The 2020 Mid-Year Economic Update_long

National Oilwell Varco Sales Increase 8.9% in 1Q

Profit increases 17.8 percent in first quarter.

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the first quarter of $5.8 billion, an increase of 8.9 percent from the prior-year quarter. Profit increased 17.8 percent to $589 million.

First-quarter sales for the rig technology segment were $3 billion, up 14.5 percent year-over-year. Petroleum service and supplies sales were $1.8 billion, up 5.2 percent. Distribution and transmission sales were $1.3 billion, up 4.4 percent.

"We are encouraged to see domestic land drilling and well service firms increasing activity, which is leading to increased demand for drilling and stimulation equipment to develop unconventional shales," said Clay Williams, president and CEO. "Outside of the U.S., our investments in Latin America, Africa, the Middle East and Asia have laid a great foundation for continued growth.”

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