BJ Services 10-Q 9 Feb 10 2009 Q4 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Thousands, except Per Share data	3 Months Ended Dec. 31, 2009	3 Months Ended Dec. 31, 2008
Revenue	$931,547	$1,416,788
Operating expenses:
Cost of sales and services	860,674	1,083,934
Research and engineering	15,501	17,120
Marketing	24,570	30,693
General and administrative	42,188	41,988
Pension settlement	0	21,695
Loss (gain) on disposal of assets, net	(586)	34
Total operating expenses	942,347	1,195,464
Operating income (loss)	(10,800)	221,324
Interest expense	(7,079)	(6,042)
Interest income	7	515
Other income (expense), net	(1,620)	1,709
Income (loss) from continuing operations before income taxes	(19,492)	217,506
Income tax expense (benefit)	(11,091)	67,043
Income (loss) from continuing operations	(8,401)	150,463
Loss from discontinued operations, net of income tax benefit of $- and $6, respectively	(4,874)	(1,225)
Net income (loss)	($13,275)	$149,238
Basic earnings (loss) per share:
Income (loss) from continuing operations	-0.03	0.51
Loss from discontinued operations, net	-0.02	$0
Net income (loss) per share	-0.05	0.51
Diluted earnings (loss) per share:
Income (loss) from continuing operations	-0.03	0.51
Loss from discontinued operations, net	-0.02	$0
Net income (loss) per share	-0.05	0.51
Weighted-average shares outstanding:
Basic	293,463	292,685
Diluted	293,463	293,910

1_Statement Of Income Alternati

Statement Of Income Alternative (Parenthetical) (USD $)
In Thousands	3 Months Ended Dec. 31, 2009	3 Months Ended Dec. 31, 2008
Loss from discontinued operations, income tax benefit	$0	$6

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Thousands	Dec. 31, 2009	Sep. 30, 2009
Current assets:
Cash and cash equivalents	$261,061	$282,636
Receivables, net	822,336	786,063
Inventories, net:
Products	246,206	248,251
Work in process	12,261	11,786
Parts	178,143	183,496
Total inventories	436,610	443,533
Deferred income taxes	32,015	32,924
Prepaid expenses	160,015	129,662
Current assets of discontinued operations	6,943	7,618
Other current assets	35,598	36,003
Total current assets	1,754,578	1,718,439
Property, net	2,346,155	2,374,323
Deferred income taxes	23,889	22,039
Goodwill	977,941	977,941
Investments and other assets	56,184	54,181
Total assets	5,158,747	5,146,923
Current liabilities:
Accounts payable	365,079	340,735
Short-term borrowings	10,799	7,202
Accrued employee compensation and benefits	108,641	123,944
Income and other taxes	63,481	62,538
Current liabilities of discontinued operations	222	1,121
Other accrued liabilities	164,598	183,372
Total current liabilities	712,820	718,912
Long-term debt	498,955	498,910
Deferred income taxes	209,275	204,502
Accrued pension and postretirement benefits	126,969	126,771
Other long-term liabilities	92,795	77,911
Commitments and contingencies
Stockholders' equity	3,517,933	3,519,917
Total liabilities and stockholders' equity	$5,158,747	$5,146,923

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands	Common Stock	Capital In Excess of Par	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income	Total
Beginning Balance at Sep. 30, 2009	$34,752	$1,130,646	($1,413,086)	$3,743,791	$23,814	$3,519,917
Beginning Balance (in shares) at Sep. 30, 2009	292,155
Comprehensive income:
Net loss				(13,275)		(13,275)
Other comprehensive income, net of tax:
Cumulative translation adjustments					3,779
Dividends declared				(14,682)		(14,682)
Re-issuance of treasury stock for:
Stock options (in shares)	140
Stock options			3,599	(1,420)		2,179
Stock purchase plan (in shares)	949
Stock purchase plan			24,238	(8,801)		15,437
Other stock awards (in shares)	398
Other stock awards		(11,124)	10,305			(819)
Stock-based compensation		4,603				4,603
Tax benefit from exercise of options		794				794
Ending Balance (in shares) at Dec. 31, 2009	293,642
Ending Balance at Dec. 31, 2009	$34,752	$1,124,919	($1,374,944)	$3,705,613	$27,593	$3,517,933

