Fourth Quarter 2011 Results
Products Groups
(Stated in millions)
Fourth Quarter 2011
Third Quarter 2011
Revenue
Income
before
taxes
Revenue
Income
before
taxes
Oilfield Services
Reservoir Characterization
$ 2,787 $ 777
$ 2,488 $ 610
Drilling
3,909
658
3,676
613
Reservoir Production
3,598
768
3,373
707
Eliminations & other
8
(34)
9
1
10,302 2,169
9,546 1,931
Distribution
685
26
698
31
Eliminations
(13)
–
(15)
–
672
26
683
31
Corporate & other
(1)
–
(154)
– (158)
Interest income
(2)
–
8
–
9
Interest expense
(3)
–
(81)
–
(69)
Charges & credits
(4)
–
(82)
–
(27)
$10,974 $1,886
$10,229 $1,717
Geographic Areas
(Stated in millions)
Fourth Quarter 2011
Third Quarter 2011
Revenue
Income
before
taxes
Revenue
Income
before
taxes
Oilfield Services
North America
$ 3,516 $ 947
$ 3,304 $ 836
Latin America
1,834
302
1,655
270
Europe/CIS/Africa
2,704
476
2,494
408
Middle East & Asia
2,136
500
2,003
444
Eliminations & other
112
(56)
90
(27)
10,302 2,169
9,546 1,931
Distribution
685
26
698
31
Eliminations
(13)
–
(15)
–
672
26
683
31
Corporate & other
(1)
–
(154)
– (158)
Interest income
(2)
–
8
–
9
Interest expense
(3)
–
(81)
–
(69)
Charges & credits
(4)
–
(82)
–
(27)
$10,974 $1,886
$10,229 $1,717
(1)
Comprised principally of corporate expenses not allocated to the segments, interest on postretirement medical benefits, stock-based
compensation costs, amortization expense associated with intangible assets recorded as a result of the acquisition of Smith and certain other
nonoperating items.
(2)
Excludes interest income included in the segments’ income (fourth quarter 2011 – $3 million; third quarter 2011 – $1 million).
(3)
Excludes interest expense included in the segments’ income (fourth quarter 2011 – $5 million; third quarter 2011 – $1 million).
(4)
Charges and credits are described in detail in Note 3 to the
Consolidated Financial Statements
.
Oilfield Services
Fourth-quarter revenue of $10.30 billion increased 8% sequentially with increases across all Groups and
geographical Areas.
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