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Business Segments
 6 Months Ended
Jun. 30, 2012
Business Segments [Abstract]  
Business Segments
6. Business Segments

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

 

                                 
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2012     2011     2012     2011  

Revenue:

                                

Rig Technology

   $ 2,405     $ 1,894     $ 4,664     $ 3,502  

Petroleum Services & Supplies

     1,776       1,359       3,480       2,624  

Distribution & Transmission

     780       423       1,344       833  

Elimination

     (227 )      (163 )      (451 )      (300 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Revenue

   $ 4,734     $ 3,513     $ 9,037     $ 6,659  
   

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit:

                                

Rig Technology

   $ 554     $ 514     $ 1,101     $ 933  

Petroleum Services & Supplies

     390       249       778       480  

Distribution & Transmission

     46       25       89       52  

Unallocated expenses and eliminations

     (111 )      (80 )      (212 )      (148 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Profit

   $ 879     $ 708     $ 1,756     $ 1,317  
   

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit %:

                                

Rig Technology

     23.0 %      27.1 %      23.6 %      26.6 % 

Petroleum Services & Supplies

     22.0 %      18.3 %      22.4 %      18.3 % 

Distribution & Transmission

     5.9 %      5.9 %      6.6 %      6.2 % 

Total Operating Profit %

     18.6 %      20.2 %      19.4 %      19.8 % 

The Company had revenues of 10% of total revenue from one of its customers for each of the three and six months ended June 30, 2012 and 12% of total revenue from one of its customers for each of the three and six months ended June 30, 2011. 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.