The 2020 Mid-Year Economic Update_long

National Oilwell Varco Sales in 1Q Up 23%

Distribution & Transmission sales jumped 118 percent due to 2012 mergers.

National Oilwell Varco, Inc. (NYSE: NOV), Houston, TX, reported sales for the first quarter of $5.3 billion, an increase of 23 percent from the first quarter of 2012.

Distribution & Transmission segment sales were $1.2 billion in the first quarter, up 118 percent from the first quarter of 2012 (due mostly to previously disclosed mergers completed in 2012). Operating profit was $65 million.

First-quarter revenues for the Rig Technology segment were $2.6 billion, an increase of 16 percent from the prior year. Operating profit was $557 million.

Sales for the Petroleum Services & Supplies segment were $1.7 billion, flat from the first quarter of 2012. Operating profit was $311 million.

“While we are cautious regarding the timing of a North America recovery, we remain confident that land drillers and well service firms will soon consume their current inventories, ultimately requiring more of our products and services. Until that time, we take comfort in knowing that we are well positioned for this market, given our strong financial resources, unparalleled market presence, exceptional backlog, and extraordinary workforce,” said Pete Miller, chairman and CEO.

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