from operations		36,727		(2,998)		(3,897)		(18,502)		(24,553)		(13,223)
Interest income (expense), net		-		-		-		1,173		(26,307)		(25,134)
Other expense		-		-		-		-		(4,232)		(4,232)
Income (loss) from continuing operations
before income taxes	$	36,727	$	(2,998)	$	(3,897)	$	(17,329)	$	(55,092)	$	(42,589)



Three Months Ended March 31, 2019

			Onshore
	Drilling		Completion
	Products and		and Workover		Production		Technical		Corporate and		Consolidated
	Services		Services		Services		Solutions		Other		Total
Revenues	$	101,079	$	103,136	$	103,450	$	57,609	$	-	$	365,274
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion		42,205		81,689		79,881		36,278		-		240,053
Depreciation, depletion, amortization
and accretion		23,026		11,647		14,140		6,310		1,220		56,343
General and administrative expenses		14,569		7,842		7,812		15,937		24,952		71,112
Income (loss) from operations		21,279		1,958		1,617		(916)		(26,172)		(2,234)
Interest income (expense), net		-		-		-		1,018		(26,139)		(25,121)
Other expense		-		-		-		-		(1,612)		(1,612)
Income (loss) from continuing operations
before income taxes	$	21,279	$	1,958	$	1,617	$	102	$	(53,923)	$	(28,967)



Identifiable Assets
			Onshore
	Drilling		Completion
	Products and		and Workover		Production		Technical		Corporate and		Consolidated
	Services		Services		Services		Solutions		Other		Total
March 31, 2020	$	681,004	$	353,331	$	422,673	$	309,719	$	64,164	$	1,830,891
December 31, 2019	$	659,621		467,697	$	421,848	$	377,627	$	66,437	$	1,993,230

Geographic Segments

The Company attributes revenue to various countries based on the location of where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations are as follows (in thousands):



Revenues
	Three Months Ended March 31,
	2020		2019
United States	$	214,734	$	273,211
Other countries		106,763		92,063
Total	$	321,497	$	365,274

Long-Lived Assets

	March 31, 2020		December 31, 2019
United States	$	447,308	$	489,189
Other countries		172,709		175,760
Total	$	620,017	$	664,949