| Statement Of Income Alternative (USD $) | ||||
| In Millions, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
| Revenue | $5,528 | $6,746 | $11,528 | $13,036 |
| Interest & other income, net | 60 | 97 | 137 | 199 |
| Expenses | ||||
| Cost of goods sold and services | 4,409 | 4,609 | 8,897 | 8,968 |
| Research & engineering | 197 | 197 | 386 | 389 |
| Marketing | 23 | 26 | 45 | 49 |
| General & administrative | 131 | 146 | 261 | 284 |
| Interest | 61 | 61 | 116 | 127 |
| Income from Continuing Operations before taxes | 767 | 1,804 | 1,960 | 3,418 |
| Taxes on income | 152 | 378 | 404 | 686 |
| Income from Continuing Operations | 615 | 1,426 | 1,556 | 2,732 |
| Discontinued Operations | 0 | 0 | 0 | 38 |
| Net Income | 615 | 1,426 | 1,556 | 2,770 |
| Net income attributable to noncontrolling interests | (2) | (6) | (4) | (12) |
| Net Income attributable to Schlumberger | 613 | 1,420 | 1,552 | 2,758 |
| Schlumberger amounts attributable to: | ||||
| Income from Continuing Operations | 613 | 1,420 | 1,552 | 2,720 |
| Discontinued Operations | 0 | 0 | 0 | 38 |
| Net Income attributable to Schlumberger | $613 | $1,420 | $1,552 | $2,758 |
| Basic earnings per share of Schlumberger: | ||||
| Income from Continuing Operations | 0.51 | 1.19 | 1.3 | 2.28 |
| Discontinued Operations | $0 | $0 | $0 | 0.03 |
| Net Income | 0.51 | 1.19 | 1.3 | 2.31 |
| Diluted earnings per share of Schlumberger: | ||||
| Income from Continuing Operations | 0.51 | 1.16 | 1.28 | 2.22 |
| Income from Discontinued Operations | $0 | $0 | $0 | 0.03 |
| Net Income | 0.51 | 1.16 | 1.28 | 2.25 |
| Average shares outstanding: | ||||
| Basic | 1,197 | 1,195 | 1,197 | 1,196 |
| Assuming dilution | 1,214 | 1,230 | 1,212 | 1,231 |
| Statement Of Financial Position Classified (USD $) | ||
| In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
| Current Assets | ||
| Cash | $216 | $189 |
| Short-term investments | 4,195 | 3,503 |
| Receivables less allowance for doubtful accounts (2009-$149; 2008-$133) | 6,107 | 6,258 |
| Inventories | 2,021 | 1,919 |
| Deferred taxes | 162 | 184 |
| Other current assets | 954 | 841 |
| Assets, Current, Total | 13,655 | 12,894 |
| Fixed Income Investments, held to maturity | 464 | 470 |
| Investments in Affiliated Companies | 1,985 | 1,870 |
| Fixed Assets less accumulated depreciation | 9,688 | 9,690 |
| Multiclient Seismic Data | 265 | 287 |
| Goodwill | 5,266 | 5,189 |
| Intangible Assets | 857 | 820 |
| Deferred Taxes | 406 | 565 |
| Other Assets | 374 | 206 |
| Assets, Total | 32,960 | 31,991 |
| Current Liabilities | ||
| Accounts payable and accrued liabilities | 4,710 | 5,269 |
| Estimated liability for taxes on income | 924 | 1,007 |
| Dividend payable | 253 | 252 |
| Long-term debt-current portion | 831 | 1,138 |
| Convertible debentures | 321 | 0 |
| Bank & short-term loans | 422 | 459 |
| Liabilities, Current, Total | 7,461 | 8,125 |
| Convertible Debentures | 0 | 321 |
| Other Long-term Debt | 4,291 | 3,372 |
| Postretirement Benefits | 1,596 | 2,369 |
| Other Liabilities | 878 | 870 |
| Liabilities, Total | 14,226 | 15,057 |
| Equity | ||
| Common stock | 4,718 | 4,668 |
| Treasury stock | (4,668) | (4,796) |
| Retained earnings | 20,940 | 19,891 |
| Accumulated other comprehensive loss | (2,363) | (2,901) |
| Schlumberger stockholders' equity | 18,627 | 16,862 |
| Noncontrolling interests | 107 | 72 |
| Equity, Total | 18,734 | 16,934 |
| Liabilities and Stockholders' Equity, Total | $32,960 | $31,991 |
| Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
| In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
| Receivables, allowance for doubtful accounts | $149 | $133 |
| Statement Of Cash Flows Indirect (USD $) | |||||||||||||||||||
| In Millions | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income | $615 | $1,426 | $1,556 | $2,770 | |||||||||||||||
| Less: Income from discontinued operations | 0 | 0 | 0 | (38) | |||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 1,235 | [1] | 1,073 | [1] | |||||||||||||||
| Non-cash postretirement benefits curtailment charge | 136 | 0 | |||||||||||||||||
| Earnings of companies carried at equity, less dividends received | (37) | (119) | |||||||||||||||||
| Deferred income taxes | 81 | (4) | |||||||||||||||||
