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NOV announces 2Q20 results

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Oilfield Technology,

National Oilwell Varco (NOV) has reported 2Q20 revenues of US$1.50 billion, a decrease of 21% compared to 1Q20 and a decrease of 30% compared to 2Q19.

Net loss for 2Q20 was US$93 million, or - 6.2% of sales, which included non-cash, pre-tax charges of US$102 million. Adjusted EBITDA (operating profit excluding depreciation, amortisation, and other items) decreased US$94 million sequentially to US$84 million, or 5.6% of sales.

“The oil & gas industry is bearing the full brunt of the economic damage wrought by the COVID-19 pandemic that has driven drilling activity to record lows,” commented Clay Williams, Chairman, President, and CEO.

“Against this backdrop, NOV is continuing to aggressively reduce its cost structure and boost cash flow through more efficient operations and better working capital management.”

“We are determined to re-size the organisation to fit lower levels of demand and continue to make good progress executing the numerous initiatives required to meet our objective. During the second quarter, we exceeded our cost reduction targets and generated US$378 million in cash flow from operations, further solidifying our balance sheet and positioning us well to capitalise on future opportunities.”

“To the extent oil and gas companies and oilfield service companies continue to work, we find them gravitating to NOV as their supplier of choice. They know they can depend on us for superior quality, technology, value, and to be there to support their efforts for the long-term. With our market-leading technology, global footprint, diverse product portfolio, and customer-centric business model, NOV is positioned to exit this down-cycle stronger than ever before.”

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