v3.26.1
Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment Information
We operate under two divisions, which form the basis for the two operating segments we report: the Completion and
Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that
are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements
of operations, which is part of operating income of the applicable segment.
Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief
Executive Officer. Throughout the year, our CODM assesses the performance of the two segments based on segment revenue
and operating income, in comparison with forecast and plan and overall results, to make capital and resource allocation
decisions.
The following table presents information on our business segments.
Three Months Ended
Six Months Ended
June 30,
June 30,
Millions of dollars
2026
2025
2026
2025
Revenue:
Completion and Production
$3,202
$3,171
$6,218
$6,291
Drilling and Evaluation
2,512
2,339
4,898
4,636
Total revenue
$5,714
$5,510
$11,116
$10,927
Operating income:
Completion and Production
$474
$513
$913
$1,044
Drilling and Evaluation
338
312
689
664
Total operations
812
825
1,602
1,708
Corporate and other (a)
(83)
(66)
(152)
(132)
SAP S4 upgrade expense
(46)
(32)
(88)
(62)
Impairments and other (charges) credits (b)
95
—
95
(356)
Total operating income
$778
$727
$1,457
$1,158
Interest expense, net of interest income
$(83)
$(92)
$(165)
$(178)
Other, net
(31)
(24)
(59)
(63)
Income before income taxes
$664
$611
$1,233
$917
Capital expenditures:
Completion and Production
$146
$205
$255
$383
Drilling and Evaluation
88
149
171
273
Corporate and other
1
—
1
—
Total capital expenditures
$235
$354
$427
$656
Depreciation, depletion, and amortization:
Completion and Production
$162
$154
$325
$306
Drilling and Evaluation
126
124
252
245
Corporate and other
8
6
14
10
Total depreciation, depletion, and amortization
$296
$284
$591
$561
(a)
Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating
lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b)
For the three and six months ended June 30, 2026, the amount includes an $83 million credit attributable to Completion and Production, a $16
million credit attributable to Drilling and Evaluation, and a $4 million charge attributable to Corporate and other. For the six months ended
June 30, 2025, the amount includes a $201 million charge attributable to Completion and Production, an $85 million charge attributable to
Drilling and Evaluation, and a $70 million charge attributable to Corporate and other. See Notes to Condensed Consolidated Financial Statements,
Note 2 for further discussion on impairments and other charges (credits).
The following table presents significant segment expenses, which represent the difference between segment revenue
and segment operating income and are regularly reviewed by our CODM.
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2026
Millions of dollars
Completion and
Production
Drilling and
Evaluation
Completion and
Production
Drilling and
Evaluation
Segment operating expenses:
Cost of products, materials, and supplies
$1,372
$1,028
$2,643
$1,941
Compensation
471
505
950
992
Depreciation, depletion, and amortization
162
126
325
252
Other
723
515
1,387
1,024
Total segment operating expenses
$2,728
$2,174
$5,305
$4,209
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2025
Millions of dollars
Completion and
Production
Drilling and
Evaluation
Completion and
Production
Drilling and
Evaluation
Segment operating expenses:
Cost of products, materials, and supplies
$1,319
$922
$2,619
$1,804
Compensation
483
479
957
946
Depreciation, depletion, and amortization
154
124
306
245
Other
702
502
1,365
977
Total segment operating expenses
$2,658
$2,027
$5,247
$3,972
Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other
miscellaneous costs.
The following table presents total assets by segment.
Millions of dollars
June 30,
2026
December 31,
2025
Total assets:
Completion and Production (a)
$10,839
$10,492
Drilling and Evaluation (a)
8,398
7,870
Corporate and other (b)
6,591
6,648
Total assets
$25,828
$25,010
(a)
Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-
use assets, equity in and advances to related companies, and goodwill.
(b)
Includes primarily cash and equivalents and deferred tax assets.