UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 03/05/2009
BJ SERVICES COMPANY
(Exact name of registrant as specified in its charter)
Commission File Number: 1-10570
| | |
| Delaware | | 63-0084140 |
| (State or other jurisdiction of incorporation) | | (IRS Employer Identification No.) |
| | |
| 4601 Westway Park Blvd., Houston, Texas | | 77041 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (713) 462-4239
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
BJ Services Company (the “Company”) currently has thirteen operating segments for which separate financial information is available and that have separate management teams that are engaged in oilfield services. The results for these operating segments are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The operating segments have been aggregated into four reportable segments: U.S./Mexico Pressure Pumping, Canada Pressure Pumping, International Pressure Pumping and the Oilfield Services Group. We revised our internal reporting structure in fiscal 2009, moving our U.S. service tool business, which previously had been reported within the U.S./Mexico Pressure Pumping segment, into the completion tools division of our Oilfield Services Group. All periods presented have been recast to conform to the new reporting structure. Due to the immaterial impact of this recast, the Company has not included a revised Business section or Management’s Discussion and Analysis of Financial Condition and Results of Operations with this filing.
Summarized financial information concerning our segments for each of the three years in the period ended September 30, 2008 and for the quarterly periods of fiscal year 2008 is shown in the following tables (in thousands). The “Corporate” column includes corporate expenses and assets not allocated to the operating segments. For the years ended September 30, 2008, 2007 and 2006, we provided services to several thousand customers, none of which accounted for more than 5% of consolidated revenue.
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Business Segments | | U.S./Mexico
Pressure
Pumping | | Canada
Pressure
Pumping | | International
Pressure
Pumping | | Oilfield
Services
Group | | Corporate | | | Total |
2008 | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 2,743,383 | | $ | 442,474 | | $ | 1,252,573 | | $ | 987,832 | | $ | — | | | $ | 5,426,262 |
Operating income (loss) | | | 597,837 | | | 34,341 | | | 172,519 | | | 191,670 | | | (89,270 | ) | | | 907,097 |
Total assets | | | 1,728,751 | | | 515,600 | | | 1,482,655 | | | 1,076,894 | | | 518,008 | | | | 5,321,908 |
Capital expenditures | | | 267,476 | | | 20,163 | | | 195,854 | | | 82,951 | | | 40,422 | | | | 606,866 |
Depreciation | | | 115,774 | | | 34,797 | | | 68,700 | | | 35,490 | | | 10,705 | | | | 265,466 |
| | | | | | |
2007 | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 2,534,601 | | $ | 386,547 | | $ | 1,074,744 | | $ | 806,517 | | $ | — | | | $ | 4,802,409 |
Operating income (loss) | | | 874,808 | | | 32,493 | | | 152,734 | | | 170,362 | | | (79,858 | ) | | | 1,150,539 |
Total assets | | | 1,487,260 | | | 550,449 | | | 1,339,312 | | | 997,983 | | | 340,208 | | | | 4,715,212 |
Capital expenditures | | | 288,037 | | | 83,643 | | | 210,684 | | | 84,037 | | | 85,712 | | | | 752,113 |
Depreciation | | | 88,410 | | | 29,327 | | | 55,111 | | | 29,112 | | | 7,059 | | | | 209,019 |
| | | | | | |
2006 | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 2,326,803 | | $ | 481,380 | | $ | 884,670 | | $ | 675,011 | | $ | — | | | $ | 4,367,864 |
Operating income (loss) | | | 890,650 | | | 102,094 | | | 138,069 | | | 140,983 | | | (100,060 | ) | | | 1,171,736 |
Total assets | | | 1,279,138 | | | 471,362 | | | 1,022,265 | | | 722,823 | | | 366,700 | | | | 3,862,288 |
Capital expenditures | | | 201,323 | | | 106,352 | | | 87,822 | | | 43,599 | | | 20,878 | | | | 459,974 |
Depreciation | | | 64,394 | | | 24,025 | | | 49,119 | | | 23,905 | | | 5,320 | | | | 166,763 |
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| | | | | | | | | | | | | | | | | | | | |
| | | U.S./Mexico
Pressure
Pumping | | Canada
Pressure
Pumping | | | International
Pressure
Pumping | | Oilfield
Services
Group | | Corporate | | | Total |
Three Months Ended September 30, 2008 | | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 755,240 | | $ | 133,702 | | | $ | 355,019 | | $ | 285,806 | | $ | — | | | $ | 1,529,767 |
Operating income (loss) | | | 147,942 | | | 19,463 | | | | 56,645 | | | 58,735 | | | (21,655 | ) | | | 261,130 |
Identifiable assets | | | 1,728,751 | | | 515,600 | | | | 1,482,655 | | | 1,076,894 | | | 518,008 | | | | 5,321,908 |
| | | | | | |
Three Months Ended June 30, 2008 | | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 698,131 | | $ | 48,636 | | | $ | 316,922 | | $ | 264,539 | | $ | — | | | $ | 1,328,228 |
Operating income (loss) | | | 144,677 | | | (16,595 | ) | | | 45,235 | | | 51,813 | | | (18,272 | ) | | | 206,858 |
Identifiable assets | | | 1,662,129 | | | 482,768 | | | | 1,400,952 | | | 1,060,957 | | | 456,482 | | | | 5,063,288 |
| | | | | | |
Three Months Ended March 31, 2008 | | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 635,870 | | $ | 138,790 | | | $ | 292,120 | | $ | 216,422 | | $ | — | | | $ | 1,283,202 |
Operating income (loss) | | | 125,130 | | | 14,481 | | | | 34,714 | | | 39,155 | | | (26,952 | ) | | | 186,528 |
Identifiable assets | | | 1,619,231 | | | 535,962 | | | | 1,377,151 | | | 961,710 | | | 436,767 | | | | 4,930,821 |
| | | | | | |
Three Months Ended December 31, 2007 | | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 654,142 | | $ | 121,346 | | | $ | 288,512 | | $ | 221,065 | | $ | — | | | $ | 1,285,065 |
Operating income (loss) | | | 180,088 | | | 16,992 | | | | 35,925 | | | 41,967 | | | (22,391 | ) | | | 252,581 |
Identifiable assets | | | 1,589,266 | | | 546,694 | | | | 1,359,646 | | | 937,127 | | | 398,803 | | | | 4,831,536 |
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 of the Notes to the Consolidated Financial Statements included in our annual report on Form 10-K for the fiscal year ended September 30, 2008. Operating segment performance is evaluated based on operating income. Intersegment sales and transfers are not material.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | |
| | BJ Services Company |
| | (Registrant) |
| | |
| Date: March 5, 2009 | | By: | | /s/ Jeffrey E. Smith |
| | | | Jeffrey E. Smith |
| | | | Executive Vice President, Finance |
| | | | and Chief Financial Officer |
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