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Thousands	3 Months Ended Dec. 31, 2009	3 Months Ended Dec. 31, 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) from continuing operations	($8,401)	$150,463
Adjustments to reconcile income from continuing operations to cash provided by operating activities:
Depreciation and amortization	75,549	69,363
Pension settlement	0	21,695
Minority interest expense	2,845	3,179
(Gain) loss on disposal/impairment of assets, net	(586)	34
Reserve for obsolescence and excess inventory	2,401	967
Stock-based compensation expense	5,491	8,383
Excess tax benefits from stock-based compensation	(52)	(1,038)
Deferred income tax (benefit) expense	(351)	11,479
Changes in:
Receivables	(37,083)	38,167
Inventories	4,182	(3,629)
Prepaid expenses and other current assets	(30,065)	5,569
Accounts payable	24,756	(50,811)
Current income tax	4,201	(4,633)
Other current liabilities	(16,453)	(35,393)
Other, net	(712)	(13,880)
Net cash provided by (used in) operating activities from discontinued operations	(8,524)	692
Net cash provided by operating activities	17,198	200,607
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions	(39,722)	(117,124)
Proceeds from disposal of assets	2,409	754
Net cash provided by investing activities from discontinued operations	3,426	150
Net cash used in investing activities	(33,887)	(116,220)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds (repayments) of short-term borrowings, net	3,597	(3,028)
Dividends paid to stockholders	(14,606)	(14,709)
Purchase of treasury stock	0	(44,190)
Excess tax benefits from stock-based compensation	52	1,038
Net proceeds from exercise of stock options and stock purchase plan	5,690	5,634
Distributions to minority interest partners	0	(1,090)
Net cash used in financing activities	(5,267)	(56,345)
Effect of exchange rate changes on cash	381	(4,929)
Increase (decrease) in cash and cash equivalents	(21,575)	23,113
Cash and cash equivalents at beginning of period, including $- and $452 related to discontinued operations	282,636	150,254
Cash and cash equivalents at end of period, including $- and $1,294 related to discontinued operations	261,061	173,367
Cash Paid for Interest and Taxes:
Interest, net of capitalized interest of $784 and $1,588	13,992	14,108
Taxes	$11,424	$18,845

2_Statement Of Cash Flows Indir

Statement Of Cash Flows Indirect (Parenthetical) (USD $)
In Thousands	3 Months Ended Dec. 31, 2008
Cash and cash equivalents at beginning of period, discontinued operations	$452
Cash and cash equivalents at end of period, discontinued operations	1,294
Interest, capitalized interest	$1,588

General

General
	3 Months Ended Dec. 31, 2009 USD / shares
General	Note 1 General In our opinion, the unaudited condensed consolidated financial statements of BJ Services Company (the Company) include all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of our financial position as of December31, 2009, our results of operations for the three-month periods ended December31, 2009 and 2008, our statement of stockholders equity and other comprehensive income for the three-month period ended December31, 2009, and our cash flows for the three-month periods ended December31, 2009 and 2008. The condensed consolidated statement of financial position at September30, 2009 is derived from the September30, 2009 audited consolidated financial statements. Although we believe the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The results of operations and cash flows for the three-month period ended December31, 2009 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events through February8, 2010, the date of issuance of the condensed consolidated financial statements.