| Stock-based compensation expense | 92 | 82 | |||||||||||||||||
| Provision for losses on accounts receivable | 32 | 9 | |||||||||||||||||
| Other non-cash items | 34 | 13 | |||||||||||||||||
| Change in assets and liabilities: | |||||||||||||||||||
| Decrease (increase) in receivables | 130 | [2] | (768) | [2] | |||||||||||||||
| Increase in inventories | (101) | [2] | (159) | [2] | |||||||||||||||
| Increase in other current assets | (113) | [2] | (150) | [2] | |||||||||||||||
| (Decrease) increase in accounts payable and accrued liabilities | (515) | [2] | 181 | [2] | |||||||||||||||
| Decrease in estimated liability for taxes on income | (120) | [2] | (111) | [2] | |||||||||||||||
| Decrease in postretirement benefits | (408) | [2] | (3) | [2] | |||||||||||||||
| Other - net | 62 | [2] | (46) | [2] | |||||||||||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,064 | 2,730 | |||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Capital expenditures | (1,252) | (1,645) | |||||||||||||||||
| Multiclient seismic data capitalized | (89) | (188) | |||||||||||||||||
| Business acquisitions, net of cash acquired | (198) | (182) | |||||||||||||||||
| (Purchases) sale of investments, net | (680) | 263 | |||||||||||||||||
| Other | 105 | (105) | |||||||||||||||||
| NET CASH USED BY INVESTING ACTIVITIES | (2,114) | (1,857) | |||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Dividends paid | (502) | (460) | |||||||||||||||||
| Proceeds from employee stock purchase plan | 1 | 96 | |||||||||||||||||
| Proceeds from exercise of stock options | 41 | 138 | |||||||||||||||||
| Tax benefits on stock options | 4 | 132 | |||||||||||||||||
| Stock repurchase plan | 0 | (1,119) | |||||||||||||||||
| Proceeds from issuance of long-term debt | 1,405 | 524 | |||||||||||||||||
| Repayment of long-term debt | (833) | (224) | |||||||||||||||||
| Net decrease in short-term debt | (38) | (35) | |||||||||||||||||
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 78 | (948) | |||||||||||||||||
| Cash flow from discontinued operations - operating activities | 0 | 63 | |||||||||||||||||
| Net increase (decrease) in cash before translation effect | 28 | (12) | |||||||||||||||||
| Translation effect on cash | (1) | 1 | |||||||||||||||||
| Cash, beginning of period | 189 | 197 | |||||||||||||||||
| Cash, end of period | $216 | $186 | $216 | $186 | |||||||||||||||
| [1]Includes multiclient seismic data costs. | |||||||||||||||||||
| [2]Net of the effect of business acquisitions. | |||||||||||||||||||
| Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | ||||||||
| In Millions | Common Stock Issued
| Common Stock In Treasury
| Retained Earnings
| Accumulated Other Comprehensive Income (Loss)
| Noncontrolling Interests
| Issued
| In Treasury
| Total
|
| Beginning Balance at Dec. 31, 2007 | $4,136 | ($3,549) | $15,462 | ($1,173) | $62 | $14,938 | ||
| Comprehensive income | ||||||||
| Net income | 2,758 | 12 | 2,770 | |||||
| Currency translation adjustments | 94 | |||||||
| Changes in fair value of derivatives | 7 | |||||||
| Deferred employee benefits liabilities, net of tax | 25 | |||||||
| Shares sold to optionees, less shares exchanged | 22 | 116 | 138 | |||||
| Shares granted to directors | 1 | 1 | ||||||
| Proceeds from employee stock purchase plan | 53 | 25 | 78 | |||||
| Stock repurchase plan | (1,119) | (1,119) | ||||||
| Stock-based compensation cost | 82 | 82 | ||||||
| Shares issued on conversion of debentures | 79 | 329 | 408 | |||||
| Other | (13) | (13) | ||||||
| Dividends declared ($0.42 per share) | (503) | (503) | ||||||
| Tax benefits on stock options | 132 | 132 | ||||||
| Ending Balance at Jun. 30, 2008 | 4,505 | (4,198) | 17,717 | (1,047) | 61 | 17,038 | ||
| Comprehensive income | ||||||||
| Beginning Balance at Dec. 31, 2008 | 1,334 | (140) | 1,194 | |||||
| Beginning Balance at Dec. 31, 2008 | 4,668 | (4,796) | 19,891 | (2,901) | 72 | 16,934 | ||
| Comprehensive income | ||||||||
| Net income | 1,552 | 4 | 1,556 | |||||
| Currency translation adjustments | (67) | |||||||
| Changes in fair value of derivatives | 155 | |||||||
| Deferred employee benefits liabilities, net of tax | 450 | |||||||
| Shares sold to optionees, less shares exchanged | (9) | 50 | 41 | |||||
| Shares granted to directors | 1 | 1 | ||||||
