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2018-04-27 10:30:00

NOV VARCO NET LOSS $68 MLN

NOV VARCO NET LOSS $68 MLN

 

NOV  - National Oilwell Varco, Inc. (NYSE: NOV) today reported a first quarter 2018 net loss of $68 million, or $0.18 per share. Revenues for the first quarter were $1.80 billion, a decrease of nine percent compared to the fourth quarter of 2017 and an increase of three percent from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million, or 0.1 percent of sales, and Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) was $160 million, or 8.9 percent of sales. Other items were a net credit of $12 million, pre-tax, primarily from the reversal of certain accruals, partially offset by restructure charges and severance payments.

"During the first quarter of 2018 NOV benefitted from growing demand for short-cycle consumables and services in North America as oilfield fundamentals continued to strengthen," commented Clay Williams, Chairman, President, and CEO. "Unfortunately, however, the protracted budgeting cycle we saw early in the year led to a slower-than-anticipated start in our capital equipment businesses, and softness in our Eastern Hemisphere operations. This more than offset improvements in North America, snapping our six-quarter streak of steadily improving results."

"We expect to be back on track soon, though, as most of the capital equipment deliveries that were deferred by customers at the end of the quarter were accepted early in the second quarter, giving us confidence that the general upward trajectory of business will resume in the second quarter. Scarcity is returning to many corners of the oilfield, and we've seen good uptake on technologies we've been introducing through the downturn, all while the oil supply and demand picture continues to tighten."

Wellbore Technologies

Wellbore Technologies generated revenues of $711 million in the first quarter of 2018, a decrease of one percent from the fourth quarter of 2017 and an increase of 28 percent from the first quarter of 2017. The sequential decrease in revenue was the result of a slow start to the year in the Eastern Hemisphere and a fall-off in drill pipe sales, partially offset by strong growth from the segment's operations in the Western Hemisphere. Operating profit was $12 million, or 1.7 percent of sales. Adjusted EBITDA was $103 million, or 14.5 percent of sales, a decrease of four percent sequentially and an increase of $65 million from the prior year.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $670 million, a decrease of three percent from the fourth quarter of 2017 and an increase of three percent from the first quarter of 2017. Deferred deliveries and order commitments led to the sequential decline in revenue. Operating profit was $16 million or 2.4 percent of sales. Adjusted EBITDA was $73 million, or 10.9 percent of sales, a decrease of one percent sequentially and a decrease of five percent from the prior year.

Backlog for capital equipment orders for Completion & Production Solutions at March 31, 2018 was $1.01 billion. New orders during the quarter, net of the cancellation of a large order for the recently terminated Ca Rong Do project in the South China Sea, were $324 million, representing a book-to-bill of 84 percent when compared to the $384 million of orders shipped from backlog. Excluding the cancellation, book-to-bill was 90 percent.

Rig Technologies

Rig Technologies generated revenues of $483 million, a decrease of 21 percent from the fourth quarter of 2017 and a decrease of 17 percent from the first quarter of 2017. The segment was adversely affected by reduced progress on new offshore rig construction. Operating profit was $18 million, or 3.7 percent of sales. Adjusted EBITDA was $45 million, or 9.3 percent of sales, a decrease of 36 percent sequentially and a decrease of four percent from the prior year.

Backlog for capital equipment orders for Rig Technologies at March 31, 2018 was $2.05 billion. New orders booked during the quarter totaled $201 million, representing a 131 percent book-to-bill when compared to the $153 million shipped from backlog. The order book included two land rigs destined for the Middle East and several land rig equipment upgrades.

Significant Events and Achievements

NOV won two Offshore Technology Conference (OTC) 2018 Spotlight on New Technology® awards, one for the NOVOS™ process-automation platform and one for the Seabox™ subsea water treatment system. The yearly award showcases the industry's latest and most advanced technologies—ones that are poised to dramatically change offshore exploration and production and allow the industry to operate more efficiently, safely, and sustainably.