New Accounting Standards

New Accounting Standards
	3 Months Ended Dec. 31, 2009 USD / shares
New Accounting Standards	Note 2 New Accounting Standards In June 2009, the FASB issued an update to ASC 810, Consolidation Variable Interest Entities, which addresses the addition of qualified special purpose entities into previous guidance as the concept of these entities was eliminated by ASC 860. This guidance also modifies the analysis by which a controlling interest of a variable interest entity is determined thereby requiring the controlling interest to consolidate the variable interest entity. This statement could impact the way we account for our limited partnership discussed in Note 7 under Lease and Other Long-Term Commitments. This guidance becomes effective as of the beginning of the first annual reporting period beginning after November15, 2009 and should be applied prospectively for interim and annual periods during that period going forward. We will adopt the guidance on October1, 2010, and have not yet determined the impact, if any, on our consolidated financial statements. In June 2009, the FASB issued guidance under ASC 860 Transfers and Servicing, which eliminates the concept of a qualified special purpose entity and enhances guidance related to derecognition of transferred assets. This guidance becomes effective as of the beginning of the first annual reporting period beginning after November15, 2009 and should be applied prospectively for interim and annual periods during that period going forward. We will adopt this guidance on October1, 2010, and have not yet determined the impact, if any, on our consolidated financial statements. In December 2008, the FASB issued guidance under ASC 715, Compensation Retirement Benefits Defined Benefit Plans, requiring annual disclosure of major categories of plan assets, investment policies and strategies, fair value measurement of plan assets and significant concentration of credit risks related to defined benefit pension or other postretirement plans. This guidance is effective for fiscal years ending after December15, 2009 and, accordingly, we intend to adopt it for annual reporting in fiscal 2010. In April2008, the FASB issued guidance contained in ASC 350, Intangibles Goodwill and Others General Intangibles Other than Goodwill, amending the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under previously existing literature. The objective of this guidance is to improve the consistency between the useful life of a recognized intangible asset under ASC 350 and the period of expected cash flows used to measure the fair value of the asset under ASC 805, Business Combinations. This guidance is effective for the Company beginning October1, 2009, and did not have a significant impact on our consolidated financial statements. In December 2007, the FASB issued an update to ASC 805, Business Combinations, to establish principles and requirements for the recognition and measurement of assets, liabilities and goodwill, and requires that most transaction and restructuring costs related to the acquisition be expensed. This guidance is effective for business combinations occurring on or after the b

Baker Hughes Merger Agreement

Baker Hughes Merger Agreement
	3 Months Ended Dec. 31, 2009 USD / shares
Baker Hughes Merger Agreement	Note 3 Baker Hughes Merger Agreement On August30, 2009, the Company and Baker Hughes Incorporated (Baker Hughes) entered into an Agreement and Plan of Merger (the Merger Agreement), pursuant to which the Company will merge with and into a wholly-owned subsidiary of Baker Hughes, and each share of Company common stock will be converted into the right to receive 0.40035 shares of Baker Hughes common stock and $2.69 in cash (the Merger). Completion of the Merger is subject to customary closing conditions, including (i)approval of the Merger by the stockholders of the Company, (ii)approval by the stockholders of Baker Hughes, including approval of the issuance of Baker Hughes common stock to Company stockholders in the merger, (iii)applicable regulatory approvals, including the termination or expiration of the applicable waiting period (and any extensions thereof) under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (iv)the effectiveness of a registration statement on Form S-4 relating to the Baker Hughes common stock to be issued in the Merger, and (v)other customary closing conditions. Under the Merger Agreement, the Company agreed to conduct its business in the ordinary course while the Merger is pending, and to generally refrain from acquiring new businesses, incurring new indebtedness, repurchasing treasury shares, issuing new common stock or equity awards, or entering into new material contracts or commitments outside the normal course of business, without the consent of Baker Hughes. The Company incurred $3.1 million of costs related to the merger during the first fiscal quarter of 2010, which are included in general and administrative expense in the Corporate segment. Under certain circumstances, the Company or Baker Hughes may be required to pay a termination fee of $175 million to the other party if the Merger is not completed. When and if the Merger is approved or completed, certain contractual obligations of the Company will or may be triggered or accelerated under the change of control provisions of such contractual arrangements. Examples of such arrangements include stock-based compensation awards, severance and retirement plan agreements applicable to executive officers, directors and certain employees, and the equipment partnership described in Note 7. On October14, 2009, Baker Hughes and the Company each received from the Antitrust Division of the U.S. Department of Justice a request for additional information and documentary material (a second request). Baker Hughes and the Company each substantially complied with the second request by December22, 2009. Baker Hughes has agreed to work with the Antitrust Division to resolve any remaining issues and to not close the transaction prior to March6, 2010 unless the Antitrust Division provides written notice that the transaction can close prior to that time. Baker Hughes and the Company have scheduled special meetings of stockholders on March 19, 2010, subject to adjournment or postponement, in connection with the Merger and expect to close the transaction in March 2010, subject to the closing conditions. However, the Company cannot predict with c