| Vesting of restricted stock | (15) | 15 | ||||||
| Proceeds from employee stock purchase plan | 9 | 62 | 71 | |||||
| Stock-based compensation cost | 92 | 92 | ||||||
| Acquisition of noncontrolling interest | (6) | (6) | ||||||
| Other | (25) | 31 | 6 | |||||
| Dividends declared ($0.42 per share) | (503) | (503) | ||||||
| Tax benefits on stock options | 4 | 4 | ||||||
| Shares sold to optionees, less shares exchanged | 2 | 2 | ||||||
| Employee stock purchase plan | 2 | 2 | ||||||
| Ending Balance at Jun. 30, 2009 | $4,718 | ($4,668) | $20,940 | ($2,363) | $107 | $18,734 | ||
| Ending Balance at Jun. 30, 2009 | 1,334 | (136) | 1,198 | |||||
| Beginning Balance at Mar. 31, 2009 | 1,334 | |||||||
| Comprehensive income | ||||||||
| Ending Balance at Jun. 30, 2009 | 1,334 |
| Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) | ||
| Retained Earnings
| Total
| |
| Dividends declared, per share | 0.42 | 0.42 |
| Dividends declared, per share | 0.42 | 0.42 |
| Notes to Financial Statements | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 1. Basis of Presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements, which include the accounts of Schlumberger Limited and its subsidiaries (Schlumberger), have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the six-month period ended June30, 2009 are not necessarily indicative of the results that may be expected for the full year ending December31, 2009. The December31, 2008 balance sheet information has been derived from the audited 2008 financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto, included in the Schlumberger Annual Report on Form 10-K for the year ended December31, 2008, filed with the Securities and Exchange Commission on February11, 2009. Subsequent events have been evaluated through July29, 2009, which is the date the financial statements were issued. Recently Adopted Accounting Pronouncement Effective January1, 2009, Schlumberger adopted SFAS160, Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No.51 (SFAS 160). This standard changed the accounting for and reporting of minority interests (now referred to as noncontrolling interests). Noncontrolling interests are now classified as equity in the Schlumberger financial statements. SFAS 160 also changed the way the consolidated income statement is presented by requiring net income to include the net income for both the parent and the noncontrolling interests, with disclosure of both amounts on the consolidated statement of income. The calculation of earnings per share continues to be based on income amounts attributable to the parent. As a result of the adoption of SFAS 160, prior period amounts related to noncontrolling interests have been reclassified to conform to the current period presentation. |
| 2. Charges | 2. Charges Schlumberger recorded the following charges during the second quarter of 2009: Schlumberger continued to reduce its global workforce as a result of the slowdown in oil and gas exploration and production spending and its effect on activity in the oilfield services sector. As a result of these actions, Schlumberger recorded a pretax charge of $102 million ($85 million after-tax), which is classified in Cost of goods sold and services in the Consolidated Statement of Income. Approximately $57 million of the charge remained unpaid as of June30, 2009, most of which is expected to be paid during the third quarter of 2009. As a consequence of these workforce reductions, Schlumberger recorded pretax non-cash pension and other postretirement benefit curtailment charges of $136 million ($122 million after-tax). These costs are classified in Cost of goods sold and services in the Consolidated Statement of Income. Refer to Note 15 Pension and Other Postretirement Benefits for further details. The following is a summary of these charges: (Statedinmillions) Pretax Tax Net Charges - Workforce reductions $ 102 $ (17 ) $ 85 - Postretirement benefits curtailment 136 (14 ) 122 $ 238 $ (31 ) $ 207 |
