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2016-02-04 18:55:00

NOV VARCO NET LOSS $769 MLN

NOV VARCO NET LOSS $769 MLN

 

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,
    2015   2014   2015                2015     2014
Revenue:                      
Rig Systems   $ 1,015     $ 2,561     $ 1,496     $ 6,964       $ 9,848  
Rig Aftermarket     569       850       570       2,515         3,222  
Wellbore Technologies     757       1,529       834       3,718         5,722  
Completion & Production Solutions     746       1,325       798       3,365         4,645  
Eliminations     (365)       (556)       (392)       (1,805)         (1,997)  
                                           
Total revenue     2,722       5,709       3,306       14,757         21,440  
                                           
Gross profit     520       1,546       700       3,270         5,816  
Gross profit %     19.1 %     27.1 %     21.2 %     22.2 %       27.1 %
                                           
Selling, general, and administrative     379       528       354       1,636         2,047  
Other items     1,773       163       112       2,024         214  
Operating profit (loss)     (1,632)       855       234       (390)         3,555  
Interest and financial costs     (27)       (26)       (24)       (103)         (105)  
Interest income     5       5       2       14         18  
Equity income in unconsolidated affiliates     (3)       16       -       13         58  
Other income (expense), net     (17)       (20)       (20)       (123)         (32)  
Income (loss) before income taxes     (1,674)       830       192       (589)         3,494  
Provision for income taxes     (152)       233       36       178         1,039  
Income (loss) from continuing operations     (1,522)       597       156       (767)         2,455  
Income from discontinued operations     -       -       -       -         52  
Net income (loss)     (1,522)       597       156       (767)         2,507  
Net income attributable to noncontrolling interests     1       2       1       2         5  
Net income (loss) attributable to Company   $ (1,523)     $ 595     $ 155     $ (769)       $ 2,502  

 

HOUSTON--Feb. 3, 2016-- National Oilwell Varco, Inc. (NYSE:NOV) today reported fourth quarter 2015 net income of $85 million, or $0.23 per fully diluted share, excluding other items, down from $0.61 in the third quarter of 2015 on a comparable basis. Other items included pre-tax charges of $1,634 million for goodwill and other intangible asset write-downs, $139 million for restructuring and other charges (which included inventory write-downs, severance and facility closure costs, and other costs), and $7 million in FX losses due to a currency devaluation in Argentina. GAAP net loss for the quarter was $1,523 million, or $4.06 per fully diluted share.

Revenues for the fourth quarter of 2015 were $2.72 billion, a decrease of 18 percent from the third quarter of 2015 and a decrease of 52 percent from the fourth quarter of 2014. Operating profit for the quarter, excluding other items, was $141 million, or 5.2 percent of revenue. EBITDA for the quarter, excluding other items, was $308 million, or 11.3 percent of revenue, down 40 percent sequentially and 75 percent from the prior year. Operating leverage, or the change in operating profit divided by the change in revenue, excluding other items, was 35 percent from the third quarter of 2015 to the fourth quarter of 2015.

Revenues reported for the full year 2015 were $14.76 billion, and net loss was $769 million, or $1.99 per fully diluted share. Excluding other items, net income was $1,083 million for the full year 2015, or $2.80 per fully diluted share. Operating profit for the full year, excluding other items, was $1.63 billion, or 11.1 percent of revenue. Year-over-year operating leverage was 32 percent, excluding other items from both periods. EBITDA for the full year, excluding other items, was $2.28 billion, or 15.5 percent of revenue.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, "Our team executed well in 2015 in a very tough market. Tumbling oil prices brought capital austerity and sharply lower oilfield activity, which is intensifying as we enter 2016. Nevertheless, our consolidated revenue outperformed the decline in global rig count, and our cost reductions and operational efficiencies enabled solid cash generation. Together with our strong balance sheet, this allowed us to invest in our business for future growth, as well as return significant capital to our shareholders. We are well positioned to take advantage of the opportunities we expect to emerge during 2016.

This 'lower-for-longer' market decline will provide the foundation for an eventual recovery, as oil depletion marches onward and demand continues to grow. We nevertheless recognize that the timing of the recovery remains uncertain and that we face additional headwinds in the year ahead. I am grateful for the hard work and dedication of our NOV employees and am confident in their ability to navigate the tough road ahead. We remain resolute in our focus on reducing costs, improving execution, doing more with less and, ultimately, emerging from the depths of this cycle well positioned for the upturn."

Segment results (excluding other items):

Rig Systems Segment

Rig Systems generated revenues of $1 billion, a decrease of 32 percent from the third quarter of 2015 and a decrease of 60 percent from the fourth quarter of 2014. Operating profit was $160 million, or 15.8 percent of sales. Sequential quarterly operating leverage was 24 percent. EBITDA was $184 million, or 18.1 percent of sales. Revenue out of backlog was $843 million.

Backlog for capital equipment orders for Rig Systems at December 31, 2015 was $6.08 billion, down 24 percent from the third quarter of 2015, and down 52 percent from the end of the fourth quarter of 2014. New orders during the quarter were $89 million.

Rig Aftermarket Segment

Rig Aftermarket generated revenues of $569 million, flat from the third quarter of 2015 and a decrease of 33 percent from the fourth quarter of 2014. Operating profit was $127 million, or 22.3 percent of sales. EBITDA was $135 million, or 23.7 percent of sales.

Wellbore Technologies Segment

Wellbore Technologies generated revenues of $757 million, a decrease of 9 percent from the third quarter of 2015 and a decrease of 50 percent from the fourth quarter of 2014. Operating loss was $31 million, or negative 4.1 percent of sales. Sequential quarterly operating leverage was 69 percent. EBITDA was $68 million, or 9.0 percent of sales.

Completion & Production Solutions Segment

Completion & Production Solutions generated revenues of $746 million, a decrease of 7 percent from the third quarter of 2015 and a decrease of 44 percent from the fourth quarter of 2014. Operating profit was $34 million, or 4.6 percent of sales. Sequential quarterly operating leverage was 56 percent. EBITDA was $86 million, or 11.5 percent of sales.

Backlog for capital equipment orders for Completion & Production Solutions at December 31, 2015 was $969 million, down 17 percent from the third quarter of 2015, and down 46 percent from the fourth quarter of 2014. New orders during the quarter were $272 million.

nov.com

-----

More: 

NOV VARCO CUTS 900 JOBS 

NOV VARCO NET INCOME $155 MLN 

NOV VARCO DOWN 50% 

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 

ROSNEFT INVITES NOV 

NOV: TO RUSSIA VITH LOVE 

NOV NAMES CLAY WILLIAMS 

VARCO: IS THE GROWTH FINISHED?

 

 

 

Tags: NOV, VARCO, FINANCIAL, OIL, GAS, PRICES

Chronicle:

NOV VARCO NET LOSS $769 MLN
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 VARCO NET LOSS $769 MLN
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 VARCO NET LOSS $769 MLN
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 VARCO NET LOSS $769 MLN
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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