Earnings Per Share and Comprehe

Earnings Per Share and Comprehensive Income
	3 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Share and Comprehensive Income	Note 4 Earnings Per Share and Comprehensive Income Basic earnings per share excludes dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is based on the weighted-average number of shares outstanding during each period and the assumed exercise of dilutive instruments (stock options, employee stock purchase plan, stock incentive awards, bonus stock and director stock awards) less the number of treasury shares assumed to be purchased with the exercise proceeds using the average market price of our common stock for each of the periods presented. The following table presents information necessary to calculate earnings per share for the periods presented (in thousands, except per share amounts): Three Months Ended December31, 2009 2008 Income (loss) from continuing operations $ (8,401 ) $ 150,463 Loss from discontinued operations (4,874 ) (1,225 ) Net income (loss) $ (13,275 ) $ 149,238 Weighted-average common shares outstanding 293,463 292,685 Basic earnings per share: Income (loss) from continuing operations $ (0.03 ) $ 0.51 Loss from discontinued operations (0.02 ) Net income (loss) $ (0.05 ) $ 0.51 Weighted-average common and dilutive potential common shares outstanding: Weighted-average common shares outstanding 293,463 292,685 Assumed exercise of stock options 44 Assumed stock purchase plan grants 212 Assumed vesting of other stock awards 969 Weighted-average dilutive shares outstanding 293,463 293,910 Diluted earnings per share: Income (loss) from continuing operations $ (0.03 ) $ 0.51 Loss from discontinued operations (0.02 ) Net income (loss) $ (0.05 ) $ 0.51 (1) For the three months ended December31, 2009 and 2008, 12.8 million and 12.7million stock equivalents, respectively, were excluded from the computation of diluted earnings per share due to their antidilutive effect. Accumulated other comprehensive income (loss) consisted of the following (in thousands): Pension and Other Postretirement PlanAdjustments Cumulative Translation Adjustment Total Balance at September30, 2009 $ (28,501 ) $ 52,315 $ 23,814 Changes 3,779 3,779 Balance at December31, 2009 $ (28,501 ) $ 56,094 $ 27,593

Segment Information

Segment Information
	3 Months Ended Dec. 31, 2009 USD / shares
Segment Information	Note 5 Segment Information We currently have twelve 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. The U.S./Mexico Pressure Pumping segment has two operating segments that provide cementing services and stimulation services (consisting of fracturing, acidizing, sand control, nitrogen and coiled tubing services) throughout the United States and Mexico. These two operating segments have been aggregated into one reportable segment because they offer the same type of services, have similar economic characteristics, have similar production processes and use the same methods to provide their services. The Canada Pressure Pumping segment has one operating segment. Like U.S./Mexico Pressure Pumping, it provides cementing and stimulation services. These services are provided to customers in major oil and natural gas producing areas of Canada. The International Pressure Pumping segment has four operating segments. Similar to U.S./Mexico and Canada Pressure Pumping, it provides cementing and stimulation services. These services are provided to customers in more than 50 countries in the major international oil and natural gas producing areas of Europe, the Middle East, Asia Pacific and Latin America. These operating segments have been aggregated into one reportable segment because they have similar economic characteristics, offer the same type of services, have similar production processes and use the same methods to provide their services. They also serve the same or similar customers, which include major multi-national, independent and national or state-owned oil companies. Our Russia pressure pumping unit, which was historically an operating segment within the International Pressure Pumping segment, was discontinued during 2009. Consequently, its operating results are excluded from the segment data tables below. The Oilfield Services segment has five operating segments. These operating segments provide other oilfield services such as casing and tubular services, process and pipeline services, chemical services, completion tools and completion fluids services in the United States and in select markets internationally. These operating segments have been aggregated into one reportable segment as they all provide oilfield services other than pressure pumping, have similar economic characteristics, serve same or similar customers which primarily include major multi-national, independent and national or state-owned oil companies, and some of the operating segments share resources. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 of the Consolidated Financial Statements included in our annual repor