| 3. Earnings Per Share | 3. Earnings Per Share The following is a reconciliation from basic earnings per share of Schlumberger from continuing operations to diluted earnings per share of Schlumberger from continuing operations: (Statedinmillions,exceptpershareamounts) 2009 2008 Schlumberger Income from Continuing Operations Average Shares Outstanding Earnings perShare Schlumberger Income from Continuing Operations Average Shares Outstanding Earnings perShare Second Quarter Basic $ 613 1,197 $ 0.51 $ 1,420 1,195 $ 1.19 Assumed conversion of debentures 2 8 3 16 Assumed exercise of stock options 8 18 Unvested restricted stock 1 1 Diluted $ 615 1,214 $ 0.51 $ 1,423 1,230 $ 1.16 Schlumberger Income from Continuing Operations Average Shares Outstanding Earnings per Share Schlumberger Income from Continuing Operations Average Shares Outstanding Earnings per Share Six Months Basic $ 1,552 1,197 $ 1.30 $ 2,720 1,196 $ 2.28 Assumed conversion of debentures 4 8 8 17 Assumed exercise of stock options 6 17 Unvested restricted stock 1 1 Diluted $ 1,556 1,212 $ 1.28 $ 2,728 1,231 $ 2.22 The number of outstanding options to purchase shares of Schlumberger common stock which were not included in the computation of diluted earnings per share, because to do so would have had an antidilutive effect, were as follows: (Statedinmillions) 2009 2008 Second Quarter 17 Six Months 17 1 |
| 4. Acquisitions | 4. Acquisitions During the first six months of 2009, Schlumberger made certain acquisitions and minority interest investments, none of which were significant on an individual basis, for an aggregate amount of $198 million, net of cash acquired. |
| 5. Inventory | 5. Inventory A summary of inventory follows: (Stated in millions) Jun. 30 2009 Dec. 31 2008 Raw materials field materials $ 1,804 $ 1,674 Work in process 76 113 Finished goods 141 132 $ 2,021 $ 1,919 |
| 6. Fixed Assets | 6. Fixed Assets A summary of fixed assets follows: (Stated in millions) Jun. 30 2009 Dec. 31 2008 Property, plant equipment $ 20,852 $ 20,152 Less: Accumulated depreciation 11,164 10,462 $ 9,688 $ 9,690 Depreciation expense relating to fixed assets was as follows: (Stated in millions) 2009 2008 Second Quarter $ 537 $ 467 Six Months $ 1,067 $ 909 |
| 7. Multiclient Seismic Data | 7. Multiclient Seismic Data The change in the carrying amount of multiclient seismic data for the six months ended June30, 2009 was as follows: (Statedinmillions) Balance at December31, 2008 $ 287 Capitalized in period 89 Charged to cost of goods sold and services (111 ) Balance at June30, 2009 $ 265 |
| 8. Goodwill | 8. Goodwill The changes in the carrying amount of goodwill by business segment for the six months ended June30, 2009 were as follows: (Stated in millions) Oilfield Services Western Geco Total Balance at December31, 2008 $ 4,174 $ 1,015 $ 5,189 Additions 108 108 Impact of change in exchange rates (31 ) (31 ) Balance at June30, 2009 $ 4,251 $ 1,015 $ 5,266 |
| 9. Intangible Assets | 9. Intangible Assets Intangible assets principally comprise software, technology and customer relationships. The gross book value and accumulated amortization of intangible assets were as follows: (Stated in millions) Jun. 30, 2009 Dec. 31, 2008 Gross BookValue Accumulated Amortization NetBook Value Gross BookValue Accumulated Amortization NetBook Value Software $ 338 $ 248 $ 90 $ 337 $ 233 $ 104 Technology 541 136 405 465 117 348 Customer Relationships 353 66 287 345 56 289 Other 122 47 75 124 45 79 $ 1,354 $ 497 $ 857 $ 1,271 $ 451 $ 820 Amortization expense charged to income was as follows: (Statedinmillions) 2009 2008 Second Quarter $ 28 $ 32 Six Months $ 57 $ 64 The weighted average amortization period for all intangible assets is approximately 12 years. Based on the net book value of intangible assets at June30, 2009, amortization charged to income for the subsequent five years is estimated to be: remainder of 2009 $59 million; 2010 $106 million; 2011 $97 million; 2012 $89 million; 2013 $74million and 2014 $68 million. |
