v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
Our Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer, who has ultimate responsibility for evaluating operating performance, allocating resources and making strategic and operational decisions for the company. Our business is organized based on the services and products we provide in three segments: (i) drilling services, (ii) completion services and (iii) drilling products. The CODM evaluates segment performance based primarily on segment operating income (loss). This measure is used to assess operating results and to make decisions regarding the allocation of resources among segments.
Drilling Services — represents our contract drilling, directional drilling, oilfield technology and electrical controls and automation businesses.
Completion Services — represents our hydraulic fracturing, completion support services, wireline and pumpdown services and cementing businesses.
Drilling Products — represents our manufacturing and distribution of drill bits business.
The following tables summarize selected financial information relating to our business segments (in thousands):
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended March 31, 2026
Revenues from external customers$351,717 $679,587 $79,797 $1,111,101 
Direct operating costs (1)
217,861 581,486 46,924 846,271 
General and administrative7,097 7,330 7,923 22,350 
Depreciation, amortization and impairment (1)
83,944 111,472 19,846 215,262 
Other segment items (2)
(1,488)— — (1,488)
Segment operating income (loss) (3)
$44,303 $(20,701)$5,104 $28,706 
Reconciliation of revenue:
Total segment revenues from external customers$1,111,101 
Other revenues (4)
6,230 
Total consolidated revenues$1,117,331 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$28,706 
Other (4)
2,075 
Corporate(45,098)
Interest income2,765 
Interest expense(17,485)
Other income (expense)965 
Income (loss) before income taxes$(28,072)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
For the three months ended March 31, 2025
Revenues from external customers$412,860 $766,080 $85,663 $1,264,603 
Direct operating costs (1)
247,629 657,681 46,940 952,250 
General and administrative3,945 11,409 9,119 24,473 
Depreciation, amortization and impairment (1)
84,972 115,826 22,876 223,674 
Segment operating income (loss) (3)
$76,314 $(18,836)$6,728 $64,206 
Reconciliation of revenue:
Total segment revenues from external customers$1,264,603 
Other revenues (4)
15,934 
Total consolidated revenues$1,280,537 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$64,206 
Other (4)
230 
Corporate(47,491)
Interest income1,464 
Interest expense(17,697)
Other income (expense)1,968 
Income (loss) before income taxes$2,680 
(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 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.

Other business segment information
Three Months Ended
March 31,
20262025
Capital expenditures:
Drilling Services$54,421 $73,458 
Completion Services45,101 62,173 
Drilling Products15,842 18,222 
Segment capital expenditures$115,364 $153,853 
Other1,111 3,596 
Corporate153 4,382 
Total capital expenditures$116,628 $161,831 
March 31, 2026December 31, 2025
Identifiable assets:
Drilling Services$1,818,596 $1,865,598 
Completion Services2,196,904 2,341,232 
Drilling Products1,012,445 1,018,867 
Segment assets$5,027,945 $5,225,697 
Other30,127 29,418 
Corporate (1)
302,447 315,351 
Total assets$5,360,519 $5,570,466 
(1)Corporate assets primarily include cash on hand and certain property and equipment.