Discontinued Operations

Discontinued Operations
	3 Months Ended Dec. 31, 2009 USD / shares
Discontinued Operations	Note 6 Discontinued Operations We classified the Russia pressure pumping unit, an operating segment within the International Pumping Services segment, as a discontinued operation in the fourth quarter of fiscal 2009. Accordingly, the assets and liabilities of this business, along with its results of operations, have been reclassified for all periods presented. As soon as our contractual obligations were fulfilled, we began the process of redeployment and liquidation of the assets associated with this business and other exit activities. In the fourth quarter of fiscal 2009, we recorded charges totaling $6.6 million in connection with these exit activities, including employee separation costs, fixed asset and inventory impairment charges, and freight costs to redeploy certain pressure pumping assets into other markets. During the first quarter of fiscal 2010 we recorded costs totaling $4.9 million associated with these exit activities and we expect to incur additional exit costs during fiscal 2010 in the range of $4-6million as we complete the exit activities associated with our Russia pressure pumping business. Summarized operating results from discontinued operations are as follows: Three Months Ended December31, 2009 2008 (in thousands) Revenue $ $ 14,854 Loss before income taxes (4,874 ) (1,219 ) Income tax expense 6 Loss from discontinued operations $ (4,874 ) $ (1,225 ) Significant categories of assets and liabilities from discontinued operations are shown below: December31, 2009 September30, 2009 (in thousands) Total assets: Inventories, net $ 3,098 $ 2,910 Property, net 3,845 4,708 Total assets $ 6,943 $ 7,618 Total liabilities: Accrued liabilities $ 222 $ 1,121 Total liabilities $ 222 $ 1,121

Commitments and Contingencies

Commitments and Contingencies
	3 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies	Note 7 Commitments and Contingencies Litigation Through performance of our service operations, we are sometimes named as a defendant in litigation, usually relating to claims for personal injury or property damage (including claims for well or reservoir damage, and damage to pipelines or process facilities). We maintain insurance coverage against such claims to the extent deemed prudent by management. Further, through a series of acquisitions, we assumed responsibility for certain claims and proceedings made against the Western Company of North America, Nowsco Well Service Ltd., OSCA and other companies whose stock we acquired in connection with their businesses. Some, but not all, of such claims and proceedings will continue to be covered under insurance policies of our predecessors that were in place at the time of the acquisitions. Although the outcome of the claims and proceedings against us cannot be predicted with certainty, management believes that there are no existing claims or proceedings that are likely to have a material adverse effect on our financial position, results of operations or cash flows. Stockholder Lawsuits regarding Baker Hughes Merger In connection with the pending Baker Hughes Merger, various lawsuits have been filed in the Court of Chancery of the State of Delaware (the Delaware Lawsuits) on behalf of the public stockholders of the Company, naming the Company, current members of the Companys Board of Directors, and Baker Hughes as defendants. In the Delaware Lawsuits, the plaintiffs allege, among other things, that the Companys Board of Directors violated various fiduciary duties in approving the Merger Agreement and that the Company and/or Baker Hughes aided and abetted such alleged violations. Among other remedies, the plaintiffs seek to enjoin the Merger. On September25, 2009, the Delaware Chancery Court entered an order consolidating the Delaware Lawsuits into one class action, In re: BJ Services Company Shareholders Litigation, C.A. No.4851-VCN. On October6, 2009, the Delaware Chancery Court entered an order designating the law firm of Faruqi Faruqi, LLP of New York, New York as lead counsel and Rosenthal, Monhait Goddess, P.A. of Wilmington, Delaware as liaison counsel. On October16, 2009, lead counsel for the plaintiffs filed an amended complaint in the Delaware Chancery Court which, among other things, adds Jeffrey E. Smith, the Companys Executive Vice President and Chief Financial Officer, as a defendant, contains new factual allegations about the merger negotiations, and alleges the preliminary joint proxy/prospectus filed on October14, 2009, with the U.S. Securities and Exchange Commission (the SEC) omits and misrepresents material information. Various lawsuits have also been filed in the District Courts of Harris County, Texas (the Texas Lawsuits). The Texas Lawsuits make substantially the same allegations as were initially asserted in the Delaware Lawsuits, and seek the same relief. On October9, 2009, the Harris County Court consolidated the Texas Lawsuits into one class action, Garden City Employees Retirement System, et al. v. BJ Services Company, et al., Cause No.2009-57320,