| 10. Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities Schlumberger is exposed to market risks related to fluctuations in foreign currency exchange rates, commodity prices and interest rates. To mitigate these risks, Schlumberger utilizes derivative instruments. Schlumberger does not enter into derivatives for speculative purposes. Foreign Currency Exchange Rate Risk As a multinational company, Schlumberger conducts its business in approximately 80 countries. Schlumbergers functional currency is primarily the US dollar, which is consistent with the oil and gas industry. However, outside the United States, a significant portion of Schlumbergers expenses is incurred in foreign currencies. Therefore, when the US dollar weakens (strengthens) in relation to the foreign currencies of the countries in which Schlumberger conducts business, the US dollar reported expenses will increase (decrease). Schlumberger is exposed to risks on future cash flows to the extent that local currency expenses exceed revenues denominated in local currency that are other than the functional currency. Schlumberger uses foreign currency forward contracts and foreign currency options to provide a hedge against a portion of these cash flow risks. These contracts are accounted for as cash flow hedges under the provisions of SFAS No.133, Accounting for Derivative Instruments and Hedging Activities (SFAS No.133), with the effective portion of changes in the fair value of the hedge recorded on the Consolidated Balance Sheet and in Other Comprehensive Income (Loss). Amounts recorded in Other Comprehensive Income (Loss) are reclassified into earnings in the same period or periods that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of the hedged item is recorded directly to earnings. At June30, 2009, Schlumberger recognized a cumulative net $52 million gain in Equity relating to revaluation of foreign currency forward contracts and foreign currency options designated as cash flow hedges at June30, 2009. Schlumberger is also exposed to changes in the fair value of assets and liabilities, including certain of its long-term debt, which are denominated in currencies other than the functional currency. Schlumberger uses foreign currency forward contracts and foreign currency options to hedge this exposure as it relates to certain currencies. These contracts are accounted for as fair value hedges under the provisions of SFAS No.133, with the fair value of the contracts recorded on the Consolidated Balance Sheet and changes in the fair value recognized in the Consolidated Statement of Income along with the change in fair value of the hedged item. At June30, 2009, contracts were outstanding for the US dollar equivalent of $4.9 billion in various foreign currencies. These contracts expire on various dates during the next twelve months. Commodity Price Risk Schlumberger is exposed to the impact of market fluctuations in the price of commodities, such as copper and lead. Schlumberger has entered into forward contracts on these commodities to manage the price risk associated with forecasted purchases. The objective of these |
| 11. Other Financial Instruments | 11. Other Financial Instruments Both Short-term investments and Fixed Income Investments, held to maturity are comprised primarily of money market funds, eurodollar time deposits, certificates of deposits, commercial paper, euro notes and Eurobonds, and are substantially denominated in US dollars. The carrying value of these investments approximates fair value, which was estimated using quoted market prices for those or similar investments. A summary of Long-Term Debt follows: (Stated in millions) Jun.30,2009 Dec. 31,2008 Carrying Amount Fair Value Carrying Amount Fair Value 5.25% Guaranteed Notes due 2013 $ 703 $ 741 $ 714 $ 731 6.5% Notes due 2012 649 695 647 651 5.875% Guaranteed Bonds due 2011 350 370 355 390 5.14% Guaranteed Notes due 2010 216 219 203 209 4.50% Guaranteed Notes due 2014 1,401 1,440 Commercial paper borrowings 385 385 771 771 Other variable rate debt 587 587 682 682 $ 4,291 $ 4,437 $ 3,372 $ 3,434 At both June30, 2009 and December31, 2008, there were $321 million outstanding of 2.125% Series B Convertible Debentures due June1, 2023. On June1, 2010, holders may require Schlumberger to repurchase their Series B debentures for cash. Accordingly, these debentures are classified within Current Liabilities on the Consolidated Balance Sheet at June30, 2009. The fair value of these Series B debentures at June30, 2009 and December31, 2008 was $474 million and $398 million, respectively. For further information regarding the debentures refer to Note 11 to the Consolidated Financial Statements included in the Schlumberger Annual Report on Form 10-K for the year ended December31, 2008. The fair value of Schlumbergers fixed rate Long-Term Debt was estimated based on quoted market prices. During the first quarter of 2009, a subsidiary of Schlumberger entered into a 3.0 billion Euro Medium Term Note program which is guaranteed by Schlumberger Limited. 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. Schlumberger issued 1.0 billion 4.50% Guaranteed Notes due 2014 in the second quarter 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%. |