NOV received multiple large orders for the Tolteq™ iSeries™ measurement-while-drilling (MWD) products in the first quarter, including two large multi-tool orders in the US and one multi-tool order in Russia. Several of these orders include the new iSeries NXT directional module, which provides directional drillers with continuous wellbore position information for more precise control of directional and horizontal drilling operations, allowing more effective geosteering into the drilling sweet spot. Additionally, the Company received its first orders for its iSeries near-bit measurement system, which provides critical formation information from directly above the drill bit to provide early indication of formation changes and enables tighter control of the well within the target zone.

NOV introduced and began delivery of its next-generation shale shaker, the Brandt™ SABRE™. The first of its kind, SABRE is a modular shaker system based upon a scalable platform. Through a simple field upgrade, the need to change out the complete shaker system is eliminated, allowing customers to easily adapt to specific requirements. Field trials have proven an increase in flow handling capacity of 50 to 100 percent compared to existing high-performance shakers, which allows SABRE to better control low-gravity solids throughout the entire drilling process—reducing dilution and associated logistics costs. The SABRE shaker is also proven to deliver dryer cuttings, reducing both haul-off and disposal costs. Trials indicate that screen costs per foot are reduced with this new technology, with the SABRE shaker's patented screens being super lightweight (weighing in at only 14 lb) and repairable using NOV's unique AX SNAPFAST™ screen repair system.

NOV signed an agreement with Maersk to extend the existing condition-based monitoring (CBM) Partnership agreement from seven to a total of 18 rigs. The new contract expands the list of equipment incorporated in the CBM Partnership to 800 pieces. The partnership will allow Maersk to secure a stronger market position by achieving higher levels of maintenance predictability and execution excellence, in turn increasing reliability and reducing costs across the rig fleet. The partnership reinforces both companies' commitment to improving total cost of ownership for customers.

NOV introduced patent-pending TORC™ technology, which is already delivering strong results in Canada's Deep Basin. NOV's TORC components incorporate a unique geometry to maximize engagement at predefined depths of cut to reduce over-engagement of cutters, significantly improving torsional stability, toolface control, and drilling efficiency during directional drilling operations. The TORC technology was incorporated into a Tektonic™ TK73 bit and, when ran on back-to-back neighboring wells against a competitor's incumbent bit, delivered higher instantaneous ROP, reduced reactive torque, steady toolface, and overall lower mechanical-specific energy throughout the run. The effectiveness of the TORC technology was further reinforced on a highly aggressive Seeker™ bit, which achieved excellent performance. The section was landed with an average ROP of 141 ft/hr, over 30 percent faster than the best competitor offset and setting a new field record in the Kaybob field of Alberta, Canada.

Momentum in NOV's eVolve™ optimization and automation service business continues to build in markets around the globe. NOV executed automation service contracts with major operators for projects in the North Sea and in the Barents Sea. Both projects have planned spud dates in the summer 2018. Additionally, a major operator awarded NOV a meaningful contract extension for its project on Alaska's North Slope, affirming the value the operator is realizing from NOV's proprietary equipment and service offering.

NOV acquired Western Oiltools Ltd., a Calgary-based manufacturer of production pressure control equipment. Western Oiltools' innovative product portfolio enhances operator economics by promoting the optimal performance of lift systems, concurrently minimizing service downtime and maximizing production continuity. Highly complementary to NOV's current offerings, the Western Oiltools' product suite is currently being used throughout North America and will soon be available to NOV's global customer base.

NOV continues to expand its scope of work on the Statoil Johan Castberg and Statoil Johan Sverdrup II developments following successful execution of several packages delivered to the first-phase development of Johan Sverdrup in 2017. NOV will supply separation, produced water, sand handling, and gas-dehydration packages for Johan Castberg and Johan Sverdrup II in 2018. The project includes fabrication at NOV fabrication sites in both Montrose, UK and Midsund, Norway.

