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Long-term Debt
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt

9.   Long-term Debt

A summary of Long-term Debt follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Sept. 30,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

3.65% Senior Notes due 2023

$

1,496

 

 

$

1,495

 

3.90% Senior Notes due 2028

 

1,449

 

 

 

1,444

 

1.375% Guaranteed Notes due 2026

 

1,163

 

 

 

-

 

2.00% Guaranteed Notes due 2032

 

1,163

 

 

 

-

 

0.25% Notes due 2027

 

1,058

 

 

 

550

 

0.50% Notes due 2031

 

1,058

 

 

 

544

 

2.65% Senior Notes due 2030

 

1,250

 

 

 

-

 

2.40% Senior Notes due 2022

 

999

 

 

 

998

 

4.00% Senior Notes due 2025

 

930

 

 

 

929

 

4.30% Senior Notes due 2029

 

845

 

 

 

845

 

3.75% Senior Notes due 2024

 

746

 

 

 

746

 

1.00% Guaranteed Notes due 2026

 

704

 

 

 

665

 

2.65% Senior Notes due 2022

 

598

 

 

 

598

 

0.00% Notes due 2024

 

588

 

 

 

551

 

1.40% Senior Notes due 2025

 

498

 

 

 

-

 

3.63% Senior Notes due 2022

 

295

 

 

 

294

 

7.00% Notes due 2038

 

206

 

 

 

208

 

5.95% Notes due 2041

 

114

 

 

 

114

 

5.13% Notes due 2043

 

99

 

 

 

99

 

4.00% Notes due 2023

 

80

 

 

 

81

 

3.70% Notes due 2024

 

55

 

 

 

55

 

3.30% Senior Notes due 2021

 

-

 

 

 

1,597

 

4.20% Senior Notes due 2021

 

-

 

 

 

600

 

Commercial paper borrowings

 

1,077

 

 

 

2,222

 

Other

 

-

 

 

 

135

 

 

$

16,471

 

 

$

14,770

 

 

The estimated fair value of Schlumberger’s Long-term Debt, based on quoted market prices at September 30, 2020 and December 31, 2019, was $17.2 billion and $15.3 billion, respectively.

During the second quarter of 2020, Schlumberger entered into a €1.54 billion committed revolving credit facility.  This one-year facility can be extended at Schlumberger’s option for up to an additional year.  At September 30, 2020 no amounts had been drawn under this facility.

At September 30, 2020, Schlumberger had separate committed credit facility agreements aggregating $8.06 billion with commercial banks, of which $6.98 billion was available and unused.  These committed facilities support commercial paper programs in the United States and Europe, of which $1.81 billion matures in April 2021, $2.75 billion matures in February 2023, $2.0 billion matures in February 2025 and $1.5 billion matures in July 2025  .  Interest rates and other terms of borrowing under these lines of credit vary by facility.

Borrowings under the commercial paper programs at September 30, 2020 were $1.08 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet.  At December 31, 2019, borrowings under the commercial paper programs were $2.22 billion, all of which was classified in Long-term debt in the Consolidated Balance Sheet.

During the first quarter of 2020, Schlumberger issued €400 million of 0.25% Notes due 2027 and €400 million of 0.50% Notes due 2031.

During the second quarter of 2020, Schlumberger issued €1.0 billion of 1.375% Guaranteed Notes due 2026, $900 million of 2.65% Senior Notes due 2030 and €1.0 billion of 2.00% Guaranteed Notes due 2032.

 

During the second quarter of 2020, Schlumberger repurchased all $600 million of its 4.20% Senior Notes due 2021 and $935 million of its 3.30% Senior Notes due 2021.  Schlumberger paid a premium of approximately $40 million in connection with these repurchases.  This premium was classified in Impairments & other in the Consolidated Statement of Loss.  See Note 2 – Charges and Credits.

 

During the second quarter of 2020, Schlumberger established 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.  At September 30, 2020, Schlumberger had not issued any debt under this program.

During the third quarter of 2020, Schlumberger issued $500 million of 1.40% Senior Notes due 2025 and $350 million of 2.65% Senior Notes due 2030.

             

During the third quarter of 2019, Schlumberger issued €500 million of 0.00% Notes due 2024, €500 million of 0.25% Notes due 2027 and €500 million of 0.50% Notes due 2031.

 

In September 2019, Schlumberger repurchased $783 million of its 3.00% Senior Notes due 2020 and $321 million of its 3.625% Senior Notes due 2022. Schlumberger paid a premium of $29 million in connection with these repurchases. This premium was classified as Impairments & other in the Consolidated Statement of Loss. (See Note 2 - Charges and Credits.)

In April 2019, Schlumberger completed a debt exchange offer, pursuant to which it issued $1.500 billion in principal of 3.90% Senior Notes due 2028 (the “New Notes”) in exchange for $401 million of 3.00% Senior Notes due 2020, $234 million of 3.63% Senior Notes due 2022 and $817 million of 4.00% Senior Notes due 2025.  In connection with the exchange of principal, Schlumberger paid a premium of $48 million, substantially all of which was in the form of New Notes.  This premium is being amortized as additional interest expense over the term of the New Notes.

Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment SA and Schlumberger Finance Canada Ltd., both wholly-owned subsidiaries of Schlumberger.