Business Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Business Segments

14. Business Segments

At June 30, 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						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Revenues:
Contract drilling	$	142,264		$	171,476		$	275,926		$	439,316
Pressure pumping		111,991			59,533			187,830			184,640
Directional drilling		24,869			11,742			44,539			46,227
Other operations (1)		18,251			11,460			32,817			34,305
Elimination of intercompany revenues - Contract drilling (2)		(532	)		(342	)		(693	)		(818	)
Elimination of intercompany revenues - Other operations (2)		(5,069	)		(3,489	)		(7,716	)		(7,363	)
Total revenues	$	291,774		$	250,380		$	532,703		$	696,307
Income (loss) before income taxes:
Contract drilling	$	(58,229	)	$	(30,742	)	$	(106,850	)	$	(434,760	)
Pressure pumping		(23,921	)		(68,554	)		(63,660	)		(104,040	)
Directional drilling		(5,110	)		(14,385	)		(10,033	)		(24,980	)
Other operations		(3,287	)		(10,355	)		(7,843	)		(29,126	)
Corporate		(18,863	)		(30,497	)		(38,551	)		(54,982	)
Credit loss expense		—			(4,551	)		—			(5,606	)
Interest income		20			334			159			991
Interest expense		(10,704	)		(10,984	)		(20,713	)		(22,208	)
Other		812			85			826			170
Loss before income taxes	$	(119,282	)	$	(169,649	)	$	(246,665	)	$	(674,541	)
Depreciation, depletion, amortization and impairment:
Contract drilling	$	98,592		$	115,130		$	200,266		$	226,568
Pressure pumping		31,740			38,811			69,125			81,482
Directional drilling		6,594			9,677			13,091			20,098
Other operations		5,619			7,976			11,443			28,235
Corporate		1,492			1,491			2,994			3,499
Total depreciation, depletion, amortization and impairment	$	144,037		$	173,085		$	296,919		$	359,882
Capital expenditures:
Contract drilling	$	24,042		$	42,501		$	35,469		$	91,946
Pressure pumping		8,921			1,947			12,989			16,227
Directional drilling		1,219			2,044			1,323			4,052
Other operations		3,429			2,808			6,173			8,072
Corporate		439			373			619			1,304
Total capital expenditures	$	38,050		$	49,673		$	56,573		$	121,601

	June 30, 2021		December 31, 2020
Identifiable assets:
Contract drilling	$	2,162,825	$	2,315,318
Pressure pumping		440,928		486,702
Directional drilling		106,116		107,807
Other operations		88,060		88,676
Corporate (3)		275,377		300,566
Total assets	$	3,073,306	$	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.}