NOV - National-Oilwell Varco, Inc. finalmente retorna à lucratividade

NOV – National-Oilwell Varco, Inc. Finally Returns to Profitability

Written by Paulo Nogueira

Published on 30/07/2018 at 00:07

NOVNational-Oilwell Varco, Inc. Finalmente retorna a lucratividade

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National Oilwell Varco – NOV Shows Good Recovery in the Oil Market, Which Is Taking Root, Thus Becoming Evident in the Results of the Second Quarter of This Year.

The company’s oilfield equipment revenue surged to meet demand, which finally allowed it to generate profit. These results are expected to continue improving from here, as the recovery is still in its early stages. National Oilwell Varco’s revenue rose 20% compared to the same quarter last year, to US $ 2.11 billion, which also increased 17% compared to the first quarter. Additionally, the company reported US $ 24 million, or US $ 0.06 per share, in net income, reversing a consistent string of losses.

The drilling technologies segment stood out when revenue grew 35% sequentially and 19% year over year, exceeding expectations, driven by advancements in the construction of new offshore drilling rigs, the delivery of two land rigs, and aftermarket sales. The company also booked US $ 2.03 billion in new orders during the quarter, including US $ 1.8 billion associated with a recently signed joint venture with Saudi Aramco, raising the backlog to US $ 3.51 billion.

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Paulo Nogueira

Revenue from the well technologies segment also soared in the quarter, up 12% above average and 29% year over year, driven by the continued recovery of drilling activities in the U.S. and a seasonal recovery in the Eastern Hemisphere. Meanwhile, sales in the completion and production solutions segment increased 10% compared to the last quarter and 13% compared to the same period last year, thanks to the growing capital equipment market in North America and rising demand for pressure pumping equipment and composite pipes. National Oilwell Varco registered US $ 398 million in new orders during the period, ending with a backlog of US $ 995 million.

Just the Beginning

The second quarter results for National Oilwell Varco were the best in some time. However, they appear to be just the beginning of a significant recovery in revenue and profitability, driven by the ongoing recovery in the oil market. The company’s shares – which are already one of the best-performing energy stocks in 2018 – could have much more upside ahead.

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NOV – National-Oilwell Varco, Inc. Finally Returns to Profitability

National Oilwell Varco – NOV Shows Good Recovery in the Oil Market, Which Is Taking Root, Thus Becoming Evident in the Results of the Second Quarter of This Year.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Just the Beginning

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