Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Property and equipment, net and revenue for our domestic and international operations

Property and equipment, net and revenue for our domestic and international operations for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Property and equipment, net:
United States	$	3,257,937	$	2,213,242	$	2,292,448
Colombia		48,434		47,334		39,307
International (Excluding Colombia)		34,041		—		—
Property and equipment, net	$	3,340,412	$	2,260,576	$	2,331,755
Revenue:
United States	$	4,057,212	$	2,577,471	$	1,341,330
Colombia		50,692		70,121		15,751
International (Excluding Colombia)		38,552		—		—
Total revenues	$	4,146,456	$	2,647,592	$	1,357,081

Business Segments - Financial Information

	Year Ended December 31,
	2023			2022			2021
Revenues:
Drilling Services	$	1,976,401		$	1,581,380		$	805,295
Completion Services		2,017,440			1,022,413			523,756
Drilling Products		134,679			—			—
Other (1)		79,058			81,966			49,703
Elimination of intercompany revenues - Drilling Services (2)		(56,642	)		(36,560	)		(21,077	)
Elimination of intercompany revenues - Other (2)		(4,480	)		(1,607	)		(596	)
Total revenues	$	4,146,456		$	2,647,592		$	1,357,081
Segment operating income (loss) (3) and reconciliation to income (loss) before income taxes:
Drilling Services	$	422,002		$	149,807		$	(465,053	)
Completion Services		140,220			134,103			(118,863	)
Drilling Products		(6,501	)		—			—
Total segment operating income (loss) (3)		555,721			283,910			(583,916	)
Other		2,829			13,776			(3,182	)
Corporate		(205,754	)		(86,655	)		(92,152	)
Credit loss expense		(842	)		—			1,500
Interest income		6,122			360			222
Interest expense		(52,870	)		(40,256	)		(41,978	)
Other		1,898			(3,273	)		(275	)
Income (loss) before income taxes	$	307,104		$	167,862		$	(719,781	)
Depreciation, depletion, amortization and impairment:
Drilling Services	$	364,312		$	354,116		$	660,402
Completion Services		283,230			98,162			159,305
Drilling Products		48,467			—			—
Other		28,237			26,496			23,612
Corporate		7,170			5,171			5,859
Total depreciation, depletion, amortization and impairment	$	731,416		$	483,945		$	849,178
Capital expenditures:
Drilling Services	$	334,780		$	272,521		$	118,496
Completion Services		214,746			137,935			34,676
Drilling Products		24,572			—			—
Other		24,645			25,215			11,627
Corporate		16,947			1,126			1,521
Total capital expenditures	$	615,690		$	436,797		$	166,320
Identifiable assets:
Drilling Services	$	2,368,604		$	2,348,177		$	2,279,952
Completion Services		3,835,699			541,975			458,202
Drilling Products		1,011,870			—			—
Other		59,221			64,018			62,766
Corporate (4)		144,637			189,653			156,928
Total assets	$	7,420,031		$	3,143,823		$	2,957,848

(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 (loss) 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 (loss).

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