Part II, Item 7 until maturity, effectively making this a US dollar denominated debt on which Schlumberger will pay interest in US dollars at a rate of 4.74%.
The proceeds from these notes were used to repay commercial paper borrowings.  ?
On April 20, 2006, the Schlumberger Board of Directors approved a share repurchase program of up to 40 million shares of common stock to be acquired in the open market before April 2010, subject to market conditions.
This program was completed during the second quarter of 2008.
On April 17, 2008, the Schlumberger Board of Directors approved an $8 billion share repurchase program for shares of Schlumberger common stock, to be acquired in the open market before December 31, 2011, of which $1.43 billion had been repurchased as of December 31, 2009.
The following table summarizes the activity under these share repurchase programs during 2009, 2008 and 2007:
## Table 0 ##
?
Cash flow provided by operations was $5.3 billion in 2009, $6.9 billion in 2008 and $6.3 billion in 2007.
The decline in cash flow from operations in 2009 as compared to 2008 was primarily driven by the decrease in net income experienced in 2009 and the significant pension plan contributions made during 2009, offset by an improvement in working capital requirements.
The improvement in 2008 as compared to 2007 was driven by the net income increase experienced in 2008 offset by required investments in working capital.
The reduction in cash flows experienced by some of Schlumberger’s customers as a result of global economic conditions could have significant adverse effects on their financial condition.
This could result in, among other things, delay in, or nonpayment of, amounts that are owed to Schlumberger, which could have a material adverse effect on Schlumberger’s results of operations and cash flows.
At times in recent quarters, Schlumberger has experienced delays in payments from certain of its customers.
Schlumberger operates in approximately 80 countries.
At December 31, 2009, only three of those countries individually accounted for greater than 5% of Schlumberger’s accounts receivable balance of which only one represented greater than 10%.  ?
During 2008 and 2007, Schlumberger announced that its Board of Directors had approved increases in the quarterly dividend of 20% and 40%, respectively.
Total dividends paid during 2009, 2008 and 2007 were $1.0 billion, $964 million and $771 million, respectively.  ?
Capital expenditures were $2.4 billion in 2009, $3.7 billion in 2008 and $2.9 billion in 2007.
Capital expenditures in 2008 and 2007 reflected the record activity levels experienced in those years.
The decrease in capital expenditures in 2009 as compared to 2008 is primarily due to the significant activity decline during 2009.
Oilfield Services capital expenditures are expected to approach $2.4 billion for the full year 2010 as compared to $1.9 billion in 2009 and $3.0 billion in 2008.
WesternGeco capital expenditures are expected to approach $0.3 billion for the full year 2010 as compared to $0.5 billion in 2009 and $0.7 billion in 2008.
## Table 1 ##
Certain amounts reflect rounding adjustments Preliminary Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed in the merger.
The final determination of fair value for certain assets and liabilities will be completed as soon as the information necessary to complete the analysis is obtained.
These amounts will be finalized as soon as possible, but no later than one year from the acquisition date.
## Table 2 ##
(1) Schlumberger recorded an adjustment of approximately $155 million to write-up the acquired inventory to its estimated fair value.
Schlumberger’s cost of revenue reflected this increased valuation as this inventory was sold.
Accordingly, Schlumberger’s margins were temporarily reduced in the initial periods subsequent to the merger.
(2) In connection with the merger, Schlumberger assumed all of the debt obligations of Smith including its long-term fixed rate notes consisting of the following: $220 million 6.75% Senior Notes due 2011, $300 million 8.625% Senior Notes due 2014, $275 million 6.00% Senior Notes due 2016 and $700 million 9.75% Senior Notes due 2019.
Schlumberger recorded a $417 million adjustment to increase the carrying amount of these notes to their estimated fair value.
This adjustment will be amortized as a reduction of interest expense over the remaining term of the respective obligations.
(3) In connection with the acquisition accounting, Schlumberger provided deferred taxes related to, among other items, the estimated fair value adjustments for acquired inventory, intangible assets and assumed debt obligations.
Included in the provisions for deferred taxes are amounts relating to the outside basis difference associated with shares in certain Smith non-US subsidiaries for which no taxes have previously been provided.
Schlumberger expects to reverse the outside basis difference primarily through the reorganization of those subsidiaries as well as through repatriating earnings in lieu of permanently reinvesting them.
In this regard, Schlumberger is in the process of assessing certain factors that impact the ultimate amount of deferred taxes to be recorded.
The amount of deferred taxes recorded will likely be revised after this assessment is completed.
Any revision to the amount of deferred taxes recorded will impact the amount of goodwill recorded.
Drilling Fourth-quarter revenue of $3.91 billion was 6% higher sequentially.
Pretax operating income of $658 million improved 7% sequentially.
Significant sequential revenue growth was recorded by M-I SWACO from higher rig count on land in the US & Canada; sustained growth in deepwater activity in the US Gulf of Mexico; and strong contributions in Latin America.
IPM activity increased significantly, mainly from projects in Mexico and in Iraq.
Drilling & Measurements revenue increased on improved pricing and strong activity in the US Gulf of Mexico and the Nigeria & Gulf of Guinea GeoMarket, although this was partially offset by weather-related activity reductions in the North Sea and East Asia GeoMarkets.
In addition, Geoservices and Bits & Advanced Technologies registered robust sequential increases.
Sequentially, pretax operating margins were up slightly to 16.8%.
Drilling & Measurements obtained increased margins from improved technology mix and service pricing but this was partly offset by the effects of weather-related activity delays and reductions.
