1. A method, comprising: segmenting machine data stored on at least one storage device into a set of events that are searchable, each event in the set of events includes a portion of the machine data, wherein the portions of the machine data associated with at least a subset of events in the set of events includes time information; creating a timestamp for each event in the subset of events that includes time information by: iterating over known time stamp format patterns from a list of known time stamp format patterns to find a matching pattern in the time information, wherein each time stamp format pattern in the list represents a pattern that may occur in the time information which indicates where a time stamp may be extracted from, wherein the list is dynamically ordered and the matching pattern is moved to the front of the list; extracting a time value from the time information using the matching pattern; and associating the timestamp with that event using the time value; for each event that does not contain time information in the included portion of machine data: determining a time stamp corresponding to that event from at least one other event in the set of events; and associating the determined time stamp with the corresponding event; servicing time-based search queries across the set of events; wherein the method is performed by one or more computing devices.