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2017-10-27 19:10:00

NOV VARCO NET LOSS $221 MLN

NOV VARCO NET LOSS $221 MLN

NOV VARCO - National Oilwell Varco, Inc. (NYSE: NOV) reported a third quarter 2017 net loss of $26 million, or $0.07 per share. Revenues for the third quarter of 2017 were $1.84 billion, an increase of four percent compared to the second quarter of 2017 and an increase of eleven percent from the third quarter of 2016. Operating loss for the third quarter was $7 million, or 0.4 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $167 million, or 9.1 percent of sales, an increase of $25 million from the second quarter of 2017. Cash flow from operations for the third quarter was $232 million.

"Our team delivered solid results in the third quarter as higher sequential sales of Wellbore Technologies and Completion & Production Solutions products enabled NOV to overcome a retrenchment in rig equipment demand," commented Clay Williams, Chairman, President and CEO. "Despite weak commodity prices through the quarter, and the significant disruption of Hurricane Harvey along the Gulf Coast, NOV delivered 18 percent more Adjusted EBITDA as compared to the prior quarter, due in part to the Company's pivot into new products that are gaining traction globally. We continue to pioneer new, safer and more efficient ways to develop and produce oil and gas in a low commodity price world."

 

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,
  2017 2016 2017 2017 2016
Revenue:          
Rig Systems 330 470 346 1,069 1,960
Rig Aftermarket 311 322 341 973 1,077
Wellbore Technologies 693 526 614 1,862 1,668
Completion & Production Solutions 682 543 652 1,982 1,639
Eliminations (181) (215) (194) (551) (785)
Total revenue 1,835 1,646 1,759 5,335 5,559
Gross profit (1) 285 79 231 725 358
Gross profit % 15.5 4.8 13.1 13.6 6.4
           
Selling, general, and administrative 292 293 293 891 1,031
Goodwill impairment - 972 - - 972
           
Operating loss (7) (1,186) (62) (166) (1,645)
           
Interest and financial costs (26) (25) (26) (77) (80)
Interest income 11 3 4 19 11
Equity loss in unconsolidated affiliates (2) (6) (2) (4) (19)
Other income (expense), net (6) (30) (2) (19) (85)
           
Loss before income taxes (30) (1,244) (88) (247) (1,818)
           
Provision for income taxes (3) 120 (14) (26) (119)
           
Net loss (27) (1,364) (74) (221) (1,699)
           
Net income attributable to noncontrolling interests (1) (2) 1 2 (1)
           
Net loss attributable to Company (26) (1,362) (75) (223) (1,698)
           
Per share data:          
Basic (0.07) (3.62) (0.20) (0.59) (4.53)
Diluted (0.07) (3.62) (0.20) (0.59) (4.53)
Weighted average shares outstanding:          
Basic 377 376 377 377 375
Diluted 377 376 377 377 375
     
(1)   Gross profit excluding other items was $285 million and $782 million for the three and nine months ended September 30, 2017, respectively. 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 $261 million for the three months ended June 30, 2017. 

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Earlier:

NOV VARCO NET LOSS $75 MLN
2017, July, 31, 14:05:00

NOV VARCO NET LOSS $75 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a second quarter 2017 net loss of $75 million, or $0.20 per share. Excluding other items, net loss for the quarter was $54 million, or $0.14 per share. Other items totaled $30 million, pretax, and primarily consisted of charges related to severance and facility closures.

 

 NOV VARCO NET LOSS $336 MLN
2016, July, 28, 18:35:00

NOV VARCO NET LOSS $336 MLN

National Oilwell Varco, Inc. (NYSE:NOV) reported a second quarter 2016 net loss of $217 million, or $0.58 per share. Excluding other items, net loss for the quarter was $114 million, or $0.30 per share. Other items included $143 million in pre-tax charges ($103 million net of tax) primarily associated with severance, facility closure costs, and write-off of certain fixed assets.

 

 NOV VARCO CUTS 900 JOBS
2015, December, 8, 19:25:00

NOV VARCO CUTS 900 JOBS

U.S. oilfield equipment maker National Oilwell Varco Inc will cut its Norwegian workforce by another 900 people after low oil prices resulted in fewer orders, the company said on Monday.

 

 SANCTIONS: NOV WARNS RUSSIA
2014, August, 5, 18:15:00

SANCTIONS: NOV WARNS RUSSIA

National Oilwell Varco warns of Russian sanctions impact

 

 US SANCTIONS: NOV INVESTS IN RUSSIA
2014, May, 5, 18:30:00

US SANCTIONS: NOV INVESTS IN RUSSIA

National Oilwell Varco published their Q1 2014 Results

 

 VARCO CREATE  DISTRIBUTOR
2014, March, 5, 16:38:00

VARCO CREATE DISTRIBUTOR

National-Oilwell Varco Spin Off Will Create Leading Distributor to Energy Markets

 

 VARCO: IS THE GROWTH FINISHED?
2014, January, 31, 16:38:00

VARCO: IS THE GROWTH FINISHED?

National Oilwell Varco Announces Fourth Quarter and Full Year 2013 Earnings.

 

 

 

Tags: NOV, VARCO

Chronicle:

NOV VARCO NET LOSS $221 MLN
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

NOV VARCO NET LOSS $221 MLN
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

NOV VARCO NET LOSS $221 MLN
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

NOV VARCO NET LOSS $221 MLN
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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