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2015-08-03 17:30:00

NOV VARCO DOWN 50%

NOV VARCO DOWN 50%

 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per share data)

             
      Three Months Ended     Six Months Ended
      June 30,     March 31,     June 30,
      2015     2014     2015     2015     2014
Revenue:                              
Rig Systems     $ 1,930       $ 2,372       $ 2,523       $ 4,453       $ 4,628  
Rig Aftermarket       657         785         719         1,376         1,535  
Wellbore Technologies       956         1,446         1,171         2,127         2,724  
Completion & Production Solutions       873         1,127         948         1,821         2,129  
Eliminations       (507 )       (475 )       (541 )       (1,048 )       (872 )
Total revenue       3,909         5,255         4,820         8,729         10,144  
Gross profit       872         1,456         1,178         2,050         2,746  
Gross profit %       22.3 %       27.7 %       24.4 %       23.5 %       27.1 %
Selling, general, and administrative       417         511         486         903         984  
Other items       17         32         122         139         50  
Operating profit       438         913         570         1,008         1,712  
Interest and financial costs       (26 )       (27 )       (26 )       (52 )       (53 )
Interest income       2         5         5         7         9  
Equity income in unconsolidated affiliates       7         23         9         16         33  
Other income (expense), net       (30 )       (21 )       (56 )       (86 )       (21 )
Income before income taxes       391         893         502         893         1,680  
Provision for income taxes       105         284         189         294         523  
Income from continuing operations       286         609         313         599         1,157  
Income from discontinued operations       -         11         -         -         52  
Net income       286         620         313         599         1,209  
Net income (loss) attributable to noncontrolling interests       (3 )       1         3         -         1  
Net income attributable to Company     $ 289       $ 619       $ 310       $ 599       $ 1,208  

 

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its second quarter ended June 30, 2015, it earned net income of $289 million, or $0.74 per fully diluted share, compared to first quarter ended March 31, 2015 net income of $310 million, or $0.76 per fully diluted share. Excluding other items and non-recurring charges from all periods, second quarter net income was $301 million, or $0.77 per fully diluted share, compared to $1.14 in the first quarter of 2015 and $1.47 in the second quarter of 2014. Second quarter 2015 other items were $17 million in pre-tax severance and facility closure charges.

Revenues for the second quarter of 2015 were $3.91 billion, a decrease of 19 percent from the first quarter of 2015 and a decrease of 26 percent from the second quarter of 2014. Operating profit for the quarter, excluding the other items, was $455 million, or 11.6 percent of sales. EBITDA, excluding other items, was $627 million, or 16.0 percent of sales, down 45 percent from the prior year.

During the second quarter of 2015, the Company repurchased and retired 8.6 million shares of its common stock at an average price of $51.73 per share for a total purchase price of $447 million. Since initiating a share buyback program in September 2014, the Company repurchased 44.7 million shares through the end of the second quarter, or 10.4 percent of its shares outstanding, at an average price of $57.12 per share.

Ending backlog for the second quarter of 2015 was $9.03 billion for the Company's Rig Systems segment and $1.19 billion for the Company's Completion & Production Solutions segment.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, "NOV achieved solid results this quarter in the face of the cyclical downturn which has impacted our business. The operating margins delivered by our segments this quarter reflect our focus on reducing costs to become more efficient. We continue to advance our long-term strategies and expect that the strength of our balance sheet will allow us to identify investment opportunities arising from this downturn. We are positioning the company to perform well through the downturn and to generate profitable growth in the inevitable upturn, and expect that while 2015 will continue to be challenging, it will afford us the opportunity to make great progress against our strategic plans."

Rig Systems

The Rig Systems segment generated revenues of $1.93 billion in the second quarter of 2015, a decrease of 24 percent from the first quarter of 2015 and a decrease of 19 percent from the second quarter of 2014. Operating profit for this segment was $395 million, or 20.5 percent of sales. EBITDA for this segment was $419 million, or 21.7 percent of sales. Revenue out of backlog for the segment was $1.70 billion.

Backlog for capital equipment orders for the Company's Rig Systems segment at June 30, 2015 was $9.03 billion, down 13 percent from the first quarter of 2015, and down 41 percent from the end of the second quarter of 2014. New orders during the quarter were $313 million.

Rig Aftermarket 

The Rig Aftermarket segment generated revenues of $657 million in the second quarter of 2015, a decrease of nine percent from the first quarter of 2015 and a decrease of 16 percent from the second quarter of 2014. Operating profit for this segment was $145 million, or 22.1 percent of sales. EBITDA for this segment was $152 million, or 23.1 percent of sales.

Wellbore Technologies 

The Wellbore Technologies segment generated revenues of $956 million in the second quarter of 2015, a decrease of 18 percent from the first quarter of 2015 and a decrease of 34 percent from the second quarter of 2014. Operating profit for this segment was $47 million, or 4.9 percent of sales. EBITDA for this segment was $146 million, or 15.3 percent of sales.

Completion & Production Solutions 

The Completion & Production Solutions segment generated revenues of $873 million in the second quarter of 2015, a decrease of eight percent from the first quarter of 2015 and a decrease of 23 percent from the second quarter of 2014. Revenues out of backlog were $538 million. Operating profit for this segment was $81 million, or 9.3 percent of sales. EBITDA for this segment was $141 million, or 16.2 percent of sales.

Backlog for capital equipment orders for the Company's Completion & Production Solutions segment at June 30, 2015 was $1.19 billion, down 18 percent from the first quarter of 2015, and down 44 percent from the end of the second quarter of 2014. New orders during the quarter were $264 million.

nov.com

More: 

NOV VARCO 1Q REPORT 

NOV: 2015 WILL BE SEVERE 

NOV ANNOUNCES $3 BLN 

SANCTIONS: NOV WARNS RUSSIA 

NOV: HISTORIC Q2 2014 

US SANCTIONS: NOV INVESTS IN RUSSIA

 

Tags: NATIONAL, OILWELL, VARCO, NOV,

Chronicle:

NOV VARCO DOWN 50%
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

NOV VARCO DOWN 50%
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

NOV VARCO DOWN 50%
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

NOV VARCO DOWN 50%
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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