721083--3/1/2010--SMITH_INTERNATIONAL

related topics

{cost, operation, labor}

{regulation, change, law}

{investment, property, distribution}

{gas, price, oil}

{competitive, industry, competition}

{operation, international, foreign}

{property, intellectual, protect}

{cost, regulation, environmental}

{acquisition, growth, future}

We are dependent on the level of oil and natural gas exploration and development activities. A significant portion of our revenue is derived in markets outside of North America. We operate in a highly technical and competitive environment. Regulatory compliance costs and liabilities could adversely impact our earnings and cash available for operations. Our industry is experiencing more litigation involving claims of infringement of intellectual property rights. Our business operations in countries outside the United States are subject to a number of U.S. federal laws and regulations, including restrictions imposed by the Foreign Corrupt Practices Act as well as trade sanctions administered by the Office of Foreign Assets Control and the Commerce Department. Our business may be affected by market or regulatory responses to climate change. Risks Related to the Pending Merger with Schlumberger Our ability to complete the Schlumberger Merger is subject to stockholder approval, certain closing conditions and the receipt of consents and approvals from government entities which may impose conditions that could adversely affect us or cause the Merger to be abandoned. Failure to complete the Merger could negatively impact us. The pendency of the Merger could adversely affect us. The combined company could incur substantial expenses related to the integration of the Company and Schlumberger.

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721083--3/1/2010--SMITH_INTERNATIONAL_INC