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2015-02-14 14:35:00

NOV: 2015 WILL BE SEVERE

NOV: 2015 WILL BE SEVERE

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its fourth quarter ended December 31, 2014, it earned net income from continuing operations of $595 million, or $1.39 per fully diluted share, compared to net income from continuing operations of $699 million, or $1.62 per fully diluted share in the third quarter of 2014 and $627 million, or $1.46 per fully diluted share in the fourth quarter of 2013. Excluding $163 million in pre-tax other items, which includes asset impairment costs and a loss associated with a divestiture, net income was $721 million, or $1.69 per fully diluted share, up four percent from the third quarter of 2014, and up 13 percent from the fourth quarter of 2013, excluding other items from all periods.

Revenues reported for the full year 2014 were $21.44 billion, and net income from continuing operations was $2.45 billion, or $5.70 per fully diluted share. Excluding other items, net income from continuing operations was $2.61 billion for the full year 2014, or $6.07 per fully diluted share. Operating profit for the full year 2014 was $3.56 billion. Operating profit for the full year, excluding other items, was $3.77 billion, or 17.6 percent of sales. EBITDA for the full year, excluding other items, was $4.59 billion, or 21.4 percent of sales, up 14 percent from the prior year.

Revenues for the fourth quarter of 2014 were $5.71 billion, an increase of two percent from the third quarter of 2014 and an increase of eight percent from the fourth quarter of 2013. Operating profit for the quarter, excluding other items, was $1.02 billion, or 17.8 percent of sales. EBITDA for the quarter, excluding other items, was $1.22 billion, or 21.3 percent of sales, up one percent from the prior quarter.

As of December 31, 2014, the Company has repurchased and retired 11.6 million shares of its common stock at an average price of $66.97 for a total purchase price of $779 million, under the $3 billion share repurchase program approved by the Board of Directors in September 2014.

Ending backlog for the fourth quarter of 2014 was $12.54 billion for the Company's Rig Systems segment and $1.78 billion for the Company's Completion & Production Solutions segment.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, "NOV accomplished a great deal in 2014, and I want to thank all of our employees for our record results. We completed the spin-off of our distribution business to our shareholders, we substantially increased our regular dividend and we launched a $3 billion share repurchase program. We also effected a reorganization of our operations to better serve our customers, while expanding our global reach and furthering our technology and product portfolio through the year.

Looking into 2015 we face a very challenging market. Our customers are sharply reducing their oilfield activity and expenditures. Nevertheless, NOV's strong backlog of capital equipment orders, our leading service and technology franchises, strong financial resources and positive cash flow position us well to navigate this cyclical decline. In the meantime we will continue to pursue strategic opportunities arising from the current market, to position the Company to emerge better and stronger from this cyclical decline."

Rig Systems

Fourth quarter revenues for the Rig Systems segment were $2.56 billion, a decrease of four percent from the third quarter of 2014 and an increase of seven percent from the fourth quarter of 2013. Operating profit for this segment was $511 million, or 20.0 percent of sales. EBITDA for this segment was $534 million, or 20.9 percent of sales. Revenue out of backlog for the segment was at $2.27 billion.

Backlog for capital equipment orders for the Company's Rig Systems segment at December 31, 2014 was $12.54 billion, down 13 percent from the third quarter of 2014, and down 17 percent from the end of the fourth quarter of 2013. New orders during the quarter were $470 million.

Rig Aftermarket

Fourth quarter revenues for the Rig Aftermarket segment were $850 million, an increase of nearly two percent from the third quarter of 2014 and an increase of 12 percent from the fourth quarter of 2013. Operating profit for this segment was $245 million, or 28.8 percent of sales. EBITDA for this segment was $252 million, or 29.6 percent of sales.

Wellbore Technologies

Revenues for the fourth quarter of the Wellbore Technologies segment were $1.53 billion, an increase of four percent from the third quarter of 2014 and an increase of 12 percent from the fourth quarter of 2013. Operating profit for this segment was $276 million, or 18.1 percent of sales. EBITDA for this segment was $387 million, or 25.3 percent of sales.

Completion & Production Solution

The Completion & Production Solutions segment generated revenues of $1.33 billion, an increase of 11 percent from the third quarter of 2014 and an increase of 15 percent from the fourth quarter of 2013. Operating profit for this segment was $215 million, or 16.2 percent of sales. EBITDA for this segment was $273 million, or 20.6 percent of sales.

