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Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2014
Segment Reporting [Abstract]  
Business Segment and Geographic Information
Business Segment and Geographic Information
We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment.
The following table presents information on our business segments. “Corporate and other” includes expenses related to support functions and corporate executives. Also included are certain gains and losses not attributable to a particular business segment, such as the loss contingency related to the Macondo well incident recorded during the first quarter of 2013 and a $55 million charitable contribution expensed during the second quarter of 2013.
Intersegment revenue was immaterial. Our equity in earnings and losses of unconsolidated affiliates that are accounted for by the equity method of accounting are included in revenue and operating income of the applicable segment.
 
Three Months Ended
June 30
Six Months Ended
June 30
Millions of dollars
2014
2013
2014
2013
Revenue:
 
 
 
 
Completion and Production
$
4,942

$
4,363

$
9,362

$
8,463

Drilling and Evaluation
3,109

2,954

6,037

5,828

Total revenue
$
8,051

$
7,317

$
15,399

$
14,291

Operating income:
 
 
 
 
Completion and Production
$
887

$
732

$
1,548

$
1,347

Drilling and Evaluation
414

415

812

822

Total operations
1,301

1,147

2,360

2,169

Corporate and other
(107
)
(163
)
(196
)
(1,283
)
Total operating income
$
1,194

$
984

$
2,164

$
886

Interest expense, net of interest income
(94
)
(71
)
(187
)
(142
)
Other, net
(24
)
(11
)
(55
)
(25
)
Income from continuing operations before income taxes
$
1,076

$
902

$
1,922

$
719



Receivables
As of June 30, 2014, 38% of our gross trade receivables were from customers in the United States. As of December 31, 2013, 34% of our gross trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our gross trade receivables at these dates.
Venezuela. We have experienced delays in collecting payment on our receivables from our primary customer in Venezuela. These receivables are not disputed, and we have not historically had material write-offs relating to this customer. Our total outstanding trade receivables in Venezuela were $618 million, or approximately 9% of our gross trade receivables, as of June 30, 2014, compared to $486 million, or approximately 8% of our gross trade receivables, as of December 31, 2013. Of the $618 million of receivables in Venezuela as of June 30, 2014, $232 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets. Of the $486 million of receivables in Venezuela as of December 31, 2013, $183 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets.
In February 2013, the Venezuelan government devalued the Bolívar, from the preexisting exchange rate of 4.3 Bolívares per United States dollar to 6.3 Bolívares per United States dollar.
During 2014, the Venezuelan government has made available two new foreign exchange rate mechanisms through which a company may be able to legally convert Bolívares to United States dollars, in addition to the National Center of Foreign Commerce official rate of 6.3 Bolívares per United States dollar:
(1) a bid rate established via weekly auctions under the Complementary System of Foreign Currency Acquirement (SICAD I); and
(2) an auction rate which is intended to more closely resemble a market-driven exchange rate (SICAD II).
The availability of new currency mechanisms had no impact on our results of operations during the six months ended June 30, 2014 as we continue to use the official exchange rate to remeasure net assets denominated in Bolívares. We have not utilized nor do we intend at this time to utilize either of the newly available exchange mechanisms to transact business in Venezuela. We will continue to monitor any future impact of these mechanisms on the exchange rate we use to remeasure our Venezuelan subsidiary’s financial statements.
For additional information, see Part I, Item 1(a), “Risk Factors” in our 2013 Annual Report on Form 10-K.