Other Corporate Items

Cash flow used by operations for the first quarter of 2018 was $129 million. As of March 31, 2018, the Company had $1.24 billion in cash and cash equivalents and total debt of $2.71 billion. NOV had $3.0 billion available on its revolving credit facility as of March 31, 2018. The unsecured credit facility matures in June of 2022 and is subject to one primary covenant, a maximum debt-to-capitalization ratio of 60 percent. As of March 31, 2018, NOV had a debt-to-capitalization ratio of 16.1 percent.

 

NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) 

(In  millions, except per share data)

       
      Three Months Ended
      March 31,     December 31,
      2018     2017     2017
Revenue:                  
Wellbore Technologies     $ 711       $ 555       $ 715  
Completion & Production Solutions       670         648         690  
Rig Technologies       483         582         614  
Eliminations       (69 )       (44 )       (50 )
Total revenue       1,795         1,741         1,969  
Gross profit       287         209         167  
Gross profit %       16.0 %       12.0 %       8.5 %
                   
Selling, general, and administrative       288         306         278  
Operating loss       (1 )       (97 )       (111 )
Interest and financial costs       (24 )       (25 )       (25 )
Interest income       7         4         6  
Equity income (loss) in unconsolidated affiliates       2         -         (1 )
Other income (expense), net       (47 )       (15 )       (7 )
Loss before income taxes       (63 )       (133 )       (138 )
Provision for income taxes       3         (13 )       (123 )
Net loss       (66 )       (120 )       (15 )
Net income (loss) attributable to noncontrolling interests       2         2         (1 )
Net loss attributable to Company     $ (68 )     $ (122 )     $ (14 )
                   
Per share data:                  
Basic     $ (0.18 )     $ (0.32 )     $ (0.04 )
Diluted     $ (0.18 )     $ (0.32 )     $ (0.04 )
Weighted average shares outstanding:                  
Basic       377         376         377  
Diluted       377         376         377  
           

NATIONAL OILWELL VARCO, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)  (In millions)

           
    March 31,     December 31,
    2018     2017
ASSETS          
Current assets:          
Cash and cash equivalents   $ 1,236     $ 1,437
Receivables, net     2,102       2,015
Inventories, net     3,146       3,003
Contract assets     415       495
Other current assets     287       267
Total current assets     7,186       7,217
           
Property, plant and equipment, net     2,926       3,002
Goodwill and intangibles, net     9,432       9,528
Other assets     466       459
Total assets   $ 20,010     $ 20,206
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable   $ 528     $ 510
Accrued liabilities     965       1,238
Contract liabilities     598       519
Current portion of long-term debt          
and short-term borrowings     6       6
Accrued income taxes     35       81
Total current liabilities     2,132       2,354
           
Long-term debt     2,707       2,706
Other liabilities     1,020       986
Total liabilities     5,859       6,046
           
Total stockholders’ equity     14,151       14,160
Total liabilities and stockholders’ equity   $ 20,010     $ 20,206
 

NATIONAL OILWELL VARCO, INC.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (Unaudited)

(In millions)

 
The Company discloses Adjusted EBITDA (defined as Operating Profit excluding Depreciation, Amortization and
Other Items) in its periodic earnings press releases and other public disclosures to provide investors
additional information about the results of ongoing operations. The Company uses Adjusted EBITDA internally
to evaluate and manage the business. Adjusted EBITDA is not intended to replace GAAP financial measures,
such as Net Income. Other items in the three months ended March 31, 2018 were a net credit of $12 million,
pre-tax, primarily from the reversal of certain accruals, partially offset by restructure charges and
severance payments. Other items in 2017 consisted primarily of restructure charges for inventory write-
downs, facility closures and severance payments.
       
