10. Long-term Debt and Debt Facility Agreements

Long-term Debt consists of the following:

(Stated in millions)

	2015		2014
4.00% Senior Notes due 2025 (1)......................................	$	1,741	$	-
3.30% Senior Notes due 2021.........................................		1,597		1,597
3.00% Senior Notes due 2020 (1)......................................		1,591		-
3.65% Senior Notes due 2023.........................................		1,496		1,495
2.35% Senior Notes due 2018 (1)......................................		1,297		-
4.20% Senior Notes due 2021.........................................		1,100		1,100
1.25% Senior Notes due 2017.........................................		1,000		1,000
2.40% Senior Notes due 2022.........................................		999		999
3.63% Senior Notes due 2022 (1)......................................		845		-
1.50% Guaranteed Notes due 2019 (2)...................................		566		628
1.90% Senior Notes due 2017 (1)......................................		499		-
1.95% Senior Notes due 2016.........................................		-		1,100
2.65% Senior Notes due 2016 (3)......................................		-		500
Commercial paper borrowings........................................		1,000		1,538
Other.........................................................		711		608
	$	14,442	$	10,565

(1) If the closing of the Cameron merger does not occur on or prior to August 25, 2016 (which may be extended to November 25, 2016 under certain circumstances) or if the Cameron merger agreement is terminated at any time prior thereto, these notes will be subject to a special mandatory redemption. The special mandatory redemption price will be equal to 101% of the aggregate principal amount of the notes that are redeemed, plus accrued and unpaid interest.

(2) Schlumberger maintains a €5.0 billion Guaranteed Euro Medium Term Note program that 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 €0.5 billion 1.50% Guaranteed Notes due 2019 under this program in the fourth quarter of 2013. 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 equal to three-month LIBOR plus approximately 64 basis points.

(3) 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 pays interest at a rate of 2.39%.

Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment SA, a wholly-owned finance subsidiary of Schlumberger.

At December 31, 2015, Schlumberger had separate committed debt facility agreements aggregating $3.8 billion with commercial banks, of which $1.4 billion was available and unused. This included $3.5 billion of committed facilities which support commercial paper programs in the United States and Europe, of which $250 million matures in July 2016, $1.75 billion matures in July 2018, and $1.5 billion matures in November 2018. Interest rates and other terms of borrowing under these lines of credit vary from country to country.

Commercial paper borrowings are classified as long-term debt to the extent of their backup by available and unused committed credit facilities maturing in more than one year and to the extent it is Schlumberger’s intent to maintain these obligations for longer than one year. Borrowings under the commercial paper program at December 31, 2015 were $2.4 billion, of which $1.0 billion was classified within Long-term debt and $1.4 billion was classified in Long-term debt – current portion in the Consolidated Balance Sheet. At December 31, 2014, borrowings under the commercial paper program were $1.5 million, all of which were classified within Long-term debt in the Consolidated Balance Sheet.

The weighted average interest rate on variable rate debt as of December 31, 2015 was 1.0%.

Long-term Debt as of December 31, 2015, is due as follows: $1.5 billion in 2017, $2.6 billion in 2018, $0.9 billion in 2019, $1.6 billion in 2020, $2.7 billion in 2021, $1.9 billion in 2022, $1.5 billion in 2023 and $1.7 billion in 2025.

The fair value of Schlumberger’s Long-term Debt at December 31, 2015 and December 31, 2014 was $14.4 billion and $10.7 billion, respectively, and was estimated based on quoted market prices.