v3.26.1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit (Loss) from Segments
The following tables summarize selected financial information relating to our business segments (in thousands):
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended June 30, 2026
Revenues from external customers$373,501 $753,641 $91,333 $1,218,475 
Direct operating costs (1)
259,619 630,716 54,194 944,529 
General and administrative6,617 7,230 8,344 22,191 
Depreciation, amortization and impairment (1)
85,490 108,838 20,478 214,806 
Other segment items (2)
(962)(1,328)— (2,290)
Segment operating income (loss) (3)
$22,737 $8,185 $8,317 $39,239 
Reconciliation of revenue:
Total segment revenues from external customers$1,218,475 
Other revenues (4)
9,492 
Total consolidated revenues$1,227,967 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$39,239 
Other (4)
5,053 
Corporate(51,254)
Interest income2,902 
Interest expense(20,398)
Other income (expense)(3,464)
Income (loss) before income taxes$(27,922)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended June 30, 2025
Revenues from external customers$403,805 $719,332 $88,390 $1,211,527 
Direct operating costs (1)
254,772 619,083 49,335 923,190 
General and administrative4,152 9,723 8,651 22,526 
Depreciation, amortization and impairment (1)
112,647 119,774 23,584 256,005 
Other segment items (2)
(8,368)— — (8,368)
Segment operating income (loss) (3)
$40,602 $(29,248)$6,820 $18,174 
Reconciliation of revenue:
Total segment revenues from external customers$1,211,527 
Other revenues (4)
7,793 
Total consolidated revenues$1,219,320 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$18,174 
Other (4)
(2,000)
Corporate(45,660)
Interest income1,272 
Interest expense(17,645)
Other income (expense)(1,644)
Income (loss) before income taxes$(47,503)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2)Other segment items for each reportable segment includes other operating expenses (income), such as certain legal accruals and settlements, and equity in earnings from an unconsolidated joint venture.
(3)Segment operating income (loss) is our measure of segment profitability. It is defined as revenue less operating expenses, general and administrative expenses, depreciation, amortization and impairment expense and other operating expenses (income).
(4)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the six months ended June 30, 2026
Revenues from external customers$725,218 $1,433,228 $171,130 $2,329,576 
Direct operating costs (1)
477,480 1,212,202 101,118 1,790,800 
General and administrative13,714 14,560 16,267 44,541 
Depreciation, amortization and impairment (1)
169,434 220,310 40,324 430,068 
Other segment items (2)
(2,450)(1,328)— (3,778)
Segment operating income (loss) (3)
$67,040 $(12,516)$13,421 $67,945 
Reconciliation of revenue:
Total segment revenues from external customers$2,329,576 
Other revenues (4)
15,722 
Total consolidated revenues$2,345,298 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$67,945 
Other (4)
7,128 
Corporate(96,352)
Interest income5,667 
Interest expense(37,883)
Other income (expense)(2,499)
Income (loss) before income taxes$(55,994)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the six months ended June 30, 2025
Revenues from external customers$816,665 $1,485,412 $174,053 $2,476,130 
Direct operating costs (1)
502,401 1,276,764 96,275 1,875,440 
General and administrative8,097 21,132 17,770 46,999 
Depreciation, amortization and impairment (1)
197,619 235,600 46,460 479,679 
Other segment items (2)
(8,368)— — (8,368)
Segment operating income (loss) (3)
$116,916 $(48,084)$13,548 $82,380 
Reconciliation of revenue:
Total segment revenues from external customers$2,476,130 
Other revenues (4)
23,727 
Total consolidated revenues$2,499,857 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$82,380 
Other (4)
(1,770)
Corporate(93,151)
Interest income2,736 
Interest expense(35,342)
Other income (expense)324 
Income (loss) before income taxes$(44,823)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2)Other segment items for each reportable segment includes other operating expenses (income), such as certain legal accruals and settlements, and equity in earnings from an unconsolidated joint venture.
(3)Segment operating income (loss) is our measure of segment profitability. It is defined as revenue less operating expenses, general and administrative expenses, depreciation, amortization and impairment expense and other operating expenses (income).
(4)Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests.
Schedule of Business Segment Information
Other business segment information
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Capital expenditures:
Drilling Services$60,148 $55,174 $114,569 $128,632 
Completion Services75,023 68,985 120,124 131,158 
Drilling Products18,711 15,252 34,553 33,474 
Segment capital expenditures$153,882 $139,411 $269,246 $293,264 
Other1,910 1,802 3,021 5,398 
Corporate132 2,993 285 7,375 
Total capital expenditures$155,924 $144,206 $272,552 $306,037 
June 30, 2026December 31, 2025
Identifiable assets:
Drilling Services$1,811,877 $1,865,598 
Completion Services2,217,394 2,341,232 
Drilling Products1,028,063 1,018,867 
Segment assets$5,057,334 $5,225,697 
Other28,878 29,418 
Corporate (1)
286,462 315,351 
Total assets$5,372,674 $5,570,466 
(1)Corporate assets primarily include cash on hand and certain property and equipment.