Business Segments (Tables)

6 Months Ended

Jun. 30, 2019

Business Segments - Financial Information

The following tables summarize selected financial information relating to the Company’s business segments (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenues:
Contract drilling	$	348,494		$	350,340		$	721,237		$	678,493
Pressure pumping		251,008			425,303			498,609			832,087
Directional drilling		50,218			52,705			103,177			101,321
Other operations ⁽¹⁾		27,852			31,717			63,243			61,370
Elimination of intercompany revenues ⁽²⁾		(1,807	)		(5,647	)		(6,330	)		(9,689	)
Total revenues	$	675,765		$	854,418		$	1,379,936		$	1,663,582

Income (loss) before income taxes:
Contract drilling	$	16,494		$	(251	)	$	37,711		$	(17,354	)
Pressure pumping		(14,408	)		20,637			(33,176	)		46,026
Directional drilling		(5,290	)		(7,678	)		(10,957	)		(12,591	)
Other operations		(7,317	)		(4,777	)		(12,521	)		(8,866	)
Corporate		(24,939	)		(24,064	)		(48,636	)		(47,871	)
Other operating (expenses) income, net ⁽³⁾		(9,071	)		7,129			(335	)		9,550
Provision for bad debts		(3,594	)		—			(3,594	)		—
Interest income		1,756			2,360			2,788			3,783
Interest expense		(13,298	)		(12,667	)		(26,282	)		(26,292	)
Other		92			216			209			385
Loss before income taxes	$	(59,575	)	$	(19,095	)	$	(94,793	)	$	(53,230	)

Depreciation, depletion, amortization and impairment:
Contract drilling	$	128,402		$	130,938		$	258,719		$	261,855
Pressure pumping		56,185			57,862			116,320			114,384
Directional drilling		10,870			11,874			21,237			22,776
Other operations		11,457			9,829			23,245			19,143
Corporate		1,774			1,881			3,577			4,118
Total depreciation, depletion, amortization and impairment	$	208,688		$	212,384		$	423,098		$	422,276

Capital expenditures:
Contract drilling	$	47,664		$	121,095		$	123,389		$	196,342
Pressure pumping		38,802			56,195			70,202			81,118
Directional drilling		3,450			10,034			5,562			22,863
Other operations		6,230			7,311			14,003			16,707
Corporate		773			227			2,104			753
Total capital expenditures	$	96,919		$	194,862		$	215,260		$	317,783

	June 30, 2019		December 31, 2018
Identifiable assets:
Contract drilling	$	3,620,264	$	3,817,638
Pressure pumping		849,006		921,237
Directional drilling		221,556		239,341
Other operations		171,412		177,374
Corporate ⁽⁴⁾		329,545		314,276
Total assets	$	5,191,783	$	5,469,866

⁽¹⁾	^{Other operations includes the Company’s oilfield rentals business, pipe handling components and related technology business, the electrical controls and automation business, the oil and natural gas working interests and Middle East organizational activities.}

⁽²⁾	^{Intercompany revenues consists of contract drilling and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations.}

⁽³⁾

^{Other operating income, net includes net gains associated with the disposal of assets related to corporate strategy decisions of the executive management group. Accordingly, the related gains have been excluded from the operating results of specific segments. This caption also includes certain legal-related expenses and settlements, net of insurance reimbursements.}

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