NOV Inc. announced today that it expects fourth quarter 2020 revenue and earnings to be below prior guidance. On a consolidated basis, the Company expects to report revenues of $1.33 billion, a GAAP operating loss of $327 million and Adjusted EBITDA of $17 million. “While rising North American activity levels drove higher revenues in the U.S. for our shorter-cycle businesses, international markets and demand for capital [...]
National Oilwell Varco announced today plans to change its corporate name to “NOV Inc.”, effective January 1, 2021. The Company’s ticker symbol, “NOV”, will remain unchanged. “Our Company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers,” stated Clay Williams [...]
NexTier Oilfield Solutions Inc. and National Oilwell Varco Inc. today announced that the two companies recently entered into an agreement to collaboratively field test NOV’s electric fracturing system known as the Ideal™ eFrac fleet. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005378/en/ The Ideal eFrac fleet provides efficient, environmentally [...]
National Oilwell Varco Inc. will hold a conference call to discuss its fourth quarter and full year 2020 results on Friday, February 5, 2021 at 10 a.m. . NOV will issue a press release with the Company’s results after the market closes for trading on Thursday, February 4, 2021. The call will be webcast live on www.nov.com/investors. About NOV National Oilwell Varco is a leading provider of technology, equipment, and [...]
National Oilwell Varco Inc. 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. Net loss for the third quarter of 2020 improved $38 million sequentially to $55 million, or -4.0 percent of sales, which included non-cash, pre-tax charges of $62 million. Adjusted EBITDA decreased $13 [...]
National Oilwell Varco Inc. announced today the closing of the previously announced cash tender offer to purchase any and all of the outstanding 2.600% Senior Unsecured Notes due 2022 issued by the Company. The Tender Offer expired at 5:00 p.m., New York City time, on August 25, 2020 . The complete terms and conditions of the Tender Offer were set forth in an Offer to Purchase, dated August 19, 2020 , and the related [...]
National Oilwell Varco Inc. announced today that it has commenced a cash tender offer for any and all of its outstanding $400,000,000 aggregate principal amount of 2.600% Senior Unsecured Notes due 2022 , on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof , and the related Notice of Guaranteed Delivery attached to the Offer to Purchase . The tender offer is referred to [...]
National Oilwell Varco Inc. will hold a conference call to discuss its third quarter 2020 results on Tuesday, October 27, 2020 at 10 a.m. . NOV will issue a press release with the Company’s results after the market closes for trading on Monday, October 26, 2020. The call will be webcast live on www.nov.com/investors. About NOV National Oilwell Varco is a leading provider of technology, equipment, and services to the [...]
National Oilwell Varco Inc. today reported second quarter 2020 revenues of $1.50 billion, a decrease of 21 percent compared to the first quarter of 2020 and a decrease of 30 percent compared to the second quarter of 2019. Net loss for the second quarter of 2020 was $93 million, or -6.2 percent of sales, which included non-cash, pre-tax charges of $102 million. Adjusted EBITDA decreased $94 million sequentially to $84 [...]
National Oilwell Varco Inc. will hold a conference call to discuss its second quarter 2020 results on Tuesday, July 28, 2020 at 10 a.m. . NOV will issue a press release with the Company’s results after the market closes for trading on Monday, July 27, 2020. The call will be webcast live on www.nov.com/investors. About NOV National Oilwell Varco is a leading provider of technology, equipment, and services to the global oil [...]
National Oilwell Varco Inc. announced today that during its regularly-scheduled meeting, the Board of Directors elected to suspend the Company’s quarterly dividend until further notice. “With the view that capital is becoming increasingly scarce and valuable within our industry, we believe that it is in the best long-term interest of NOV’s shareholders to suspend our dividend,” commented Clay Williams, Chairman [...]
National Oilwell Varco Inc. 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 of $2.25 billion. Adjusted EBITDA decreased $110 million sequentially to $178 million. “NOV is persevering through a pandemic that [...]
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