Employee Benefit Plans

Employee Benefit Plans
	3 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans	Note 8 Employee Benefit Plans We have defined benefit pension plans and a postretirement benefit plan covering certain employees, which are described in more detail in Note 10 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended September30, 2009. In September 2006, we entered into an agreement with an insurance company to settle our obligation with respect to our U.S. defined benefit plan. Plan assets of approximately $72 million were used to purchase an insurance contract to fund the benefits and settle the plan. In December 2008, we received approval from the Pension Benefit Guaranty Corporation and the Internal Revenue Service and were relieved of primary responsibility for the pension benefit obligation. Consequently, we recorded a non-cash pre-tax charge of $21.7 million in connection with the settlement in the first fiscal quarter of 2009. This charge resulted in a $5.7 million reduction in prepaid pension cost and a $16.0 million reduction in accumulated other comprehensive income, with a tax effect of $5.9 million. Below is the amount of net periodic benefit costs recognized under our foreign defined benefit plans (in thousands): Three Months Ended December31, 2009 2008 Service cost for benefits earned $ 1,079 $ 1,654 Interest cost on projected benefit obligation 2,896 3,449 Expected return on plan assets (2,373 ) (2,829 ) Recognized actuarial loss 712 615 Net pension cost $ 2,314 $ 2,889 In fiscal 2010, we expect to contribute a total of $13.7 million to the defined benefit plans, which represents the legal or contractual minimum funding requirements and expected discretionary contributions. We have paid $4.2 million in contributions to defined benefit pension plans during the three months ended December31, 2009. These contributions have been and are expected to be funded by cash flows from operating activities. Below is the amount of net periodic benefit costs recognized under our postretirement benefit plan (in thousands). Three Months Ended December31, 2009 2008 Service cost for benefits attributed to service during the period $ 542 $ 865 Interest cost on accumulated postretirement benefit obligation 394 919 Net amortization and deferral (1,192 ) (327 ) Net postretirement benefit cost (income) $ (256 ) $ 1,457 We expect to contribute a total of $1.3 million to the postretirement benefit plan in fiscal 2010, which represents the anticipated cost of participant claims. We have made $0.2 million in postretirement contributions during the three months ended December31, 2009.

Financial Instruments

Financial Instruments
	3 Months Ended Dec. 31, 2009 USD / shares
Financial Instruments	Note 9 Financial Instruments Our financial instruments include cash and short-term investments, accounts receivable, accounts payable and debt. Except as described below, the estimated fair value of such financial instruments at December31, 2009 approximates their carrying value as reflected in our consolidated balance sheet. The estimated fair value of total debt at December31, 2009 was $535.0 million, which differs from the carrying amount of $509.8 million included in our condensed consolidated balance sheet. The fair value of our debt has been estimated based on quoted market prices as of December31, 2009.

Subsequent Events

Subsequent Events
	3 Months Ended Dec. 31, 2009 USD / shares
Subsequent Events	Note 10 Subsequent Events In January 2010, the Venezuelan government devalued its bolivar currency. We anticipate that we will record a one-time currency exchange loss of less than $10 million during the fiscal second quarter in remeasuring our net bolivar-based assets and liabilities. This estimate is based on our net position as of December31, 2009 and our current understanding of how the new two-rate structure will apply to our Venezuela operations.

Document Information

Document Information
	3 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	3 Months Ended Dec. 31, 2009	Feb. 03, 2010
Trading Symbol	BJS
Entity Registrant Name	BJ SERVICES CO
Entity Central Index Key	0000864328
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		293,716,155