v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
2 – Segment Information

Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2024 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE,” (2) Well Construction and Completions “WCC,” and (3) Production and Intervention “PRI.”

The Company’s chief operating decision maker (“CODM”), our chief executive officer, uses segment adjusted EBITDA to measure the profitability of each segment. The regularly reviewed historical, current and forecasted segment adjusted EBITDA data is utilized by the CODM to allocate Company resources. The CODM also uses segment adjusted EBITDA to drive efficiencies and develop competitive strategies. Segment adjusted EBITDA is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. All other includes results from non-core business activities (including integrated services and projects), and corporate includes overhead support and centrally managed or shared facilities costs. All other and corporate do not individually meet the criteria for segment reporting.

Three Months Ended June 30, 2025
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$335 $456 $327 $86 $1,204 
Direct Costs(a)
(220)(279)(220)
Other Expense(b)
(46)(59)(44)
DRE Segment Adjusted EBITDA69 69 
WCC Segment Adjusted EBITDA118 118 
PRI Segment Adjusted EBITDA63 63 
All Other19 
Corporate(15)
Depreciation and Amortization(64)
Share-based Compensation
(9)
Gain on Sale of Business
70 
Restructuring Charges
(11)
Other Charges, Net
(3)
Operating Income$237 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.
Six Months Ended June 30, 2025
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$685 $897 $661 $154 $2,397 
Direct Costs(a)
(446)(537)(450)
Other Expense(b)
(96)(114)(86)
DRE Segment Adjusted EBITDA143 143 
WCC Segment Adjusted EBITDA246 246 
PRI Segment Adjusted EBITDA125 125 
All Other23 
Corporate(30)
Depreciation and Amortization(126)
Share-based Compensation
(16)
Gain on Sale of Business
70 
Restructuring Charges
(40)
Other Charges, Net
(16)
Operating Income$379 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.


Three Months Ended June 30, 2024
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$427 $504 $369 $105 $1,405 
Direct Costs(a)
(241)(297)(236)
Other Expense(b)
(56)(62)(48)
DRE Segment Adjusted EBITDA130 130 
WCC Segment Adjusted EBITDA145 145 
PRI Segment Adjusted EBITDA85 85 
All Other23 
Corporate(18)
Depreciation and Amortization(86)
Share-based Compensation
(12)
Restructuring Charges
(5)
Other Credits, Net
2 
Operating Income$264 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.
Six Months Ended June 30, 2024
Reportable SegmentsAll
(Dollars in millions)
DRE
WCC
PRI
OtherTotal
Revenue$849 $962 $717 $235 $2,763 
Direct Costs(a)
(480)(573)(467)
Other Expense(b)
(109)(124)(92)
DRE Segment Adjusted EBITDA260 260 
WCC Segment Adjusted EBITDA265 265 
PRI Segment Adjusted EBITDA158 158 
All Other50 
Corporate(32)
Depreciation and Amortization(171)
Share-based Compensation
(25)
Restructuring Charges
(8)
Operating Income$497 
(a)Segment cost of sales and direct operating costs.
(b)Segment selling, general and administrative and research and development costs.

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Depreciation and Amortization:
DRE
$21 $27 $40 $55 
WCC
12 25 24 48 
PRI
18 24 36 46 
Corporate and Other
13 10 26 22 
Total Depreciation and Amortization$64 $86 $126 $171 
Capital Expenditures:
DRE$25 $23 $50 $45 
WCC
8 15 16 30 
PRI
15 17 46 30 
Corporate and Other6 7 19 16 
Total Capital Expenditures$54 $62 $131 $121 

(Dollars in millions)June 30, 2025December 31, 2024
Total Assets:
DRE
$952 $925 
WCC
1,031 1,040 
PRI
774 789 
Corporate and Other (a)
2,384 2,405 
     Total$5,141 $5,159 
(a) Corporate and other total assets primarily include cash and cash equivalents, certain intangible assets, and centrally managed or shared facilities.
PP&E, Net and Operating Lease Assets by Geographic Area

As of June 30, 2025 and December 31, 2024 the U.S. accounted for 22% in each period, and the Kingdom of Saudi Arabia accounted for 12% and 11%, respectively, of our PP&E, Net and operating lease assets identifiable by geography. No other country accounted for more than 10% of our PP&E, Net and operating lease assets identifiable by geography as of June 30, 2025 and December 31, 2024. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of June 30, 2025 and December 31, 2024.

(Dollars in millions)June 30, 2025December 31, 2024
North America (a)
$305 $293 
  Latin America168 195 
  Middle East/North Africa/Asia488 443 
  Europe/Sub-Sahara Africa/Russia239 219 
PP&E, Net and Operating Lease Assets by Geography (b)
$1,200 $1,150 
(a) North America consists of the U.S. and Canada.
(b) Corporate assets not allocated by geography are excluded from this total.

Sale of Business
In April 2025, we completed the sale of our pressure pumping business in Argentina for proceeds totaling $104 million consisting of $7 million of proceeds received in the fourth quarter of 2024 and $97 million of proceeds received in the second quarter of 2025. We recognized a gain of $70 million as a result of this transaction.