The 2020 Mid-Year Economic Update_long

National Oilwell Varco Sales Up 2% in 2Q

Company reports loss of $74 million for the quarter.

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the second quarter of $1.8 billion, an increase of 2 percent compared to the same period a year ago. The company reported a loss of $74 million, compared to a loss of $217 million in the prior-year period.

Second quarter sales for the rig systems segment were $346 million, a decrease of 38.7 percent year-over-year. Sales for the rig aftermarket segment decreased 6.3 percent to $341 million.

For the first six months, sales were $3.5 billion, down 10.6 percent over the prior-year period. The company reported a loss of $197 million, compared to a loss of $335 million in the prior-year period.

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