Business Segments

6 Months Ended

Jun. 30, 2011

Business Segments [Abstract]

Business Segments

6. Business Segments

Operating results by segment are as follows (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Revenue:
Rig Technology	$	1,894		$	1,672		$	3,502		$	3,558
Petroleum Services & Supplies		1,359			1,033			2,624			1,956
Distribution Services		423			365			833			699
Elimination		(163	)		(129	)		(300	)		(240	)
Total Revenue	$	3,513		$	2,941		$	6,659		$	5,973
Operating Profit:
Rig Technology	$	514		$	505		$	933		$	1,086
Petroleum Services & Supplies		249			138			480			251
Distribution Services		25			13			52			24
Unallocated expenses and eliminations		(80	)		(66	)		(148	)		(134	)
Total Operating Profit	$	708		$	590		$	1,317		$	1,227
Operating Profit %:
Rig Technology		27.1	%		30.2	%		26.6	%		30.5	%
Petroleum Services & Supplies		18.3	%		13.4	%		18.3	%		12.8	%
Distribution Services		5.9	%		3.6	%		6.2	%		3.4	%
Total Operating Profit %		20.2	%		20.1	%		19.8	%		20.5	%

The Company had revenues of 12% of total revenue from one of its customers for each of the three and six months ended June 30, 2011, and revenues of 17% and 19% of total revenue from one of its customers for the three and six months ended June 30, 2010, respectively. This customer, Samsung Heavy Industries, is a shipyard acting as a general contractor for its customers, who are drillship owners and drilling contractors. This shipyard’s customers have specified that the Company’s drilling equipment be installed on their drillships and have required the shipyard to issue contracts to the Company.