      Three Months Ended
      March 31,     December 31,
      2018     2017     2017
Operating profit (loss):                  
Wellbore Technologies     $ 12       $ (57 )     $ (21 )
Completion & Production Solutions       16         8         19  
Rig Technologies       18         13         (51 )
Eliminations and corporate costs       (47 )       (61 )       (58 )
Total operating profit (loss)     $ (1 )     $ (97 )     $ (111 )
                   
Other items:                  
Wellbore Technologies     $ (3 )     $ -       $ 32  
Completion & Production Solutions       3         15         1  
Rig Technologies       6         12         100  
Corporate       (18 )       -         -  
Total other items     $ (12 )     $ 27       $ 133  
                   
Depreciation & amortization:                  
Wellbore Technologies     $ 94       $ 95       $ 96  
Completion & Production Solutions       54         54         54  
Rig Technologies       21         22         21  
Corporate       4         4         4  
Total depreciation & amortization     $ 173       $ 175       $ 175  
                   
Adjusted EBITDA:                  
Wellbore Technologies     $ 103       $ 38       $ 107  
Completion & Production Solutions       73         77         74  
Rig Technologies       45         47         70  
Eliminations and corporate costs       (61 )       (57 )       (54 )
Total Adjusted EBITDA     $ 160       $ 105       $ 197  
                   
Reconciliation of Adjusted EBITDA:                  
GAAP net loss attributable to Company     $ (68 )     $ (122 )     $ (14 )
Net income (loss) attributable to noncontrolling interest       2         2         (1 )
Provision for income taxes       3         (13 )       (123 )
Interest expense       24         25         25  
Interest income       (7 )       (4 )       (6 )
Equity (income) loss in unconsolidated affiliates       (2 )       -         1  
Other (income) expense, net       47         15         7  
Depreciation & amortization       173         175         175  
Other items in operating profit (loss)       (12 )       27         133  
Total Adjusted EBITDA     $ 160       $ 105       $ 197  

-----

Earlier:

 NOV VARCO NET LOSS $237 MLN
2018, February, 7, 07:25:00

NOV VARCO NET LOSS $237 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2017 net loss of $14 million, or $0.04 per share. Revenues for the fourth quarter were $1.97 billion, an increase of seven percent compared to the third quarter and an increase of 16 percent from the fourth quarter of 2016. Operating loss for the fourth quarter was $111 million, or 5.6 percent of sales. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) for the fourth quarter was $197 million, or 10.0 percent of sales, an increase of $30 million from the third quarter. Other items were $133 million, pre-tax, and primarily consisted of charges for inventory write-downs, facility closures and severance. Cash flow from operations for the fourth quarter was $321 million.

 NOV VARCO NET LOSS $221 MLN
2017, October, 27, 19:10:00

NOV VARCO NET LOSS $221 MLN

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.

 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 $122 MLN
2017, April, 27, 18:30:00

NOV VARCO NET LOSS $122 MLN

Revenues for the first quarter of 2017 were $1.74 billion, an increase of three percent compared to the fourth quarter of 2016 and a decrease of 20 percent from the first quarter of 2016. Operating loss for the first quarter was $97 million, or 5.6 percent of sales. Excluding other items, operating loss was $70 million, or 4.0 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the first quarter was $105 million, or 6.0 percent of sales, an increase of $3 million from the fourth quarter of 2016. Cash flow from operations for the first quarter was $111 million.

 NOV VARCO NET LOSS $714 MLN
2017, February, 7, 18:35:00

NOV VARCO NET LOSS $714 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2016 net loss of $714 million, or $1.90 per share. Excluding other items, net loss for the quarter was $57 million, or $0.15 per share. Other items totaled $706 million, pretax, and were primarily associated with inventory charges, facility closures, and severance.

 NOV VARCO NET LOSS $1.7 BLN
2016, October, 27, 18:35:00

NOV VARCO NET LOSS $1.7 BLN

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.

 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.

 

Tags: NOV, VARCO

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