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2016-10-27 18:35:00

NOV VARCO NET LOSS $1.7 BLN

NOV VARCO NET LOSS $1.7 BLN

National Oilwell Varco, Inc. (NYSE: NOV) today reported a third quarter 2016 net loss of $1.36 billion, or $3.62 per share. Excluding other items, net loss for the quarter was $128 million, or $0.34 per share. Other items totaled $1.09 billion, pretax, consisting of a $972 million goodwill impairment and $116 million of other charges primarily associated with severance, facility closures and write-offs of certain assets. Other items, net of tax, totaled $1.23 billion and included a $213 million valuation allowance against foreign tax credits.

Revenues for the third quarter of 2016 were $1.65 billion, a decrease of five percent compared to the second quarter of 2016 and a decrease of 50 percent from the third quarter of 2015. Operating loss for the third quarter was $1.19 billion, or 72.1 percent of sales. Excluding other items, operating loss was $108 million, or 6.6 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $68 million, or 4.1 percent of sales, an increase of $43 million from the second quarter of 2016.

"Our ability to post a higher Adjusted EBITDA on a five percent sequential decline in revenue was the result of our team's continued progress in improving our efficiencies and lowering our costs," commented Clay Williams, Chairman, President and CEO. "While consolidated revenues continued to contract in the third quarter, two of our four reporting segments posted sequential revenue growth, and three of our four segments posted higher margins."

"We are encouraged by the early signs of a recovery in the North American marketplace. Our short cycle businesses within our Wellbore Technologies Segment account for over 80% of total segment revenue. Within North America these posted sequential revenue growth of approximately 15%. Even though international, offshore and capital equipment markets remain challenging, we believe declining global production and improving commodity prices are setting the stage for a broader recovery in 2017. In the meantime, we continue to aggressively reduce costs, improve efficiencies, and invest in our comprehensive technology portfolio. So far in 2016 we have added significant new technologies in completion tools, directional drilling tools, condition-based monitoring services and drilling optimization services. All are winning significant customer interest, and all better position NOV for the inevitable recovery."

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(In millions, except per share data)

 
        Three Months Ended     Nine Months Ended
        September 30,    

June 30,

    September 30,
          2016         2015         2016         2016       2015  
Revenue:                              
Rig Systems       $ 470       $ 1,496       $ 564       $ 1,960     $ 5,949  
Rig Aftermarket         322         570         364         1,077       1,946  
Wellbore Technologies         526         834         511         1,668       2,961  
Completion & Production Solutions         543         798         538         1,639       2,619  
Eliminations         (215 )       (392 )       (253 )       (785 )     (1,440 )
Total revenue         1,646         3,306         1,724         5,559       12,035  
Gross profit (1)         79         672         35         358       2,675  
Gross profit %         4.8 %       20.3 %       2.0 %       6.4 %     22.2 %
                               
Selling, general, and administrative         293         383         305         1,031       1,378  
Goodwill and intangible asset impairment         972         55         -         972       55  
                               
Operating profit (loss)         (1,186 )       234         (270 )       (1,645 )     1,242  
                               
Interest and financial costs         (25 )       (24 )       (30 )       (80 )     (76 )
Interest income         3         2         3         11       9  
Equity income (loss) in unconsolidated affiliates         (6 )       -         (7 )       (19 )     16  
Other income (expense), net         (30 )       (20 )       (34 )       (85 )     (106 )
                               
Income (loss) before income taxes         (1,244 )       192         (338 )       (1,818 )     1,085  
                               
Provision for income taxes         120         36         (121 )       (119 )     330  
                               
Net income (loss)         (1,364 )       156         (217 )       (1,699 )     755  
                               
Net income (loss) attributable to noncontrolling interests         (2 )       1         -         (1 )     1  
                               
Net income (loss) attributable to Company       $ (1,362 )     $ 155       $ (217 )     $ (1,698 )   $ 754  
                               
Per share data:                              
Basic       $ (3.62 )     $ 0.41       $ (0.58 )     $ (4.53 )   $ 1.92  
Diluted       $ (3.62 )     $ 0.41       $ (0.58 )     $ (4.53 )   $ 1.92  
Weighted average shares outstanding:                              
Basic         376         380         375         375       392  
Diluted         376         381         375         375       393  
 
(1)   Gross profit excluding other items was $185 million and $624 million for the three and nine months ended September 30, 2016, respectively. Gross profit excluding other items was $139 million for the three months ended June 30, 2016. 

-----

Earlier: 

NOV VARCO NET LOSS $336 MLN 

VARCO NET LOSS $119 MLN 

NOV VARCO NET LOSS $769 MLN 

NOV VARCO CUTS 900 JOBS 

NOV VARCO NET INCOME $155 MLN

 

 

Tags: NOV, VARCO, NATIONAL, OILWELL

Chronicle:

NOV VARCO NET LOSS $1.7 BLN
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 NET LOSS $1.7 BLN
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 NET LOSS $1.7 BLN
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 NET LOSS $1.7 BLN
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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