National Oilwell Varco opens lower as earnings slide

|About: National Oilwell Varco, Inc. (NOV)|By:, SA News Editor

National Oilwell Varco (NOV -2.7%) opens lower after posting a 12% Y/Y decline in Q2 earnings on higher costs.

Rig technology revenue 18% to $2.83B, petroleum service and supplies revenue fell 2% to $1.75Bm distribution and transmission revenue grew 66% to $1.3B on acquisitions made last year.

Landed $3.15B in rig technology orders during Q2, raising its backlog to a record $13.95B.