| Business Segments |
14. Business Segments
At March 31, 2021, 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 |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Contract drilling |
$ |
133,662 |
|
|
$ |
267,840 |
|
|
Pressure pumping |
|
75,839 |
|
|
|
125,107 |
|
|
Directional drilling |
|
19,670 |
|
|
|
34,485 |
|
|
Other operations (1) |
|
14,566 |
|
|
|
22,845 |
|
|
Elimination of intercompany revenues - Contract drilling (2) |
|
(161 |
) |
|
|
(476 |
) |
|
Elimination of intercompany revenues - Other operations (2) |
|
(2,647 |
) |
|
|
(3,874 |
) |
|
Total revenues |
$ |
240,929 |
|
|
$ |
445,927 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes: |
|
|
|
|
|
|
|
|
Contract drilling |
$ |
(48,621 |
) |
|
$ |
(404,018 |
) |
|
Pressure pumping |
|
(39,739 |
) |
|
|
(35,486 |
) |
|
Directional drilling |
|
(4,923 |
) |
|
|
(10,595 |
) |
|
Other operations |
|
(4,556 |
) |
|
|
(18,771 |
) |
|
Corporate |
|
(19,688 |
) |
|
|
(24,485 |
) |
|
Credit loss expense |
|
— |
|
|
|
(1,055 |
) |
|
Interest income |
|
139 |
|
|
|
657 |
|
|
Interest expense |
|
(10,009 |
) |
|
|
(11,224 |
) |
|
Other |
|
14 |
|
|
|
85 |
|
|
Loss before income taxes |
$ |
(127,383 |
) |
|
$ |
(504,892 |
) |
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion, amortization and impairment: |
|
|
|
|
|
|
|
|
Contract drilling |
$ |
101,674 |
|
|
$ |
111,438 |
|
|
Pressure pumping |
|
37,385 |
|
|
|
42,671 |
|
|
Directional drilling |
|
6,497 |
|
|
|
10,421 |
|
|
Other operations |
|
5,824 |
|
|
|
20,259 |
|
|
Corporate |
|
1,502 |
|
|
|
2,008 |
|
|
Total depreciation, depletion, amortization and impairment |
$ |
152,882 |
|
|
$ |
186,797 |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
Contract drilling |
$ |
11,427 |
|
|
$ |
49,445 |
|
|
Pressure pumping |
|
4,068 |
|
|
|
14,280 |
|
|
Directional drilling |
|
104 |
|
|
|
2,008 |
|
|
Other operations |
|
2,744 |
|
|
|
5,264 |
|
|
Corporate |
|
180 |
|
|
|
931 |
|
|
Total capital expenditures |
$ |
18,523 |
|
|
$ |
71,928 |
|
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
Identifiable assets: |
|
|
|
|
|
|
|
|
Contract drilling |
$ |
2,239,587 |
|
|
$ |
2,315,318 |
|
|
Pressure pumping |
|
458,128 |
|
|
|
486,702 |
|
|
Directional drilling |
|
103,677 |
|
|
|
107,807 |
|
|
Other operations |
|
88,759 |
|
|
|
88,676 |
|
|
Corporate (3) |
|
281,691 |
|
|
|
300,566 |
|
|
Total assets |
$ |
3,171,842 |
|
|
$ |
3,299,069 |
|
|
(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. |
|