Backlog for capital equipment orders for the Company's Completion & Production Solutions segment at December 31, 2014 was $1.78 billion, down 15 percent from the third quarter of 2014, and up nine percent from the end of the fourth quarter of 2013. New orders during the quarter were $469 million.

The Company has scheduled a conference call for February 3, 2015, at 8:00 a.m. Central Time to discuss fourth quarter results. The call will be broadcast through the Investor Relations link on National Oilwell Varco's web site at www.nov.com, and a replay will be available on the site for thirty days following the conference. Participants may also join the conference call by dialing 1-800-447-0521 within North America or 1-847-413-3238 outside of North America five to ten minutes prior to the scheduled start time and asking for the "National Oilwell Varco Earnings Conference Call."

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, and the provision of oilfield services to the upstream oil and gas industry.

Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by National Oilwell Varco with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

 

NATIONAL OILWELL VARCO, INC. CONSOLIDATED BALANCE SHEETS In millions, except share data)

 
        December 31,       December 31,
        2014       2013
        (Unaudited)        
ASSETS                
Current assets:                
Cash and cash equivalents       $ 3,536         $ 3,436  
Receivables, net         4,416           4,896  
Inventories, net         5,281           5,603  
Costs in excess of billings         1,878           1,539  
Deferred income taxes         447           373  
Prepaid and other current assets         604           576  

Total current assets

        16,162           16,423  
                 
Property, plant and equipment, net         3,362           3,408  
Deferred income taxes         503           372  
Goodwill         8,539           9,049  
Intangibles, net         4,444           5,055  
Investment in unconsolidated affiliates         362           390  
Other assets         190           115  
        $ 33,562         $ 34,812  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
Current liabilities:                
Accounts payable       $ 1,189         $ 1,275  
Accrued liabilities         3,518           2,763  
Billings in excess of costs         1,775           1,771  
Current portion of long-term debt and short-term borrowings         152           1  
Accrued income taxes         431           556  
Deferred income taxes         309           312  
Total current liabilities         7,374           6,678  
                 
Long-term debt         3,014           3,149  
Deferred income taxes         1,972           2,292  
Other liabilities         430           363  
Total liabilities         12,790           12,482  
                 
Commitments and contingencies                
                 
Stockholders’ equity:                
Common stock – par value $.01; 1 billion shares authorized; 418,977,608 and 428,433,703                
shares issued and outstanding at December 31, 2014 and December 31, 2013         4           4  
Additional paid-in capital         8,341           8,907  
Accumulated other comprehensive loss         (834 )         (4 )
Retained earnings         13,181           13,323  
Total Company stockholders’ equity         20,692           22,230  
Noncontrolling interests         80           100  
Total stockholders’ equity         20,772           22,330  
        $ 33,562         $ 34,812  
                                       

 

NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) In millions, except per share data)

                                       
      Three Months Ended       Years Ended
      December 31,       September 30,       December 31,
      2014       2013       2014       2014       2013
Revenue:                                      
Rig Systems     $ 2,561         $ 2,397         $ 2,659         $ 9,848         $ 8,450  
Rig Aftermarket       850           759           837           3,222           2,692  
Wellbore Technologies       1,529           1,371           1,469           5,722           5,109  
Completion & Production Solutions       1,325           1,155           1,191           4,645           4,309  
Eliminations       (556 )         (380 )         (569 )         (1,997 )         (1,441 )
Total revenue       5,709           5,302           5,587           21,440           19,119  
Gross profit       1,546           1,407           1,524           5,816           5,076  
Gross profit %       27.1 %         26.5 %         27.3 %         27.1 %         26.5 %
Selling, general, and administrative       528           482           535           2,047           1,833  
Other items       163           16           1           214           53  
Operating profit       855           909           988           3,555           3,190  
Interest and financial costs       (26 )         (27 )         (26 )         (105 )         (111 )
Interest income       5           4           4           18           12  
Equity income in unconsolidated affiliates       16           16           9           58           63  
Other income (expense), net       (20 )         (15 )         9           (32 )         (30 )
Income before income taxes       830           887           984           3,494           3,124  
Provision for income taxes       233           257           283           1,039           943  
Income from continuing operations       597           630           701           2,455           2,181  
Income from discontinued operations       -           31           -           52           147  
Net income       597           661           701           2,507           2,328  
Net income attributable to noncontrolling interests       2           3           2           5           1  
Net income attributable to Company     $ 595         $ 658         $ 699         $ 2,502         $ 2,327  
                                       