| 12. Income Tax | 12. Income Tax Income from Continuing Operations before taxes which were subject to US and non-US income taxes was as follows: (Stated in millions) Second Quarter Six Months 2009 2008 2009 2008 United States $ (64 ) $ 385 $ 40 $ 734 Outside United States 831 1,419 1,920 2,684 $ 767 $ 1,804 $ 1,960 $ 3,418 During the second quarter of 2009, Schlumberger recorded pretax charges of $73 million in the US and $165 million outside of the US. These charges are included in the above table and are more fully described in Note 2 Charges. The components of net deferred tax assets were as follows: (Statedinmillions) Jun.30 2009 Dec.31 2008 Postretirement benefits, net $ 406 $ 556 Multiclient seismic data 111 121 Intangible assets (116 ) (106 ) Other, net 167 178 $ 568 $ 749 The above deferred tax assets at June30, 2009 and December31, 2008 are net of valuation allowances relating to net operating losses in certain countries of $195 million and $197 million, respectively. The deferred tax assets are also net of valuation allowances relating to a capital loss carryforward of $139 million at June30, 2009 ($140 million at December31, 2008), of which $123 million expires in 2009 and $16 million expires in 2010, and a foreign tax credit carryforward of $49 million at June30, 2009 ($49 million at December31, 2008) of which $3 million expires in 2009, and $46 million expires in years 2010 through 2017. The components of consolidated Taxes on income were as follows: (Stated in millions) SecondQuarter Six Months 2009 2008 2009 2008 Current: United States - Federal $ (20 ) $ 132 $ (55 ) $ 215 United States - State (1 ) 12 (2 ) 13 Outside United States 169 265 379 462 $ 148 $ 409 $ 322 $ 690 Deferred: United States - Federal $ (2 ) $ (7 ) $ 72 $ 1 United States - State 4 Outside United States 6 (11 ) 7 5 Valuation allowance (13 ) (1 ) (10 ) $ 4 $ (31 ) $ 82 $ (4 ) Consolidated taxes on income $ 152 $ 378 $ 404 $ 686 A reconciliation of the US statutory federal tax rate of 35% to the consolidated effective income tax rate follows: SecondQuarter Six Months 2009 2008 2009 2008 US federal statutory rate 35 % 35 % 35 % 35 % Non-US income taxed at different rates (16 ) (12 ) (15 ) (13 ) Effect of equity method investment (1 ) (1 ) (1 ) Charges 2 2 Othe |
| 13. Contingencies | 13. Contingencies In July 2007, Schlumberger received an inquiry from the United States Department of Justice (DOJ) related to the DOJs investigation of whether certain freight forwarding and customs clearance services of Panalpina, Inc., and other companies provided to oil and oilfield service companies, including Schlumberger, violated the Foreign Corrupt Practices Act. Schlumberger is cooperating with the DOJ and is continuing its own investigation with respect to these services. Schlumberger and its subsidiaries are party to various legal proceedings from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. At this time the ultimate disposition of these proceedings is not determinable and therefore, it is not possible to estimate the amount of loss or range of possible losses that might result from an adverse judgment or settlement in any of these matters. However, in the opinion of management, any liability that might ensue would not be material in relation to Schlumbergers consolidated liquidity, financial position or future results of operations. |
