| Segment Information |
10. Segment Information Financial information by segment is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital & Integration |
$ |
995 |
|
|
$ |
327 |
|
|
$ |
148 |
|
|
$ |
150 |
|
Reservoir Performance |
|
1,691 |
|
|
|
314 |
|
|
|
107 |
|
|
|
124 |
|
Well Construction |
|
2,963 |
|
|
|
551 |
|
|
|
169 |
|
|
|
118 |
|
Production Systems |
|
3,036 |
|
|
|
499 |
|
|
|
91 |
|
|
|
113 |
|
Eliminations & other |
|
(139 |
) |
|
|
(107 |
) |
|
|
73 |
|
|
|
15 |
|
Corporate & other (1) |
|
|
|
|
(169 |
) |
|
|
45 |
|
|
|
|
Interest income (2) |
|
|
|
|
30 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(139 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(21 |
) |
|
|
|
|
|
|
|
$ |
8,546 |
|
|
$ |
1,285 |
|
|
$ |
633 |
|
|
$ |
520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital & Integration |
$ |
1,050 |
|
|
$ |
325 |
|
|
$ |
170 |
|
|
$ |
197 |
|
Reservoir Performance |
|
1,819 |
|
|
|
376 |
|
|
|
101 |
|
|
|
138 |
|
Well Construction |
|
3,411 |
|
|
|
742 |
|
|
|
162 |
|
|
|
198 |
|
Production Systems |
|
3,025 |
|
|
|
473 |
|
|
|
83 |
|
|
|
99 |
|
Eliminations & other |
|
(166 |
) |
|
|
(62 |
) |
|
|
71 |
|
|
|
28 |
|
Corporate & other (1) |
|
|
|
|
(191 |
) |
|
|
44 |
|
|
|
|
Interest income (2) |
|
|
|
|
29 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(129 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(142 |
) |
|
|
|
|
|
|
|
$ |
9,139 |
|
|
$ |
1,421 |
|
|
$ |
631 |
|
|
$ |
660 |
|
(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2)Interest income excludes amounts that are included in the segments’ income ($- million in 2025; $9 million in 2024). (3)Interest expense excludes amounts that are included in the segments’ income ($3 million in 2025; $3 million in 2024). (4)See Note 2 – Charges and Credits. (5)Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital & Integration |
$ |
2,001 |
|
|
$ |
633 |
|
|
$ |
315 |
|
|
$ |
311 |
|
Reservoir Performance |
|
3,391 |
|
|
|
596 |
|
|
|
211 |
|
|
|
261 |
|
Well Construction |
|
5,940 |
|
|
|
1,140 |
|
|
|
333 |
|
|
|
247 |
|
Production Systems |
|
5,974 |
|
|
|
973 |
|
|
|
182 |
|
|
|
204 |
|
Eliminations & other |
|
(271 |
) |
|
|
(202 |
) |
|
|
144 |
|
|
|
54 |
|
Corporate & other (1) |
|
|
|
|
(347 |
) |
|
|
88 |
|
|
|
|
Interest income (2) |
|
|
|
|
66 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(283 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(228 |
) |
|
|
|
|
|
|
|
$ |
17,035 |
|
|
$ |
2,348 |
|
|
$ |
1,273 |
|
|
$ |
1,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2024 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital & Integration |
$ |
2,003 |
|
|
$ |
579 |
|
|
$ |
318 |
|
|
$ |
348 |
|
Reservoir Performance |
|
3,544 |
|
|
|
715 |
|
|
|
199 |
|
|
|
253 |
|
Well Construction |
|
6,779 |
|
|
|
1,432 |
|
|
|
318 |
|
|
|
390 |
|
Production Systems |
|
5,843 |
|
|
|
873 |
|
|
|
165 |
|
|
|
177 |
|
Eliminations & other |
|
(323 |
) |
|
|
(97 |
) |
|
|
143 |
|
|
|
41 |
|
Corporate & other (1) |
|
|
|
|
(382 |
) |
|
|
88 |
|
|
|
|
Interest income (2) |
|
|
|
|
63 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(238 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(167 |
) |
|
|
|
|
|
|
|
$ |
17,846 |
|
|
$ |
2,778 |
|
|
$ |
1,231 |
|
|
$ |
1,209 |
|