Per share data:                                      
Basic:                                      
Income from continuing operations     $ 1.39         $ 1.47         $ 1.63         $ 5.73         $ 5.11  
Income from discontinued operations     $ -         $ 0.07         $ -         $ 0.12         $ 0.35  
Net income attributable to Company     $ 1.39         $ 1.54         $ 1.63         $ 5.85         $ 5.46  
Diluted:                                      
Income from continuing operations     $ 1.39         $ 1.46         $ 1.62         $ 5.70         $ 5.09  
Income from discontinued operations     $ -         $ 0.07         $ -         $ 0.12         $ 0.35  
Net income attributable to Company     $ 1.39         $ 1.53         $ 1.62         $ 5.82         $ 5.44  
Weighted average shares outstanding:                                      
Basic       427           427           429           428           426  
Diluted       428           429           431           430           428  
                                 

 

NATIONAL OILWELL VARCO, INC. OPERATING PROFIT – AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited)

(In millions)

                                 
      Three Months Ended       Years Ended
      December 31,     September 30,       December 31,
      2014     2013     2014       2014     2013
                                 
Revenue:                                
Rig Systems     $ 2,561       $ 2,397       $ 2,659         $ 9,848       $ 8,450  
Rig Aftermarket       850         759         837           3,222         2,692  
Wellbore Technologies       1,529         1,371         1,469           5,722         5,109  
Completion & Production Solutions       1,325         1,155         1,191           4,645         4,309  
Eliminations       (556 )       (380 )       (569 )         (1,997 )       (1,441 )
Total revenue     $ 5,709       $ 5,302       $ 5,587         $ 21,440       $ 19,119  
                                 
Operating profit:                                
Rig Systems     $ 511       $ 458       $ 533         $ 1,996       $ 1,615  
Rig Aftermarket       245         196         229           882         729  
Wellbore Technologies       276         245         278           1,047         854  
Completion & Production Solutions       215         184         184           700         695  
Unallocated expenses and eliminations       (229 )       (158 )       (235 )         (856 )       (650 )

Total operating profit (before other items)

    $ 1,018       $ 925       $ 989         $ 3,769       $ 3,243  
                                 
Operating profit %:                                
Rig Systems       20.0 %       19.1 %       20.0 %         20.3 %       19.1 %
Rig Aftermarket       28.8 %       25.8 %       27.4 %         27.4 %       27.1 %
Wellbore Technologies       18.1 %       17.9 %       18.9 %         18.3 %       16.7 %
Completion & Production Solutions       16.2 %       15.9 %       15.4 %         15.1 %       16.1 %
Total operating profit % (before other items)       17.8 %       17.4 %       17.7 %         17.6 %       17.0 %
 

 

NATIONAL OILWELL VARCO, INC. AS ADJUSTED BEFORE DEPRECIATION & AMORTIZATION SUPPLEMENTAL SCHEDULE (Unaudited) n millions)

 
      Three Months Ended       Years Ended
      December 31,     September 30,       December 31,
      2014     2013     2014       2014     2013
Operating profit excluding other items (Note 1):                                
Rig Systems     $ 511       $ 458       $ 533         $ 1,996       $ 1,615  
Rig Aftermarket       245         196         229           882         729  
Wellbore Technologies       276         245         278           1,047         854  
Completion & Production Solutions       215         184         184           700         695  
Unallocated expenses and eliminations       (229 )       (158 )       (235 )         (856 )       (650 )
Total operating profit excluding other items     $ 1,018       $ 925       $ 989         $ 3,769       $ 3,243  
                                 
Depreciation & amortization:                                
Rig Systems     $ 23       $ 25       $ 21         $ 88       $ 82  
Rig Aftermarket       7         8         7           27         26  
Wellbore Technologies       111         108         112           439         420  
Completion & Production Solutions       58         54         58           224         210  
Unallocated expenses and eliminations       -         -         -           -         -  
Total depreciation & amortization     $ 199       $ 195       $ 198         $ 778       $ 738  
                                 
