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2021-05-06 12:55:00

NOV VARCO NET LOSS $115 MLN

NOV VARCO NET LOSS $115 MLN

NOV -  April 27, 2021 -  NOV Inc. (NYSE: NOV) today reported first quarter 2021 revenues of $1.25 billion, a decrease of six percent compared to the fourth quarter of 2020 and a decrease of 34 percent compared to the first quarter of 2020. Net loss for the first quarter of 2021 was $115 million, or 9.2 percent of sales, which included non-cash, pre-tax charges (“other items”, see Other Corporate Items for additional detail) of $9 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $17 million sequentially to $0.

“We are encouraged by signs of an emerging global recovery for our industry,” stated Clay Williams, Chairman, President and CEO. “However, NOV’s weak first quarter results reflect the extreme austerity that descended on the oilfield following the economic shutdown of 2020, as our oilfield service customers preserved cash by cannibalizing idle equipment rather than buying new. Severe winter weather in Texas and Oklahoma, additional COVID lockdown measures in Asia, and supply chain disruptions further impacted first quarter results.

“Higher rig activity in North America and certain international markets, resulting from stronger oil prices, is leading to tangible improvements. We are seeing better volume and pricing for our products and services tied to activity, including drill bits, downhole tools, oilfield pipe inspection and wellsite services. Additionally, improving tendering activity is expected to drive additional capital equipment orders in the second half of 2021.

“NOV has undertaken extraordinary cost reduction measures over the past several quarters while continuing to invest in its next generation of products, leaving the Company well-positioned for a recovery. Global economic growth, shrinking crude inventories, stronger oil and gas prices, and recovering oilfield activity are expected to provide the foundation for a meaningful improvement in financial results as the year progresses,” concluded Williams.

 

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Earlier:

NOV VARCO NET LOSS $2.5 BLN
2021, February, 5, 12:10:00
NOV VARCO NET LOSS $2.5 BLN
NOV Inc. (NYSE: NOV) today reported fourth quarter 2020 revenues of $1.33 billion, a decrease of four percent compared to the third quarter of 2020 and a decrease of 42 percent compared to the fourth quarter of 2019.
 
 
 NOV VARCO NET LOSS $55 MLN
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National Oilwell Varco, Inc. (NYSE: NOV) today reported third quarter 2020 revenues of $1.38 billion, a decrease of seven percent compared to the second quarter of 2020 and a decrease of 35 percent compared to the third quarter of 2019.
 
 NOV VARCO NET LOSS $93 MLN
2020, July, 28, 10:55:00
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National Oilwell Varco, Inc. (NYSE: NOV) reported second quarter 2020 revenues of $1.50 billion,

 

Tags: NOV, VARCO
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