| 14. Segment Information | 14. Segment Information Schlumberger operates two business segments: Oilfield Services and WesternGeco. (Stated in millions) SecondQuarter2009 SecondQuarter2008 Revenue Income beforetaxes Revenue Income beforetaxes Oilfield Services North America $ 819 $ 8 $ 1,438 $ 344 Latin America 995 176 1,056 243 Europe/CIS/Africa 1,782 432 2,070 583 Middle East Asia 1,312 421 1,444 525 Other 48 (15 ) 58 9 4,956 1,022 6,066 1,704 WesternGeco 559 97 671 196 Corporate Other 13 (77 ) 9 (63 ) Interest Income (1) 13 22 Interest Expense (2) (50 ) (55 ) Charges (238 ) $ 5,528 $ 767 $ 6,746 $ 1,804 1. Excludes interest income included in the segment results ($4 million in 2009; $3 million in 2008). 2. Excludes interest expense included in the segment results ($11 million in 2009; $6 million in 2008). (Stated in millions) Six Months 2009 Six Months 2008 Revenue Income beforetaxes Revenue Income beforetaxes Oilfield Services North America $ 2,011 $ 171 $ 2,857 $ 708 Latin America 2,024 378 1,978 428 Europe/CIS/Africa 3,585 899 3,967 1,082 Middle East Asia 2,687 876 2,763 985 Other 88 (46 ) 106 3 10,395 2,278 11,671 3,206 WesternGeco 1,110 151 1,347 393 Corporate Other 23 (166 ) 18 (127 ) Interest Income (1) 27 59 Interest Expense (2) (92 ) (113 ) Charges (238 ) $ 11,528 $ 1,960 $ 13,036 $ 3,418 1. Excludes interest income included in the segment results ($9 million in 2009; $4 million in 2008). 2. Excludes interest expense included in the segment results ($24 million in 2009; $14 million in 2008). |
| 15. Pension and Other Postretirement Benefits | 15. Pension and Other Postretirement Benefits Net pension cost for the Schlumberger pension plans included the following components: (Stated in millions) Second Quarter Six Months 2009 2008 2009 2008 US Intl US Intl US Intl US Intl Service costbenefits earned during period $ 14 $ 24 $ 14 $ 9 $ 30 $ 47 $ 29 $ 18 Interest cost on projected benefit obligation 38 45 33 15 77 90 65 30 Expected return on plan assets (45 ) (40 ) (41 ) (20 ) (88 ) (80 ) (81 ) (40 ) Amortization of prior service cost 1 31 1 3 62 3 Amortization of net loss 9 3 3 18 9 7 17 60 10 7 40 119 25 15 Curtailment charge 32 98 32 98 $ 49 $ 158 $ 10 $ 7 $ 72 $ 217 $ 25 $ 15 During the first six months of 2009, Schlumberger made contributions to its US and international defined benefit pension plans of $212 million and $290 million, respectively. Schlumberger currently anticipates contributing approximately $300 million to its defined benefit pension plans during the last six months of 2009. The net periodic benefit cost for the Schlumberger US postretirement medical plan included the following components: (Stated in millions) Second Quarter Six Months 2009 2008 2009 2008 Service costbenefits earned during period $ 5 $ 6 $ 12 $ 12 Interest cost on accumulated postretirement benefit obligation 14 13 26 26 Expected return on plan assets (1 ) (1 ) Amortization of prior service cost (7 ) (7 ) (14 ) (14 ) Amortization of net loss 2 2 5 5 14 14 28 28 Curtailment charge 6 6 $ 20 $ 14 $ 34 $ 28 Due to the actions Schlumberger has taken to reduce its global workforce (See Note 2 Charges), Schlumberger experienced a significant reduction in the expected aggregate years of future service of its employees in certain of its pension plans and its postretirement medical plan. Accordingly, Schlumberger recorded a curtailment charge of $136 million during the second quarter of 2009. The curtailment charge includes recognition of the change in benefit obligations as well as a portion of the previously unrecognized prior service costs, reflecting the reduction in expected future service for the impacted plans. As a result of the curtailment, Schlumberger performed a remeasurement of the impa |
| 16. Discontinued Operations | 16. Discontinued Operations During the first quarter of 2008, Schlumberger recorded an after-tax gain of $38 million relating to a previously disposed of business that was accounted for as a discontinued operation. |
| Document Information | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Document Information [Text Block] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Amendment Description | N.A. |
| Document Period End Date | 2009-06-30 |
| Entity Information (USD $) | ||
| 6 Months Ended
Jun. 30, 2009 | Jun. 30, 2008
| |
| Entity [Text Block] | ||
| Trading Symbol | SLB | |
| Entity Registrant Name | SCHLUMBERGER LTD /NV/ | |
| Entity Central Index Key | 0000087347 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | Yes | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 1,197,822,535 | |
| Entity Public Float | $125,200,000,000 |
