11. Long-term Debt

A summary of Long-term Debt follows:


	(Stated in millions)
	Jun. 30,		Dec. 31,
	2011		2010

4.50% Guaranteed Notes due 2014	$	1,437	$	1,319
2.75% Guaranteed Notes due 2015		1,428		1,310
4.200% Guaranteed Notes due 2021		1,099		—
5.25% Guaranteed Notes due 2013		718		659
2.65% Guaranteed Notes due 2016		497		—
3.00% Guaranteed Notes due 2013		450		450
9.75% Senior Notes due 2019		—		776
8.625% Senior Notes due 2014		—		272
6.00% Senior Notes due 2016		—		218
Commercial paper borrowings		—		367
Other variable rate debt		103		133

		5,732		5,504
Fair value adjustment — hedging		13		13

	$	5,745	$	5,517

The fair value adjustment presented above represents changes in the fair value of the portion of Schlumberger’s fixed rate debt that is hedged through the use of interest rate swaps.

During the first quarter of 2011, Schlumberger repurchased all of the outstanding 9.75% Senior Notes due 2019, the 8.625% Senior Notes due 2014 and the 6.00% Senior Notes due 2016 for approximately $1.26 billion. These transactions did not result in any significant gains or losses.

During the first quarter of 2011, Schlumberger issued $1.1 billion of 4.200% Guaranteed Notes due 2021.

During the first quarter of 2011, Schlumberger issued $500 million of 2.65% Guaranteed Notes due 2016. Schlumberger entered into agreements to swap these dollar notes for euros on the date of issue until maturity, effectively making this a euro denominated debt on which Schlumberger will pay interest in euros at a rate of 2.39%.

The fair value of Schlumberger’s Long-term Debt at June 30, 2011 and December 31, 2010 was $5.9 billion and $5.6 billion, respectively, and was estimated based on quoted market prices.