Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segments

14. Business Segments

At June 30, 2023, we had three reportable business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) directional drilling services. Each of these segments represents a distinct type of business and has a separate management team that reports to our 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 our business segments (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Revenues:
Contract drilling	$	435,510		$	307,618		$	857,569		$	567,301
Pressure pumping		250,241			238,376			543,509			427,966
Directional drilling		55,141			54,825			111,404			98,159
Other operations (1)		33,195			29,233			65,736			54,259
Elimination of intercompany revenues - Contract drilling (2)		(3,135	)		(3,032	)		(6,168	)		(6,075	)
Elimination of intercompany revenues - Other operations (2)		(12,067	)		(4,782	)		(21,363	)		(9,997	)
Total revenues	$	758,885		$	622,238		$	1,550,687		$	1,131,613
Income (loss) before income taxes:
Contract drilling	$	113,342		$	21,720		$	213,672		$	18,556
Pressure pumping		25,304			20,091			69,736			26,512
Directional drilling		1,341			4,028			3,449			5,816
Other operations		(1,995	)		3,300			(1,160	)		4,041
Corporate		(33,410	)		(12,377	)		(55,152	)		(37,044	)
Interest income		1,212			14			2,452			29
Interest expense		(9,738	)		(10,658	)		(18,564	)		(21,223	)
Other		2,323			(2,452	)		3,809			(870	)
Income (loss) before income taxes	$	98,379		$	23,666		$	218,242		$	(4,183	)
Depreciation, depletion, amortization and impairment:
Contract drilling	$	85,633		$	84,905		$	172,499		$	166,928
Pressure pumping		25,976			24,713			52,001			48,498
Directional drilling		4,514			3,859			8,685			7,203
Other operations		9,557			6,803			17,136			13,200
Corporate		1,134			1,273			4,673			2,662
Total depreciation, depletion, amortization and impairment	$	126,814		$	121,553		$	254,994		$	238,491
Capital expenditures:
Contract drilling	$	74,464		$	50,165		$	154,613		$	101,875
Pressure pumping		29,640			34,554			51,065			68,016
Directional drilling		7,331			4,036			16,405			7,002
Other operations		8,031			7,189			13,310			13,391
Corporate		12,928			426			14,602			914
Total capital expenditures	$	132,394		$	96,370		$	249,995		$	191,198

	June 30, 2023		December 31, 2022
Identifiable assets:
Contract drilling	$	2,195,695	$	2,197,137
Pressure pumping		475,312		541,975
Directional drilling		124,713		121,111
Other operations		110,828		93,947
Corporate (3)		210,648		189,653
Total assets	$	3,117,196	$	3,143,823

(1)Other operations includes our oilfield rentals business, drilling equipment service business, the electrical controls and automation business and the oil and natural gas working interests.

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

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