(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2)Interest income excludes amounts that are included in the segments’ income ($- million in 2025; $13 million in 2024). (3)Interest expense excludes amounts that are included in the segments’ income ($6 million in 2025; $7 million in 2024). (4)See Note 2 – Charges and Credits. (5)Capital investments included capital expenditures, APS investments, and exploration data costs capitalized. Total assets by segment are as follows:
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
Jun. 30, |
|
|
Dec. 31, |
|
|
|
2025 |
|
|
2024 |
|
Digital & Integration |
|
$ |
2,708 |
|
|
$ |
3,117 |
|
Reservoir Performance |
|
|
4,088 |
|
|
|
3,802 |
|
Well Construction |
|
|
6,754 |
|
|
|
6,741 |
|
Production Systems |
|
|
7,741 |
|
|
|
7,116 |
|
Goodwill and intangibles |
|
|
17,551 |
|
|
|
17,605 |
|
All other assets |
|
|
9,927 |
|
|
|
10,554 |
|
|
|
$ |
48,769 |
|
|
$ |
48,935 |
|
Segment assets consist of receivables, inventories, fixed assets, exploration data costs capitalized, and APS investments. Revenue by geographic area was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
Six Months |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
North America |
$ |
1,655 |
|
|
$ |
1,644 |
|
|
$ |
3,373 |
|
|
$ |
3,242 |
|
Latin America |
|
1,492 |
|
|
|
1,742 |
|
|
|
2,986 |
|
|
|
3,395 |
|
Europe & Africa (1) |
|
2,369 |
|
|
|
2,442 |
|
|
|
4,604 |
|
|
|
4,764 |
|
Middle East & Asia |
|
2,986 |
|
|
|
3,268 |
|
|
|
5,983 |
|
|
|
6,348 |
|
Other |
|
44 |
|
|
|
43 |
|
|
|
89 |
|
|
|
97 |
|
|
$ |
8,546 |
|
|
$ |
9,139 |
|
|
$ |
17,035 |
|
|
$ |
17,846 |
|
(1)Includes Russia and the Caspian region. North America and International revenue disaggregated by segment was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2025 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital & Integration |
$ |
223 |
|
|
$ |
769 |
|
|
$ |
3 |
|
|
$ |
995 |
|
Reservoir Performance |
|
148 |
|
|
|
1,541 |
|
|
|
2 |
|
|
|
1,691 |
|
Well Construction |
|
512 |
|
|
|
2,394 |
|
|
|
57 |
|
|
|
2,963 |
|
Production Systems |
|
789 |
|
|
|
2,243 |
|
|
|
4 |
|
|
|
3,036 |
|
Eliminations & other |
|
(17 |
) |
|
|
(100 |
) |
|
|
(22 |
) |
|
|
(139 |
) |
|
$ |
1,655 |
|
|
$ |
6,847 |
|
|
$ |
44 |
|
|
$ |
8,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital & Integration |
$ |
291 |
|
|
$ |
757 |
|
|
$ |
2 |
|
|
$ |
1,050 |
|
Reservoir Performance |
|
134 |
|
|
|
1,684 |
|
|
|
1 |
|
|
|
1,819 |
|
Well Construction |
|
592 |
|
|
|
2,768 |
|
|
|
51 |
|
|
|
3,411 |
|
Production Systems |
|
640 |
|
|
|
2,378 |
|
|
|
7 |
|
|
|
3,025 |
|
Eliminations & other |
|
(13 |
) |
|
|
(135 |
) |
|
|
(18 |
) |
|
|
(166 |
) |
|
$ |
1,644 |
|
|
$ |
7,452 |
|
|
$ |
43 |
|
|
$ |
9,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2025 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital & Integration |
$ |
512 |
|
|
$ |
1,486 |
|
|
$ |
3 |
|
|
$ |
2,001 |
|
Reservoir Performance |
|
290 |
|
|
|
3,097 |
|
|
|
4 |
|
|
|
3,391 |
|
Well Construction |
|
1,054 |
|
|
|
4,775 |
|
|
|
111 |
|
|
|
5,940 |
|
Production Systems |
|
1,557 |
|
|
|
4,410 |
|
|
|
7 |
|
|
|
5,974 |
|
Eliminations & other |
|
(40 |
) |
|
|
(195 |
) |
|
|
(36 |
) |
|
|
(271 |
) |
|
$ |
3,373 |
|
|
$ |
13,573 |
|
|
$ |
89 |
|
|
$ |
17,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2024 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital & Integration |
$ |
527 |
|
|
$ |
1,474 |
|
|
$ |
2 |
|
|
$ |
2,003 |
|
