National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for 2016 of $7.3 billion, a 50.9 percent decrease from the previous year. The company reported a loss of $2.4 billion, compared to a loss of $767 million the prior year.
The company reported sales for the fourth quarter of $1.7 billion, a decrease of 38 percent compared to the same period a year ago. The company reported a loss of $717 million, compared to a loss of $1.5 billion for the same period the prior year.
Fourth quarter sales for the rig systems segment were $426 million, a decrease of 58 percent year-over-year. Sales for the rig aftermarket segment decreased 40 percent to $339 million. Wellbore Technologies sales were $531 million, a decrease of 30 percent.
“We are very encouraged by our results, as our fourth quarter consolidated revenues increased for the first time since the downturn began in late 2014,” said Clay Williams, president and CEO.