Most of the other Technologies exacted margin expansion following the continued successful integration and expansion of Smith, Geoservices and Schlumberger drilling technologies.
Reservoir Production Fourth-quarter revenue of $3.60 billion increased 7% over the prior quarter.
Pretax operating income of $768 million was 9% higher sequentially.
Among Reservoir Production Group Technologies, Completions and Artificial Lift posted the strongest sequential growth driven by robust product sales across all Areas.
Well Services sequential growth was seen mainly in North America Land as additional fleets deployed and continued improvements in asset utilization and crew efficiency were achieved although these positive factors were partially muted by the impact of year-end seasonal effects.
Framo and SPM also posted strong sequential increases.
Sequentially, fourth-quarter pretax operating margins were slightly up at 21.3%.
Completions, Artificial Lift and Well Services reported improvements from strong sales.
Full-Year 2011 Results
## Table 3 ##

<table><tr><td></td><td>Total cost of shares purchased</td><td>Total number of shares purchased</td><td>Average price paid per share</td></tr><tr><td>2009</td><td>$500,097</td><td>7,825.0</td><td>$63.91</td></tr><tr><td>2008</td><td>$1,818,841</td><td>21,064.7</td><td>$86.35</td></tr><tr><td>2007</td><td>$1,355,000</td><td>16,336.1</td><td>$82.95</td></tr></table>
<table><tr><td>Number of shares of Smith common stock outstanding as of the acquisition date</td><td>248</td></tr><tr><td>Number of Smith unvested restricted stock units outstanding as of the acquisition date</td><td>4</td></tr><tr><td></td><td>252</td></tr><tr><td>Multiplied by the exchange ratio</td><td>0.6966</td></tr><tr><td>Equivalent Schlumberger shares of common stock issued</td><td>176</td></tr><tr><td>Schlumberger closing stock price on August 27, 2010</td><td>$55.76</td></tr><tr><td>Common stock equity consideration</td><td>$9,812</td></tr><tr><td>Fair value of Schlumberger equivalent stock options issued</td><td>$16</td></tr><tr><td>Total fair value of the consideration transferred</td><td>$9,828</td></tr></table>
<table><tr><td>Cash</td><td>$399</td></tr><tr><td>Accounts receivable</td><td>1,831</td></tr><tr><td>Inventory<sup>-1</sup></td><td>2,013</td></tr><tr><td>Fixed assets</td><td>2,017</td></tr><tr><td>Intangible assets:</td><td></td></tr><tr><td>Tradenames (weighted-average life of 25 years)</td><td>1,560</td></tr><tr><td>Technology (weighted-average life of 16 years)</td><td>1,170</td></tr><tr><td>Customer relationships (weighted average life of 23 years)</td><td>1,360</td></tr><tr><td>Other assets</td><td>429</td></tr><tr><td>Accounts payable and accrued liabilities</td><td>-1,460</td></tr><tr><td>Long-term debt<sup>-2</sup></td><td>-2,141</td></tr><tr><td>Deferred taxes<sup>-3</sup></td><td>-1,936</td></tr><tr><td>Other liabilities</td><td>-528</td></tr><tr><td>sub-total</td><td>$4,714</td></tr><tr><td>Less:</td><td></td></tr><tr><td>Investment in M-I SWACO<sup>-4</sup></td><td>-1,429</td></tr><tr><td>Noncontrolling interests</td><td>-111</td></tr><tr><td>Total identifiable net assets</td><td>$3,174</td></tr><tr><td>Gain on investment in M-I SWACO<sup>-4</sup></td><td>-1,238</td></tr><tr><td>Goodwill<sup>-5</sup></td><td>7,892</td></tr><tr><td>Total consideration transferred</td><td>$9,828</td></tr></table>
<table><tr><td></td><td colspan="2">2011</td><td colspan="2">2010</td></tr><tr><td></td><td>Revenue</td><td>Income before taxes</td><td>Revenue</td><td>Income before taxes</td></tr><tr><td> <i>Oilfield Services</i></td><td></td><td></td><td></td><td></td></tr><tr><td>Reservoir Characterization</td><td>$9,929</td><td>$2,449</td><td>$9,321</td><td>$2,321</td></tr><tr><td>Drilling</td><td>14,248</td><td>2,275</td><td>8,230</td><td>1,334</td></tr><tr><td>Reservoir Production</td><td>12,748</td><td>2,616</td><td>9,053</td><td>1,368</td></tr><tr><td>Eliminations & other</td><td>34</td><td>-35</td><td>69</td><td>48</td></tr><tr><td></td><td>36,959</td><td>7,305</td><td>26,673</td><td>5,071</td></tr><tr><td> <i>Distribution</i></td><td>2,621</td><td>103</td><td>774</td><td>29</td></tr><tr><td>Eliminations</td><td>-40</td><td>–</td><td>–</td><td>–</td></tr><tr><td></td><td>2,581</td><td>103</td><td>774</td><td>29</td></tr><tr><td>Corporate & other<sup>-1</sup></td><td>–</td><td>-592</td><td>–</td><td>-405</td></tr><tr><td>Interest income<sup>-2</sup></td><td>–</td><td>37</td><td>–</td><td>43</td></tr><tr><td>Interest expense<sup>-3</sup></td><td>–</td><td>-290</td><td>–</td><td>-202</td></tr><tr><td>Charges & credits<sup>-4</sup></td><td>–</td><td>-225</td><td>–</td><td>620</td></tr><tr><td></td><td>$39,540</td><td>$6,338</td><td>$27,447</td><td>$5,156</td></tr></table>

Question: What is the growing rate of Distribution in the year with the most Drilling?