National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the first quarter of $2.2 billion, a decrease of 54.6 percent from the prior-year quarter. The company reported a loss of $119 million, down from a profit of $310 million a year ago.

First-quarter sales for the rig systems segment were $926 million, down 63.3 percent year-over-year. Sales for the rig aftermarket segment decreased 45.6 percent to $391 million.

“Oil prices and oilfield activity continued to plummet during the first quarter of 2016, causing our customers to cut spending to bare minimum levels,” said Clay Williams, president and CEO. “The fifth quarter of this extraordinary down cycle saw our revenues decline sharply once again, leading us to intensify our cost reduction efforts. While this market has been very tough on our business, I am grateful for the leadership and perseverance demonstrated by National Oilwell Varco’s tremendous employees. Better days lie ahead. Our strong financial resources enable us to continue to invest in new technologies, products and acquisitions that better position us for the inevitable upturn.”