Tue, Apr. 28, 8:26 AM
- National Oilwell Varco (NYSE:NOV) +0.9% premarket after Q1 earnings beat expectations on solid sales growth in the rig segment, its largest contributor to revenue.
- Q1 sales in the rig segment grew 12% Y/Y to $2.52B but other segments fell: revenue in the wellbore technologies segment fell 8% to $1.17B, revenue in the completion and productions solutions business fell 5% to $948M, and sales in the rig aftermarket segment fell 4% to $719M.
- Ending backlog for capital equipment orders at NOV's rig systems business was $10.43B, down 17% Q/Q and down 31% Y/Y; backlog for the completion and production segment was $1.46B.
- NOV says it performed well in the quarter despite “the significant downturn in oil price and oilfield activity” and will continue with cost-reduction initiatives to “mitigate the impact of declining revenues,” which it expects to continue through at least the new few quarters.
Tue, Apr. 28, 7:01 AM| 2 Comments
Mon, Apr. 27, 5:30 PM
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Tue, Feb. 3, 9:17 AM
- National Oilwell Varco (NYSE:NOV) -2.3% premarket after posting better than expected Q4 earnings on strong growth in its wellbore technologies and productions segments, but warning of weakness this year tied to the decline in oil prices.
- "Looking into 2015 we face a very challenging market. Our customers are sharply reducing their oilfield activity and expenditures," CEO Clay Williams says.
- Sales in the rig segment, NOV's biggest, grew 7% to $2.56B, while rig-aftermarket revenue rose 12% to $850M; wellbore technologies revenue grew 12% to $1.53B, while sales in the completion and productions solutions business gained 15% to $1.33B.
- But in a clear sign of the industry downturn, the backlog for NOV's biggest division, rig systems, fell 13% Y/Y and 17% Q/Q to $12.5B; the backlog for completion and production equipment rose 9% to $1.78B.
Tue, Feb. 3, 7:05 AM| 4 Comments
Mon, Feb. 2, 5:30 PM
Oct. 30, 2014, 10:59 AM
- National Oilwell Varco (NOV -2.3%) CEO Clay Williams says he would not be surprised to see the number of active drilling rigs fall modestly in 2015 in the wake of the recent drop in oil prices.
- Williams tells analysts in today's earnings conference call that lower prices historically have not impacted activity until three or four months have passed as oil and gas producers drill out their rig contracts.
- The CEO says NOV is cautiously optimistic about 2015 but bullish on 2016, believing that even if the market faces a downturn next year, the company’s $14.3B backlog of equipment orders and its diverse products should see it through tougher times.
- NOV reported better than expected Q3 earnings, as it saw higher demand for rig equipment and wellbore technologies amid a surge of fracking activity in west Texas and elsewhere.
Oct. 30, 2014, 7:07 AM| 2 Comments
Oct. 16, 2014, 7:55 AM
- Baker Hughes (NYSE:BHI) -10.8% premarket after Q3 earnings rose 10% Y/Y but missed estimates, as political tensions in Libya and Iraq plus a sharp fall in drilling activity in the Gulf of Mexico weighed on margins.
- Q3 pre-tax profit margins in its operations in Europe, Africa and the Russia Caspian region fell to 8% from 17% in the year-ago quarter.
- Revenue of the North American segment, BHI's largest geographic business by revenue, rose 11% to $3.2B, and climbed 6% in the Middle East and Asia Pacific region, 8% in the Europe, Africa and Russia Caspian segment, and 3% in Latin America.
- Oil services stocks (NYSEARCA:OIH) to watch: HAL, SLB. SPN, NOV, CAM, FTI, DRQ.
Jul. 29, 2014, 8:58 AM
- National Oilwell Varco's (NYSE:NOV) Q2 earnings jumped 17% Y/Y, driven by strong demand for oilfield equipment; earnings beat consensus estimates but revenue fell short, despite a 12% increase.
- Backlog at the end of Q2 was $15.39B for the rig systems segment, up 20% Y/Y, and $2.14B for the completion and production solutions segment.
- New orders in the rig systems business totaled $2.28B on a 14% increase in revenue to $2.37B, while revenue in the rig aftermarket segment added 17% to $785M.
- On a percentage basis, the wellbore technologies unit saw the biggest gains, increasing revenue 18% to $1.45B.
- The results represented the first full quarter since CEO Clay Williams took the reins at the company.
Jul. 29, 2014, 7:02 AM| Comment!
Jul. 28, 2014, 5:30 PM
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Apr. 28, 2014, 1:50 PM
- National Oilwell Varco (NOV -7.2%) is suffering its worst day in more than two years after reporting that Q1 orders for new offshore rig equipment fell 23% Y/Y to $2.33B and forecasting a continued slowdown in orders.
- Backlog for new rig technology equipment, which hit a record during Q1 at $16.4B, should fall to $14B-$15B by year-end, CEO Clay Williams said on today's earnings call.
- "The newbuild rig market is starting to show signs of shakiness," says Iberia Capital analyst Trey Stolz.
- Other energy equipment providers also are lower: SLB -1.1%, BHI -1.2%, CAM -1.4%, FTI -1.2%, DRQ -1.2%, FET -1%.
Apr. 28, 2014, 7:01 AM| Comment!
Apr. 27, 2014, 5:30 PM
Jan. 31, 2014, 8:29 AM
- National Oilwell Varco (NOV) +2.2% premarket after Q4 earnings fell 1.5% Y/Y as selling and administrative costs increased, but the results still surpassed market expectations.
- Q4 2013 results included a record $1.5B in cash flow from operations, 50% greater than the previous record set during Q3.
- Backlog for capital equipment orders in the rig technology segment hit a record at $16.24B, up 7% Q/Q and up 37% from the end of 2012; new orders during Q4 totaled $3.61B, reflecting continued strong demand for oilfield equipment.
- The petroleum services and supplies segment reported revenue growth of 9% to $1.93B.
NOV vs. ETF Alternatives
National Oilwell Varco Inc is a provider in the design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations, and the provision of oilfield services to the upstream oil and gas industry.
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