Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

(13) Segment Information

Our reportable segments are Rentals and Well Services.

Business Segments

The products and service offerings of Rentals are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, manufacturing and rental of bottom hole assemblies, and rentals of accommodation units.

The products and service offerings of Well Services are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property.

We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative expenses, depreciation, depletion, amortization and accretion expense and other (gains) and losses, net. We use this segment measure to evaluate our reportable segments as it is the measure that is most consistent with how we organize and manage our business operations. Corporate and other costs primarily include expenses related to support functions, including salaries and benefits for corporate employees.

Summarized financial information for our segments is as follows (in thousands):

For the year ended December 31, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	402,942		$	481,018		$	-		$	883,960
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		137,626			339,325			-			476,951
Depreciation, depletion, amortization and accretion		58,731			34,841			4,488			98,060
General and administrative expenses		28,139			45,898			54,257			128,294
Restructuring expenses		-			-			6,375			6,375
Other (gains) and losses, net		(5,190	)		(23,575	)		(369	)		(29,134	)
Income (loss) from operations	$	183,636		$	84,529		$	(64,751	)	$	203,414
For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other (gains) and losses, net		3,609			13,117			-			16,726
Income (loss) from operations	$	(17,349	)	$	(57,791	)	$	(75,470	)	$	(150,610	)
For the Period January 1, 2021 through February 2, 2021 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	18,339		$	27,589		$	-		$	45,928
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		7,839			21,934			-			29,773
Depreciation, depletion, amortization and accretion		4,271			3,666			421			8,358
General and administrative expenses		2,027			4,111			4,914			11,052
Restructuring expenses		-			-			1,270			1,270
Income (loss) from operations	$	4,202		$	(2,122	)	$	(6,605	)	$	(4,525	)
For the year ended December 31, 2020 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	297,835		$	369,414		$	-		$	667,249
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		109,902			298,229			-			408,131
Depreciation, depletion, amortization and accretion		63,072			48,929			3,770			115,771
General and administrative expenses		52,718			73,200			79,855			205,773
Restructuring expenses		-			-			47,055			47,055
Reduction in value of assets		754			21,038			1,983			23,775
Income (loss) from operations	$	71,389		$	(71,982	)	$	(132,663	)	$	(133,256	)

Identifiable Assets

			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	432,437	$	533,327	$	225,248	$	1,191,012
December 31, 2021		379,453		636,256		183,799		1,199,508

At December 31, 2022 and 2021, the Corporate and Other segment included $12.0 million and $37.5 million of identifiable assets relating to assets held for sale. Additionally, the Corporate and Other segment as of December 31, 2022 includes $97.5 million of non-current deferred tax assets. For further discussion see Note 17 - Discontinued Operations.

Capital Expenditures

			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	54,126	$	10,729	$	929	$	65,784
For the period from February 3, 2021 through December 31, 2021		27,335		6,817		-		34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035
December 31, 2020 (Predecessor)		24,053		19,609		3,991		47,653

Geographic Information

We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East and North Africa regions. We attribute revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. See Note 3 - Revenues for a detail of our domestic and international revenues. 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.

Long-Lived Assets

	December 31, 2022		December 31, 2021
United States	$	212,534	$	231,388
Other countries		69,842		124,886
Total	$	282,376	$	356,274