Reservoir Performance |
|
264 |
|
|
|
3,276 |
|
|
|
4 |
|
|
|
3,544 |
|
Well Construction |
|
1,196 |
|
|
|
5,475 |
|
|
|
108 |
|
|
|
6,779 |
|
Production Systems |
|
1,286 |
|
|
|
4,543 |
|
|
|
14 |
|
|
|
5,843 |
|
Eliminations & other |
|
(31 |
) |
|
|
(261 |
) |
|
|
(31 |
) |
|
|
(323 |
) |
|
$ |
3,242 |
|
|
$ |
14,507 |
|
|
$ |
97 |
|
|
$ |
17,846 |
|
Significant segment expenses, which represent the difference between segment revenue and pretax segment income, consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2025 |
|
|
Digital & |
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Integration |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
198 |
|
|
$ |
407 |
|
|
$ |
592 |
|
|
$ |
235 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
279 |
|
|
|
818 |
|
|
|
1,882 |
|
Depreciation and amortization |
|
148 |
|
|
|
107 |
|
|
|
169 |
|
|
|
91 |
|
Allocations |
|
105 |
|
|
|
163 |
|
|
|
240 |
|
|
|
139 |
|
Other |
|
217 |
|
|
|
421 |
|
|
|
593 |
|
|
|
190 |
|
|
$ |
668 |
|
|
$ |
1,377 |
|
|
$ |
2,412 |
|
|
$ |
2,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
Digital & |
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Integration |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
210 |
|
|
$ |
422 |
|
|
$ |
664 |
|
|
$ |
267 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
310 |
|
|
|
899 |
|
|
|
1,907 |
|
Depreciation and amortization |
|
170 |
|
|
|
101 |
|
|
|
162 |
|
|
|
83 |
|
Allocations |
|
108 |
|
|
|
166 |
|
|
|
252 |
|
|
|
133 |
|
Other |
|
237 |
|
|
|
444 |
|
|
|
692 |
|
|
|
162 |
|
|
$ |
725 |
|
|
$ |
1,443 |
|
|
$ |
2,669 |
|
|
$ |
2,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2025 |
|
|
Digital & |
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Integration |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
404 |
|
|
$ |
814 |
|
|
$ |
1,195 |
|
|
$ |
476 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
587 |
|
|
|
1,620 |
|
|
|
3,702 |
|
Depreciation and amortization |
|
315 |
|
|
|
211 |
|
|
|
333 |
|
|
|
182 |
|
Allocations |
|
206 |
|
|
|
327 |
|
|
|
490 |
|
|
|
276 |
|
Other |
|
443 |
|
|
|
856 |
|
|
|
1,162 |
|
|
|
365 |
|
|
$ |
1,368 |
|
|
$ |
2,795 |
|
|
$ |
4,800 |
|
|
$ |
5,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2024 |
|
|
Digital & |
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Integration |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
431 |
|
|
$ |
814 |
|
|
$ |
1,318 |
|
|
$ |
561 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
608 |
|
|
|
1,826 |
|
|
|
3,668 |
|
Depreciation and amortization |
|
318 |
|
|
|
199 |
|
|
|
318 |
|
|
|
165 |
|
Allocations |
|
215 |
|
|
|
328 |
|
|
|
503 |
|
|
|
262 |
|
Other |
|
460 |
|
|
|
880 |
|
|
|
1,382 |
|
|
|
314 |
|
|
$ |
1,424 |
|
|
$ |
2,829 |
|
|
$ |
5,347 |
|
|
$ |
4,970 |
|
Other segment expenses include transportation, mobilization, lease, professional fees, and other costs. Revenue in excess of billings related to contracts where revenue is recognized over time was $0.5 billion at June 30, 2025 and $0.5 billion at December 31, 2024. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet. Total backlog was $5.7 billion at June 30, 2025, of which approximately 55% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $2.2 billion at June 30, 2025 and $2.0 billion at December 31, 2024. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.
|