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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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.

Just the Beginning

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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.

Just the Beginning

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Under nearly 2 kilometers of ice in Antarctica, scientists have discovered an ancient landscape sculpted by rivers up to 60 million years ago, the size of Wales, preserved as a time capsule that could help predict the advance of ice towards the ocean.

Philippines begin construction of the country’s largest desalination plant in a city without enough fresh water to grow, and the 66,500 m³ per day plant will transform the sea into drinking water for 50,000 homes in 24 months with reverse osmosis technology from SUEZ and JEMCO.

Turkey is building a billion-dollar shortcut to channel billions of dollars by sea with a 45 km long canal, 275 meters wide and 20.75 meters deep, which promises to relieve the Bosphorus amid the crisis in the Strait of Hormuz.

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