2020-04-28 14:00:00
NOV VARCO NET LOSS $2 BLN
NOV - Apr. 27, 2020-- National Oilwell Varco, Inc. (NYSE: NOV) today reported first quarter 2020 revenues of $1.88 billion, compared to $2.28 billion for the fourth quarter of 2019 and $1.94 billion for the first quarter of 2019. Net loss for the first quarter of 2020 was $2.05 billion, which included non-cash, pre-tax charges ("other items", see Other Corporate Items for additional detail) of $2.25 billion. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $110 million sequentially to $178 million.
"NOV is persevering through a pandemic that is presenting historic and extraordinary challenges to the oil and gas industry on several fronts," commented Clay Williams, Chairman, President, and CEO. "Our team did a great job in the first quarter navigating government-mandated shutdowns, facility closures, and logistical challenges in many regions around the world to meet our customers' needs, all while maintaining a safe working environment for our employees."
"The current COVID-19 crisis is driving a historic drop in global demand for oil, which has resulted in the collapse of prices and forced unprecedented well shut-ins. While we find ourselves in what is likely to be one of the most severe downturns in our industry's 161-year history, NOV is well-positioned to weather the storm, with a strong balance sheet, ample liquidity, and a focus on cost control. We expect this downturn to get much worse during the second quarter, so we are intensifying our cost-cutting efforts to position NOV appropriately for the challenges ahead."
"Since year-end, we have raised our target for the cost-out program we initiated in the second quarter of 2019 by $395 million and we have reduced our planned 2020 capital expenditures by approximately 25% to $250 million. In times like these, NOV's leading market positions, technology, global footprint, product portfolio diversity, and customer-focus are more critical than ever in ensuring that we both endure and prosper."
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NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In millions, except per share data) |
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Three Months Ended |
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March 31, |
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December 31, |
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2020 |
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2019 |
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2019 |
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Revenue: |
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Wellbore Technologies |
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$ |
691 |
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$ |
807 |
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$ |
764 |
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Completion & Production Solutions |
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675 |
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581 |
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|
799 |
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Rig Technologies |
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557 |
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603 |
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759 |
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Eliminations |
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(40) |
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(51) |
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(41) |
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Total revenue |
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1,883 |
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1,940 |
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2,281 |
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Gross profit |
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224 |
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256 |
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376 |
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Gross profit % |
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11.9% |
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13.2% |
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16.5% |
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Selling, general, and administrative |
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283 |
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304 |
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289 |
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Goodwill and indefinite-lived intangible asset impairment |
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1,378 |
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— |
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426 |
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Long-lived asset impairment |
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513 |
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— |
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10 |
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Operating profit (loss) |
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(1,950) |
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(48) |
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(349) |
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Interest and financial costs |
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(22) |
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(25) |
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(25) |
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Interest income |
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3 |
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6 |
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4 |
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Equity income (loss) in unconsolidated affiliates |
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(233) |
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— |
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(7) |
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Other income (expense), net |
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(3) |
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(18) |
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(54) |
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Income (loss) before income taxes |
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(2,205) |
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(85) |
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(431) |
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Provision (benefit) for income taxes |
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(156) |
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(10) |
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(46) |
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Net income (loss) |
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(2,049) |
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(75) |
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(385) |
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Net (income) loss attributable to noncontrolling interests |
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(2) |
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2 |
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— |
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Net income (loss) attributable to Company |
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$ |
(2,047) |
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$ |
(77) |
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$ |
(385) |
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Per share data: |
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Basic |
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$ |
(5.34) |
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$ |
(0.20) |
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$ |
(1.01) |
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Diluted |
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$ |
(5.34) |
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$ |
(0.20) |
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$ |
(1.01) |
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Weighted average shares outstanding: |
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Basic |
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383 |
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380 |
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382 |
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Diluted |
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383 |
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380 |
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382 |
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Earlier:
2020, February, 7, 10:05:00
NOV VARCO NET LOSS $6.1 BLN
NOV VARCO revenues for the full year 2019 were $8.48 billion, operating loss was $6.28 billion, and net loss was $6.10 billion, or $15.96 per share. Adjusted EBITDA for the full year was $885 million, or 10.4 percent of sales.
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2019, October, 30, 09:15:00
NOV VARCO NET LOSS $244 MLN
National Oilwell Varco, Inc. (NYSE: NOV) reported third quarter 2019 revenues of $2.13 billion, compared to $2.13 billion for the second quarter of 2019 and $2.15 billion for the third quarter of 2018.
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2019, July, 30, 10:45:00
NOV VARCO NET LOSS $5.4 BLN
National Oilwell Varco, Inc. (NYSE: NOV) today reported second quarter 2019 revenues of $2.13 billion, an increase of 10 percent compared to the first quarter of 2019 and an increase of one percent from the second quarter of 2018.
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