Operating profit as adjusted before depreciation                                
& amortization (Note 1):                                
Rig Systems     $ 534       $ 483       $ 554         $ 2,084       $ 1,697  
Rig Aftermarket       252         204         236           909         755  
Wellbore Technologies       387         353         390           1,486         1,274  
Completion & Production Solutions       273         238         242           924         905  
Unallocated expenses and eliminations       (229 )       (158 )       (235 )         (856 )       (650 )
Total operating profit as adjusted before                                                    
depreciation & amortization     $ 1,217       $ 1,120       $ 1,187         $ 4,547       $ 3,981  
                                 
Operating profit % as adjusted before                                
depreciation & amortization (Note 1):                                
Rig Systems       20.9 %       20.2 %       20.8 %         21.2 %       20.1 %
Rig Aftermarket       29.6 %       26.9 %       28.2 %         28.2 %       28.0 %
Wellbore Technologies       25.3 %       25.7 %       26.5 %         26.0 %       24.9 %
Completion & Production Solutions       20.6 %       20.6 %       20.3 %         19.9 %       21.0 %
Total operating profit % as adjusted before                                                    
depreciation & amortization       21.3 %       21.1 %       21.2 %         21.2 %       20.8 %
                                                     
Total operating profit as adjusted before                                                    
depreciation & amortization:     $ 1,217       $ 1,120       $ 1,187         $ 4,547       $ 3,981  
Other items       (163 )       (16 )       (1 )         (214 )       (53 )
Interest income       5         4         4           18         12  
Equity income in unconsolidated affiliates       16         16         9           58         63  
Other income (expense), net       (20 )       (15 )       9           (32 )       (30 )
Net income attributable to noncontrolling                                                    
interest       (2 )       (3 )       (2 )         (5 )       (1 )
EBITDA (Note 1)     $ 1,053       $ 1,106       $ 1,206         $ 4,372       $ 3,972  
                                 
Reconciliation of EBITDA (Note 1):                                
GAAP net income attributable to Company     $ 595       $ 658       $ 699         $ 2,502       $ 2,327  
Income from discontinued operations       -         (31 )       -           (52 )       (147 )
Provision for income taxes       233         257         283           1,039         943  
Interest expense       26         27         26           105         111  
Depreciation and amortization       199         195         198           778         738  
EBITDA       1,053         1,106         1,206           4,372         3,972  
Other items       163         16         1           214         53  
EBITDA excluding other items (Note 1)     $ 1,216       $ 1,122       $ 1,207         $ 4,586       $ 4,025  
             

 

NATIONAL OILWELL VARCO, INC. OPERATING (NON-GAAP) DILUTED EARNINGS PER SHARE RECONCILIATION (Unaudited)

(In millions)

             
     

Three Months Ended

   

Years Ended

     

December 31,

   

September 30,

   

December 31,

     

2014

   

2013

   

2014

   

2014

   

2013

Net income attributable to Company     $ 1.39     $ 1.53       $ 1.62     $ 5.82       $ 5.44  
Income from discontinued operations       -       (0.07 )       -       (0.12 )       (0.35 )
Income from continuing operations       1.39       1.46         1.62       5.70         5.09  
Other items       0.30       0.03         -       0.37         0.08  
Amortization of purchased intangible assets       0.15       0.15         0.14       0.57         0.57  
Operating (non-GAAP)     $ 1.84     $ 1.64       $ 1.76     $ 6.64       $ 5.74  
                                               

Note 1: In an effort to provide investors with additional information regarding our results as determined by GAAP, we disclose various non-GAAP financial measures in our quarterly earnings press releases and other public disclosures. The primary non-GAAP financial measures we focus on are: (i) revenue excluding other items, (ii) operating profit excluding other items, (iii) operating profit percentage excluding other items, (iv) operating profit excluding other items before depreciation & amortization, (v) operating profit percentage excluding other items before depreciation & amortization (vi) EBITDA and (vii) Operating (non-GAAP) per fully diluted share. Each of these financial measures excludes the impact of certain other items and therefore has not been calculated in accordance with GAAP. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included here within.

We use these non-GAAP financial measures internally to evaluate and manage the Company's operations because we believe it provides useful supplemental information regarding the Company's on-going economic performance. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of operating results and as a means to emphasize the results of on-going operations.

nov.com

 

Tags: NOV, NATIONAL, OILWELL, VARCO

Chronicle:

NOV: 2015 WILL BE SEVERE
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

NOV: 2015 WILL BE SEVERE
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

NOV: 2015 WILL BE SEVERE
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

NOV: 2015 WILL BE SEVERE
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00