Š
During the third and fourth quarters of 2010, Schlumberger repurchased the following debt:
(Stated in millions)
Carrying
Value
6.50% Notes due 2012
$ 649
6.75% Senior Notes due 2011
224
9.75% Senior Notes due 2019
212
6.00% Senior Notes due 2016
102
8.625% Senior Notes due 2014
88
$1,275
The premium paid in excess of the carrying value to repurchase the $1.275 billion of debt was approximately
$67 million.
Š
Schlumberger maintains a
€
3.0 billion Euro Medium Term Note program. This program provides for the
issuance of various types of debt instruments such as fixed or floating rate notes in Euro, US dollar or other
currencies.
During the fourth quarter of 2010, Schlumberger issued
€
1.0 billion 2.75% Guaranteed Notes due under this
program. Schlumberger entered into agreements to swap these euro notes for US dollars on the date of issue
until maturity, effectively making this a US denominated debt on which Schlumberger will pay interest in US
dollars at a rate of 2.56%. During the first quarter of 2009, Schlumberger issued
€
1.0 billion 4.50% Guaranteed
Notes due 2014 under this program. Schlumberger entered into agreements to swap these euro notes for US
dollars on the date of issue until maturity, effectively making this a US dollar denominated debt on which
Schlumberger will pay interest in US dollars at a rate of 4.95%.
Š
During the third quarter of 2009, Schlumberger issued $450 million of 3.00% Guaranteed Notes due 2013.
Š
On April 17, 2008, the Schlumberger Board of Directors approved an $8 billion share repurchase program for
shares of Schlumberger common stock, to be acquired in the open market before December 31, 2011. On
July 21, 2011, the Schlumberger Board of Directors approved an extension of this repurchase program to
December 31, 2013. Schlumberger had repurchased $6.15 billion of shares under this program as of
December 31, 2011.
The following table summarizes the activity under this share repurchase program during 2011, 2010 and 2009:
(Stated in thousands except per share amounts)
Total cost
of shares
purchased
Total number
of shares
purchased
Average
price paid
per share
2011
$2,997,688
36,940.4
$81.15
2010
$1,716,675
26,624.8
$64.48
2009
$ 500,097
7,825.0
$63.91
Š
Cash flow provided by operations was $6.2 billion in 2011, $5.5 billion in 2010 and $5.3 billion in 2009.
At times in recent periods, Schlumberger has experienced delays in payments from certain of its
customers. Schlumberger operates in approximately 85 countries. At December 31, 2011, only four of those
countries individually accounted for greater than 5% of Schlumberger’s accounts receivable balance of which
only one, the United States, represented greater than 10%.
Š
Dividends paid during 2011, 2010 and 2009 were $1.30 billion, $1.04 billion and $1.01 billion, respectively.
On January 19, 2012, Schlumberger announced that its Board of Directors had approved an increase in the
quarterly dividend of 10%, to $0.275.
On January 21, 2011, Schlumberger announced that its Board of Directors had approved an increase in the
quarterly dividend of 19%, to $0.25.
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